As we can see above, closed sales are down significantly. Whether it's interest rates or seasonaility the important thing to remember here is the law of supply and demand. What you see in that first row is softening demand. There are just not as many interested buyers
showing up for houses as there were the past couple years.
The data shows us a normalizing of the hyper-drive market we've been experiencing the past couple years. Ultimately, this is a healthy transition that will provide balance to the market which has been tilted heavily in favor of sellers. Closed sales dropping between 15%-20% is a clear indication that there are just not as many buyers actively
looking. Demand is down. Rates are up. Many people are putting major house purchases on hold if they can. While we may not see significant drops in home valuations in Ocean and Monmouth counties, we will certainly see the rate of increase in those home values slow.
Real Estate Resources for Sellers
Below are several links to resources that home-sellers have found helpful and useful as they prepare to list their home for sale.
How Much Is My Home Worth Now?
10-Point Plan to Get the Most Money Possible For Your Home