On the heels of my recent blogs, an article by Antoinette Martin in the January edition of NJ Monthly magazine confirms that now could be the best time to sell your home. With a low inventory of homes on the market and interest rates expected to rise further in 2014, there is a very strong demand for homes in desirable communities such as Westfield. New Jersey home sales activity in 2013 was at its highest level since 2007.
Expert real estate market analyst Jeffrey G. Otteau forecasts an overall 5% increase in home sales prices in the Garden State in 2014. And locally, he projects that the town of Westfield will see upwards of a 7% increase. But, he also sees the current window of affordability for homebuyers closing by the end of 2015 due to rising interest rates.
So, if you are considering selling, buying, or investing in residential real estate, you need to act NOW! Email Ed O'Brien at edobrien@kw.com or call 917-374-7447.
Have a Happy and Healthy New Year!
