Perfect Storm for Real Estate

As is happening in most housing markets across the country, the Princeton housing market is tight that along with low interest rates means home prices are soaring. At this time, the US housing market is like the "perfect storm" for real estate. With the combination of working in the home, those on the cusp of moving to retirement communities choosing to age in place, and low interest rates, we have homeowners holding onto their homes longer because they can easily refinance and lower their monthly outflow. Add to that the fear of having strangers in their home with COVID for showings has people shying away from selling. On the flip side, the low interest rates along with wanting more space to work at home is encouraging those who were considering moving before COVID, push for a move now. As a result we have a housing market that is exceedingly low on inventory but high in demand, which in turn is pushing housing prices way up.

If you'd like to learn more about what is happening in the housing market, please see the news article from yesterday.