Bergen County NJ Real Estate Forecast
Following yet another interest rate cut from the Fed, the National Association of Realtors is expecting the volume of Bergen County NJ real estate sales of existing homes to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas.
The federal funds rate was cut by another ¾ of a percentage point last week, bringing the rate to 2.25% - the lowest it has been since 2004. This move also marks the second of back-to-back cuts of ¾ of a percentage point.
Along with lower interest rates, Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits. “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said. “Therefore, a notable rise in home sales can be anticipated in the second half of the year.”
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