When I worked as a newspaper reporter back in the early 2000s, we had a saying:
"If it bleeds, it leads."
That basically meant that if a piece of news was attention-grabbing and had a short shelf life, it got front-page billing. (Think crime, economic crashes, political drama.)
The same can be said for all of the dramatic stories about the real estate market right now. Headlines are written to attract eyeballs and attention and clicks into paywalls or paid advertisers.
Yes, the market is a bit slower and softer (and in my opinion, friendlier) than it was six months ago. But, as one of my favorite instagram accounts (Actually Agents) said so succinctly -
"If you see doomer real estate posts and you bought your home in the past two years, don't freak out. Real estate is about surviving short-term market conditions for long-term rewards."
I'm sharing Madison market reports for the months of September and October. I also have reports for Morristown, Florham Park, the Chathams, Summit and New Providence and would be happy to share them with you.
I think you'll see that things have ticked down very slightly but have mostly stabilized. We're not seeing 35 offers and $400,000 over asking (very often anyway) anymore, and that's a good thing.
In fact, we got the very good news that mortgage rates finally ticked DOWN yesterday a noticeable amount, so the temperature seems to be changing.
As always, please call/text or just ask me any questions. You can reach me at -
973-845-8375
