Kat • April 30, 2019 • Real Estate, Rockstar Content
Last modified: May 1, 2019
Thanks for the update. Like you, I agree that it really is a lot of small markets. I live in southern NJ, and the market here really hasn’t moved much since 2008-2012. Minor moves up (1% a year?) but pretty dead. Better to buy and then rent it out, rather than try and flip
Housing market is very localized. Based on my own observation, in my neck of the woods, NYC, higher end properties ($3 million+) are sitting longer on the market and seeing greater price adjustments. There are also tax headwinds in the NY real estate market given the recent changes to mansion tax (went up), transfer tax (went up) and the $10,000 SALT deduction cap at the Federal level.
However, I still see strength for investment properties in Brooklyn. The prices are not going up like years past and have basically stabilized. But if a property is priced appropriately, there will be interests and can move quickly. Also, the recent decrease in mortgage rates should be a positive as well.
We sold our place down south back in 2017 and have been renting for the time being to allow the cycle to run its course. We are living in a vacation town now so houses seem to fly off the market in no time here. Its interesting, the unaffordability issue seems to only hit the local population since most houses go with all cash offers to someone in the city looking for a vacation home. This makes the local market unaffordable to your average Joe worker but I think city planners are working on it. Doesn’t really impact us, but I do feel bad for the small businesses trying to recruit workers who can’t find affordable housing.
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