Bergen County Market Update
April 2nd, 2023
Back in January, we predicted that, while the housing market was seeing some softness nationally, the Bergen County market would remain strong in Q2 2023 based on two underlying factors: low inventory and strong buyer demand. We also expected that interest rate policy would have the 30-Year Jumbo leveling off between 5-6%, and buyers would continue to be active. Now with the first three months of 2023 in the books, we see that what we forecasted played out.
NJMLS Market Recap | February 2023
There is a glimmer of hope as we look toward the Spring of 2023. Mortgage rates continue to ease from their highs in March, making lending more accessible; inventory, while still tight, is starting to see some early signs of easing, and the banking crisis that gripped Wall Street and the nation in mid-March seems to have been contained.
Christina Gibbons Group has remained resilient in the face of challenging market conditions, negotiating hard for our clients when faced with bidding wars and investing in more innovative marketing programs to ensure a distinguished showcase of the homes we represent. Among the many highlights from Q1, Christina Gibbons Group finished the quarter with 42% of Ridgewood market share representing buyers and sellers and as the #1 Team at Christie's International Real Estate for Bergen County residential sales. Knowing what's happening in the real estate market is a key factor in a successful transaction. If you are looking to buy, sell, or rent, contact Christina Gibbons Group at 917-837-8853 to discuss your real estate needs and subscribe to our newsletter below to join our list of monthly subscribers.
All information provided herein has been obtained from sources believed reliable, but may be subject to errors, omissions, change of price, prior sale, or withdrawal without notice. Christie’s International Real Estate Group makes no representation, warranty or guarantees as to the accuracy of any information contained herein. You should consult your advisors for an independent investigation of any properties. If your home is currently listed with another broker, this is not intended as solicitation.