What’s SALT got to do with it?
In the March Update, I mentioned Jeffery Otteau’s seminar, in which he ran scenarios for a wide variety of marital status/Income/purchase price scenarios; and in the vast majority of cases, the overall tax changes made it a little better or breakeven for home buyers. The March snapshot comparison to 2017 showed an improving market. I promised a May update, and here it is below. Some of our markets are red hot, some have cooled negligibly. In a number of towns, we might see explosive sales volume except for lack of homes to buy. A few towns are getting over-supplied.
The real story is rates.
They are still “historically low” as industry cheerleaders love to say. But no longer historically “low-low-low.” In the second chart you will see how the recent rate increases affect affordability and change the matchmaking of buyers and homes.
Our next deep-dive will be in August or September, by which time we should have an idea how rates have affected market temps.
Curious about your home’s value?
Please click below for the market update of interest to you:
Millburn-Short Hills
Westfield by Grade School:
Scott Gleason scott@luxuryhomesnj.com
RE/MAX Select
Luxury Homes for Sale in Westfield