How is the real estate market looking this spring? I understand it can be based on the area and am looking east cost, NY, NJ, CT. I have not been keeping up with the interest rate news, but is it unstable at the moment.

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The north east, especially the states you mentioned are more resilient from pricing perspective to interest rates due to it having some the oldest metropolitan areas in the country. As such there is little to no new space to build properties putting further pressure on supply. The market has continued to stay competitive, prices in the areas I’ve looked at in those states have seemed to not have gone down at all, mostly flat and as PwC1 mentioned if there are housing selling there are still many going over asking through bidding wars.

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Bidding wars

My assumption is that people will try to buy properties now (while the price has been relatively flat/slight decline) and just refi later when the rates go down in the spring of next year… I assume prices will just climb up when the rates drop in early 2024

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