New TikTok Perfectly Describes NJ 2022 House Shopping Horrors
You can ask any realtor or mortgage broker currently active right now, and they'll tell you that the housing market is absolutely wild.
First-time homebuyers have absolutely no idea what they're doing. They're going into te homebuying process with good intentions and great spirits, only to be ultimately defeated as a result of insane bidding wars, a lack of cooperation from sellers, and, quite frankly, not enough inventory to check out.
To describe the current homebuying climate in one phrase: a seller's market.
If you've never purchased a home before, a seller's market is one in which a lack of inventory combined with an influx of buyers causes housing prices to skyrocket. Basically, you'd have to pay almost $300,000 or more for a home that two, maybe three years ago would've sold for about $180-190k. To say that the market is a rough one for millennials and Gen-Z is a significant understatement.
Believe it or not, research shows that more than half of the young adult population lives with their parents these days. Why? Because it's even getting difficult for many to make rent. Think about it like this - if you graduate college with student loans totaling $50k and your first job only pays you $35-40k per year, most, if not ALL of your paycheck is going to rent since a decent place with no bugs is going to run you at least $1400-$1600 in New Jersey right now.
If it's that bad, how can ANYONE who graduated college within the last 13 years hope to purchase a home on their own? In a word, it's DIFFICULT.
The housing market is soooo bad, that new TikToks are popping up every single day expressing the stress that both realtors and mortgage brokers are enduring right now trying to get people into homes. One in particular COMPLETELY sums up what it's like to house shop in New Jersey right now.
If you're a potential-buyer amid this housing market, Godspeed.
Source: PewResearch.org, Facebook