Rising Mortgage Rates Instill A Sense of Urgency In Bergen County & Tenafly Buyers

Average fixed-rate mortgage rates have been slowly increasing since May but took their biggest upwards leap this past week with mortgage rates now averaging 4.45% in the Northeast region, the highest it has been since July 28, 2011.

The rise in rates has cut into the purchasing power of buyers and, added a sense of urgency to their decision-making process. Rising interest rates coupled with slim inventories in the various Bergen County towns, have pushed transactions to closing much faster than last year.

Whether rising mortgage rates will take some of the steam out of the market is yet to be seen. One segment of the market that is doing very well are New Construction homes for which buyers are willing to pay a premium at the expense of a larger property or even what is considered a better location. Here too lack of inventory is only making new construction more appealing.

Below are some transactions that were closed recently in Tenafly where demand is high and supply is limited.

 

 

130 Tekening Rd Tenafly – Listed for $2,199,000 Sold for $2,025,000 in 22 days.

 

 

 

 

 

 

24 Linden Pl Tenafly – Listed for $1,499,000 Sold for $1,400,000 in 27 Days

 

 

 

 

 

15 Day Ave Tenafly – Listed for $588,000 Sold for $570,000 in 16 Days

 

 

 

 

 

 

12 Westervelt Ave Tenafly – Listed for $999,000 Sold for $960,000 in 59 days.