Scott SelleckBroker / Sales Associate / Transition Advisor, The Selleck Group, KW City Views Realty · Scott Selleck | Trusted Bergen County Realtor | Keller Williams City Views Realty, Fort Lee NJ

Real Estate Insights: Navigating Bergen & Hudson County Market #shorts

28 Oct 2025 · 1 min

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Scott Selleck on Bergen and Hudson County real estate: NFIP lapses are making waterfront properties harder to sell, mortgage rates dropped to mid-6.5%, and inventory is up 15 to 20%. He warns against cutting FHA and VA loans that first-time buyers depend on.

Questions this video answers

Into the mid 6.5% range.

Approximately 15% to 20%.

The National Flood Insurance Program (NFIP).

Fire. Confidence is shaken right now. So pricing matters more than ever. Why this really matters locally is because Bergen and Hudson county are uniquely affected. Waterfront communities require flood insurance. NFIP lapses hit us hard. The National Flood Insurance Program. Thousands of federal workers live in these communities. We're in a high cost market. It's an expensive area, which means buyers need every financing advantage possible. First time buyers and young professionals, they need a maximum amount of flexibility. Losing FHA and VA access eliminates these opportunities for them. But here's the good news. Mortgage rates have eased. They're into the mid 6.5%. Inventory is up 15 to 20%. And the fundamentals of this market actually are solid. It's more of a balanced market.