If you are buying a house, it can be a very daunting prospect. However, if you are considering buying a house, first time house-buyer or not, now is the time you should purchase your home.
Home prices will continue to rise over time. According to the most recent Home Price Index, they reported that home prices have appreciated nearly 6 percent in the last 12 months. The same report also predicted an increase of 5.3 percent during the next 12 months as well.
As of June 2019, residential real estate in New Jersey is performing as predicted with sales also increasing.
Are you also thinking about selling your home? If you are, now is the time to do it. Currently, there are fewer homes for sale to meet the high demand of sales and due to limited inventory, many sellers have been receiving a higher percent than asking prices.
Most interest rates for 30 year mortgages have been hovering around 4 percent today. Many experts, including the Mortgage Bankers Association, Freddie Mac, Primary Mortgage Market, and National Association of Realtors are predicting that interest rates will shoot up nearly a full percentage point over the next calendar year. With that in mind, potential homeowners may be able to save on their monthly payments by buying now than later.
When you buy a home, you are investing in your own financial future. When you rent, you have no stake in the property you are paying for. Compared to if you own your own home, your monthly payments are going toward a tangible asset that will likely increase in value throughout the years.
For more information, contact us at 973-577-7008.