If you keep up with current real estate news, you know that most of it is about how great conditions are for home sellers right now. Home prices are rising, home sales are rising, homes are selling at record speeds, competition is low, sellers have negotiating power and buyers are eager. But as a Millburn-Short Hills homebuyer, it’s important that you know now is the time to buy, too.
Why are homebuyers so eager to buy right now? For the same reasons that I’m about to share with you for why to buy a New Jersey home now! While prime conditions and historically low home prices have come and gone, as the housing industry continues to recover, housing will become more expensive. That’s why you shouldn’t wait.
Here’s a rundown on why you should buy a North New Jersey home now:
- Mortgage rates are still near historic lows. This is the top reason to buy now. Rates continued to drop in early spring, but for the last couple weeks, they rose. Real estate experts predict that as home prices and sales continue to increase, which they’re expected to do, mortgage rates will rise too. The days of historically low rates are probably over. So the longer you wait, the higher they’ll be.
- Home prices are rising. The latest prediction is that they’ll appreciate by 5.4 percent in the remainder of 2013. If this is true, by next year at this time, homebuyers will be spending $10,000 more on a $200,000 home, $15,000 more on a $300,000 home, and so forth. You can view a chart explaining all of this here. If you buy now, you’ll be saving yourself a lot of money!
- With home affordability still high, homeownership is a better deal than renting right now. A recent report showed that after you live in your Millburn-Short Hills home for two to four years, you’ll be better off financially than if you were spending your money on rent. So as long as you plan on staying in a home for a few years, it’s a financially sound investment to buy!
Because housing inventory is low and New Jersey homebuyers are getting caught in bidding wars for the house they want, some buyers are choosing to wait until more houses go on the market. But when that happens, prices and mortgage rates will also be up.
Decide how much you can spend on a house, get pre-approvedfor a mortgage and contact me! Together, we can negotiate with Millburn-Short Hills home sellers until you find the home of your dreams that is also in your budget. Do it now, and you’ll save lots of money in the long run. Talk to you soon!
Coldwell Banker Residential Brokerage
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