While falling values are not good indicators for sellers, they’re great news for buyers, lifting affordability to historically high levels. For example, to purchase a median priced home of $164,600 with 20% down and an interest rate of 5.1%, a buyer would need an annual income of just under $35,000.
With the lowest interest rates we've seen in forty years, now is an opportune time to lock in a rate on a fixed loan. Rates are already showing signs of rising, and waiting too long could negatively affect your ability to secure such a mortgage.
In addition to rising interest rates, the fees on loan applications may also start increasing. This is because lenders have reassessed their risk to reward ratios in light of all the recent loan defaults. Around the corner, we might expect higher mortgage insurance premiums and closing costs, not to mention tougher and tougher terms for qualification.
With interest rates and loan fees still at very affordable levels, now is the time to make your move and secure your financial stability through home ownership. If you buy a $150,000 home today and it appreciates at a very conservative 3% annually, that home would be worth nearly $164,000 in three years.
Don't let all the negative stories about real estate blind you to the many positive factors for buyers in today's market.
Michael Sinton, CRB, CRS, e-Pro
Broker/Salesperson
For more information, contact Michael Sinton, CRB, CRS, e-Pro, Broker/Salesperson, Assist-2-Sell, America's leading discount real estate company, directly at 732-364-7434, via email at msinton@assist2sell.com or on the web at www.WeSellCentralNJ.com.
A "buyers' market" is just what it implies - a market in which buyers have the advantage and exploit it. It's not a market that rewards foot-dragging, hesitation or indecision.
Unfortunately, all the factors that created the buyers' market we have today have been reported so negatively and rampantly by various media outlets that buyers are themselves too spooked to even enter the fray. Strangely, people were buying like crazy during the previous sellers' market, when the advantage was actually all to the sellers.
That's when buyers didn't fear paying too much, and now that prices are so low and inventories so high, suddenly buyers DO fear paying too much! However, it's impossible to purposefully time the market to buy at the bottom and sell at the top.
Once the market begins to settle and subsequently improve (and it will), the amazing buying opportunities we've been seeing will begin to disappear. With decreased buying activity now, pent up demand for homes will explode when the market recovers, and buyers will once again be competing for the best homes.
Don't rely on luck in the marketplace - rely on planning. Make a careful decision with a predictable outcome. Has the market dropped enough, right now, to make such a purchase? Absolutely! Forget about the top and the bottom and enter your "safe zone" with confidence.
Michael Sinton, CRB, CRS, e-Pro
Broker/Salesperson
For more information, contact Michael Sinton, CRB, CRS, e-Pro, Broker/Salesperson, Assist-2-Sell, America's leading discount real estate company, directly at 732-364-7434, via email at msinton@assist2sell.com or on the web at www.WeSellCentralNJ.com.
For any number of reasons, more people than ever are downsizing these days. Whether it's reduction in income, reduction in family size, or just a desire for easier living, smaller homes are becoming more attractive.
There are challenges associated with downsizing, but experience has taught some valuable lessons that you may find useful. Once you've decided to sell, start the moving process immediately. Your home will even show better once you've begun packing things away. As you decide what to keep, consider donating unwanted items or holding a yard sale.
Solicit family members for help, and see how many belongings might be passed along to family and friends. After all, they say that charity begins at home, right?
You can also "digitize" paper records with a scanner, saving them on your computer, or using an online storage service for an added layer of security. Just be sure electronic versions of certain records are legally acceptable.
If you're still left with a lot of furniture and accessories, you should strongly consider including such items in the listing for your home. First-time buyers may be particularly attracted to such an offering, saving them time and money on furnishing their home, and expediting the entire transaction.
These tips may help you downsize, but of course, any move presents its challenges. Speak with an experienced professional today for more advice.
Michael Sinton, CRB, CRS, e-Pro
Broker/Salesperson
For more information, contact Michael Sinton, CRB, CRS, e-Pro, Broker/Salesperson, Assist-2-Sell, America's leading discount real estate company, directly at 732-364-7434, via email at msinton@assist2sell.com or on the web at www.WeSellCentralNJ.com.
Real estate professionals are very often faced with a question from buyers that has nothing to do with houses: "What are the best schools in the area to which we’re moving?" When you relocate, the most important thing you'll be moving is your child, and you want to be certain you are making the right choice for education.
One excellent resource for beginning your research is SchoolMatters.com, an online database of public schools. Begin with statistics that illustrate students' achievement levels in each school. Compare reports for all students, including minorities and children in low-income families. Schools in which all students perform well are providing balanced educational opportunities.
Also pay attention to extra-curricular activities offered, particularly if your child is interested in sports and other pursuits outside the classroom. The School Matters database offers ratings and reviews directly from the parents, so you can learn from those with experience.
One thing you can't determine online, however, is the actual classroom environment, so you should absolutely schedule a visit to one or more schools in the area before making your decision. Meet with the principal and watch the manner in which teachers and students interact.
Once you have an understanding of the distinctions between schools, your choice will become clear. You wouldn't buy the first home you see, and "shopping" for a school is no different!
Michael Sinton, CRB, CRS, e-Pro
Broker/Salesperson
For more information, contact Michael Sinton, CRB, CRS, e-Pro, Broker/Salesperson, Assist-2-Sell, America's leading discount real estate company, directly at 732-364-7434, via email at msinton@assist2sell.com or on the web at www.WeSellCentralNJ.com.
We updated our list of foreclosed and bank-owned properties today- you wouldn't believe how many changes have occurred in the past month!! Download the list for free by clicking here and filling out the form... it'll come in an email.
For more information, contact Michael Sinton, CRB, CRS, e-Pro, Broker/Salesperson, Assist-2-Sell, America's leading discount real estate company, directly at 732-364-7434, via email at MSinton@Assist2Sell.com or on the web at http://www.WeSellCentralNJ.com.
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