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Mortgage Rates
Today, mortgage rates hit the highest we've seen in 9 months. Thankfully we are still not near the 7% mark, so technically it's holding. It could be worse, like when it went up over 1% in a few months.
What I will say, if the rates were lower, there would be a lot more activity in the market, more people to bid against, and even higher prices.
If you're a buyer, it's not actually a bad time for you, especially if you find some homes that have been sitting for a few weeks. Go out and snatch them up!
Renter Advice
I realized I haven't been giving much attention to renters, so I want to give some advice to share. Renters are facing just as many problems as home buyers are. They're dealing with not the greatest options and high prices. Not only that, a typical rental in Northern NJ would need around 3.5 times the monthly rent before they can get a lease signed. This is "mostly" due to overall inflation, a weakened dollar, higher taxes and insurance on the owners.
My advice would be almost the same that I would give a buyer:
- Make sure your credit is good. If it's not, work on it today.
- Be sure to have 3 months of documentation proving your income. Showing me your car or a picture of money doesn't count (that's happened)
- Rents can be negotiated just like home sales. If you find a place you love but feel there's competition, offer more. If a home rental is sitting that you want, offer less.
- Be prompt, responsive, and courteous. If you set an appointment, keep it or reschedule ahead of time. That can be a factor in decision making on a hot active rental.
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