With limited options and a lot of competition, there are a few things to consider when buying a home in this market.
Have no more than three (3) needs when searching for a home and stick to them. Avoid touring a home that is missing any of these "must-haves".
Have no more than five (5) wants, or "nice-to-haves", and realize it is unlikely you will find a home that matches them all.
If you find a home that matches 50%-75% of your wants AND all of your needs, that is your home!
In this market, most homes have an asking price of at or below the market value (what buyers are willing to pay), so be prepared to offer that number or more.
A fully renovated home will be considered entirely out of date in 10 years, and so will the wear on it. Finding a solid home that requires a few updates is ideal to save on your monthly mortgage and avoid paying a premium for the property.
For more insight on this topic, I'd be happy to chat with you.
Rate Comparisons for a 30-year Fixed
Source
Last Week's Rate (%)
Today's Rate (%)
Difference (%)
Chase
6.68
6.7
+0.02
Navy Federal Credit Union
6.2
6.0
-0.2
PNC Bank
6.67
6.63
-0.04
Bankrate
6.84
6.7
-0.14
Freddie Mac
6.65
6.67
+0.02
Mortgage Research Center
6.73
6.59
-0.14
Comparing the U.S. Market to New Jersey
(year-over-year)
U.S. vs New Jersey
# of Homes For Sale
Median Sale Price
U.S.
1,639,130 (12.1%)
$424,810 (3.1%)
New Jersey
22,117 (-0.47%)
$520,700 (9.2%)
Today's Mortgage Rates : Daily Index
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