4 Reasons Why Fall Is A Great Time to Buy A Home!

Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insights report reveals that home prices have appreciated by 6.2% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.1% over the next year.

Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have already increased by half of a percentage point, to around 4.5% in 2018. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by half a percentage point to around 5.1% by this time next year.

An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home which you can then tap into later in life. As a renter, you guarantee your landlord is the person building that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Are you thinking about buying? heres the fall home buying guide

Are you thinking of selling? Here's the fall home selling guide.

Northeast home sales drop 8 percent

Northeast home sales drop 8 percent, prices fall, in March, Realtors say
- The Star Ledger (4/23/2009)
"Prices have fallen 15 percent to 20 percent here since June 2006, and New Jersey real estate analyst Jeffrey Otteau said he expects the eventual damage to hit 24 percent. He said he expects prices to keep falling at a rate of 1 percent a month."
Click to Read Full Story

December 2006 Single Family Market Watch

December 1, 2006 to December 3, 2006

Atlantic Highlands:
Total Homes on Market.................................................... 37
Number of Just Listed this month:................................... 6
Average List Price.............................................................. $449,283
Number of Closed Sales for the month:........................ 6
Average Days on Market:................................................. 68
Ratio of sale price to list price:....................................... 91%
Median Closed Price:......................................................... $990,000
Homes Expired in the month............................................. 3

Fair Haven:
Total Homes on Market.................................................... 50
Number of Just Listed this month:................................... 6
Average List Price.............................................................. $708,817
Number of Closed Sales for the month:......................... 9
Average Days on Market:................................................. 75
Ratio of sale price to list price:....................................... 96%
Median Closed Price:......................................................... $522,500
Homes Expired in the month............................................. 4

Little Silver:
Total Homes on Market.................................................... 4
Number of Just Listed this month:................................... 2
Average List Price.............................................................. $592,400
Number of Closed Sales for the month:......................... 5
Average Days on Market:................................................. 94
Ratio of sale price to list price:....................................... 88%
Median Closed Price:......................................................... $515,000
Homes Expired in the month............................................. 4

Middletown:
Total Homes on Market.................................................... 50
Number of Just Listed this month:................................... 55
Average List Price.............................................................. $549,800
Number of Closed Sales for the month:......................... 55
Average Days on Market:................................................. 89
Ratio of sale price to list price:....................................... 93%
Median Closed Price:......................................................... $417,000
Homes Expired in the month............................................. 48

Oceanport:
Total Homes on Market.................................................... 40
Number of Just Listed this month:................................... 7
Average List Price.............................................................. $1,325,986
Number of Closed Sales for the month:......................... 3
Average Days on Market:................................................. 212
Ratio of sale price to list price:....................................... 92 %
Median Closed Price:......................................................... $395,000
Homes Expired in the month............................................. 6

Monmouth Beach:
Total Homes on Market.................................................... 33
Number of Just Listed this month:................................... 5
Average List Price.............................................................. $1,457,880
Number of Closed Sales for the month:......................... 2
Average Days on Market:................................................. 68
Ratio of sale price to list price:....................................... 89%
Median Closed Price:......................................................... $1,200,000
Homes Expired in the month............................................. 1

Red Bank:
Total Homes on Market.................................................... 54
Number of Just Listed this month:................................... 8
Average List Price.............................................................. $426,225
Number of Closed Sales for the month:......................... 7
Average Days on Market:................................................. 89
Ratio of sale price to list price:....................................... 97%
Median Closed Price:......................................................... $362,500
Homes Expired in the month............................................. 6

Rumson:
Total Homes on Market.................................................... 50
Number of Just Listed this month:................................... 13
Average List Price.............................................................. 1,471,208
Number of Closed Sales for the month:......................... 10
Average Days on Market:................................................. 96
Ratio of sale price to list price:....................................... 90%
Median Closed Price:......................................................... $1,374,500
Homes Expired in the month............................................. 14

Sea Bright:
Total Homes on Market.................................................... 17
Number of Just Listed this month:................................... 2
Average List Price.............................................................. $724,500
Number of Closed Sales for the month:......................... 1
Average Days on Market:................................................. 125
Ratio of sale price to list price:....................................... 87%
Median Closed Price:......................................................... $2,575,000
Homes Expired in the month............................................. 4

Shrewsbury Boro & Township:
Total Homes on Market.................................................... 33
Number of Just Listed this month:................................... 9
Average List Price.............................................................. $680,200
Number of Closed Sales for the month:........................... 2
Average Days on Market:................................................. 60
Ratio of sale price to list price:.......................................... 93%
Median Closed Price:......................................................... $520,000
Homes Expired in the month............................................. 3

Spring Lake:
Total Homes on Market.................................................... 61
Number of Just Listed this month:................................... 7
Average List Price.............................................................. $2,634,129
Number of Closed Sales for the month:........................... 6
Average Days on Market:................................................. 77
Ratio of sale price to list price:.......................................... 88%
Median Closed Price:......................................................... $1,620,000
Homes Expired in the month............................................. 1

Tinton Falls:
Total Homes on Market.................................................... 61
Number of Just Listed this month:................................... 5
Average List Price.............................................................. $528,560
Number of Closed Sales for the month:........................... 5
Average Days on Market:................................................. 98
Ratio of sale price to list price:.......................................... 97%
Median Closed Price:......................................................... $435,000
Homes Expired in the month............................................. 8

Based on Single Family homes ONLY. for more information go to www.monmouthcountymarketwatch.com


--Information deemed reliable but not guaranteed--Copyright: 2006 by the Monmouth County Association of REALTORS® Prepared by GLORIA BENAROCH of COLDWELL BANKER RES. BROKERAGE on 12/31/2006 3:49:55 PM