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.

2nd Quarter closed sales for New Jersey

07760 January Market Stats

Rumson Single Family Statistics for January 2015

Summary Statistics
	Jan-15	Jan-14	% Chg	2015 YTD	2014 YTD	% Chg
Absorption Rate	6.79	6.83	-0.59	6.79	6.83	-0.59
Average List Price	$475,107	$461,366	2.98	$460,108	$453,300	1.50
Median List Price	$319,000	$299,990	6.34	$311,556	$299,900	3.89
Average Sale Price	$333,574	$336,849	-0.97	$333,574	$336,849	-0.97
Median Sale Price	$270,000	$250,000	8.00	$270,000	$250,000	8.00
Average DOM	87	87	0.00	87	87	0.00
Median DOM	64	59	8.47	64	59	8.47

Sold Listings This Month Year to Date 2015 2014 % Chg 2015 2014 % Chg 0-29,999 17 12 41.7 17 12 41.7 30,000-39,999 7 14 -50.0 7 14 -50.0 40,000-49,999 10 13 -23.1 10 13 -23.1 50,000-59,999 9 13 -30.8 9 13 -30.8 60,000-69,999 15 12 25.0 15 12 25.0 70,000-79,999 7 14 -50.0 7 14 -50.0 80,000-89,999 10 19 -47.4 10 19 -47.4 90,000-99,999 11 14 -21.4 11 14 -21.4 100,000-119,999 23 44 -47.7 23 44 -47.7 120,000-139,999 35 55 -36.4 35 55 -36.4 140,000-159,999 31 43 -27.9 31 43 -27.9 160,000-179,999 26 58 -55.2 26 58 -55.2 180,000-199,999 30 38 -21.1 30 38 -21.1 200,000-249,999 99 123 -19.5 99 123 -19.5 250,000-299,999 94 108 -13.0 94 108 -13.0 300,000-399,999 141 142 -0.7 141 142 -0.7 400,000-499,999 74 82 -9.8 74 82 -9.8 500,000+ 104 147 -29.3 104 147 -29.3 Totals 743 951 -21.9 743 951 -21.9

Pending Listings This Month Year to Date 2015 2014 % Chg 2015 2014 % Chg 0-29,999 13 15 -13.3 13 15 -13.3 30,000-39,999 9 8 12.5 9 8 12.5 40,000-49,999 7 9 -22.2 7 9 -22.2 50,000-59,999 12 7 71.4 12 7 71.4 60,000-69,999 13 8 62.5 13 8 62.5 70,000-79,999 15 13 15.4 15 13 15.4 80,000-89,999 22 12 83.3 22 12 83.3 90,000-99,999 15 14 7.1 15 14 7.1 100,000-119,999 52 37 40.5 52 37 40.5 120,000-139,999 57 56 1.8 57 56 1.8 140,000-159,999 58 49 18.4 58 49 18.4 160,000-179,999 59 45 31.1 59 45 31.1 180,000-199,999 69 47 46.8 69 47 46.8 200,000-249,999 152 111 36.9 152 111 36.9 250,000-299,999 124 91 36.3 124 91 36.3 300,000-399,999 205 156 31.4 205 156 31.4 400,000-499,999 97 106 -8.5 97 106 -8.5 500,000+ 168 139 20.9 168 139 20.9 Totals 1147 923 24.3 1147 923 24.3

Active Listings This Month Year to Date 2015 2014 % Chg 2015 2014 % Chg 0-29,999 63 83 -24.1 83 112 -25.9 30,000-39,999 58 54 7.4 72 70 2.9 40,000-49,999 53 67 -20.9 65 77 -15.6 50,000-59,999 52 66 -21.2 62 78 -20.5 60,000-69,999 49 77 -36.4 68 91 -25.3 70,000-79,999 70 89 -21.3 92 108 -14.8 80,000-89,999 92 114 -19.3 114 135 -15.6 90,000-99,999 87 107 -18.7 115 130 -11.5 100,000-119,999 220 209 5.3 282 264 6.8 120,000-139,999 331 324 2.2 413 417 -1.0 140,000-159,999 312 356 -12.4 401 439 -8.7 160,000-179,999 373 399 -6.5 460 482 -4.6 180,000-199,999 391 450 -13.1 504 525 -4.0 200,000-249,999 982 1028 -4.5 1234 1236 -0.2 250,000-299,999 1083 1113 -2.7 1375 1331 3.3 300,000-399,999 1588 1544 2.8 1958 1880 4.1 400,000-499,999 899 890 1.0 1106 1091 1.4 500,000+ 2175 2067 5.2 2586 2472 4.6 Totals 8878 9037 -1.8 10990 10938 0.5

New Listings This Month Year to Date 2015 2014 % Chg 2015 2014 % Chg 0-29,999 24 31 -22.6 24 31 -22.6 30,000-39,999 18 19 -5.3 18 19 -5.3 40,000-49,999 17 12 41.7 17 12 41.7 50,000-59,999 11 17 -35.3 11 17 -35.3 60,000-69,999 22 15 46.7 22 15 46.7 70,000-79,999 29 16 81.3 29 16 81.3 80,000-89,999 23 30 -23.3 23 30 -23.3 90,000-99,999 30 23 30.4 30 23 30.4 100,000-119,999 88 54 63.0 88 54 63.0 120,000-139,999 106 100 6.0 106 100 6.0 140,000-159,999 94 84 11.9 94 84 11.9 160,000-179,999 110 89 23.6 110 89 23.6 180,000-199,999 127 99 28.3 127 99 28.3 200,000-249,999 299 268 11.6 299 268 11.6 250,000-299,999 338 248 36.3 338 248 36.3 300,000-399,999 496 379 30.9 496 379 30.9 400,000-499,999 271 273 -0.7 271 273 -0.7 500,000+ 564 509 10.8 564 509 10.8 Totals 2667 2266 17.7 2667 2266 17.7