Have you been debating about buying a home? We believe 2017 is the year to make that leap. With great buyer market conditions in NJ and interest rate predictions for 2017, all combined with the financial security of home equity, we at Green Label Title think you should consider home buying this year. Want more details? Check out our stats below:
Market Conditions – In New Jersey, the Median Home price peaked in July 2007 at $350,000. Now almost a decade later, the median house price is still substantially lower, with Zillow pegging it at $280,000. Zillow predicts the median price will rise 1.9% over the next year and potentially more the next year. If you buy now, when the prices are lower, you lock that price in for the next 5, 10 or even 30 years of your life. The time is now!
Start Building Equity – How much do you pay in rent a month? Have you calculated what that is in a year? Now take that figure and multiply it by the number of years you have rented so far and plan to rent. Staggering right? Instead of “throwing” that money away, start building your equity in a home now.
Interest Rates – No one knows exactly what interest rates will do in 2017, but the announcement of a rate increase by the Fed in December was expected due to the overall health of the economy. (Low unemployment rates, job growth, etc). While the rate did increase, it was small and interest rates today are still very low compared to the last 30 years. According to the Central Bank, economists predict 3 additional interest rate increases from the Fed throughout 2017. So, wisdom would say, it is better to buy now and lock in a low rate before they increase further. (Source: www.gobankingrates.com)
All the statistics in the world can tell you it is time to buy a home, but the true test is your desire to have the warmth, security and stability of home ownership. When you are ready to make that commitment and security for your financial future, we hope you call us at Green Label Title to help make that dream a reality. Happy 2017!