Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want...
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you...
There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting...
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time...
Residential activity in Mercer County (Single-family and Condo)
Sales were down 1.4% compared to last September and the median sold price was down 8.2% from last September. September foreclosure sales in Mercer returned to a more normal 56 after hitting 72 last month. Foreclosure sales were 15% of all sales and were about the same as last September.
Inventory increased by 2.6% this month, and is 11.8% lower than a year ago. The Months Supply of Inventory increased to 4.9 months compared to 5.9 months in September 2016.
Residential activity in Gloucester County (Single-family and Condo)
Sales were up 3.2% compared to September 2016 and are up 14.3% YTD. Prices were down 3.4% compared to last September. Foreclosure sales were 22.3% of September's sales.
Gloucester had a 0.4% increase in the number of homes for sale during September and is just 4.7% below the 2016 level compared to an 11% shortfall throughout the region. The Months Supply of Inventory is at 6.2 months, down from 7.2 months a year ago.
Sales were up 3.% compared...
In September, Camden County home sales were up 15.9% compared to September 2016 but prices were down 3.1%. Foreclosure sales were 14% higher than a year ago and were 21% of all sales.
Residential activity in Camden County (Single-family and Condo)
The number of homes available for sale in Camden county decreased by 2.0% in September and is now 18.3% lower than a year ago. The Months Supply of Inventory has dropped from 7.1 months a year ago to 5.1 months due to the increase in sales over the past year and lower inventory.
Residential activity in Burlington County (Single-family and Condo)
Since February foreclosure sales have been between 110 and 131 each month and were 18% of all September sales. Non-foreclosure sales were up 12% from last September and foreclosures were up 34%. The median sold price was up 5.5% ($10,500) from last September. New Bank Owned listings slowed in September with 109 new listings, down from 158 last month, but up 91 from last September.
Inventory increased by 7 listings during September, and is 7.5% below last year's inventory. The Months Supply of Inventory dropped to 5.2 months, and is down from 6.2 months a year ago. The number of new listings was up by 69...