RSS« Harding NJ Homes For Sale / What Sold In Dec 08 | Main | Relocating to Morristown New Jersey 07960 »
Real Estate Buyers’ Market, Morris County New Jersey
By admin | January 14, 2009
A buyers’ real estate market is what we are currently in here in New Jersey, but what are the New Jersey home buyers’ doing?
Real Estate Buyers’ Market, Morris County New Jersey
A Buyers’ Market Should Be Just That — a buyers’ market. It is not a fence-sitting, waiting, loitering, delaying, dawdling, postponing, vacillating, hesitating, wavering, faltering, pausing, foot-shuffling, excuse market. (Shift, Gary Keller)
This statment hit home with me when I read it a few days ago. It seems that many New Jersey home buyers are making the typical mistake. These New Jersey home buyers seem to be trying to time the real estate market. They are listening to the medias’ uninformed advice and continual negative news, not realizing that the media is always well behind the curve when things are changing.
Why is trying to time the market a mistake? The first thing is, how will you decide that we have reached the bottom? In reality you will only know we have reached a bottom once the New Jersey real estate markets have been moving up for a while. It is quite possible we could see the best homes jerk up in value 7 or 8% when there is a realization that the time to buyer has already come. If you are sitting back trying to time the real estate markets you certainly will not have a home picked out and will not be ready.
There is a old saying among stock market traders, Bulls make money, bears make money, but pigs get slaughtered. Trying to time the New Jersey real estate market puts you in the possition of the pig.
If you are a New Jersey home buyer, now is the time. Mortgage interest rates are at historic lows. My good friend and trusted business partner, Bob Scarzella over at Countrywide Mortgage was quoting 4.675% 30 year fixed rate New Jersey home loan mortgages. Home prices are at 2004 to 2005 levels depending on the town, as well as the price range of the home.
This is a wonderful time to be a move up buyer. In many towns, homes in the 300K to 450K are only off 5% to 9% from their peak value, while homes in the 700K to 900K price range are off of their peak value buy as much as 20% or even more depending on the town.
New Jersey home buyers’
There are some truely great deals out there. Between the low interest rates and the affordable prices, if you purchase your home now, you will be able to look back a few years from now and say to yourself, boy I am glad I when ahead and purchased my home.
$7500 First time home buyer tax credit
There is even a $7500 first time home buyer tax credit availible if you close on your home before 7/1/2009. e-mail me for details.
James Boyer
Morris County REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Category: Uncategorized |
3 Responses to “Real Estate Buyers’ Market, Morris County New Jersey”
Comments
You must be logged in to post a comment.
January 14th, 2009 at 12:02 pm
Hi James, I agree with you, it’s a great time to be buying. You’ve got low home prices, low interest rates, and lots of inventory to choose from. We’re seeing buyers respond in Atlanta and they are picking up some great deals!
February 1st, 2009 at 2:31 am
The tax credit is great information to share and certainly enticing to those first time home buyers with great credit looking to finally get out of their apartments!
March 3rd, 2009 at 1:35 pm
It is an excellent time to be buying, the problem is convincing first time owners to take on a mortgage in such an unstable economy