Moving Up to Your NJ Dream Home? Don’t Wait!

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Don't wait to buy your dream home!
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Mortgage interest rates rose by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values fall. History, however, has proven this false.

While rates have been rising, so have home values. Check out the most recent monthly price increases reported in the Home Price Insights Report from CoreLogic:

  • January: Prices were up 0.5% over the month before.

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  • February: Prices were up 1% over the month before.

  • March: Prices were up 1.4% over the month before.

Not only did prices continue to appreciate, the level of appreciation accelerated over the first quarter. CoreLogic expects home prices to increase by 5.2% over the next twelve months.

How can prices rise while mortgage rates increase?

Freddie Mac explained in a recent Insight Report:

“In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”

Bottom Line

Thinking about moving up to your New Jersey dream home? Waiting until later this year and hoping for prices to fall may not be a good strategy.  Here’s a GREAT strategy: Download our FREE Buyer's Guide HERE, then call Team Nest Builder’s Lynn Garafola at 973-222-3777 to start your home buying process TODAY!

Liked this article? Check out our blog for loads of helpful information on real estate, home improvement and community events!

 

Source:  Keeping Current Matters

Team Nest Builder is a full-service home finding and home selling team servicing the northern New Jersey Skylands Region. Our state licensed sales associates have well over 50 years combined experience and millions of dollars in closed business to draw on when servicing your personal needs.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer.

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