How is the New Jersey Real Estate Market in 2015?

New Jersey homes continue to sell quickly and buyer are out in force looking to buy throughout the state. The real estate market in Central NJ in Edison, Plainsboro, South Brunswick, West Windsor, Plainsboro, Princeton, Lawrenece and Hamilton has seen a lot of very quick home sales, multiple offers and home prices bid over asking price in recent months.

Home sellers are advised to put their homes up for sale to meet this early increased buyer demand and take advantage of less competition in the market. Likewise, home buyers shouldn’t delay the start of their search as there will be more home buyers coming into the market in the Spring competing for the same homes you’re looking at. You might be happy to find the right home now and not have to wait until there is more of a frenzied buyer atmosphere.

While mortgage interest rates are very low right now, they are predicted to rise by mid year. However, there more good news for first time home buyers, buyers with less than perfect credit and low-down payment buyers: The Federal Housing Administration (FHA) has reduced the monthly mortgage premium it charges on their loans. This means that buyers can potentially save $50, 75, or even $150 PER MONTH on their mortgage payment, depending on the size of the mortgage. This change makes owning your own home much more affordable and easier to qualify for a more expensive home. So if you had been approved for a certain amount previously but didn’t buy yet, get re-approved at the new lower rates and you may find you can afford a higher priced home.

As always, call me or click the contact button above to discuss buying or selling your home.

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