Category: Uncategorized
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Is My Credit Score Good Enough for a Mortgage?
There is no specific credit score required for a mortgage, as lenders consider multiple factors. Generally, a score above 670 offers access to favorable interest rates, while scores below 620 are subprime and come with higher rates. FHA loans require a minimum score of 580 for low down payments. Higher credit scores lead to lower…
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NJ Home Prices Over Next 5-Yr: How High by 2028?
– 2024: Home prices are expected to rise by 3-5%. – 2025: Anticipated 2-4% increase in home prices. – 2026: Home prices are forecasted to rise by 1-3%. – 2027: Expecting a 1-2% increase in home prices.
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Federal Reserve Keeps Interest Rates Steady—but Signals First Cut in 4 Years Could Come in September
Mortgage rates are expected to remain high through summer, but changes may occur in the fall. The Federal Reserve has kept its interest rate steady at 5.25% to 5.5%, indicating it won't lower borrowing costs until more confidence is gained. Despite a stalled housing investment, resilient demand persists. Many investors anticipate a Fed rate cut…
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Share of Active Homes For Sale Hits Post-Pandemic High
The housing market is becoming more buyer-friendly due to rising inventory and price reductions. In July 2024, active listings increased by 36.6% year-over-year, reaching a post-pandemic high, while 18.9% of listings saw price cuts. The South and West experienced the largest inventory growth, with the South's inventory just 14% below pre-pandemic levels. Although the average…
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NJ Rent Report: 2BR Costs by County
– Bergen County: $1,892 – Burlington County: $1,737 Camden County: $1,737 – Cape May County: $1,569
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Is New Jersey Becoming Too Expensive to Live In?
New Jersey remains one of the most expensive states for renters, requiring multiple jobs for affordability. County-specific data shows the high costs of two-bedroom rentals, with wages needed to afford them.
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Property Taxes Too High? How to File an Appeal in NJ?
Determine if your property's assessment is unfair by comparing it to similar properties in your area. Gather evidence, such as recent sales of similar properties and photos showing property conditions, to support your claim.
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Real estate update: NJ home prices and housing inventory continued to increase in July
In July, housing inventory in the U.S. rose by 36.6% year-over-year, marking nine months of growth, though the Northeast's inventory increased at a slower rate of 14.7%. Interest rates remained high at 5.25% to 5.5%, with potential cuts suggested for September. In North Jersey, 12 of 21 counties saw new listings rise, except Sussex County,…
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How to buy a house with no down payment
Buying a house can be a financial milestone, but the down payment can be a barrier. Government-backed loans like VA and USDA loans require no down payment. Down payment assistance programs from state and local agencies offer grants and loans. Alternative options include seller financing, lease-to-own agreements, and co-borrowing. Strengthening credit, managing finances, and getting…
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How Costly Is New Jersey Living in 2024?
NJ’s median rent is ~ $2,429, significantly higher than the national median of ~ $1,529. The median home price in NJ is $502K, with high property tax rates at 2.23%.