Category: Uncategorized
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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%.
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Impact of Cooling Inflation on Homebuyers
Falling Inflation Rate: Inflation fell from 3.5% in March to 3.3% in May. Impact on Mortgage Rates: Lower inflation could lead to falling mortgage rates.
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2026 Rate Cut Prediction: Down to 1.75%-2%
Analysts predict rate cuts, potentially down to 1.75%-2% by end of 2026. Expected economic conditions in 2024: Cooling inflation and slight increase in unemployment.
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North Jersey: The Third Most Competitive Rental Market
High Competition: 13 renters vie for each vacant apartment in North Jersey. Top Ranking: Ranked third most competitive in the U.S., following Miami-Dade and Suburban Chicago.
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2 Years Forecast: Will Rates Rise or Fall?
High inflation puts a strain on household budgets, so the Fed uses rate hikes to slow down spending and cool the economy.Recent data suggests inflation might be easing, prompting the Fed to consider lowering rates later in 2024.
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NJ Towns Among Hottest 2024 Housing Markets
New Jersey towns are ranked among the top 150 hottest Real Estate markets nationwide in 2024. Compare median listing prices: Number 51: Hazlet: $551K
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Are Mortgage Rates Headed for 10% in 3 Years?
A New York Fed survey suggests a possible rise in mortgage rates, with consumers expecting a reach of 10% in three years. This shift in sentiment could lead to decreased demand in the housing market, impacting prices and affordability. The Federal Reserve's actions will play a key role in these predictions. It's recommended to stay…
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Strong Demand: NJ Homes Sell Fast
NJ ranks 5th in the nation for fastest-selling homes. Homes in NJ sold in 28 days on avg.