Mindblown: a blog about philosophy.
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Rent or Own? The Path to Owning Your Home
Weigh Flexibility vs. Investment: Renting offers flexibility, while buying builds equity and offers tax benefits. Consider Long-Term Stability: Buying is better if you plan to stay in one place for many years.
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NJ Home Prices and Inventory Went up
36.6% more homes for sale than last year, marking nine consecutive months of inventory growth. Median Home Prices: Increased in nearly all counties, with notable rises in Essex (↑16.42%) and Bergen (↑6.98%).
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NJ Homeowners: $25k Hidden Expenses Annually
Hidden homeownership costs often exceed the property’s price, adding significant annual expenses. NJ homeowners face the fourth-highest hidden costs at $25,573 annually.
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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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