Sales are on the decline after being on the rise for the first half of the year, this is a normal seasonal trend, but shows no sign of a market turn around.
Days on marking is hovering around 94 and we are currently at 14 months inventory. This means that at the current rate of sales it would take 14 months to sell off the current inventory.
The conclusion is that prices are still coming down, so if you are planning to buy this is a great time because interest rates are also low.
If you have to sell, you will need your home to be in good condition and at a lower price than the competition.
Call me and I will help you figure it all out and get the best price in today’s market in the least amount of time, with the least amount of hassle.
*Data is compiled from Monmouth Ocean MLS.
Let’s say you can buy the house you want today for $400,000, you have a 20% down payment ($80,000) and you can get a loan at 6%. Your mortgage amount would be $320,000 and your payment would be $1919.
You feel that the price of the houses will go down, so you wait. Say a year from now the price goes down by 4%, which brings our example house down to $384,000. You put the same $80,000 down and your mortgage will be $304,000. But rates have risen and you get 6.5%, your payment is now $1921. You will actually be paying a higher payment for the same house that you could have moved into a year ago.
Wait another year and it is even worse. A rise in interest rate always makes a bigger difference in your payment than price.
So don’t wait, buy now. Your new home is waiting for you.
Thanks to Joel Burslem over at the Future of Real Estate Marketing blog for letting me know about this one.