Mostly Monmouth Real Estate » Home Purchase

Monmouth Real Estate – Third Quarter

Tracy Gibson — Mon, 13 Oct 2008 02:20:06 +0000

Third quarter inventory in Monmouth County is pretty much flat with about 10% of the houses on the market selling. If you need to sell you need to be in that 10%.

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.

Why You Need to Buy a Home Now

Tracy Gibson — Fri, 07 Mar 2008 04:15:23 +0000

In Monmouth County New Jersey, the prices of homes have dropped and may drop a bit more. The media would have you think that the real estate market is BAD. Well it in not bad, it is a great time to buy. Prices have become much more affordable and interest rates are still at historic lows. The predictions are that rates will start to rise soon. So, let’s look at buying now vs. waiting a year.

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.

Want to Walk to the Store?

Tracy Gibson — Thu, 26 Jul 2007 12:57:00 +0000

This is a rather cool site. You put in your address and it gives you a walkability score. If you are looking to buy or rent a home and like to be able to walk to the library, store, or restaurant, this site will help you determine the “Walkability” of the address.

WalkScore

Thanks to Joel Burslem over at the Future of Real Estate Marketing blog for letting me know about this one.