Home Buying in Closter>Question Details

npalag, Home Buyer in Fort Lee, NJ

is it a good time to buy now or should I wait till2014?

Asked by npalag, Fort Lee, NJ Tue Nov 19, 2013

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No one has a "crystal ball" BUT interest rates are still at historic lows. Everyone predicts they will be going up and more than likely we will see a rise in 2014. Home prices are GOOD now and I agree, waiting until spring will put you at a disadvantage. In fact, you are more likely to find "bargains" now since the holiday season is generally considered the off season for home sales.

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2 votes Thank Flag Link Tue Nov 19, 2013
Good morning npalag,

You can try to "time the market." In 24 years of helping homebuyers as a mortgage professional, I've never seen any "timing" work to a homebuyer's benefit. I take the approach of preparedness and persistence, instead. That's how a HomeBuyer sets the BEST time to buy a home.

Prepare to buy

Get Prequalified for mortgage financing: focus on monthly payment
Understand your price range: determine your price limits for making offers
Know the location where you want buy your home: when you do, find an experienced Local Realtor
Have your "wish list" ready with the preferred features of the home you want: the "Dream Home" exists in our minds. Knowing your preferrred features of the home you most want helps you compromise when you find the right house at the right price that meets most of your preferred features. You can always add a fireplace later!


Persistence:

WHEN you go out there, shop 'til you drop. Buying the right home is hard work. Looking at homes, then giving concise feedback to your Realtor helps you find a home that meets your needs and a Seller willing to sell at the price you're willing to pay. You'll be disappointed a few times, that's part of the process. Stay with it and you are sure to make your own "BEST" time to buy a home.


Trevor Curran
NMLS #40140
1 vote Thank Flag Link Tue Nov 19, 2013
Now is an excellent time to buy. Prices are only going up in most areas, along with interest rates.
1 vote Thank Flag Link Tue Nov 19, 2013
If you are going to wait for the spring of 2014, you probably will have less negotiatiing power because there will be more competion caused by more buyers and sellers. Also, you are at risk of mortgage rates rising.
1 vote Thank Flag Link Tue Nov 19, 2013
It is a great time to buy., Prices are still very favorable for Buyers as Sellers are more realistic about what they can do on their price. Mortgage rates continue to be comparitavly low, and there is a good variety on the inventory. Buying in the off season is sometimes favorable to the Buyer as it gives you more of an advantage as theier are less Buyers in the off season. As I am a very experienced real estate agent who has worked in Closter for many years, I would be happy to hlep you. Please contact me at any time. thanks.

Harriet Lewis, Realtor (201)707-5640(Cell)
hrlconsult@yahoo.com
0 votes Thank Flag Link Tue Jan 28, 2014
It is a great time to buy., Prices are still very favorable for Buyers as Sellers are more realistic about what they can do on their price. Mortgage rates continue to be comparitavly low, and there is a good variety on the inventory. Buying in the off season is sometimes favorable to the Buyer as it gives you more of an advantage as theier are less Buyers in the off season. As I am a very experienced real estate agent who has worked in Closter for many years, I would be happy to hlep you. Please contact me at any time. thanks.

Harriet Lewis, Realtor (201)707-5640(Cell)
hrlconsult@yahoo.com
0 votes Thank Flag Link Tue Jan 28, 2014
Like some others said .
We can not predict the future

Historically Winter season can get you a better deal from desperate sellers and also less competition from other buyers.
Come February/March depending on the weather there will be a lot more buyers out there.

I expect rates to go up come spring time.

Please contact me for a free list of pre foreclosure and Auction homes.
0 votes Thank Flag Link Wed Nov 20, 2013
Now is a great time to buy. Interest rates have stayed pretty level over the past few weeks. In the Spring there will be more competition for available listings. Also we don't know where interest rates will be.
0 votes Thank Flag Link Tue Nov 19, 2013
Well this time is a slow time in real estate, most people want to know where they spend their holidays so certainly the spring market will bring more homes to the market !!
But this time is a serious market to find good deals of homes already listed.
0 votes Thank Flag Link Tue Nov 19, 2013
NO good answer other than if you are financially and emotionally ready to buy then do it.

Read this article. It says that October 2013 median homes sales prices were 11.8% higher than October 2012, AND, October became the 21st month in a row to show an increase in sales AND sale pricescompared to the same period in 2012 !!!

http://rismedia.com/2013-11-18/home-prices-continue-rising-s…
0 votes Thank Flag Link Tue Nov 19, 2013
Hi Npalag

the longer you waiit price will be increase.


good luck

omar khamisa
Web Reference: http://msjmortgage.com
0 votes Thank Flag Link Tue Nov 19, 2013
Thanks everyone for your feedback. Unfortunately there aren't many houses in towns I am looking in that I like. Not sure if it's because of the holidays season - Thanksgiving/Christmas coming up. Hopefully there is more inventory coming next year,I am not planning to sit and wait till spring 2014, if anything pops up in January/February - I will go for it.
Thanks again for your honest feedback.
0 votes Thank Flag Link Tue Nov 19, 2013
Thinking that if you wait until next spring you will be facing more competition, more bidding wars & possibly a higher interest rate. Might be time to consider moving your schedule up a bit. If you need any help over the border in Rockland County, let me know(better values). Allan



Allan Erps
Licensed Real Estate Salesperson,ABR,SFR
Better Homes & Gardens/Rand Realty
95 South Middletown Road
Nanuet, New York 10954
Voice Mail (845) 624-8100 x141
Fax (845) 624-7137
Cell/Text (845) 304-3040
Email: allan.erps@randrealty.com
Website: allan.erps.randrealty.com
0 votes Thank Flag Link Tue Nov 19, 2013
Well in Bergen county prices are stable now and some areas like Fort Lee prices are actually going up not down.
Interest is low now and may go higher any moment. It may not be a big difference next year but again, little changes in interest may become expensive. If I was buying the time would rather be sooner than later.
0 votes Thank Flag Link Tue Nov 19, 2013
What are the reasons for wanting to wait until next spring?

If your throughts are that you'll be able to get a better deal in the spring, well no indicators exist pointing to that being the case.

If you're thinking that there will be more inventory in the spring to choose from, well that might be true. There will come a point in time where many more of the homeowners who have been sitting on the fence because they are underwater on their mortgage will no longer have that problem. They've been wanting to move for a long time and the desire has not changed as one, two, or three years have ticked by.

As that happens, the amount of inventory will rise to begin falling in balance with the number of buyers that are active. At that time there will be more choices and more time to make a decision when looking as compared to right now when you have to be willing to pull the trigger and commit rather quickly if you want to actually have a chance at getting an acceptance on your offer.

If cost the biggest concern, then buying now would probably be the better choices. If it is NOT the biggest factor, then waiting until spring might not be bad idea. It all depends on what is important to YOU because I know that not everything that goes into making a home buying decision centers around price.
0 votes Thank Flag Link Tue Nov 19, 2013
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