Mortgage money is dirt cheap as rates are near or at their all time lows. Area home prices have firmed and demand is starting to heat up. Most importantly, commercial vacancy rates in the Cherry Hill area are way down from a year ago; this indicates that the real estate recovery is genuine not a fortuitous blip upward. And, while mortgage rates might dip ever so slightly more - most economists seem to predict rates to remain low for several more months - any savings from further rate declines are likely to be offset by upward pressure on prices from the increasing buyer demand. Waiting only means that you will have fewer highly desirable properties from which to choose. It is not a good time to buy. All signs point to it being an awesome time to buy.
If you are thinking of buying, I urge you to interview agents and enter into a buyer's agency agreement with the one agent whom you believe is best qualified to represent your interests, protect you from financial risks inherent in the buying process, and negotiate the best price and most favorable contractual terms for you. Don't make the naive mstake of thinking agents achieve the pretty much the same levels of outcome for their clients.
Jonathan E. Brill, Ph.D.
Keller Williams Realty
Beowulf Plaza, Suite 200
1814 Route 70 East
Cherry Hill, New Jersey 08003
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Home prices are low too. Still depreciating??? I dont think so, you may have a house here and there going for a little less money, but if you look at inventories now, the nicer homes have sold and the nicer homes that come on the market ...sell fast. The homes that need repairs are still on the market with less appeal. Buy a home with repairs needed, or already to move in perfectly? I can help you answer that question...yourself!
Prices are not depreciating anymore. Statistically they have been going up. Not enormously, but slowly they are climbing. I find the best time to buy is in the winter. Less buyers... less competition. Usually will find a real nice home that just gets listed that you can get a really good deal, and be very happy with.
don't look at just price. You have to be happy with the home. If you are an investor trying to flip the house, then yes look at price. An investor doesnt care much about the house other than how much money can be returned.
However a homeowner needs to consider the price, within their budget, but also the house. It's a "home" Some where you will be able enjoy with your family and friends for a long time!
Your best deals are homes that need repairs and short sales.. if you are looking at price and maximizing your equity. And there are many ways to finance the repairs right into your purchase and walk into a practically new home. Want to know more contact me...
Today is a good time to buy. Back in mid 2000's people were saying the same thing but prices were erratically high then. today prices are low. As demand and easing for financing becomes greater and easier, prices will go up. They wont will go up much, but a controlled appreciation is good. If they start dramatically going up like before, then you need to be careful... But not now!
If you need assistance I would love to show you some ideas and homes. Let me help you understand the market you want to buy in. Contact me! 7 days nights Call Email Text...
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No one knows 100% what the future has in store. People can make projections though. Warren Buffett is getting in the real estate game, he just bought one of the nations largest residential real estate companies. I think a smart investor like him would not get involved unless he felt the market hit bottom, and was on its way to recovery. That would back up the real estate forecasters projections that home prices are going to start increasing at a rate of 1%-2% per year. I am a full time Realtor in the Cherry Hill area, and I can tell you that the number of homes selling is up from last year as well. So generally speaking if you are not a home owner yet, now is the time to jump in! You can borrow money at an extremely low rate, and home prices are at bottom. Email me your phone number if you want to talk a little more.
Leonard J. Antonelli
Prudential Fox & Roach Realtors