orly chen – bergen county's premier
real estate agent
O: 201.567.9191 / C:
rates in New Jersey fell below the national average,
currently standing at a record low amount"
Is the Time to Buy a Home
Rising home sales that are
counterintuitive to conflicting data regarding the decrease
in mortgage applications may have you scratching your head and
wondering whether the housing market is actually stabilizing.
This discrepancy, however, means that homebuyers are using cash
to purchase homes rather than lenders because banks are currently
employing strict regulations concerning who qualifies for home
loans. Investors are also utilizing cash over credit because
of the competitive edge it holds over distressed properties.
Real estate analysts are saying unequivocally that home sales
are increasing both steadily and rapidly. In fact, as one analyst
puts it--"buyers are coming out of the woodwork".
In fact, mortgage rates in New Jersey fell below the national
average, currently standing at a record low amount. This represents
encouraging news for people wanting to buy a home in New Jersey
and especially in Bergen County.
Nationally comparing New Jersey homes to homes in other states,
regional averages in the Garden State have steadily decreased
since 2006, when the devastating housing market collapse occurred
that caused Morris, Hunterdon and Bergen County homes to revert
to 2004 levels.
Also assisting to promote the sales of homes in Bergen County
is the fact that foreclosure filings have dramatically decreased
in the past few years, with just one out of every 12 homes in
foreclosure at the end of 2011.
New Jersey state assembly members further sought to advance
the slow housing market by distributing $100 million in tax
credits to individuals owning a home, with $75 million allocated
for new home construction and $25 million to assist first-time
According to the manager of Mortgage Master's Inc. Carl Nielsen,
"Values have even held up in the New York City Metropolitan
area. With the strengthening economy, foreclosure reductions
and job growth, things will only start to improve for those
looking to purchase homes in most states of the U.S.".
Mortgage rates influence most homebuyers' willingness to invest
in a home and right now, rates are low enough to make just about
any house for sale seem like a bargain. Even though the 30-year
mortgage rate rose slightly from 3.94 percent to 4.12 percent,
this current rate remains 1/2 less than the average reported
Because monthly house payments are so affordable today, it would
undeniably benefit any potential homebuyer to start researching
the market and find something in which they are interested.
With the many beautiful homes in Bergen County, as well as the
state of New Jersey, selling at record-breaking low prices,
families and investors should consider taking advantage of the
housing market's existing, optimal situation and live the American
dream by owning their own home.
RE/MAX of Tenafly
Associates lead agents
competing companies in
specialized training and
They dominate the Accredited Buyer Representative (ABR), Certified Relocation
Professional (CRP), Certified Residential Specialist (CRS) and Leadership Training
Graduate (LTG) ranks. Read
About Orly Chen
Chen is a leading
Tenafly real estate agent
in Northern New Jersey
specializing in the Bergen
County area. Her
integrity make Orly
one of the most sought-
after agents in the
Northern New Jersey
real estate market