4 Reasons to Buy a Condo This Fall in Hoboken!

Here are four great reasons to consider buying a condo in Hoboken or Jersey City today, instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.0% over the next year.

The bottom in home prices has come and gone. Home values in Hoboken and Jersey City will continue to appreciate for years. Waiting no longer makes sense.  Haven’t you waited long enough and seen all the buildings rise along with the prices??

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on With Your Life

The ‘cost’ of a condo is determined by two major components: the price of the condo and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want to start building equity for your future or you just want to have control over renovations, maybe now is the time to buy.

If purchasing a home for you and your family is the right thing for you to do this year, buying sooner rather than later could lead to substantial savings over buying 1-2 years from now!

About Edward Perez

Named 100 Most Influential Real Estate Agents in New Jersey 2016, Edward's career spans 16 years and he is sought out for his innovative real estate marketing, media savvy & brokering of premium properties in the Hoboken, Jersey City & Northern New Jersey market place. He is an avid real estate investors, rehabber and team leader & founder of the NJ Luxury Group specializing in helping clients buy, sell, lease and invest.

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