Community Corner
Take Advantage of Low Interest Rates
Buyers still have great opportunity to jump in home market
Is it still a good time to buy a home? The answer is yes!
The lazy days of summer may be ending, but the real estate industry is busier than ever. The National Association of Realtors estimated that a million homes were sold due to the tax credit extension this past spring.
With the spring rush, real estate sales professionals, title service providers and mortgage brokers worked overtime to ensure those homebuyers not only found their dream home, but closed in time to meet the June 30 closing deadline.
In a recent release, NAR Chief Economist Lawrence Yun estimated that 180,000 home buyers would miss out on the credit for not closing in time.
For homebuyers who didn't take advantage of the tax credit, the time is still ripe for those who want to purchase a home. Interest rates are still holding at all-time record lows, providing homebuyers an opportunity to get in the market.
It has been speculated by industry watchers that interest rates will climb in the near future as the economy recovers. Even the slightest bump in interest rates can price a buyer out of their dream home. The key message here is don't wait, or you could miss your opportunity.
Home prices have also stabilized in many areas of the country ensuring more affordable housing. The mindset now is that a property isn't just an investment, it is a home. It is a place to call your own.
Overall, there are opportunities to be had and not to be missed.
Allison Witkowski is a Wyckoff resident and ABR- and SFR-designated real estate agent with ReMax Properties in Saddle River. To contact her, call 201-825-6600 or write allison@njbergenctyhomes.com.
