There are a variety of opportunities in the New Jersey Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.
The first thing I want to share with you has to do with FHA loans. Recently, the FHA significantly decreased their insurance premium on low-down payment loans, which is going to save a lot of buyers a lot of money.
Another change has to do with conventional loans. There has been a substantial reduction to the required minimum down payment, from 5% to 3%. So instead of an average of $20,000 for a down payment, it's more like $12,000 now.
The last change I wanted to mention to you has to do with appraisal reform. Over the last year we have had a difficult time with appraisals, but this new process should lead to fewer appraisal problems, as well as more home closings and sales.
On top of this, we have historically low interest rates. Right now, you can get a 30-year fixed-rate mortgage at 3.75% and a 2.99% rate for a 15-year fixed. This will bring more buyers to the market and give your home a better chance at selling quickly.
If you have any questions about mortgages or about real estate, be sure to give us a call. We would be glad to answer any questions you have, and look forward to talking with you soon!
