Homebuying Facts In NJ For September 2013

Dated: 09/09/2013

Views: 1148

Affordability Rates are Soaring

Data released by the National Association of REALTORS® (NAR) supports the attainability of homeownership as the affordability index figures are highest than ever. The current rate of 174.4 in New Jersey indicates that getting that dream home is more attainable than ever.
This, combined with low interest rates and a diverse housing inventory, create the perfect recipe for those in a position to buy.NAR’s affordability index formula accounts for many variables that contribute to how affordable home buying is in New Jersey: home price, mortgage rates, payment as a percentage of income, median family income, qualifying income, and monthly Principal and Interest (P&I) payments.
For example, an affordability value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home, assuming a 20-percent down payment.
To learn more about affordability, click here.

Christie Launches Website Detailing Property Tax Records and Other Vital Public Information

In an effort to increase government transparency, Governor Chris Christie recently launched a website that provides the public with data that makes it easier to understand New Jersey’s public finances. Included on this website, www.YourMoney.NJ.Gov, is an interactive map that displays the Garden States’ 3.1 million property tax assessment records. With the new property tax feature, REALTORS® and consumers can check individual records in their town or community, jump from record to record and compare assessments and taxes from one town to another. 

Be sure to visit the website frequently to provide your feedback and view other reports.

Get the Facts
Despite the national trends and statistics you might have heard, the old adage that all real estate is local has never been truer.
Market facts in New Jersey, combined with national incentives, make now a good time to get active in New Jersey’s real estate market. Here's why:

• Seven-year real estate appreciation in the Garden State -- at 37% -- is five times the national average.

• Mortgage rates are near historic lows, giving buyers a better chance to secure low payments for years to come.

• Housing affordability – determined by home prices, income data and other factors – is high in New Jersey.The Road Home Logo

• The NJ Housing & Mortgage Finance Agency (NJHMFA) offers low-interest loans and down payment assistance to first-time home buyers. Find out more about those programs and the Live Where You Work initiative for all eligible buyers.

Study: ‘Hurdle Rate’ Favorable for BuyingNow is a great time to buy because the “hurdle rate” is very favorable toward home ownership, an academic study by researchers at three universities finds. Learn more in a 2-minute video in which one of the researchers talks about the findings.

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