The Jersey Shore by Karl Hess: New Jersey: Barnegat

Should I Wait to Buy a Home in Barnegat?

 

What if I wait until next year to buy a Barnegat Home? 

We recently shared that Barnegat home prices have increased by 25.42% year to date over 2017. They’ve also increased by 6.7% year-over-year on a national basis. Over that same time, interest rates have remained historically low which has allowed many buyers to enter the market.

As a seller, you will likely be most concerned about ‘short-term price' – where home values are headed over the next six months. As a buyer, however, you must not be as concerned about price, but instead about the ‘long-term cost' of the home.

Search Barnegat Homes for Sale

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 5.2% over the next 12 months.

What Does This Mean as a Buyer in Barnegat?

If home prices appreciate by 5.2% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

What's Your Month Payment?

Bottom Line

If buying a home in Barnegat is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the term of your loan.

Karl Hess & Keller Williams Shore Properties provides expert real estate services to residential buyers and sellers in Barnegat and the surrounding area. Contact us today for more information on the Barnegat Real Estate and for professional assistance navigating this complex home market.

As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County

 

 609-553-7926

Find Your Dream Home on The Jersey Shore in Ocean County!

www.TheJerseyShoreHomeFinder.com

 

 Licensed in New Jersey.  Keller Williams Shore Properties 

1400 Hooper Ave. Toms River NJ 08753 Phone: 732-797-9001

 

 

 

Comment balloon 0 commentsKarl Hess • May 11 2018 01:20PM
Should I Wait to Buy a Home in Barnegat?
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