Archive for the 'Real Estate News' Category
More Money for New Jersey Home Buyers?
January 23rd, 2008 Categories: Buying a Home in NJ, NJ Mortgage Update, Real Estate News
Tuesday, January 22, 2008 Fed Lowered Interest Rates and New Jersey Home Buyers May Benefit
Steve Lupton of Metrocities Mortgage Sent Me the Following Alert I Wanted to Share:
NEWS ALERT!!!!
1. Today, the Fed lowered both the Fed Funds Rate and the Discount Rate by 75 basis points. This unusually aggressive move is an acknowledgement that equity and credit market issues are threatening growth in the real economies throughout the world.
2. As of Friday Jan 18th, all of the S&P gains from 2007 were erased and equity markets world wide are in a “bear market” (down 20% off their highs)
3. Since these Fed rate cuts were already priced into the market, we can’t assume that mortgage rates will drop immediately. However, it is safe to assume that the downward trend will continue. I will keep you posted.
4. There MAY be a silver lining for us. If the Fed continues on this path it may give a boost in the arm to those who need to refinance. It may also increase awareness of “low rates and lower housing prices” for the fence sitters.
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Residential Real Estate is a LOCAL Market Product, Even in New Jersey
October 4th, 2007 Categories: Buying a Home in NJ, NJ First Time Home Buyers, Real Estate News
Hot New Jersey Real Estate Markets…Think LOCAL!
I just had to share a piece from Keller Williams Realty International:
TOP STORY: Gary Keller: The only market that matters is yours!
Last week on the Today Show, during a segment on the national real estate market, CNBC’s Jim Kramer uncompromisingly stated, “now is the absolute worst time to buy!”
Concerned that remarks such as these from so-called experts might be pushing potential buyers to the sidelines?
Here’s what Gary Keller, co-founder and chairman of Keller Williams Realty has to say about waiting out the current market:
First, residential real estate is not a national market product — it is a local one. To say from a national position that this is either a good time or a bad time to buy real estate is like saying the national forecast for the U.S. today is 92 degrees — it is a useless and irrelevant perspective. What is happening in your local market is all that matters.
Second, trying to predict when it is a good time to buy, or not, means you’re trying to time the market. Staying on the sidelines is the surest way for most people to never time anything correctly.
Last, and maybe most important — there are always two markets in every market. There is the market of properties that are good buys and there is the market of properties that are not a good buys. Interestingly enough, this is true in either buyer or seller markets. To categorically say that this is the time to buy or not is absolutely ignoring the fact that every market really has two markets inside it.
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