The average price of an N.J. home is $100K more than what it was last year (Spring Lake: real estate, mortgage)
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It's also back to where it was in 2005-2006. It's been a long slow recovery for real estate. I saw my house go down in value $100k, now it's back up to what I paid for it.
It's also back to where it was in 2005-2006. It's been a long slow recovery for real estate. I saw my house go down in value $100k, now it's back up to what I paid for it.
Shows how truly insane things were back in 2005 in regards to housing. $500k in housing is equivalent to $683k in today’s money.
This new run up seems sustainable and likely here to stay imo
Shows how truly insane things were back in 2005 in regards to housing. $500k in housing is equivalent to $683k in today’s money.
This new run up seems sustainable and likely here to stay imo
As long as housing supply remains low, prices will rise. NJ's population has increased 20% over the last 30 years. We haven't built nearly enough housing over the last 30 years to accommodate. It's great for us homeowners (and even better for retirees looking to leave), but it utterly kills people in their 20's-30's looking for a place to settle and start a family.
For a new home the mortgage payment stayed the same its just that interest rates are lower.
True, but current buyers are likely losing the opportunity to ever refinance to a lower rate. We bought a couple years ago and it was a great feeling when we refinanced. Saved about $225 a month for the duration of the loan with minimal effort and cost.
True, but current buyers are likely losing the opportunity to ever refinance to a lower rate. We bought a couple years ago and it was a great feeling when we refinanced. Saved about $225 a month for the duration of the loan with minimal effort and cost.
Wouldn’t it have been better to save that $225 a month from the beginning? I see not having to refinance as a pro not a con. There’s always HELOCs if there’s a need to borrow in a few years
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