Boy-The 2024 Summer Is Flying By So Fast It Seems! How Are You?

How is everyone doing?  Crazy that it is almost Labor Day weekend already! I hope you enjoyed your summer and got to enjoy the beach some and the outdoors in the warm sunshine and good weather.  How about the Philadelphia Phillies–still hanging on to the division lead—BUT we need another 5th starting pitcher! We will see how they do with the Atlanta Braves series at home starting tonight.  The Philadelphia Eagles will be playing regular season soon, boy time is flying by!- They should be very good with the new additions including new assistant coaches.

Interest rates did drop some, and are expected to go lower in September hopefully, to help fuel even a better real estate market for us all.

I just got notice today that there is NJ 1st time buyer money available with a rate down to 6% with FHA financing. Also there is a $10,000 grant money available to the buyer – and $15,000.00 if your parents never owned a home before. With either one of the two grant options, once you live in the home for 5 years or more, the grant money is forgiven by the State of NJ.

Conventional regular interest rates are 6.125% for a 30 year payout with no mortgage points, and 5.75% with 1.5 mortgage points for a 30 year payout. 15 year payout usually run about 1/2 of a percent cheaper than 30 year.

So the rates are not bad, and heading lower hopefully! I remember when I was selling homes when rates were 14% to 21 % years ago, and people were still buying, and they were building a new casino in AC about every 2.5 years back then. So 6% range is not bad!–Remember marry the home, not the interest rate! Refi later!  We are slowly seeing the inventory of homes going up some in most locations, not a lot, but some which is helping to keep the bidding wars of the recent past not as common in the $400,000 range and below. Second home sales are still slowing in the million and over price point.

I hear people complaining about their electric bills spiking high this summer, glad to see Congressman Jeff Van Drew looking into it for everyone. He says we have the highest rate in all of NJ, and he called on the NJ Board of Public Utilities to hold a public hearing and investigate the cause of the increases.

I hope everyone has a good remainder of the summer season. If I can help with any real estate needs please call. Thanks Gary.