Home Buying Market Update

Take a look at the marketplace, while supply has surpassed demand and home are on the market longer, the average pricing on available homes continues to increase. At the same time, the Bureau of Labor Statistics recently reported that pricing on new homes has increased 8 percent over the last year.

While building materials have continued to rise in the last few months, and the cost of financing a home continues to rise, the good news is that interest rates have continued to drop over the last six weeks. The 30-year fixed mortage is almost 40 points lower than the peak of 6.8 percent earlier this summer.

As the market has changed and with a growing inventory of unsold properties and real estate listings in New Jersey, buyers have become more selective and are looking for homes that have a better chance of increasing in value over the next few years.