Instant Karma and a Look at This Week’s Closed Sales

Expert predictions are that home prices will continue to increase in the upcoming year, but so are the mortgage rates. How does this play out for Sellers and Buyers?  It may get a seller more money, but since many of them will also become the “Buyer” of their next home, it may be a “wash” since they will pay those higher prices too.  And with the predictions of higher rates it can even hurt “buying” capacity.

Consider the timing, pricing and budget carefully for your next step when costs are on the upswing, then make your move.  It could save you money.  As a licensed, experienced Realtor I can help you plan a strategy that will help you meet YOUR goals in the changing and upcoming market.
Here’s how the changes can play out in real numbers- 

Last Year a home priced at $187,800.* , with a 30 Yr. Fixed Mortgage of $150,240, and an Interest Rate 3.5%, the Monthly Mortgage Payment would have been  $674.63.
This Year the same Home now at a Price of $213,500. with a 30 Yr. Fixed Mortgage of $170,800, and an Interest Rate of 4.5%, the Monthly Payment would be $865.42
Next Year predictions are that the same Home will be priced at $224,175.**, with a 30 Yr. Fixed Mortgage of $179,340, and an Interest Rate of 5%, the Monthly Payment will be  $962.74.

Timing can be everything!

Pat Linde-Neidermeyer, Veltri Realtors

Email: Patatveltri@Gmail.com

Call me: 732-598-8348

VeltriRealtors.com

Now Here are this Week’s Closed Sales in your area.

 AVON

128 Norwood Ave,  $860000

 BRIELLE

403 Morgan Pkwy,  $225,000; 631 Oceanview Rd,  $770,000

3 Aldrin Ln,  $951,500; 2 Tamarack Dr,  $995,000

MANASQUAN

555 Pompano Ave,  $525,000; 174 2nd Ave,  $525,000

 SPRING LAKE

414 Tuttle Ave,  $866,500; 1305 4th Ave,  $1,090,000

 WALL

1329 State Route 138,  $243,000; 900 Homestead Rd,  $477,000

All closed sale prices listed are as submitted and recorded by the Monmouth Multiple Listing Service. Not responsible for typographical errors

*Source- the National Association of Realtors’ (NAR) Existing Home Sales median price and Freddie Mac’s Primary Mortgage Market Survey established the mortgage rate. A 20% down payment used in all examples.
**To establish future pricing, over 100 housing experts surveyed for the Home Price Expectation Survey called for an approximate appreciation rate of 5% over the next twelve months. For the interest rate, the average of the projections from the Mortgage Bankers’ Association, Freddie Mac and Fannie Mae was used.