Rather Than Sitting on the Fence …Why Not Own It?

ERA Justin Realtor professionals always join together with training to stay on the cutting-edge of customer and client needs. Their focus in a continuing changing real estate market is to have the knowledge to better educate and to better serve the communities in their real estate sales.

ERA Justin Realty Offers Market Insights:

Rather Than Sitting on the Fence …Why Not Own It?

ERA Justin Realty, a leading real estate brokerage serving Bergen, Passaic, Essex and Hudson counties, has never witnessed real estate market conditions quite like what we are experiencing today. Ron Darby Broker Co-owner offers the following insights for consumers considering buying a home.

Homes are More Affordable – Current housing prices are down 27% on average across the nation from peak values five years ago aaccording to the Freddie Mac House Price Index (June 2006 to March 2011)^,  and the national housing affordability index continues to hover at record levels.

Rates are Low – At 4.6%, 30-year fixed mortgage interest rates remain near historical lows, based on an average 30-year fixed mortgage rate as shown in the Primary Mortgage Market Survey data according to Freddie Mac as of July 7, 2011.

Timing is Everything – For qualified buyers, this is the time to buy. According to reports, conforming loan limits will be changing which will decrease the availability and affordability of mortgage credit for many home buyers in 42 states, based on new loan limits published by FHFA and HUD.

Homeownership is Still the American Dream – Nearly nine in ten Americans say homeownership is an important part of the American Dream, according to a New York Times/CBS News poll, conducted June 24-28, 2011.

Financing is Available – Today’s borrower needs to have stable employment and sufficient income to cover the monthly mortgage payment and living expenses; adequate savings to make at least a 3.5% down payment; and, in general, a credit score of at least 620. If you meet these basic requirements and plan to live in the home, you may be well on your way.  Note: FHA requires a minimum 3.5% down payment; conventional mortgages will require a down payment of 5% or more. FICO score minimums may be higher or lower depending on loan type, income history, property type and other factors.

“For qualified buyers, now may well be the time to make your move,” said Darby.  “If a home purchase is in your future plans, I would encourage you to talk to one of our Realtor professionals because now may be the time for you to act. There is ample inventory on the market for you to capture that “dream” home you have always wanted at a price and terms you can handle.

"But don’t wait too long, because mortgage rates and home prices won’t stay this low forever.  Find your perfect home along with a mortgage that meets your needs with the help of our outstanding affiliated sales professionals."

ERA Justin Realty has received the prestigious 2003 through 2010 ERA 'Commitment to Excellence' Award from all across the ERA nation.  For these reasons ERA Justin Realty should be your buying and selling Realtor of choice.

 All of the ERA Justin Realtors can be reached at either of their two Rutherford offices at 118 Jackson Avenue and 57 Park Avenue, by office phone (201) 939-7500, (201) 438-0588 or (201) 438-SOLD. Also view 1000's of homes at their websites at www.ERAJustin.com and http://www.erajustinrealty.com/.