Homes for Sale in Mount Laurel Won’t Get Much Cheaper

According to some experts, homes may not get much cheaper in South Jersey.  This may be the last year to get a home priced at a lower, discounted rate.  Since 2006 the sale price of homes has decreased by approximately  34% coupled with some of the lowest mortgage rates out there.

First Time Home Buyers

Many first time home buyers in Mount Laurel can take advantage of some great deals out there in the market.  Right now, banks are really geared towards owner occupant transactions.  What this means is that the person buying a home in Mount Laurel is planning on personally living there for at least 2 years as a primary residence.

As an owner occupant, buyers are eligible for many more programs that investors are not able to get.  For starters, HUD homes begin the auction requesting owner occupants first, then if no offers are submitted, then the bidding is open to investors. Also, some sellers may be willing to offer help in paying some or all of a first time home buyers closing costs with seller concessions, in order to appeal to first time home buyers in Mount Laurel.

Mortgage Rates

As previously mentioned, rates are at a historic low in all markets, including Mount Laurel.  Today’s mortgage rates for a 30 Year Fixed Loan are well below the 4% threshold, a rate we have not seen in years.  In addition, for many current homeowners, refinancing is also an option to help reduce payment, shorten loan term or decrease points.

Being able to buy a home or refinance a home today could be one of the best investments and decisions you make as a buyer or homeowner.

About Jessica JessicaHoltzman

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