2016 is shaping up to be quite special for the housing market as a whole, as the stars have finally aligned allowing record numbers of tenants to rip up those leases and kick the renting lifestyle for good!
Historically low mortgage rates will not last much longer & trends tell us home prices will only continue to rise. New programs such as the 3% down payment option from Fannie and Freddie are sweetening the deal for new buyers. FHA’s mortgage insurance premium has also been cut making these types of loans affordable again, and incomes across the board are rising.
Many landlords are practically pushing their tenants out the door. Rents are rising every month due to the continued demand for rental properties and at the same time leaving tenants with unexpected expenses. In market after market, rent vs. buy comparisons show renters how much they are losing by staying put in their current lease.
It has never been a better time for first-time home buyers to get into the housing market, shred those leases, and start building equity in your new home!
To read this wonderfully insightful article on the ‘Rent Trap’, please click here.
National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.