Today’s mortgage rates are top-of-mind for many homebuyers right now. As a result, if you’re thinking about buying for the first time or selling your current house to move into a home that better fits your needs, you may be asking yourself these two questions:  Why Are Mortgage Rates So High? When Will Rates Go […]

Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared.  Comparing this year’s numbers to the two ‘unicorn’ years […]

The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year. Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and […]

The 2022 housing market has been defined by two key things: inflation and rapidly rising mortgage rates. And in many ways, it’s put the market into a reset position. As the Federal Reserve (the Fed) made moves this year to try to lower inflation, mortgage rates more than doubled – something that’s never happened before in a calendar year. This […]

The housing market is rapidly changing from the peak frenzy it saw over the past two years. That means you probably have questions about what your best move is if you’re thinking of buying or selling this fall. To help you make a confident decision, lean on the professionals for insights. Here are a few things experts are saying about the […]

Experts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, just at a slower pace. Over the past couple of years, home prices have risen at an unsustainable rate, leaving many to wonder how long it would last. If you’re asking yourself: what’s ahead for the price […]

The talk of a housing bubble in the coming year seems to be at a fever pitch as rising mortgage rates continue to slow down an overheated real estate market. Over the past two years, home prices have appreciated at an unsustainable pace causing many to ask: are things just slowing down, or is a crash coming? To […]

One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove home prices up. If you tried to buy […]

Whether or not you owned a home in 2008, you likely remember the housing crash that took place back then. And news about an economic slowdown happening today may bring all those concerns back to the surface. While those feelings are understandable, data can help reassure you the situation today is nothing like it was in 2008. […]

If you’re thinking about selling your house, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a […]

If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased their projections for home price appreciation from their original 2022 […]

When the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of foreclosures similar to when the housing bubble burst over a decade ago. Thankfully, the forbearance program changed that. It provided much-needed relief for homeowners so a foreclosure crisis wouldn’t happen […]

With all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, there’s concrete […]

Over the last two years, the rate of home prices appreciated at a dramatic pace. While that led to incredible equity gains for homeowners, it’s also caused some buyers to wonder if home prices will fall. It’s important to know the housing market isn’t a bubble about to burst, and home price growth is supported by strong market fundamentals. […]

The housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help answer those questions, let’s turn to the experts for projections on what the second half of the […]

Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent. The drop happened over concerns about a potential recession. And since mortgage rates have risen dramatically this year, homebuyers across the country should see this decline as welcome news. Freddie Mac reports that the average 30-year rate was down to 5.30% from 5.81% […]

According to a recent survey, more and more Americans are concerned about a possible recession. Those concerns were validated when the Federal Reserve met and confirmed they were strongly committed to bringing down inflation. And, in order to do so, they’d use their tools and influence to slow down the economy. All of this brings up […]

When it comes to financing your new home, it’s no secret that finding the right financing options can be incredibly difficult. The monthly payments can add up all too quickly once property taxes and homeowner’s insurance are factored in South Jersey. Plus, crushing student debt, rising home prices, and high demand from the millennial generation is causing a shift in the way buyers purchase their homes. These important distinctions among potential young homeowners means they are moving away from the traditional model of homeownership and toward a shared equity models. A shared equity mortgage is an arrangement under which a lender and a borrower share ownership of a property. The borrower must occupy the property. When the property sells, the allocation of equity goes to each party according to their financial contribution. Each party also shares losses on the sold property. “Ok so what does that mean exactly and what are my options?” Shared equity is designed as an alternative option for those who want to purchase or renovate a home but can’t afford some portion of that expense. Example, I’m a first-time home buyer who is currently renting. I have no trouble covering the monthly costs of renting, I even have some leftover cash for small repairs, but I can’t seem to scrape together enough for a down payment (traditionally 20% of purchase cost). This concept is also applied to current homeowners in two different manners. Those who are looking to make repairs or additions to their house can partner with lenders such as Unison Home Ownership Investments  who will provide half the cost in exchange for a proportional stake in the equity of the home. Additionally, those homeowners who are approaching retirement and looking to downsize may consider Irene Retirement. Retirees sell their home to Irene, get cash upfront and never pay property taxes, homeowners insurance or big-ticket maintenance costs again. Irene offer a brand new approach to reverse mortgages but base their cash offer on equity accumulated in the home. This process enables elderly homeowners to sell their home and remain owner-occupants or receive income from renters. A serious game changer for seniors looking to minimize expenses. The lender or investor also stands to gain from a shared equity mortgage. Their contribution is an investment and, as such, the lender will take a proportion of any value increase over the lifetime of the mortgage. If the investor is contributing to mortgage interest, they may be able to deduct that interest from their taxable income just as the principal homeowner would. The investor can also apply depreciation of the property to their taxes. A buyer seeking to extend their buying power can turn to products like adjustable rate mortgages (ARMs), interest-only loans, or interest buydown loans. However, each of these mortgage types involves a higher financial risk to the buyer than a shared equity mortgage. If you’d like to explore the basics of mortgages further visit Investopedia’s Mortgage Basics page for a full list of terminology, definitions and questions you should be asking your lender.   Read more: Shared Equity Mortgage

Attention homeowners! The Pennsauken Township Abandoned and Vacant Property Initiative is offering up to $50,000 in mortgage assistance to qualifying homeowners. The New Jersey HomeSaver Program, administered by the New Jersey Housing and Mortgage Financing Agency, is sponsoring the program by creating solutions to high-interest mortgages held by individuals in Pennsauken. Their services include refinancing, foreclosure avoidance grants, reverse mortgage grants, and a variety of debt management and counseling assistance. To be eligible, “homeowners must first meet specific criteria, such as having a first mortgage loan-to-value (LTV) ratio that is 115 percent or greater, and suffering a financial hardship (such as unemployment or a severe loss of income through no fault of your own) that has caused or will cause you to fall behind on your mortgage payment. You can find out about all of the necessary criteria and get more information on the entire program by visiting NJHomeSaver.com.” For those who do not qualify through the NJ HomeSaver Program, there are plenty of other options as well! HUD offers free services which present customized mortgage solutions to homeowners. Check out HUD’s Certified Housing Counseling for advice and tips on how to reduce your rates, budget information and refinance options. You can also look into “the New Jersey Housing and Mortgage Finance Agency [which] has compiled a list of such agencies in Camden County. For more information, visit http://www.twp.pennsauken.nj.us/content/abandoned-and-vacant-property-initiativeNJHousing.gov/foreclosure or call (800) NJHOUSE. There’s also the Stabilizing Urban Neighborhoods Initiative, or SUN for short. This program helps homeowners facing eviction or foreclosure repurchase their homes with mortgages they can afford. SUN is currently accepting applications in New Jersey. Homeowners can find out if they are eligible by calling SUN toll-free at (855) 604-4663 or by visiting SUNHomeHelp.org.”  http://www.twp.pennsauken.nj.us/content/abandoned-and-vacant-property-initiative In addition to offering assistance to homeowners, the Pennsauken Township Abandoned and Vacant Property Initiative holds mortgage and maintenance companies more accountable for high interest rates and repairs. The township has also recruited a full-time representative who answers questions and follows up on requirements regarding the Pennsauken Township Abandoned and Vacant Property Initiative. If you would like more information regarding the ordinance, you can visit the township’s website or contact Tracey Howarth [(856) 665-1000 x145 or by e-mailing thowarth@twp.pennsauken.nj.us]. A full copy of the ordinance is available on Pennsauken Township’s site: http://www.twp.pennsauken.nj.us/content/abandoned-and-vacant-property-initiative