My 2009 Monmouth County Real Estate Forecast
Despite remaining challenges, we've apparently stepped back from the brink of total national economic meltdown. So what does 2009 have in store for Monmouth County real estate? We have many varied and competing forces at play:
- Foreclosure are not significant in Monmouth County, as compared to other parts of the country
- Continuing adjustable mortgage rate resets
- Lenders more willing to work with borrowers to keep their homes
- A slowing local, national, and global economy
- Talk of the feds directly bailing out distressed homeowners by lowering rates which is currently happening with rates fluctuating/flirting at 5.0 to 5.375%
- The mass psychology is gradually shifting FROM, "Why buy now when homes will be much cheaper later," TO "Maybe I should buy one of the great deals I'm seeing while they're this cheap."
My prediction / guess / crystal ball gazing:
I believe our market will hit bottom if it has not already and stabilize some where around the June/July of 2009.
Why?
Because the Prices in much of Monmouth County are getting so cheap that …
For many people, buying and owning now costs little more than renting (and is often cheaper!), especially after tax deductions for mortgage interest and property taxes. And for others, it's only a small increase to buy.
Prices and Interests Rates are Low at the same time never before has this happened.
What should you do when you're considering buying a home?
What you've heard on the news lately about the stock market applies to the real estate market too: Sell HIGH, BUY low; along with Location, Location, Location.
So, when you do buy in the next few months, you'll likely be buying at or near the bottom with the lowest interests rates all that the same time.
Why Sell NOW?
Sellers sell now because while they may not be getting top dollar as in previouse years they will be saving on the buy side and automatically start building equity.
Disclaimer: The is merely my personal opinion.
