Google Analytics Alternative

Is Now a Good Time to Move in Bergen County?

Dated: September 16 2020

Views: 325

Is Now a Good Time to Move in Bergen County?

 

Is Now a Good Time to Move? | MyKCM

You have heard the rumors (they are true) of crazy bidding wars and homes selling quickly in Bergen County.  You have heard about record low rates (true as well).  So is it a good time to actually move in Bergen County?  let's dive i and take a look.

How long have you lived in your current home? If it’s been a while, you may be thinking about moving. According to the latest Profile of Home Buyers and Sellers by the National Association of Realtors (NAR), in 2019, homeowners were living in their homes for an average of 10 years. That’s a long time to time to be in one place, considering the average length of time homeowners used to stay put hovered closer to 6 years.

With today’s changing homebuyer needs, especially given how the current health crisis has altered our daily lifestyles, many homeowners are reconsidering where they’re at and thinking about moving to a home with more space for their families. Here’s why it might be a great time to make that happen.

The real estate market has changed in many ways over the past 10 years, and current homeowners are earning much more equity today than they used to have. According to CoreLogic, in the first quarter of 2020 alone, the average homeowner gained approximately $9,600 in equity. If you’re considering selling your house right now, you may have accumulated more equity to put toward a move than you realize.

Dialing back 10 years, many homeowners also locked in a fairly low mortgage rate. In 2010, the average rate was only 4.09%. This motivated homeowners to stay in their houses longer than usual to keep their rate low, rather than moving. Just last Thursday, however, average mortgage rates hit a new historic low at 2.86%. Sam Khater, Chief Economist at Freddie Mac explains:

Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months.”

Ten years ago, we couldn’t have imagined a mortgage rate under 3%. Looking at the math today, making a move into a new home and locking in a significantly lower rate than you have now could save you greatly on a monthly basis, and over the life of your loan (See chart below):Is Now a Good Time to Move? | MyKCMAs the example shows, you can save a substantial amount every month if you qualify for today’s low mortgage rate, and the savings can really add up over the life of a 30-year fixed-rate loan.

Bottom Line

As a homeowner, you have a huge opportunity to move up right now. Whether you want to save more each month or get more home for your money based on your family’s changing needs, it’s a great time to connect to discuss the market in our area. Buyers are actively looking for more homes to buy, and you can win big by making a move if the time is right for you.

Blog author image

Ryan Gibbons

Ryan is an energetic, innovative, and honest agent who specializes in residential real estate in Bergen County, NJ. A lifelong resident of Bergen County he has a great knowledge of the area and shares....

Latest Blog Posts

Is Now a Good Time to Move in Bergen County?

Is Now a Good Time to Move in Bergen County? You have heard the rumors (they are true) of crazy bidding wars and homes selling quickly in Bergen County.  You have heard about record low

Read More

Homebuyer Demand Is Far Above Last Year’s Pace in Bergen County

Homebuyer Demand Is Far Above Last Year’s Pace in Bergen Countyor Sale in Bergen County | Find Your Home Value | Find an Open House Near YouHomebuying has been on the rise

Read More

The Latest Unemployment Rate Fell to 8.4% in the US

The Latest Unemployment Rate Fell to 8.4% in the USSearch Homes for Sale in Bergen County | Find Your Home Value | Find an Open House Near YouLast Friday, the Bureau for

Read More

How Will the Presidential Election Impact Real Estate in Bergen County?

How Will the Presidential Election Impact Real Estate in Bergen County?Search Homes for Sale in Bergen County | Find Your Home Value | Find an Open House Near YouThe year 2020 will be remembered as

Read More