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The New Jersey real estate market has undergone many changes over the last few years, and this has many would-be home buyers asking the same questions: Is now a good time to buy a home in New Jersey? From a cost perspective, would it be better to buy in 2018 or wait until 2019?
Here’s an updated look at real estate and economic trends in the state, to help you answer these important questions.
New Jersey House Values Expected to Rise
Statewide, home prices in New Jersey have risen over the last few years. They are expected to continue rising, in most parts of the state, over the coming months. These trends are important to all home buyers, whether you end up buying a house in 2018 or 2019.
The research team at Zillow, for example, recently predicted that the median home value for New Jersey would rise by around 2.1% over the next 12 months. Granted, this is just one forecast. But the general consensus among economists and housing analysts appears to be that home prices in the state will likely continue to rise.
So, purely from a cost perspective, now might be a very good time to buy a house in New Jersey. Buyers who postpone their purchases until later in 2018, or 2019, could encounter higher housing costs.
Mortgage Rates Level Off in Spring
Mortgage rates have settled down a bit, following a steady upward climb during the first two months of the year. This is another trend that could affect many home ...
Home values in most New Jersey towns and cities rose steadily during 2017. This prompted the Federal Housing Finance Agency (FHFA) to raise the conforming loan limits for all counties in New Jersey, for 2018. So the jumbo mortgage threshold went up as well. Additionally, the Department of Housing and Urban Development (HUD) increased the limits for FHA loans in New Jersey.
2018 Conforming & VA Loan Limits for New Jersey
A conforming loan is one that meets or “conforms” to the size restrictions used by Fannie Mae and Freddie Mac, the government-sponosored corporations that buy mortgages from lenders. Veterans Affairs (VA) home loans have the same limits as conforming mortgage products, at least for 2018.
Here are the 2018 VA and conforming loan limits for all New Jersey counties: