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Answers For Homeowner's Four Biggest Questions

Tuesday, July 19, 2022   /   by Teresa DiPeso

Answers For Homeowner's Four Biggest Questions

1. Is now a good time to sell?

In short, yes. Here are the biggest reasons why:
Inventory is still at record lows and buyer demand at record highs. Low mortgage rates mean this is the perfect time to move up or downsize your current living situation for an affordable price. Sellers have leverage in a highly competitive market. This can be strategic when it comes to negotiating terms.


2. What if I sell my home, but I’m unable to find a new one to buy?

Closing dates can be worked out in the terms and are often flexible. And there are many short-term housing options available should there be a gap.


3. Home prices are high right now. Should I wait to buy?

Increasing values don’t always equate to decreased affordability. The actual cost of housing reflects a person’s purchasing power, which is a function of mortgage rates and income. It’s not just price.


4. If a lot of foreclosures hit the market, will that decrease home values?

This is a common concern about the end of forbearance and homes potentially flooding the market. Here’s why that’s not likely to happen.

Nearly 30% of borrowers in forbearance are still current on their mortgage payments. Learning from the past, many banks will negotiate modification plans with borrowers, which will enable households to maintain ownership. Most homeowners are equity rich, and many will be able to sell instead of going into foreclosure.

Contact me for answers to your questions and a free home estimate.

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Teresa M DiPeso & The DiPeso Group Jersey Shore Real Estate Experts
Teresa M. DiPeso
5901 New Jersey Ave
Wildwood Crest, NJ 08260
609-780-1434

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the Cape May County Multiple Listing Service. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the South Jersey Shore Regional MLS. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
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