Since the shock of the crash, the New Jersey housing market is slowly but surely picking itself up and regaining composure.
According to NJRealtor.com, the economic landscape is improving by almost all measures. The housing market is still slowly recovering from the worst downturn since World War II, due to a slow employment market in New Jersey that’s behind the national average.
According to the Wall Street Journal, GDP grew 5% in the third quarter of 2014, the largest growth seen since 2003. In addition, existing-home sales in March jumped to their highest annual rate in 18 months according to the National Association of Realtors. Rates are expected to be stable until September, when the Federal Reserve is expected to raise the Key Federal Funds Rate.
Soon-to-be homeowners and those looking to take advantage of current rates should consider one of the affordable Spencer Home Lending programs now available. Those homeowners with substantial equity in their home should consider sidestepping expensive closing costs and instead refinancing with one of our great rates.