Have you been dreaming of buying a home in Bayonne but aren’t sure if the timing is right? Good news for potential buyers: now is a great time to buy a home in Bayonne!
Here are five reasons why you should invest in Bayonne real estate now.
Real Estate Conditions are Improving
Last year, a number of home-buying obstacles arose, which prevented many buyers from realizing their dreams of homeownership. Some of these roadblocks, like inventory shortage, huge price growth, and increasing mortgage rates, won’t be such a problem this year.
In fact, inventory, or number of homes for sale, has already begun to increase, giving buyers more options. And with more options (and more competition between sellers), prices have begun to level out a bit. Interest rates, too, have stopped their steady increase.
Job & Income Conditions are Also Improving
Last year, home prices soared at much faster rates than wages could increase. But it looks like this year, that’s not going to be the case. The national unemployment rate remains at record lows, and average incomes have increased over 4% since January. This gives many buyers more buying power and allows for more options in housing styles and prices.
Interest Rates are Low—and Leveling
Throughout the duration of 2018, interest rates climbed and climbed—and climbed—up from near-record lows in 2016. Rising rates gave many buyers pause and even priced a few buyers out of the market all together.
However, towards the end of 2018, rates actually dropped by 0.5% and are not predicted to resume their hasty climb this year. Interest rates under 5% have made homebuying an affordable option for many once again.
Prices, Too, are Settling
Last year, home prices increased more that 6% nationally—and in hot markets like Bayonne, that number looks more like 19% ($70,000) in the third quarter of 2018. It was pretty awesome for sellers, but not so much for buyers, who were competing with other buyers in a tight low-inventory market.
However, those hot markets are starting to stabilize a bit. And while prices definitely haven’t fallen or decreased significantly, they’re no longer soaring, thanks to an increase in inventory.
Bayonne is Much More Affordable than NYC
Bayonne may be a booming market, but it’s still WAY more affordable than the NYC market. The whole Gold Coast, in fact, is a popular choice for those who work across the river, but just don’t want—or can’t afford—to pay the astronomical prices.
Bayonne is also a fantastic place for those looking for the convenience of city living—amenities, attractions, public transportation—without so much traffic, congestion, and noise. Bayonne is quieter and more community focused, with lots of parks an open spaces.
Ready to Buy Your Home in Bayonne?
Are you thinking of buying a home in Bayonne? Then it’s time to contact Century 21 Viewpoint Realty. We’re here to help you explore the area, discover its beautiful community, and find the perfect home for your unique needs.