NJ First Time Home Buyers Account for Almost Half of Home Sales in 2009
New Jersey First Time Home Buyers accounted for 49% of home purchases in the state during 2008 according to statistics from the National Association of Realtors.
This percentage should increase as we move forward in 2009 and more buyers take advantage of the following market conditions:
- New Jersey Home Prices are lower when compared to 2008.
- 2009 New Jersey Loan Limits are up to $625,500 in Monmouth and Ocean County, NJ
- New Jersey First Time Home Buyers using an FHA Mortgage only need a 3.5% down payment.
- FHA Mortgage Insurance including the Up Front Mortgage Insurance Premium(UFMIP) continue to be the best option for buyers with a low down payment.
- $8,000 First Time Home Buyer Credit that does not have to be paid back compared to the $7,500 Tax Credit from 2008 that is required to be repaid.
- Historically low interest rates
If you have been thinking about buying this spring may be the time to act!
Some other interesting New Jersey Home Buyer Statistics from the National Association of Realtors:
- Median age of First Time Buyers was 30
- 65% of First Time Buyers were between the age of 25 and 34
- Median Income of First Time Buyers was $82,500 compared to $60,600 nationally
- 22% purchased due to improved affordablitity
- New Jersey Median Home Price was $306,500 compared to $204,000 nationally
- 79% of all buyers believe their home purchase was as good or a better investment than stocks. (54% felt it was a better investment and an additonal 25% felt it was at least as good)
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