Mortgage rates in Morris County remained mostly steady this past month, at least partially due to the predictable July-August doldrum effect. When the summertime vacation schedules of Washington and Manhattan movers and shakers presages a slowdown in activity and economic reports, there is simply less going on that might affect the rate meter—in either direction.
Summertime can also mark the beginning of a nationwide tapering off of real estate’s peak selling season. With the added factor of mortgage rates in (town) looking as if they will remain invitingly low for the near future, fear of a sudden rate rise is ebbing as well. It’s the kind of apprehension that can spur some buyers into feeling the need to scoop up some of Morris County’s current inventory with less than due diligence, so that’s a positive development—especially if a new report from Trulia is accurate.
Trulia’s report highlighted the importance of careful deliberation for new buyers. A wide-ranging poll registered the startling fact that nearly half of Americans are willing to express some form of buyer’s remorse about their home soon after purchase.
Trulia found the top regret came in not choosing the right sized home. The lion’s share belonged to the third of homeowners who wished they’d bought a larger place. This might have been expected among those whose budgets wouldn’t accommodate a “dream home” property, yet even among Americans earning $100,000 or more, according to the study, 16% regretted having bought a home that was proving too small for their liking.
The takeaway is simple: if you are thinking of buying in the near future, allowing any outside factors (including Morris County mortgage rates) to push you into a home that isn’t right for you and your family can have an immediate downside. Buying a home is definitely a venture that rewards cool reflection…even when a potential dream home is in on the horizon.
At least for the moment, mortgage rates in (town) remain at historically affordable levels. If you’re looking to buy this year, be sure to keep your “must have” list handy as you assess the emerging inventory. Better still, when you give me a call, I’ll be happy to turn my professional efforts to helping with the monitoring effort. I’m here all summer standing by!