Data Shows How NJ 1st Time Homebuyers Could Afford A Home In 2024

If you're currently looking to purchase a home here in the Garden State, let me be the first to say that a) I do not envy you and b) I know exactly how you must be feeling right now.

Owning a home here in New Jersey has become virtually impossible over the last few years due to the skyrocketing of housing prices combined with the rising interest rates. Unless you want to pay over $2500 per month in a mortgage for the next 30 years, buying a home anywhere in the Garden State is basically out of the question right now unless you're sitting on stacks of money or have help from somewhere.

If you're anything like me, you've become extremely frustrated over the last year and half because the market's gotten so crazy. That's especially true if you have an intent to purchase by yourself. That's a whole additional can of worms dealing with.

So, is there an end in sight to the madness that is the current housing market here in the Garden State. Realtors and brokers alike will always tell you that every time is the perfect time to buy a house. Of course, right? Their paycheck depends on it. Financial and housing market analysts, however, will be a little bit more honest with you.

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Is there really ever a "perfect time" to buy?

It has to be when the timing is right for you. There are, however, ways to make sure you're the most prepared than ever for the burden and blessing that is homeownership.

What about the mortgage issues people are facing right now?

Obviously, you don't want to buy a home that could have you in over your head. What the market is showing now is that people purchased their homes at top dollar, and now they're depreciating in value. That's how you find yourself paying WAYYYY too much for an investment that you won't ever have a decent return to show for it.

What does NJ's housing market look like for 2024?

Sources at Newsweek claim that New Jersey is one of the three states in all of the USA that could see a housing market crash this year. For one, unemployment rates are up. Obviously, that leads to foreclosures. There's also the issue of people being submerged up to their eyeballs in mortgage payments. That kind of debt is not good in this kind of economy.

So, what does that mean for potential homebuyers in 2024? Well, you're going to want to make sure your finances and investments are aligned so you're ready to pull the trigger when that time comes. Now, there's no guarantee of a housing market crash, but data is showing the potential for one this year. That means you might be able to get your hands on a decent foreclosure at a reasonable asking price. Hopefully, the interest rates will fall, too. That will help out first time homebuyers significantly.

So, what do we do?

Make sure you're paying all of your bills ON TIME. Keep your debt down the best you can. Pay off all credit cards and student loans. It also doesn't hurt to get pre-approved so you know what kind of offers you can make, should that time come. At this point, however, it's a waiting game.

Watch and wait.

Source: Newsweek