GREENWAY BLOG

9 April 2024

New Jersey Homebuyer Programs available at Greenway Mortgage

  Navigating the housing market in 2024 has become increasingly complex, marked by soaring rates, dwindling inventory, and skyrocketing home prices. For first-time homebuyers, saving for a hefty down payment in such circumstances can seem impossible. In February alone, the housing market in New Jersey felt the weight of these shifts, with home prices surging by an astonishing 14.3% year-over-year, while homes sold saw a 1.9% decline, and available listings plummeted by 11.5%, according to data from Redfin.com. Amidst these challenging circumstances, finding your footing as a first-time homebuyer can seem difficult at times. However, Greenway Mortgage offers a variety of...

READ MORE

5 April 2024

MarketMinute | Gauge the changing sentiment for Fed rate cuts

Manufacturing expanded in March for the first time since September 2022 as production rebounded sharply and new orders increased.  Job openings were little changed in February from the prior month, suggesting labor demand is stabilizing at an elevated level. ADP reported private sector job growth expanded in March at its fastest pace since July 2023, indicating continuing strength in the labor market. Private residential construction rose 0.7% in February, with single-family construction rising...

READ MORE

2 April 2024

Homebuyers: Don't Wait For Tomorrow's Lower Interest Rates

  The extraordinarily low rates of 2020-2021 were a response to the pandemic. Unless something equally devastating happens, we are not likely to see them again. There's another opportunity you could miss today. Homebuyers waiting for tomorrow's lower rates may miss out on today's prices. Home prices are rising at a slower pace than before. If rates fall and the market heats up, prices are likely to soar. The cost of rates today may be lower than the cost of price increases later. Buying the home you can afford now – even if it's not the one you want forever – can work in your favor. You'll build equity through your regular...

READ MORE

2 April 2024

A Closer Look at NAR's Lawsuit Settlement Agreement

  There could be more flexibility in fees! The National Association of Realtors (NAR) recently settled a global lawsuit regarding agent compensation policies and home listing requirements. With court approval, the changes are scheduled to go into effect in mid-July 2024. What are current practices? Home sellers typically pay commissions to both their own agent and any buyer's agent. Commissions vary but are commonly 5% to 6% of the sales price. Selling agents using the NAR's Multiple Listing Service (MLS) show the amount a buyer's agent will earn from the sale. The major changes include: The seller will no longer...

READ MORE

29 March 2024

MarketMinute | Discover Hints of An Improving Spring Market

Business investments rose, and durable goods orders rebounded in February, possible early signs of a revival in manufacturing.  The economy grew faster than previously estimated in the 4th quarter, lifted by strong consumer spending and business investment. Jobless claims fell slightly last week and continued to hover at very low levels, demonstrating sustained labor market strength. Sales of newly built homes fell slightly in February after mortgage rates increased. However, sales were up 5.9%...

READ MORE