What does it all mean?
The Toms River real estate market is warming up!
Is it just seasonal or is it more?
Time will tell (perhaps another 90 days) but one thing appears certain; even if home prices in Toms River continue to fall this year, the COST of buying a home will most likely rise.
How will the cost of buying a home rise if prices fall?
Let me show you:
Based on this example, if mortgage interest rates were to rise just ONE percent over the next year, home prices in Toms River would have to fall another $40,000 or 10% to offset the COST increase!
As home prices, in general, are down roughly 30% overall (since the peak of 2005), the chances of them falling another 10% in one year are pretty slim.
So, what do you want to do?
We just may be at the “best time in history” to buy a home in Toms River. Only time will tell us for sure. The decision is yours. Are you prepared to live with it?