I was reading an article today on the New Jersey Association of REALTORS® website
The market favors first-time home buyers, who make up 40 percent of the New Jersey market. Buyers currently have many more homes to choose from and are benefiting from mortgage interest rates that are near historic lows.
Without having to sell previously-owned property, first-time buyers can also take advantage of the increasing rate of affordability. According to the First Quarter 2008 New Jersey Home Sales Report, New Jersey's housing affordability composite index rose over 100, signifying that a family earning the state median income has the potential to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment
We are at historical low rates and YES it is a perfect time to buy- We have seen a decrease in home sale prices approximately 25% in our area from 2004, Which I feel we'll drop another 10% before years end.
But intrest rates are historically low- How would you lik to pay 15 to 20% intrest rate. Well in the 1980"s that exactly what the rate was. below is a link for your comparsion from 1929 to 2008-
http://research.stlouisfed.org/fred2/data/PRIME.txt
It's also a good time to trade up, Owning a home builds long-term wealth, New Jersey has a lot going for it.
We have approx 53,000 REALTORS® in New Jersey that can provide you with localized information,
If you are looking in The ocean/Monmouth area I along with my team members will be more than happy to Service you
Patricia " PATTIE" Romano
REALTOR® Associate
RE/MAX At Barnegat Bay
31 North Main Street ( RT 9 )
Manahawkin,NJ 08050
www.soldbypattie.com
609-978-4046
Direct cell-609-312-9043
eve: 609-978-5985 - till midnight
Toll free-(888) 860-9177 
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