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Dustin's Market Minute |
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Will prices go down? "I don’t think so." In the early 2000’s most of our homeowners/sellers had adjustable mortgages that caused problems for them when their rate adjusted up during the recession. This led to property values adjusting down. However, we have seen record low 30-year fixed interest rates over the past 10 years. Most of our current homeowners are locked in at a mortgage payment that they can easily afford - in fact many are under 3%! In other words, the current homeowners/sellers can afford to keep their beach houses instead of allowing the values to drop.
Where are interest rates? "Great question!" Republic Bank still has 30-Year Fixed JUMBO loan at 3.125%. No points, no strings attached. Simple. However, that rate is scheduled to change to 3.875% on June 13th. So, if you are on the verge of purchasing or refinancing, take this into consideration and call me. Don’t wait! Have you seen the stock market volatility? "Yes I have and I have seen this before." Over the years, trusted clients have confided in me that their investment portfolios have decreased due to the stock market volatility. They've shared their frustration because they have nothing to show for their loss. This is often the catalyst for buying a new beach house or upgrading from their current one. No matter what happens in our local Real Estate market, they will always have priceless memories with their family at the shore. Not to mention our Real Estate market is much less volatile than the stock market. If you have any questions about second homes or investment properties in Sea Isle City, please do not hesitate to give me a call!" -Dustin Laricks |
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Mike Jamison's Mortgage Minute |
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To follow up on Dustin’s comments, I reviewed the last three years of closings in our branch. Many of the 30 Year fixed rate purchases and refinances are between 2.50% and 2.75%. The Majority of our buyers along the coast are in that range or under 3.00%.To put the rates into perspective if you were to borrower 800K for 30 Years at 3.00% your payment would be $3,372 per month. Previously when 30 year rates were 5.50% (or higher) your payment would be $4,542 per month. That’s $1,170 per month LESS now than in the early 2000’s, so yes any mortgages taken out over the last 3 or 4 years are very affordable.
Additionally with less “no doc” loans and more stringent underwriting guidelines, the pool of loans are far less risky, lowering the possibility of mass foreclosures. As mentioned above our 30 year fixed JUMBO rates are set to increase to 3.875% on June 13th. Please give me a call if you have any questions for me or any scenarios you would like me to review. Thanks -Mike Jamison Mike Jamison Republic Bank Senior Loan Officer NMLSR:460193 C.609.425.7284 |
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Featured Listings |
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Upcoming Events in Sea Isle City |
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To register or make a donation click the button below. We sincerely thank you for all your support! |
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GREEN FAIR/ART SHOW There will be a tree give-away and demonstrations on recycling. Come see the amazing collection of Art from local Artists. Learn how to create Art from Recycled Materials Date: Saturday, June 4, 2022 Time: 10:00am to 3:00pm Phone: 609-263-0050 Address: Excursion Park JFK Blvd. & Pleasure Ave. Sea Isle City, NJ 08243 More information: |
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SKIMMER FESTIVAL Skimmer Festival is Sea Isle’s largest summer festival, featuring family-friendly activities and entertainment. Date: Saturday, June 18, 2022 Time: 9:00am to 4:00pm Phone: 609-263-8687 Address: JFK Blvd & Promenade Sea Isle City, NJ 08243 Details: The festival will begin with a Seaside Vendor Craft Market along the oceanfront Promenade. Also, the popular Skimmer Food Court will be open in front of Excursion Park, located at JFK Boulevard and Pleasure Avenue, where a tempting selection of local delicacies and traditional festival-fare will be on sale. Meanwhile, inside Excursion Park, festival-goers will enjoy live music and a variety of free family activities. We will once again have free amusement rides from 10am to 4pm. |
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CONCERT UNDER THE STARS THE JESS ZIMMERMAN BAND The Jess Zimmerman Band is a Country Rock Band formed in 2015 and based in southeastern PA. Jess’s love for country music combined with rock influences of band members, Joe Barszowski, John Knobler and Joe Mattis creates a band and music with a force of it’s own. With influences from musicians/artists like Halestorm, Underwood, Van Halen, Benatar, and Mc Bride, The Jess Zimmerman Band is a sweet cocktail of country and rock music that is rising in the live music scene today! CONCERT LINE-UP: June 25-Jess Zimmerman Band (Country Music) July 2- Chicago 9 (Chicago Tribute) July 9-Seven Bridge (Eagles Tribute) July 16-Real Diamond (Neil Diamond Tribute) July 23-Kick It Out (Heart Tribute) July 30-Gypsy (Fleetwood Mac Tribute) Aug 6-Beatlemania Again (Beatles Tribute) Aug 13-Countdown To Ecstasy (Steely Dan Tribute) Aug 20-Yellow Brick Road (Elton John Tribute) Aug. 27-Frontiers (Journey Tribute) Sept 3 Jesse Garron (Elvis Tribute) Date: Saturday, June 25, 2022 Time: 7:30pm to 9:30pm Phone: 609-263-8687 Address: Excursion Park JFK Blvd. & Pleasure Ave. Sea Isle City, NJ 08243 |
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Real Estate in the News |
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The Housing Market Is Showing Signs of a Correction: What This Means for Buyers and Sellers Cracks are beginning to appear in the red-hot housing market. Spiraling mortgage rates on top of record-high and still-rising home prices are leading many experts to predict the real estate market is on the verge of a correction—if it isn’t already in one. They anticipate home prices will flatten, or even go down a bit, in certain markets. Home sales have already been dropping; fewer buyers are seeking mortgages; real estate agents are reporting smaller bidding wars and sellers cutting prices. What will this mean for buyers and sellers? To read the full article, click here! |
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Lifestyle Tips & Tricks |
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Less Is More: Creating a Minimalist Living Room Minimalist interior design translates to more than an uncluttered, sparsely decorated room. Birthed from modern design, minimalism embraces simplicity, reducing an interior to what’s necessary for the space to function well. But this clean, no-fuss style doesn’t need to feel uninviting. Balance and warmth are crucial to delivering the elevated beauty this style can create. |
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Best Garage Remodeling Ideas for Impressive Curb Appeal Does your garage need a little TLC or a total refresh for better curb appeal? Use these garage remodeling ideas to revamp the space with added style. From quick spruce-ups to major updates, there's a garage remodel project for every budget. |
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Father's Day Brunch Recipes Dad Will Love Father's Day falls on a Sunday for a reason: brunch! Celebrate Dad with all the mid-morning decadence he deserves by making savory and sweet brunch recipes that are sure to wow. Just don't let him do the dishes. It's his day! |
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1970's Design Is Making a Major Comeback The 1970's design trend isn't overwhelming modern interiors just yet, but the new season is a harbinger, a sophisticated extraction of the era's good moments. New trends are cherry picking elements such as low-slung seating, playful florals, and even wood paneling. These are all seeing a sophisticated resurgence! |
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To check out who we are and some more fun facts, click on our Blog below! |
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