The month of July was an exciting one! On July 20, on Shabbat no less, it was a celebratory 50-year landmark since man first walked on the moon. Remembering way back when, watching the exciting event on the small TV screen, especially since it usurped all the channels, it was a thrilling sight to behold even as a spectator. Fast forward to today as a realtor, when my wheels are always turning to find new and exciting properties that are on the market for my clients to buy or sell, I wonder: Did I ever consider this brand-new territory called the “moon” to open up our opportunities to where we can live? In retrospect, it could have been new fertile territory of booming real estate and property developments. However, we all know that location! location! location! on the moon was not as it was “cracked” up to be, literally! Not long after Neil Armstrong’s monumental first step on the moon in 1969, which was exhilarating for all, subsequent missions drew a lot less attention, and some were canceled due to budget cuts and a disinterest in returning. So, we are back to location! location! on Earth without the greater opportunity for more at this point in our lifetime.
The next point of interest for me and the whole real estate industry this summer is that the Federal Reserve cut interest rates, as we all hoped they would. Although you would refer to a mortgage loan officer for their expertise, it is obvious and important to note that the reduction allows for more buying power for your purchase. It is always good news for the consumer, which has a ripple effect on the whole market.
Moving on to the landscape of the June monthly snapshot, closed single-family homes were down 8.6%, including a decrease in townhouse-condo closed sales and adult communities as well.
Single-family homes median sales prices decreased 0.2% to $464,000, as indicated on NJMLS report, with a decrease in townhouse-condo and adult communities median sales price as well.
So, what did you find more exciting this summer: landing on the moon or the Federal Reserve cut in interest rates? It really all depends where your thrust is, as is everything in life. For right now, Earth is our only choice of residency for a long time to come. Sizing up all statistics and factors is important for planning ahead, although no one truly has a crystal ball for the future. However, the market looks promising for now, and remember: take the plunge when the time is right—and never forget: home is where the heart is, and one of the best and most important investments you’ll ever make whenever the time is right! Enjoy!
By Ruby Kaplan