Interest rates may be rising, but according to a recent survey conducted by Zillow Group Mortgages, homebuyers are not deterred! Eighty-three percent of those planning to purchase a home in the next three years, will still see their plans through, even if their monthly mortgage payment increases by $100 due to rising rates. Erin Lantz, Vice President of Mortgages for Zillow Group states, “For most borrowers, there is quite a bit of head room for rates to rise before home-buying becomes unaffordable.”
To read more about the survey and currently predicted mortgage rates, visit RIS Media.
Jersey City continues to grow and diversify with a mixed-use building for 232-238 Sip Avenue being planned in the city’s Ward C. When completed, the development would be located within the Journal Square 260 Redevelopment Plan Area and is slated to be 14 stories tall. The Jersey City Planning Board will hear the latest proposal this today, February 28th at 5:30pm in the City Hall Council Chambers.
And the Ellipse building, which broke ground back in December of 2015, has finally announced its rental prices and predicts occupancy for this summer! The uniquely designed, luxury real estate building features 381 residences ranging from spacious studios, four bedroom apartments, to penthouse suites. Prices start at $2,600 for a studio and range to $5,300 for 3 bedrooms.
You’ll also be pleased to hear that Downtown’s first Korean BBQ Restaurant will be coming soon to Jersey City! To read more about these local happenings and real estate developments, visit Jersey Digs or Jersey City Upfront.
And remember, looking to buy, sell or rent? Our team here at Hudson Gold is happy to help with all of your Real Estate needs. Have a beautiful day!