Great Deals, Favorable Interest Rates Draw Millennials Towards Homeownership in Bergen County
ENGLEWOOD, NJ – Often referred to as the “rent” generation, many Millennials are now changing their attitude towards homeownership and opting to benefit from a favorable buying climate to become proud homeowners.
Rising rental rates in the luxury high-rise apartment buildings along New Jersey’s Hudson River “Gold Coast” and in Manhattan, historically low interest rates for mortgages and value-added incentive programs at new home communities have created an environment that greatly benefits the first-time homebuyer. In fact, a recent report by real estate website Trulia found that homeownership is 24% cheaper than renting in the New York City area and 38% nationwide.
In Bergen County, N.J., for example, great new construction deals, special financing packages and interest rates which are the lowest in decades have opened the door to homeownership to single-professionals, young couples and families tired of throwing away useless monthly rental receipts.
“First time homebuyers have two main obstacles when purchasing, coming up with the downpayment and keeping monthly payments at a place where they’re affordable,” says financing expert Rolan Shnayder of H.O.M.E Mortgage Bankers, an active lender in Bergen County. “Interest rates are not expected to go any lower and homebuyers sitting on the fence are now moving to purchase and take advantage of very manageable mortgage payments. In the new construction market, many developers are offering packages which lower downpayments and make the initial investment more affordable.
“When you add it all up and complete a comparison of rent vs. buy, it’s cheaper to own a home of your own. Well-educated and informed Millennials are taking note and entering the market to make their purchase.”
Mr. Shnayder, who works primarily in the new home sector, has seen many of his clients identify the need to satisfy the growing number of young buyers and work to carefully craft programs aimed at make homeownership more attainable. He cites The M at Englewood South, an upscale condominium community in Bergen County where H.O.M.E Mortgage Bankers serves as preferred lender. The sponsor of the community, Flatrock 3, LLC, has created a special 90% financing package that minimizes the downpayment to less than 20%.
“The M is the perfect example of the kind of ownership opportunity that is proving very attractive to first-time homebuyers,” he says. “Its affordable price structure combined with today’s low interest rates allows for monthly payments that are comparable to some area rents and within the budget of young homeowners. The mortgage package now available lessens the amount of money needed to buy the home.”
With interests rates nowhere to go but up, Mr. Shnayder expects even more homebuyers to enter the market in the months ahead.
“This is a favorable climate to buy and the time to act is now,” he indicates. “Interest rates can’t go much lower than they currently are. As the economy continues on a path to recovery and government stimulus on mortgages expire, rates are likely to rise before too long.”
The M at Englewood South has been specifically designed to add value in a market dominated mainly by high-priced rentals and older, expensive single-family homes. The community offers well-appointed condominiums priced from just $300,500 and limited-time Fall incentives that provide up to $10,000 off the purchase of a one-bedroom home and up to $20,000 off when buying a two-bedroom condominium.
“Many of our homebuyers have shopped around Bergen County and are pleased to discover The M at Englewood South which offers brand new, luxury homes and a high level of affordability,” says Nick Hollenbeck, Sales Manager for The Marketing Directors, the exclusive sales and marketing agent for The M. “They’re excited to enjoy the many advantages of homeownership including building equity, appreciation, tax advantages and a considerable sense of pride, while living in an active, neighborly community a short commute from Manhattan.”
The M boasts a collection of inspiring single-level floor plans adorned with elegant designer finishes and appointments. The expansive layouts range from 797 to 1,499 square feet of living space and feature open layouts, sumptuous bedrooms, state-of-the-art kitchens with maple cabinetry, under-counter lighting and granite countertops; large laundry areas with side-by-side General Electric washers and dryers, large walk-in closets and additional powder rooms in most homes.
Lavish master bathrooms boast granite countertops and double-sink vanities. There are also oak hardwood floors throughout the living areas and ceramic tile floors in the entry halls and kitchens.
Bolstering the desirable lifestyle at The M is the number of onsite recreational and social amenities including an outdoor pool and a resident’s clubroom with catering kitchen for large parties and entertaining. Residents also receive a one year membership to The Gym, a 40,000 SF state-of-the-art fitness center located at 20 Nordhoff Place.
“The M offers style, convenience and so much more,” adds Mr. Hollenbeck. “It’s a complete lifestyle package that’s very attractive to today’s buyers.”
Located at 104 Riverview Avenue, The M offers residents a best-of-both-worlds setting that blends key suburban conveniences with sought after urban appeal. Englewood’s dynamic downtown features an eclectic offering of upscale shops and boutiques and more than forty five restaurants and eateries. Major brand name shops can be found at the nearby Riverside Square Mall and Garden State Plaza, while the Bergen Performance Arts Center in Englewood features nearly 150 world class performances yearly, ranging from Rock and Classical music to Comedy and Dance performances.
The community is also a commuter’s dream. The M is minutes from Route 4 with access to the George Washington Bridge and just 12 miles to Manhattan. A parking space is included in the purchase price in The M’s enclosed parking garage. For those wishing to use public transportation, shuttle service is provided from the community to the nearby NJ Transit bus stop which offers convenient service into New York City.
For more information on The M at Englewood South, please call 866.650.3842 or visit http://www.LiveAtTheM.com.