Should You Apply For A NJ Mortgage Now or Wait Until Rates Fall?

Interest rates are rising. The Federal Reserve is determined to take on inflation, and that means rate hikes. Interest rates for a 30-year fixed-rate mortgage are now upwards of 7%, and nobody knows when or if the increases will stop. With so many unknowns, you're probably left wondering: should you wait for mortgage rates to fall before buying a home? The short answer is no, and here's why:

Is it a good time to buy a house in NJ?

If you have a decent credit score, a down payment, and feel financially secure, then yes, right now is the best time to buy a house in NJ. Interest rates are rising and will likely continue rising. This means the longer you wait, the more you'll end up paying for your NJ mortgage. You can always refinance your home if rates fall in the future. But you can't go back in time to lock in today's rates. 

Also, rent prices in New Jersey are increasing at an alarming rate. Renters are paying more than ever, and it's money that goes into their landlord's pockets. The sooner you purchase a home, the sooner you can start investing in property and building wealth. Thinking about applying for a mortgage loan? Here's what you should know before you apply. 

Will mortgage rates go down again

Even top economists can't predict whether mortgage rates will go down again in the future. Some experts believe 7-8% rates will become the new normal, and it'll be a long time before we see them in the 3-4% range again. Even without a crystal ball, it's safe to assume we'll continue to see rate hikes as the Federal Reserve attempts to lower inflation.

What is the current mortgage rate in NJ?

Mortgage rates change weekly, but you can check out today's mortgage rates in New Jersey on Zillow. Not sure what your home loan will look like? Use our nifty mortgage calculator to find out exactly how much you'll pay in principal, interest, and taxes every month.

Should you wait to buy a home?

Waiting for the housing market to burst? You're not alone: three out of four buyers and sellers believe a housing bubble exists. It's easy to see similarities between today's housing market and the 2006 market right before it crashed, but the two are very different. Before the Great Recession, the housing market was rampant with predatory lending practices–like balloon payments– and overly lax lending. This allowed people to over-extend themselves financially, and many bought properties they weren't even living in. When the recession hit, the over-extended couldn't make their mortgage payments, and the market crashed.  

On the other hand, today's housing market is an entirely different situation. National housing supplies are at historic lows, yet demand for homes continues to rise. As more people work remotely, the need for home office space grows. Also, millennials have aged into the prime home-buying age, placing more strain on an already tight housing market. Even if a recession hits, it’s unlikely banks are left with properties they can’t sell. 

So, will the housing market burst? Economists are doubtful, and most expect the market to stay strong for at least the next five years. With more stringent lending practices and 30-year fixed-rate mortgages the norm for the past decade, borrowers are less likely to default on their loans. 

How to buy a home when interest rates are rising

Don't let the idea of rising interest rates and a tight housing market scare you off. With patience and compromise, you can find the perfect home for you. Here are some tips for finding the right home in the NJ housing market:

• Consider all housing options. Condos and townhomes are great options if you don't need lots of space. 

• Expand your search. If you work remotely, look at homes outside of popular metropolitan areas. 

• Research new construction. Look into new housing developments. You may have to wait longer to move into your new home, but there'll likely be less competition. 

• Don't give up. Houses are put up on the market all the time. The perfect home for you could go up on the market tomorrow. 

• Work with an experienced realtor. Find a realtor who is knowledgeable about the area you want to move to and has access to a vast professional network. 

Work with New Jersey's top real estate company to land your dream home

Having the right team by your side makes all the difference. [Retracted] has years of experience connecting buyers like you to perfect homes across New Jersey. Whether interest rates are high or low, their experienced real estate agents can help find the mortgage loan that works for you. Contact us today to get started on your home-buying adventure.

How to effectively market to Gen Z on social media

Generation Z has arrived.

The ultra-tech-savvy digital natives are leaving their parent’s homes, graduating college, and entering the workforce. With over 1.2 billion individuals born between 1995 and 2010, Gen Z is rapidly becoming the largest U.S. consumer group. Their 40% of the market wields an incredible $143 billion in spending power. 

Reaching Gen Z consumers has never been more critical for a brand’s success. The following are effective social media marketing strategies that can help brands connect with a Gen Z audience.

First, truly understand what Gen Zers want and need

A recent study found that most Gen Zers have an “undefined” identity, meaning they don’t perceive themselves through the lens of one or two stereotypes. Instead, they experiment with different ways of expression and allow their identities to develop over time–making unisex messaging and products very appealing to them. The same study found that Gen Z is more racially diverse and radically inclusive than any other generation before them. 

Tap into where Gen Z gets their information

There’s no better place to reach Gen Z than social media. According to a recent study, they feel driven to socialize and stay informed via social media platforms. They spend an average of three hours every day on their favorite social apps–making them the largest group of mobile commerce (or m-commerce) consumers. The most popular platforms for Gen Z are Instagram, TikTok, and Pinterest. 

Although Gen Z is aware of paid social, they aren’t afraid to be influenced. For example, the super-trendy #tiktokmademebuyit videos have a staggering 5.2 billion views on Tik Tok. 

Produce creative and eye-catching visual content

If brands want to stand out on social media feeds, they need to customize content to Gen Z’s tastes. Studies have shown they prefer bite-sized, jam-packed multimedia messages and videos over static images. Posting short-form videos stuffed with stylized visual effects is guaranteed to catch Gen Z’s attention.

Incorporate gamification elements for an interactive experience 

Gen Zers are serious gamers. A staggering 94% of Gen Z play games on every type of device. They enjoy engaging with social media content by thinking, swiping, and tapping.

Incorporating gamification elements into posts is an excellent way for brands to provide users with fun escapism–all while boosting their brand’s image. These elements include trivia quizzes, polls, rewards for user engagement, and social media scavenger hunts. Gamifying content is a surefire way to attract new customers and stay connected with existing ones. 

Understand the importance of influencers

A short video posted by a famous Instagram influencer can trigger hundreds of thousands of followers to buy everything from the sweater they wore to the chair they sat on. Gen Z considers social media influencers as more reliable than traditional celebrities. Not only are they dependent on these influencers for fashion and lifestyle inspiration, but they also trust their opinions. 

Purchasing a product vouched for by an influencer has never been easier: personalized Amazon pages and Instagram closet accounts can be stocked with influencer favorites. Followers can now easily emulate their style with just a couple of taps. Collaborating with influencers is an effective way for businesses to reach a very targeted section of Gen Z.

Broadcast the brand’s beliefs and values

No other generation before Gen Z has shown such strong interest in consumer culture. Generation Zers are twice as likely as different generations to care about equality issues and three times as likely to believe a brand should serve their community and society. 

How eco-conscious and sustainable a company is truly matters to Gen Z and plays a significant role in whether or not they will purchase from them. Around 50% of Gen Z have reported that helping the environment is important, while 61% are willing to pay more for ethically and sustainably produced products.

Brands shouldn’t be afraid to show off their sustainability efforts and any positive work they’ve done within their communities. 

Showcase customer testimonials

Gen Z tolerates and trusts word-of-mouth more than previous generations. Because WOM is a significant factor in their decision-making, it’s vital brands promote positive customer testimonials. Not only will this build their brand’s reputation, but it also provides social proof that strengthens their credibility with Gen Z.

Gen Zers want to feel heard. Always responding to positive and negative feedback is an excellent way for businesses to demonstrate their willingness to accept and incorporate criticism. 

Develop a strong brand personality

To be unique is to be remembered. Gen Zers appreciate humanized brands they can talk to, joke around with, and build an emotional bond with over time. Brands should aim to create a three-dimensional personality that aligns with Gen Z’s beliefs and values. 

Posting funny memes and sending out witty responses is a great way to catch Gen Z’s attention. However, it is crucial to stay on top of trends, as recycling outdated memes or posting out-of-touch content can seriously turn them off.

Provide a frictionless shopping experience

The first truly digital generation, Gen Z has exceptionally high expectations for seamless m-commerce transactions. Being redirected from an app or having to input financial information is disruptive to them. 

Businesses should invest in ways to make moving through the funnel as easy and distraction-free as possible. Offering third-party payment options, such as Paypal and pay-it-later services, allow shoppers to side-step inputting their financial information and increases the chance they’ll complete a purchase.

The Takeaway

Now that Gen Z makes up a massive portion of the market, it’s never been more critical for businesses to reach them.

Connecting with Gen Z consumers comes down to understanding who they are, what they want, and how to grab their attention on social media. It may seem daunting, but they’re far more open to trying new brands on social media than the generations before them. Leveraging the right social media marketing strategies makes it easy to tap into Gen Z and its mighty e-commerce spending power.

Want to reach more Gen Z consumers? Let’s build an effective social media marketing campaign today.

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This is an article I ghost wrote for a marketing firm. The article includes SEO keywords, uses six citations, and boosts brand reputation.

I’ve written dozens of websites for law firms, travel agencies, marketing agencies, and more. I’m comfortable writing for all sectors, including tech and B2B. Below is an example of a landing page I wrote for a recent client.

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