Medford Joins Appeal of State COAH Regulations Today, Medford Township joined the New Jersey State League of Municipalities and dozens of individual communities in appealing the regulations adopted by the Council on Affordable Housing (COAH) on June 2, 2008. The new regulations impose an arbitrary and unrealistic burden on municipalities throughout the state, and in particular communities like Medford. These new regulations impose a so-called “growth share” affordable housing obligation on Medford of 328 affordable housing units.

This unreasonable and unjustifiable burden has been placed on Medford despite the Township’s long history of good faith compliance with its COAH requirements, having fully satisfied its First and Second Round affordable housing obligations. Further, Medford has created affordable housing opportunities within the Township, as evidenced by Council’s recent support for the MEND affordable senior project, the Medford Leas Creekside project, and its commitment to renovation of the historic Singer House for use as supportive housing.

COAH’s arbitrary and poorly-considered determination that Medford has a prospective affordable housing obligation of 328 units ignores issues such as lack of sewer capacity, which has been recognized by the New Jersey Supreme Court, the restraints on development imposed by other state agencies, such as the Office of Smart Growth, DEP and the Pinelands Commission, and encourages the wasteful extension of infrastructure improvements.

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It is time for the BUYER to pull the trigger. Psychology plays a large part in winning at real estate. General consumer confidence made buyers over-pay for a home during the Seller’s market. The opposite is happening now. 

Consumer confidence is low and causing buyers to hesitate.  However, the way to WIN is to purchase when prices are falling and the interest rates are low.

Do not make the mistake of concluding that when the prime goes down, the mortgage interest rate follows.

NOW is the time to get serious - before an inevitable rise in interest rates wipes out the present advantage. This is the best period in a near-decade to invest in a home. The plentiful inventory in our marketplace is making sellers eager to help prospective buyers become new homeowners.

It is a definite win for buyers who can qualify for a mortgage in today’s tight money market.

Medford is definitely experiencing a strong buyer’s market and he who hesitates could lose.

Now is the best period in a near-decade to purchase a home. The plentiful inventory is making sellers eager to help prospective buyers become new homeowners and the near record-low Interest rates combine to provide an excellent opportunity for leveraged investment.

A 10% down payment on a home can bring as much as 80 - 100% return in a 5 year period. When you combine that with the tax advantages, it is a perfect time to invest in a new home.

The Medford market continues to prefer buyers.  Interest rates continue to trend downward for 30-year, fixed-rate mortgages.

There is an abundant inventory in all price ranges and seller’s are eagerly discounting to effectuate a sale.

This provides an excellent climate for buyers.

Hence, regardless of media headlines, real estate is local some markets have faired much better than others. 

The straight scoop is that in Burlington/Camden Counties, NOW is a superb time to take advantage of extremely favorable conditions for buyers. As always, home ownership continues to be the consumer’s best investment.