Tips for First-Time Home Buyers

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Guiding You Every Step of the Way

There are so many first-time buyers in the market right now.  According to the National Association of Realtors, from June 2011 to June 2012, 39% of the transactions came from first-time home buyers.  This is a tremendous amount over the previous year. 

What are the challenges for first-time buyers?  There are many and that is why I compiled a guide to purchasing property to help them.  It covers topics such as mortgages, seller disclosures, contracts of sale, and what you need to purchase a home in New Jersey. 

Five years ago, in the middle of housing bust, buyers had a glut of properties to choose from, so there was little competition and a lot of leverage.  Not so today.  The inventory is down and the buyers are out there, so prices will rise.  It’s all about supply and demand.  

If you’re serious about buying, get preapproved by a reputable mortgage professional.  This is an important first step.  At this time the inventory of homes is so low that homes are only on the market for a short period of time, so you don’t want to back track and hope you get preapproved to buy the property you like.  Instead, once you are preapproved, when a home that you’re interested in hits the market, plan to see it as soon as possible and make an offer that’s at an appropriate price point for the seller.  Remember, if you’re not preapproved, you could miss out on the deal.  First things first!

If you can’t find a property in the town you’re looking in, broaden your search.  You can buy in a nearby community without losing the desired quality of life you want.  Also, be flexible and compromise.  And keep in mind that interest rates are still low, but the rates won’t last forever.  These rates have helped make home-buying more affordable. 

If you’re interested in seeing what homes are on the market, give us a call at 908.347. 7798.  Rest assured, you’ll feel “at home” with our team guiding you every step of the way.  We’d be happy to assist you.