Buying a home can be a daunting process. For those with financial stability and the right resources, it can be very rewarding. Here are some tips you can use to prepare yourself for a successful purchase:
• Work with a realtor. Realtors provide expertise on market trends, property conditions, and many other aspects of a real estate transaction. By working with a realtor, buyers can see comparable homes for sale, track sales prices in a desired neighborhood and gain insight on many other aspects of a real estate purchase. Be upfront and honest with your realtor about your preferences and financial situation.
• Examine your financial situation. Look at your expenses and monthly budget to determine what you can comfortably afford. Many financial experts recommend spending no more than 28 percent of gross monthly income on your mortgage, property insurance and taxes, but each person’s situation is unique.
• Research and determine your preferences. First, determine what type of property you are looking for (single-family home, condominium, townhouse, commercial property, etc.). Think about your desired location. Determine what factors you will be looking for a home and separate them into absolutes, electives, and frills.
• Make the most of the current market. Depending on where you live in New Jersey, the housing markets can look very different. Your realtor can provide data on what’s happening in the state, your county, and even the towns you’re looking at. Best of all, it’s updated monthly at njar.com/10K, so you always have the most up-to-date information available.
• Know your mortgage options. Realtors routinely suggest that buyers start the mortgage process well before bidding on a home. Often, this means getting pre-qualified so you know the maximum amount you can borrow. While mortgage rates are higher than a year ago, they are still near historic lows, so for many people, this may make buying a home a more affordable reality. Ask your realtor for referrals to loan officers to shop around with different lenders and learn what type of mortgage loan will best fit your situation.
-Article courtesy of the New Jersey Association of Realtors®. For further information, visit www.njar.com.
For the latest reports and news in Cape May County real estate, consult the professionals at the Cape May County Association of Realtors®. Visit cmcaor.org or call (609) 624-3500. The CMCAOR office is located at 1546 Route 9 North, Swainton.
Cape May – Governor Murphy says he doesn't know anything about the drones and doesn't know what they are doing but he does know that they are not dangerous. Does anyone feel better now?
