“A common mistake occurs when people focus on price, not value. This applies to the home you buy as well as the professionals you use. Being cost conscious is always wise but being value conscious is even wiser. Price and value normally correlate: you usually get what you pay for. But when looking beyond the surface, always be clear about what you want and what matters, and then expect to pay a fair price for these. Just because it’s cheap doesn’t make it a bargain. Remember, where there’s a will, there’s a way—a way to a great deal for you." Your First Home - a book from Keller Williams Realty
First, you need to chose your Buyer's Agent, your REALTOR, that has your interest in mind only. As your Buyer's Agent, I have the fiduciary duty to serve YOU, having only your interst in mind. That means that I will go above and beyond to get you the information needed to make an educated decision (see my testimonials pulled from my LinkedIn profile). I will help you to establish your buying power, which is determined by each bank differently and not easy to understand these days. Our office is working with a large variety of banks to ensure that you qualify. I will be with you through the negotiations, home inspection, bank appraisal, walk-through and closing. I will ensure that this process is as painless and easy as possible. Promise!
First the Facts
(2013 NJAR Profile of NJ Home Buyers & Sellers)
-38% of recent home buyers were 1st-time buyers, which is still at a suppressed level from the historical norm of 40%
- 14% of buyers purchased a multi-generational home due to children over the age of 18 moving back into the house, cost savings and taking care of aging parents
- The typical buyer was 42 years old while the typical 1st-time buyer was 31 and the typical repeat buyer was 52
- 66% of buyers were married couples - the highest share since 2001
- more than 92% of home buyers used the Internet to search for homes.
- 42% of home buyers was looking online for properties FIRST
- 87% of buyers would use an agent to search for a home
- the typical home buyer searched for 12 weeks and viewed 10 homes
- for more than half of the buyers finding the right home was the most difficult step in the home buying process
- 9 out of 10 recent buyers where at lest somewhat satisfied with the home buying process
Why Buyers should act NOW
In spite of the negatives in the media, the housing market has several positive conditions smart buyers are jumping on now...
1. Low prices. The fact home prices have dropped is unfortunate for sellers and the economy, but for buyers it presents a golden opportunity they may never see again. Today's low prices mean buyers can get MORE HOUSE and a BETTER NEIGHBORHOOD than they've been able to afford before.
2. Fantastic rates. Mortgage rates are at 37-year lows. We may not see rates like this for a long, long time. Each 1% drop in interest rates roughly translates into a 10% boost in purchasing power. Combined with today's low home prices, this adds up to real values that smart buyers don't want to miss.
3. Low Inventories. Today, buyers are facing very low inventories. This can be frustrating since the combination of low inventories and low prices results in many buyers and sometimes again multiple offers. Houses priced right sell fast(er) in this market, especially this coming spring.
4. Negotiating leverage. Buyers that act fast are able to negotiate better. As we say "the first offer is always the best offer".
5. Bottoming signs. All down cycles eventually turn around. In most Northern Bergen County areas housing prices have stabilized over the past year.
Bottom line: buyers have a fabulous opportunity to purchase a great home they can really afford – low market prices – at great monthly payments. But it won't last!
To get started, call me to discuss your goal since every move is different.