How Much Home Can You Afford?

How Much Home Can You Afford?

When looking for a new home,  the first question most people ask is -- how much can I afford?  But price is just one of the things that impacts the purchase -- it’s important to also look at the overall coast in the long run.   A major factor determining this is your mortgage rate.

“Mortgage rates play a huge factor in determining how much you can afford to pay.  Today’s low rates are off-setting rising home prices, because it’s less expensive to borrow money,” explains Lee Shilare, a REALTOR with ERA Justin Realty.  “The lower your interest rate the more you can save over the life of your home loan.”

According to Mortgage News Daily, home ownership is the most affordable it’s been since 2016.  Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged.   This translates into nearly $32,000 more buying power.

How To Determine What You Can Afford

“Key factors in calculating affordability are  your monthly income; cash reserves to cover your down payment and closing costs; your monthly expenses;  and your credit profile,” says Lee.

Income –  your salary any/or returns from investments. Your income helps establish a baseline for what you can afford to pay every month.

Cash reserves – Savings, investments or other sources you can use for a down payment and closing costs.

Debt and expenses – credit cards, car payments, student loans, groceries, utilities, insurance, etc.

Credit profile – Your credit score plus the amount of debt you owe are influential in how much money a lender will approve you to borrow and the mortgage interest rate you’ll earn. 

Bottom Line

When purchasing a home, it’s important to think about the overall cost, not just the price of the house. Homes on your wish list may be more affordable today than you think. Call 201-939-7500 to connect with Lee or any of our knowledgeable agents At ERA Justin Realty to discuss your long term homeownership goals and determine your own price affordability range.  

ERA Justin Realtor Professionals Offer The Joys of Historic Homes

ERA Justin Realtor Professionals Offer The Joys of Historic Homes

Many of us appreciate the aesthetic value of historic homes, and have even been known to fall in love with them from time to time.

Many Realtor Agents at ERA Justin Realty Co. have partnered with the National Trust for Historic Preservation to increase educational outreach centering on the preservation of historic properties. Having this designation makes them familiar with architecture that spans more than three centuries of history, highlighting both high-style and vernacular buildings ranging from stately Federal mansions and handsome Italianate row houses to modest Queen Anne cottages and mail-order bungalows.

Studying the work of authentic geniuses such as Henry Hobson Richardson, offbeat eccentrics such as Orson Squire Howler and Italian architects such as Andrea Palladio, their certifications focused on the Old World roots of American design. This knowledge helps them to understand how the great Gothic cathedrals of Europe are reflected in a "gingerbread" house in Maine, how Thomas Jefferson's "love affair" with a Roman temple helped spark a national mania for Greek buildings and how the flat Midwestern landscape shaped Frank Lloyd Wright's bold Prairie Style. This in-depth knowledge gives these ERA Justin professionals the ability to characterize Old World features of a home that properly positions a historic home in today’s marketplace.

ERA Justin Realtor Agent Lee Schilare, speaking for the group said, “Real estate professionals like to offer as many kinds of properties to prospective customers as there are different personalities of buyers. And few real estate properties have more personality than a historic home. By the standards of the National Trust for Historic Preservation, any structure at least 50 years old may qualify for historic-landmark status. This is determined by a home or other building's demonstration of particularly significant architectural features or now-rare styles, or its role in important past activities or events such as famous inventions, once-pivotal industries, presidential birthplaces or visits, etc.”

She continued, “Such homes, although wonderful, present challenges, as restoring the historic character to a possibly-neglected house can be a costly and time-consuming effort.

But there's much to be said for the personal satisfaction of remaking a house by your own effort, and restoring an example of America's past that can help keep us mindful and proud of our heritage. Also, where there are historic homes there are likely to be whole historic neighborhoods, which preserve and offer to the homebuyer just the kind of old-fashioned community qualities that today's home-seekers are craving and today's developers are trying to re-create.

If your home is on or considered eligible for local, state or national registers of historic places, various rules will be in effect for building materials, renovations, and uses of the structure which most fit the historical period in which it was built. Although these requirements can be an inconvenience, many states offer tax and other incentives for owning and rehabilitating historic homes found to meet historic-preservation officials' criteria. And owners of homes on government registers of historic places still have broad latitude in selling, altering and using their property.”

This ERA Justin Realty group are qualified real estate professionals who can help guide you through this rewarding but complicated area through their association with the National Trust for Historic Preservation. Several have been certified in recognizing and appreciating the diverse styles of historic homes, and understanding the challenges faced and advantages available to customers wishing to buy and sell such properties.

The ERA Justin Realty full service real estate professionals can be reached at either of their two Rutherford offices at 118 Jackson Avenue and 57 Park Avenue. By office phone (201) 939-7500, (201) 438-0588 or (201) 438-SOLD. Also view 1000's of homes at their websites at www.ERAJustin.com, www.ERAJustinRealty.com andwww.SellBergenCounty.com

ERA Justin Realty Report: Autumn Selling? Ready, Get Set, Toss

ERA Justin Realty Report:  Autumn Selling? Ready, Get Set, Toss

 

ERA Justin Realtor Agent Lee Schilare with her teammate Danny Simone offers tips with a smile in getting those closets ready for the sale of your house. “For many, we hardly want to think about closets, but the day is nearing, hour by hour. When your Realtor Agent arranges for an open house or appointment you will no doubt make sure everything is tidy and clean. The dishes are put away, beds made, litter box cleaned. But, what about your closets?   Storage is a number one priority with home buyers. They want to make sure they have a place to put their stuff. Will your closets prove to be a selling point?

Ready? Here's how it goes. You get a phone call. Friends are dropping by for a few minutes, so you toss everything into the closet - toys, coats and whatever. When your guests leave, you swear you will get to it tomorrow. Sometimes, tomorrow never comes. After a while, it becomes hard to close the door and you do not remember what is in there. It is now time to de-clutter and de-stress.

 It is not going to go away by itself, so take time to tackle it head on and get organized. Allow lots of time for this task. You probably won't be able to get through it in a day or even a weekend. Remember, it took you a long time to accumulate these items. You cannot expect to clean them all out in a few hours. You might want to tackle this chore in chunks of time, allowing a few weekends to get totally through the process."

You will find yourself thinking through many decisions. The rule is, if you haven't worn it for 2 years, toss it. If it is a gift that Aunt Emma gave you 5 years ago and something you will never use, get rid of it. "Just don't tell Aunt Emma," added Danny with a grin. "Pretend you are moving to smaller quarters, and you can only take the things you truly love. If you are having trouble, enlist the help of a friend who can be relentless."

Lee suggested, "Begin with clothing and shoes. Most of us keep favorites around far too long. I'm sure I can get back into that dress soon. It only takes up valuable space in your home. Donate it to a charity. There is someone out there who will put your items to good use."

 

Danny added, "Think about your lifestyle as you are making these choices. Maybe your former employment was in an office and you needed to wear suits every day. Your current employment is a more casual job and your attire now reflects this attitude. Keep your favorite two suits and take the others to a second hand store or give them away. Retain clothing that works for your current way of living, not how you used to live.

 

Place everything in piles: (1) Keepers; (2) Maybes or Yard Sale; and (3) Donations. It might also help to obtain some of the organized storage available for closets. These are especially useful for those small items such as ties and belts. Everything will be neater and you will be able to find things quicker."

Jennifer Darby Metzger, Broker Co-owner said, "Toys and seasonal items are a little more difficult. If the kids have outgrown those old skates, pass them down to a friend. Holiday decorations can tug at your heartstrings, but if they are broken or no longer hold their luster, out they should go.  If you cannot bear to part with them, pack them in a storage box. By the time the de-cluttering is finished you should have room left over. Books, toys and clothing that are going to a charity should be boxed up or placed in plastic bags. If you are considering a yard sale, try to tag as you go along.

When you start sorting through paperwork, promise yourself to handle each piece only once. Papers that belong to other family members should be sorted and then handed over to that individual. Control newspaper and magazine pile-up by vowing to discard each issue by the time the next one arrives. On Sunday, Saturday's paper goes out whether or not it has been read. The same thing goes for magazines. Some offices or charities are happy to have them, especially hospital waiting rooms. As for regular bills, they can be organized with a portable file box.” “There is a difference in real estate companies,” Lee continued, “Presenting consumer information, we believe, is in order to exceed sellers expectations of what ERA Justin Realty is about, as we don’t offer just the basics.    In that way, we know that our sellers will hold us in the highest regard.  Our sellers have put their thoughts in writing. We have on file for the asking, ‘What people are saying’ our report of nearly 800 quotes and reviews from our sellers and buyers.  No other area real estate firm can offer that.  Are we proud?  Absolutely!”

 

All of the ERA Justin Realty full service Realtor Agents can be reached at either of their two Rutherford offices at 118 Jackson Avenue and 57 Park Avenue, by office phone (201) 939-7500, (201) 438-0588 or (201) 438-SOLD. Also view 1000's of homes at their websites at www.ERAJustin.com and www.ERAJustinRealty.com.

ERA JUSTIN REALTY’S TEAM-AGENTS OFFER FIRST HOME TIPS

ERA JUSTIN REALTY’S TEAM-AGENTS OFFER FIRST HOME TIPS

 

 

ERA Justin Realty, a leading realty firm serving the many communities of Bergen, Passaic, Hudson and Essex counties since 1950 have sold thousands of homes to first time and repeat homebuyers.  Seeing many shifts in the industry from seller’s markets to buyer’s markets and vice versa  as well as varied shifts in mortgage interest rates, historically their buyers and sellers have enjoyed both the benefits of home ownership as well as value appreciation over the years. 

 

ERA Justin Realtor team-agents, Danny Simone and Lee Schilare stated, “Headed for autumn 2016 and if you are contemplating the purchase of your first home, congratulations! As you probably know, buying a home is one of the biggest financial commitments you can make. It is also a process filled with positive emotion. To help keep you sleeping soundly, here are answers to three big questions of interest to many potential first-time homeowners.

 

Question #1: How do I decide what to look for in a home?  It’s easier than you think. Sit yourself down and list what’s important to you in a home. The purchase of every home involves making tradeoffs, so be sure to prioritize your list.  One element is architectural style. Do you prefer a Colonial, a Cape Cod or a modern look? An important factor to consider is living space. How much room do you need right now, and to meet anticipated needs?  Make a list of features that must be a part of your home. Perhaps that Olympic-size pool and tennis court can be put off for another day, but you may absolutely need an eat-in kitchen now.  It’s all a matter of your taste and personal style.

 

Question #2: Where should I begin the search?  That old real estate adage about location, location, location aside, choosing where to live is usually determined by your personal circumstances and desires.  Do you have a particular community, or even a particular block, in mind?  What is it about the location of your new home that is most important to you?  Do you prefer an urban, suburban or rural setting? Consider proximity to work, schools, shopping, entertainment and houses of worship. Once you’ve narrowed your list of potential candidates, the Internet can be an excellent tool for learning what a particular community has to offer.

 

Question #3: How can I find financing that makes sense for me? Despite a rise in prices in recent years, homes are affordable to qualified buyers. Interest rates are lower than we’ve seen in decades. Innovative financing plans are available to fit a broad range of needs.  Still, the last thing you want to do is start out in your first home saddled with an uncomfortable level of debt. Seeking the advice of a professional who can give you the information on financing options that match your qualifications is a big step in the right direction.

 

Once you’ve narrowed your search, talk to one of our ERA Justin Realty real estate professional agents who serves the community you’d like to call home. ERA Justin Realty sales agents are trained to guide you through your purchase every step of the way. Our website www.ERAJustin.com and www.ERAJustinRealty.com  brings up-to-date listings directly to you, and we can suggest many mortgage lenders who offer loan programs expressly designed to meet the needs of qualified first-time homebuyers.

 

The path to finding your first home is sure to be full of new experiences. Once you’re armed with the answers to the big questions, the search can be fulfilling and even fun!”

 

Simone and Schilare concluded, “ERA Justin Realty has proudly received the prestigious ERA world-wide Commitment to Excellence Award, from approximately 3,000 ERA offices. To be a recipient, and all across the nation, the most sought award that can be achieved in business is the J.D. Power & Associates award.  Only outstanding business entities are honored and receive it.  ERA Real Estate was the recipient of Highest Satisfaction for First Time Home Buyers Among Full Service Real Estate Firms Award and Highest Satisfaction for First Time Home Sellers.  For these reasons ERA Justin Realty should be your buying and selling Realtor of choice.”

 

The ERA Justin Realty full service real estate consultants can be reached at either of their two Rutherford offices at 118 Jackson Avenue and 57 Park Avenue.  By office phone (201) 939-7500, (201) 438-0588 or (201) 438-SOLD.