Six Tips When Buying a Home

When buying a home in today’s complex real estate market, it is critical to have a local, trusted adviser on your side. Cathy Vick, seasoned Real Estate Sales Associate at ERA Justin Realty states, “Finding a home can be daunting as a first-time homebuyer if you aren’t prepared”. Here are five tips on how to find the home that is right for you, without losing your mind.

 

1. Get Pre-Approved for a Mortgage Before You Start Your Search

One way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach. This will help you avoid the disappointment of falling in love with a home well outside your price range. ERA Justin can help find a mortgage lender to get you started.

 

2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’

Do you really need that farmhouse sink in the kitchen or a certain light fixture to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Before you start your search, list all the features of a home you would like. Qualify them as ‘must-haves’, ‘should-haves’, or ‘absolute-wish list’ items. This will help with what to focus on that’s most important.

 

3. Research and Choose the Neighborhood Where You Want to Live

Every neighborhood has its own unique charm. Before you commit to a home based solely on the house, explore the area. Make sure it meets your needs for “amenities, commute, etc. and then spend a weekend exploring before you commit.” Also, an experienced real estate professional can share the “lay of the land” to a particular area, and may introduce you to a location you never would have considered before.

 

4. Pick a House Style You Love and Stick to It

Evaluate your family’s needs and settle on a style of home that will best serve those needs. Just because you’ve narrowed your search to a zip code doesn’t mean you need to tour every listing in that vicinity.

 

5. Find a Real Estate Pro to Help Navigate the Process

You started the preliminary process of the home search. Now is the time to contact a professional to help you move the process along. The home process is a complex transaction and although the internet and real estate apps can help you “find the home of your dreams”, an experienced real estate agent will help guide you through the arduous process.

 

6. Document Your Home Visits

Once you find a real estate professional and start touring homes, the features of each individual home will start to blur together. Keep your camera handy and make notes on the listing sheet to document what you love and don’t love about each property you visit.

 

Cathy Vick and our ERA Justin Realty agents are experienced in the local market and are here to answer any questions you may have regarding the home buying process. In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home.

 

To contact any one of our Real Estate Professionals for your home buying or selling needs, stop by either of our two Rutherford offices at 118 Jackson Avenue or 57 Park Avenue or by calling 201.939.7500. 

How Much Do You Know About Down Payments?

How Much Do You Know About Down Payments?

ERA Justin Realty's Lauren Waddell offers, "Whether you’ve owned a home before, or you’re ready to jump into homeownership for the first time, there are always a lot of questions swirling around about what is truly required for a down payment, and how to best source down payment assistance. Let’s tackle these two today."

1. How much do you really need for a down payment?

There is a long-standing misconception about down payment requirements. A survey from Fannie Mae shows only 17% of consumers know the minimum options are actually between 1 – 5% of the purchase price and 40% don’t know how much they need at all."

She continued, "There are many mortgage loans available that require as little as 3% down for first-time buyers, and some ask for only 3.5% down from repeat buyers. There are even loans available for Veterans that provide 0% down payment options too.

We’ve mentioned recently that you don’t need to come up with a 20% down payment to buy, and we’ve also shared how quickly you can save for a 3% or 10% down payment, depending on where you live. If you’re planning to put down just 3%, the research shows it may be possible in most states to have enough saved for a down payment in less than a year. That puts homeownership in a much closer reach for many potential buyers, maybe even you!

2. How can I get help with my down payment?

Regardless of the loans available, many buyers still need assistance with a down payment. The great news is, there are a lot of ways to tap into down payment assistance options. Here are just a couple of them:

Assistance from Family Members

The National Association of Realtors (NAR) said, “a third of recent first-time buyers received down payment assistance from family members.” They also mentioned, “the average net worth of those aged 75 and over stands at $264,800…They just might offer the boost the next generation needs to become homeowners.”

That means one of the ways to find help with a down payment is to accept a gift from a family member. If this is an option for you, make sure you talk to your loan officer before you accept the money, to ensure you document the process the way it is required by your loan. This way, it will be received properly and you can still potentially qualify.

Down Payment Assistance Programs

The reality is, not everyone has a loved one or a family member who can provide help with a down payment. There are, however, more than 2500 down payment assistance programs available (by local areas like city, county, or neighborhood), and some of them are even specifically for first-time buyers. The gap, as mentioned in the same survey, is “only 23% of consumers are familiar with low down payment programs.”

That’s why it is so important to get familiar with these options by doing your homework before you plan to buy a home. Determine what is available in the area where you ultimately want to live, so you have all the details you need to take advantage of the down payment assistance option that is best for your family.

If buying a home is one of your long-term goals, you may be able to get there sooner than you think by tapping into one of the many down payment assistance programs available.

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 1000s of homes at their websites at www.ERAJustin.com and www.ERAJustinRealty.com.

5 Tips for Buying in a Tight Market

It’s no secret that much of the country is currently a sellers’ market, but how can you help your buyers stay strong in this competitive landscape? REALTOR Magazine online recently shared five tips for doing so, all of which are easy for you and your clients to adopt if you haven’t already.

Home shoppers are increasingly facing steep competition for the limited number of homes for sale.

“Attempting to purchase a house in this type of market can make the already complex process of buying a home even more overwhelming,” the National Association of REALTORS® notes in a recent release.

NAR offers up five suggestions for home buyers navigating today’s competitive market:

1. Stick to a budget.

Have buyers get preapproved by one or more lenders to ensure eligibility. Be sure to also take into account extra costs of homeownership, such as taxes, utilities, and insurance. “When listings are scarce, bidding wars can drive up prices, so buyers must be prepared to walk away if the asking price surpasses their budget,” according to NAR.

2. Identify the home wants versus needs.

Buyers likely will need to compromise on their wish lists when competition is tight. For example, buyers may have to compromise on amenities like stainless appliances or hardwood flooring, which can always be added later. “However, if a buyer wants to be in a specific school district or have a decent-sized backyard, those cannot be addressed later and must be taken into account during the house hunting process,” according to NAR’s tip sheet for buyers.

3. Be prepared to make decisions quickly.

Homes rarely stay on the market long in a seller’s market. Buyers should not hesitate when they find a house that matches their needs within their budget. Submit offers quickly.

4. Make bids competitive.

A low offer as a starting bid won’t likely work in a seller’s market. Buyers need to be ready to put forward their highest offer from the beginning or they may lose the home. In multiple bidding situations, the highest offer doesn’t always win either. But the bid with the fewest contingencies often becomes the most attractive to sellers. “Removing restrictions related to the sale of a current home and being flexible with things like the move-in date can make a bid stand out to a seller,” NAR notes.

5. Find a REALTOR®.

Buyers may need to be reminded about the importance of working with a real estate professional. Real estate pros are familiar with the areas and neighborhoods in the local areas. “They can give buyers the competitive advantage needed in a tight market,” NAR states.

All of the ERA Justin Realty full-service Realtors 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. Additional cutting-edge real estate technology and information await you at their website. www.ERAJustin.com.

New Homebuyer Tips offered by ERA Justin Realty 2016 NJ Realtors Circle of Excellence Achievers

New Homebuyer Tips offered by ERA Justin Realty

2016 NJ Realtors Circle of Excellence Achievers

Ask any of the ERA Justin Realty 2016 NJ Realtors Circle of Excellence achievers and they will advise, “Buying a home is a focused decision to begin with; the only prospect more daunting may be doing it for the first time. But by asking the right questions and considering a few simple but important issues, you can pave the way for some powerful beginner's luck. Becoming a first-time homeowner has possible uncertainties, but remember that you're not alone. A past National Association of Realtors survey says, first-timers made up nearly half of all homebuyers. With so many making a move, you can too."

Chances are they did it with the help of a real estate professional, possibly including L to R: Jennifer Sullivan, Kristen Davis, Daniel Simone, Rosemarie Zembryski, Libra Schilare, Michelle Korosy, Julia Dagistanli, Cathy Vick, Joana Iliescu, Fara Espandi and Carol D. Calamari who can navigate the complexities of the home buying process and let you concentrate on the rewards of a new experience. These professionals will tell you that there are three major points you should take into account: finding the right financing, investigating the community you're considering, and evaluating your prospective home's amenities.

Before your home-search begins it's helpful to determine what price-range you are comfortable with and get prequalified for a mortgage loan. Some hopeful home-seekers will quit the search before they start, out of worry that they can't afford a down payment or sheer unfamiliarity with the financing process. But today those worries are often unfounded. There is an array of financing options available for aspiring homeowners of almost every income. For example they can suggest many different mortgage companies with one likely to fit your unique financing needs.

Once you've gained confidence about financing, it's important to make sure you're familiar with the location you'd like to live in. Think about what you want in a community and how your chosen location meets your needs including nearness to the city (or country), reputation of the school system, access to public transportation, and property values. This is another task that ERA Justin Realty with tools like their websites search functions on www.ERAJustin.com and www.ERAJustinRealty.com, are perfectly equipped to help you. Those web site features, unique 1000’s of homes sections, are designed so a prospect can view homes for sale in Bergen, Passaic, Essex and Hudson counties, all areas in which ERA Justin Realty lists and sells.

You also need to evaluate the soundness of your possible new home. What condition are major components like the furnace, windows and roof in? Is it a house needing only cosmetic improvements which will one day pay for themselves in resale value, or structural repairs that will affect your future profit? A qualified home inspector can help you answer such questions with confidence.

Jennifer Darby Metzger Broker Co-owner added “There is a difference in real estate companies and first-time homebuyers have the benefit of our knowledgeable award achievers. We ask Buyers and Sellers to compare.  We believe that in order to exceed expectations of what our Realtor agents are about, we don’t offer just real estate basics, we try to be as comprehensive as possible.  In that way, we know that our Buyers and Sellers will hold us all in the highest regard."