Are you ready to buy a Millburn-Short Hills home? Great timing! As a New Jersey real estate agent, I feel that fall is an ideal season for home buying. We’ve got great weather, you’ll get year-end tax breaks, activity in the New Jersey real estate market is still high, and you’ll beat the holidays.
At the same time, because mortgage rates decreased and conditions are great for buying right now, and because there are many other New Jersey residents eager to buy, you want to ensure that you make a winning offer.
- Get pre-approved. You should ideally do this before you begin your home search. Then, when you make an offer to a New Jersey home seller, they’ll know you’re a serious buyer, and the process will go faster for both of you. That gives less time for another buyer to swoop in!
- Understand your local market. As your New Jersey real estate agent, I can fill you in on what other homes in the area are listing for and selling for, so you know if there is room to bargain on the home that interests you. If it’s overpriced, you can negotiate. If it’s underpriced, you might have to enter a bidding war. If it’s priced just right, you could offer the asking price.
- Be flexible with seller interests. If you don’t need to move in right away, for example, you could agree to their terms on that subject. However, if they want you to pay for their share of the closing costs, you might reconsider. Think about what you can handle, and let them know what terms you agree with, to prevent a stalled negotiation.
- Have a large down payment. Second to getting pre-approved, this is huge in the eyes of home sellers. If shows that you’re a serious homebuyer, and it could strengthen your negotiating power. If your offer is accepted, you want the deposit to be delivered by your agent no more than three business days after. Ask your agent what the going deposits are in your area.
- Set a seller’s response time limit. In general, after you make an offer, a home seller must respond by 5 p.m. on the third day after. However, if your offer is strong, and the listing is pretty new, you could speed up this time limit so that more offers don’t arrive. Talk to your agent about the ideal time limit to set.
As soon as you’re ready to enter the New Jersey real estate market as a Millburn-Short Hills homebuyer, contact me. I can fill you in on the latest market statistics, and I’m here to help you every step of the way!