Buying a home is a major financial undertaking, and can be downright challenging to navigate–especially for first-time home buyers.
While buying a home can be a time-consuming process, we, at The Stacy Esser Group, are here to help you complete the process with ease. Below are the first four steps to take once you determine that New Jersey is where you want to live.
- Determine what you can afford
New Jersey has the highest home ownership premium in all of the United States, with the median home value at $312,400. That’s an increase of4% over the past year. Determining your purchasing power will help you make the most informed decisions in such a unique market.
In addition to your regular amortization and personal needs, think about other house-related expenses including home/hazard insurance, property taxes, property maintenance, and perhaps even association and membership fees. Once you’ve figured out your estimated monthly expenditures, subtract the sum from your take-home pay or income to see if you can still live comfortably, or whether you’ll have to do some belt-tightening to make it work.
- Get pre-approved
Getting pre-approved by a lender tells you two things up front:
- That you’re a good candidate for a loan
- What your maximum purchase price is
It also tells sellers you can afford the home they’re selling, which gives you leverage when negotiating the price of their property. Sellers are increasingly looking to deal only with potential buyers who have successfully completed the pre-approval process.
It’s easy and free to apply for a loan, so there’s no reason for you to delay. Simply call or email your bank or lender and let them know that you’d like to apply for a loan. Most loan applications are completed online, and if not, your lender will set up an appointment with you and help you fill one out. They will also give you a detailed list of financial information to bring with you.. After processing your application, your lender will consult with you about what types of mortgage programs will work best for your situation, and issue you a pre-approval letter..
- Work with an experienced New Jersey real estate professional
You can always buy a house on your own, but why do that when you’re entitled to free representation in the state of New Jersey? By law, all buyers are entitled to the same representation as a seller– and the seller is going to pay for it! If you’re a first-time home buyer in New Jersey, you have no excuse not to protect yourself and your family by seeking guidance from an industry professional.
Buying a home represents a significant investment on your part, so it’s important that you have someone on your team who acts in your best interests, with the skills and experience to deliver exactly what you’re looking for in a home.
Working with an experienced agent can make a huge impact on the outcome of your purchase, potentially saving you thousands of dollars.
- Negotiate with the seller
This is one of the most critical steps in buying a home in New Jersey, and the one where your chosen real estate professional can make the most impact. Your agent will help you evaluate the asking price to make sure it’s within market value, and then craft your best offer that makes the seller most want to accept. Even after the offer is accepted, your agent will work diligently to help you analyze the home inspection, make sure your lender is working toward clearing the loan for close, and help you navigate the confusing waters of escrow.. With an agent’s help, you’ll be closing on a home that you might never have managed on your own.
The Stacy Esser Group is a full-service, professional real estate agency in New Jersey, and we are here to assist you in all areas of real estate. Aside from dealing with sellers on your behalf, we will also help you handle documents that relate to mortgage, tax, deeds, and more. We make sure that the home buying process is as pleasant as possible for you, so you can open the next chapter of your lives..
For inquiries or to schedule a consultation, call The Stacy Esser Group at 917.621.6794 or email stacy(at)stacyesser(dotted)com.