You've heard it everywhere, it's a "buyer's market". So what are the real advantages if you are shopping for a home in today's market? They are outlined here.
1. Choices, lots of Choices. In most price ranges there are thousands of single-family homes, condos and townhomes for sale in Northern New Jersey. With fewer buyers to compete with, there is plenty to choose from.
2. Maximum Inventory. With so much inventory on the market, it maximizes your chances of finding a great house. And great houses always sell in any market.
3. Location, location, location. In this buyer's market you have the opportunity to break into neighborhoods where you couldn't afford to buy before. You'll find affordable options closer to your work and transportation.
4. Upgrades. The luxuries in a home you may not have been able to afford in a thriving market may be available to you in a slower market. The wish list of upgrades you may have had to forego when home prices were soaring may be affordable in this market.
5. Reasonable offers can be made. Today reasonable offers below asking price will most likely not offend a reasonable seller.
6. Patience is tolerated. In a buyer's market you can look at several homes and without pressure think about your decision for a couple of days. The days of making a hurried offer are no more.
7. No bidding wars. In a slow market there is a higher probability you will not be competing in a bidding war with another competing buyer.
8. Concession and repair requests are welcome. In a buyer's market you can ask the seller for financial concessions like money for your closing. Or submit a request for repairs on items that come up in the home inspection.
9. Owning beats renting. When you buy a home with a fixed interest rate, you lock into a predictable monthly payment. Your payment should not increase for 15 or 30 years except for tax increases. Rents typically increase every lease term. A home is an investment, unlike renting where you spend money with no reward of ownership.
10. Home ownership builds equity. Homes go up in value in the long run. Owning a home is like having a savings account. Homes appreciate on average of 5-6% annually.
11. Tax benefits. Your interest and property taxes are tax deductible. This gives you a huge deduction at the end of the year.
12. Best Values. You never know when the market has hit rock bottom, and if you wait too long you may miss out on the best values. When the market turns around and we see upward movement in prices, you may have missed out on your chance of getting more "bang for your buck". Don't wait until it is too late.
So what are you waiting for? Let your North Jersey Real Estate Team help you find that perfect home.
Jim Albano and Jean-Marie Vantuno
Your North Jersey Team
973-256-0303 ext 208
39 E. Main St.
Little Falls, NJ 07424
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