Today's Hamilton NJ home market demands that buyers look at many homes and do investigative research into community values before they ever get serious about making an offer. There is a large amount of inventory, not all homes have been well taken care of, and buyers want to make sure they can afford the home and are getting the most for their money.
A lot has changed in the last few years. While it is natural to feel a fabulous deal is just waiting in the next house a buyer will look at, a distressed property may not be the best buy and that low-priced home may not fit your needs. Here are some considerations to keep in mind as you look for a home.
1. Know your local market. An informed, experienced Realtor is more of an asset here than you can imagine. There is no way you can spend the hours online sifting through sales in neighborhoods to get a good handle on the shifting prices and downward pressure of short sales and foreclosures. Each local market has its own character, and buyers must adjust their expectations accordingly. I'm familiar with all the communities in our six-county area of central New Jersey. And buyers don't pay for a Realtor's service. So don't pass up free professional expertise.
2. Listen to your heart. Preview homes with an open mind and heart. Don't look just at price.
3. Decide before you look at homes if you are willing to put the work and money into a distressed property. While many short sales are still in good shape, many are not, and foreclosures almost always require time and money to repair, even condos. These types of properties also can take months to close while rates possibly rise and your patience wears thin.
4. Be ready to negotiate. Sellers don’t want a viable buyer to walk away. If a negotiation is initiated, it often ends up in a place that makes the buyers happy, because in this market sellers have to do most of the compromising.
5. Listen to professional advice. Talk to friends and family about a potential purchase, but weigh most heavily the advice which comes from your local real estate professionals, lender, agent, inspector or appraiser. These opinions will be grounded in detailed knowledge of the current market in the community of your choice.
6. Consider the glass half full, not half empty. Be positive about the market. Real estate has always been a long-term investment strategy. Think of the good side, the historically low rates, the improved home affordability, and the large selection of houses.
Let's talk about your options. Now is a great time to buy a home in Mercer County.
Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli
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