Guest Post by: Kara Griffin from ProMover Reviews
When the pandemic hit in 2020, the housing market in New Jersey stalled. It picked up again in early 2021 and has since held its stead. Now, many people are considering living in the state. After all, it is just a stone’s throw away from bustling New York City but has kept its family-friendly atmosphere.
If you plan on moving to New Jersey, you’ll be happy to know that there are also many good moving companies in New Jersey, which means this particular step in the process will not be a problem. You can also start checking out the rates, so you’ll have a clearer idea of how much you have to prepare for the move.
Competition Is Fierce
New Jersey is a hotspot for first-time homebuyers and city dwellers. It has an excellent public school system, amazing national parks, and an environment homey enough for families with young children. That’s why housing prices are higher in the state and property taxes are also higher than the national average. Even so, families continue to make offers for properties in the Garden State, so you have to watch out for the stiff competition when you’re eyeing a particular house.
Make the Best Offer
Single-family homes in New Jersey are only staying on the market for an average of 44 days since last year. If you are going to make an offer, make your best one because many families are also targeting the same property. However, be smart with your offer. Just because the competition is fierce doesn’t mean you should pay more.
If you cannot compete with the high offers, the least you can do is become more flexible with your closing. Some sellers will sell the house for less to the buyer if the buyer is willing to wait until the seller finds a new home. This will make your offer a standout.
New Jersey Home Loans
Those who want to get a home in New Jersey but can’t because of the down payment, you have a couple of options. The first is the Veterans Affairs (VA) loan program, and the second is the U.S. Department of Agriculture (USDA) home loans for rural areas. Both of these loans offer 100% house financing, so you won’t have to worry about saving up for a down payment.
But in New Jersey, you can also qualify for a low down payment. The usual rate is between 3% and 3.5%. The national average is closer to 6%, though many people think they’d need 10% of the total house price. Many conventional loans and the Federal Housing Administration (FHA) loan program also finance 97% of the total cost of the property.
You need to be quick and wise if you are making an offer for a property in New Jersey. Homes have traditionally been hot commodities in the Garden State. Not only do you have to be smarter, but you also need a competent real estate agent by your side. You will find the best deals and the most suitable home if you get guidance from a knowledgeable realtor.
