First-Time New Jersey Home Buyer - Where Do I Start?

First time New Jersey home buyers find themselves in a unique situation. I was NJ home buyer myself a few years ago, and it can be a stressful and liberating time in a person’s life, especially now in a buyer’s market. The term “buyer’s market” means there is more supply (houses) than demand (buyers), causing the price of homes to drop. Remember the supply vs. demand principle from school? Same deal, more inventory and less demand, the price goes down.

First-Time New Jersey Home Buyer’s NJ Real Estate Market

Potential New Jersey home buyers are in a position of power. Just like Aniken Skywalker (Darth Vader), abuse of power leads to bad things. A first-time NJ home buyer may assume that with the current state of the NJ real estate market they can submit an offer below the listed price. Reality is that NJ Real Estate Agents who are in the game these days are working because they have a pretty good grasp of the NJ real estate business and price their NJ real estate listings to sell at a fair market price.

First-Time New Jersey Home Buyer’s: Where to Start

Many first-time New Jersey home buyers are in their 20’s and have an excellent understanding of the internet. No doubt this is where you will start your search. Browsing the internet will allow you to view and research many NJ real estate listings in a short period of time - and that’s a good thing.

In an effort to work smarter and not harder, you will want to do two things after jumping into things starting with the internet:

1. Figure Out Your NJ Home Buyer’s Budget - Buying a NJ home is not just about the house, neighborhood and location in regards to work, schools, and the local Walmart. You must figure out exactly what you can afford. Simply looking at your budget and crunching numbers will not give you an accurate estimate. You’ll want to plan on monthly payments - or your mortgage.
2. Plan for Your NJ Mortgage - A mortgage is a loan from a financial institution, where the lender uses your NJ house as collateral. The dollar amount for a mortgage is a combination of the principle (the amount you are borrowing from the bank), interest (the cost to borrow money), and in many cases the property tax levied by the municipality.

Help for First-Time NJ Home Buyer’s: You are Not Alone

Knowing a helpful New Jersey Realtor or New Jersey Real Estate Agent will alleviate you from much of the work. NJ Real Estate Agents will set you up with a licensed mortgage banker (hint: go for a mortgage banker over a mortgage broker).

As a Wecihert NJ Real Estate Agent, I have access to Weichert Gold Services which is our in-house private mortgage company. A major benefit to working with Weichert Gold Services is having access 24 hours a day, 7 days a week to all of the services they offer. Talk to the mortgage professional and get pre-approved for a comfortable mortgage.
Also, as a NJ Real Estate Agent I can find properties that match your criteria. Usually, you will want a certain number of bedrooms and bathroom within a certain location. Being realistic with your location after determining the highest price you can afford for a new home is very helpful. For instance, do not look at an oceanfront estate is your received approval for a $200,000 mortgage with $25,000 down.

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