Currently, homebuyers in New Jersey and in most other markets struggling to find a home in their price range and/or that meets their needs. Consider, for example, that 32% of homebuyers have been home shopping for at least six months, and 24% have been shopping for a year or longer. And only a short two years ago, those percentages were just 18 and11. It’s going to take a good amount of creativity, then, for them to find a home. So here are 5 tips for homebuyers in New Jersey who are struggling to find a home.
1. Check Local Media
This may be the digital age, but homebuyers in New Jersey shouldn’t neglect old-school advertising. Many sellers and agents still use local media like radio and newspaper ads. And the plus for you in this is that a large proportion of buyers today often peruse only online listings, neglecting traditional advertising.
Sellers and agents may run “ads on local radio stations” that “include specific details like neighborhood names, number of bedrooms and other specifications in the ads to ensure . . . buyers get what they want.” If, then, you’re a New Jersey homebuyer struggling to find a home, check local media, and you may find homes that digital-only buyers have overlooked.
2. Look for Divorce Announcements, Obituaries, and Foreclosures
It may sound like a callous tactic, but you’ll actually be helping people who need to sell fast. And that is to check local papers for divorce announcements, obituaries, and notices of foreclosures.
“Newspapers can also be a good place for” homebuyers in New Jersey “to look. According to agents and investors, both foreclosure notices – published in the legal notices section – and obituaries are good indicators that a homeowner might be motivated to sell.” And, on top of that, many buyers don’t look at these things to find homes, thus often allowing you to be first in line.
“Divorce notices can be a good resource, too. You’ll find them in the classifieds or legal notices section of the newspaper or posted at the local courthouse.” If homeowners are divorcing, they are likely seriously considering selling – usually quickly and in the most efficient way possible.
This is a way to find a home that other buyers probably aren’t using. Still, there are some legal issues involved and a certain amount of tact and delicacy is required, so be sure to consult your New Jersey agent. To discover more, just call 855-966-DEAL.
3. Consider Fixer-Uppers
Also, homeowners in New Jersey can increase their chances of finding a home by considering homes that aren’t quite move-in ready – homes that many other buyers won’t consider. Fixer-uppers typically get fewer offers and offer a better chance for a good deal.
According to industry pros, “A home that has deferred maintenance, repairs or one that needs cosmetic updates typically will have less competition and offer the buyer a steeper discount. . . This will call for some physical work on the buyer’s end but will add instant equity after the work has been completed. That alone is unheard of in a hot market with low inventory,” which is what you’ll find in most markets across the country today.
You must, however, make sure to do your due diligence with fixer-uppers. You’ll certainly want to get a home inspection and check for pests and problems like mold. Again, the best course here is to lean on your New Jersey agent’s expertise.
4. Act Fast
It’s often the case that homebuyers in New Jersey are struggling to find a home simply because they don’t act fast enough, which often means making a sight-unseen offer.
“For buyers interested in one of the few homes that do hit the open market, agents say it’s all about acting fast. Sometimes, that means putting in an offer without ever setting foot inside the house.”
Consider this example. A home in Palm Springs, Florida, hit the local listing service at 8:00 in the morning, and the agent sent her clients a video of the home at 11:00 am. The clients then made an offer at 3:00 pm. That may seem like fast action, but theirs was not the first offer. “Inventory is super tight.” experts say, so “you just have to jump on top of anything that is a mostly good fit.”
5. Use an Experienced Local Agent
Homebuyers in New Jersey having a hard time finding a home can greatly improve their chances of finding a home in their price range and that meets their needs by taking the simple step of hiring a New Jersey real estate agent. Your local agent will have her finger on the pulse of the local market and can help you find homes that meet your needs even before they hit the market. So if you’re one of the homebuyers in New Jersey struggling to find a home, contact us today at 855-966-DEAL.