Right now, in almost all markets across the county, inventory is very low, demand is high, and home prices are rising. And on top of that many buyers are bidding over the asking price. In a real estate environment like this, it may seem nearly impossible for a good deal – but it can be done. Read on to discover how to find the best deals on homes for sale in New Jersey.
Look at Listings with High Days on the Market and Price Reductions
One effective strategy for finding great deals on homes for sale in New Jersey is to peruse the MLS and look for homes with high days on the market and for those with evidence of price reductions. The number of days on the market and the pricing history can lead you to a good deal.
Conventional wisdom has it that if a home sits on the market for any length of time, there’s probably something wrong with it. But that’s not always the case. It may be that the home was just overpriced, and that’s why it hasn’t sold. Usually, you’ll be able to know that this is the reason for the many days on the market if the home’s price has been reduced.
In an instance like this, the seller will usually be willing to take a low offer because she is getting desperate to sell. You can come in and make an offer without having to worry about other buyers bidding against you – and get a great deal.
Your New Jersey agent can assist you with this and also help you determine whether the home has in fact been languishing on the market because it has flaws. To discover more, just call 855-966-DEALS.
Consider Pre-foreclosures and Auctions
You can also consider pre-foreclosures and auctions to find the best deals on homes for sale in New Jersey.
“Listings, where the owners are behind on their mortgage payments, can sometimes be a way to buy a property under market rate. While many of these homes have been neglected and need work to make them livable, there are almost always a few homes in every community that are in great condition. These are usually situations where the family has had a sudden financial upheaval and they have fallen behind on the payments.”
You can find out about such homes at sites that specialize in bank-owned properties. Your New Jersey agent can also help you find these properties.
Consider As-Is Sales
As-is sales are another possibility for great deals on homes for sale in New Jersey. Just look at listings to see if a home is being sold as-is, which you can usually find in the property title or the description section of a listing.
Now it’s true that homes selling as-is are priced according to the current condition and will usually need some repairs and possibly updates. But that also means you can buy them at a good price because they aren’t move-in ready.
Many times these are inherited properties and the owners aren’t able to make the repairs before listing and need to sell quickly. You just have to decide how much time and money you want to invest. And, many times, such homes don’t really need any major work, just some cosmetic improvement.
If you’re considering an as-is inherited property, you do need to make sure it has cleared probate, and you’ll want to get a thorough inspection. If you’re not sure how to proceed in this, consult a New Jersey agent at 855-966-DEALS.
Buy During the Off-Season
Another way to get great deals on homes for sale in New Jersey is by buying in the off-season. Spring and early summer are the peak real seasons. If you take the typical course – starting your house-hunting in March and closing in June – you’ll have a lot of competition and will likely pay a higher price.
If, however, you start house hunting in, for instance, November and close in, say, February, competition will be less and you’ll pay less. Buyers who close in February save, on average, a little over 7% as opposed to closing during the peak season.
But these seasons do vary from local market to local market. So be sure to consult your New Jersey agent to find out exactly when the off-season is.
Take Your Time
And be sure to take your time. Haste can often cause you to pay more than you have to on homes for sale in New Jersey.
According to one industry pro, “when I’ve had clients make real estate deals they’ve regretted, they’ve almost always coincided with time pressure . . . You almost always overpay relative to what you would have paid if you were on a more cautious timeline.”
If you’re just moving to New Jersey, you might even consider renting for a while so that you can shop carefully and unhurriedly. “While it might seem like a waste to pay rent when you could be building equity, the amount you overpay due to a hasty purchase – or the cost of having to move again after buying a house that doesn’t meet your needs – could dwarf the cost of a few months’ rent.”
Use the Right Agent
A final important ingredient in finding the best deals is making sure you use the right real estate agent. You need an agent whose goals and incentives align with yours and who isn’t simply interested in closing as soon as possible in order to move on to the next client and commission.
If you truly want to find the best deals on homes for sale in New Jersey, then contact us today at 855-966-DEALS.