If you are considering buying a home in New Jersey there are some things you first need to consider.
The first thing is are you really ready?
have you gotten your pre-approval letter from a lender? (this is not the time to window shop.) If you have the pre-approval letter from a credible Lender then consider your price point. This global pandemic coupled with interest rates being at all time lows have buyer's rising from the ashes like the phoniex and has caused open house lines to literally be around the block as hungry buyer's try to get inside; BIG question is are you ready for that?
almost every house that looks like something has multiple bids and call for highest and best (this is when the seller request that all buyer's put forth their best offer & terms & the seller gets to pick the one they want) I know it sounds like so much fun right? (I'm being sarcastic)
One of the toughest price points I see right now is the 350-450k range. In this range I am finding the most buyer's in the pool and since inventory is so low every property becomes a battle royal to buy. Buyer's unfortunately FHA qualified buyer's, those putting down 5-10% are getting the worst end of the stick as sellers and their agents are opting to accept offers with higher down payments as those clients "appear" to be more prepared to get the deal closed. Buyer's looking in the 150-300k range even more unfortunately for you guys/gals is damn near impossible as prices continue to rise because of low inventory. Those looking from 500-700k there are opportunities out there but patience is needed and if you're looking in the 1m plus there is also competition but there are not nearly as many people in the pool with you guys (but you knew that already right?)
In summation; this market is absolutely crazy right now so be prepared and find a GOOD Realtor to help you navigate through the storm. Good Luck!
