While the temperatures hover in the single digits and snow seems to be in the forecast every evening, people looking to shop for a new house this year are already thinking spring. There are five things to consider as you begin to embrace the open house circuit.
1. Escalating Prices – It very well could be a seller’s market this year because inventory levels are expected to remain moderate. Interest rates and unemployment statistics are fairly low which means more buyers and less supply. The bottom line for pricing is sticker shock may keep buyers at bay. However, it’s a prime year for negotiation. Don’t be afraid to offer a fair price and you will likely get a good deal.
2. Mortgage Lenders Loosening the Reigns? In 2014, loan applicants were getting approved with some of the lowest FICO score levels in years. Additionally, lenders are approving deals with as little as three percent down. First-time homebuyers and veterans may even be able to find no-money-down loans.
3. Confidence is Up! For the first time in a long time, the general pulse of the American public is that the economy is getting back on an even keel. Low prices at the gas pumps and more jobs available for the long-time unemployed may encourage even the most frightened buyers to get in the game.
In addition to the new inventory that will come on the market in the coming weeks, and builders breaking ground on new construction, don’t forget that South Jersey’s foreclosure and short sale market also provide would-be buyers with affordable options.
Whether you are a pro when it comes to navigating the real estate market or this is your first time buying a home, it’s important to hire an experienced real estate lawyer who knows the community and local municipal laws. Contact Cherry Hill NJ attorney Joel R. Spivack Esq. for sound legal advice. He will be by your side, protecting your rights, throughout your real estate transaction.