BUY A HOME IN SOUTH JERSEY

Thinking of Moving to South Jersey? You Have Come to the right place!

Buying a house is an extremely exciting and stressful time in one’s life. It will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute signiﬁcantly to getting the best home deal possible with the least amount of stress. There are a lot of things to consider and a lot of moving parts. The more you know and understand the real estate process, the more prepared you will feel. It’s important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there. Before you can build a plan of action, take the time to lay the groundwork for your decision-making process.

For a guide to commonly used real estate terms throughout the process, read the Handy Guidebook to Real Estate Jargon in our blog.

If you are coming from Philly, the buying process may be a bit different. For a better understanding of the whole process, it is outlined in my Buyer's Guide.

STEP 1: FIND A REALTOR®

In the day and age of Zillow, Trulia, and Realtor.com, a common myth is that a good REALTOR® is not a necessity. That is simply not the case. REALTORS® have access to the Multiple Listing Service (MLS) and that is the only website that is updated in real-time.

Not all real estate agents are REALTORS®. Realtors with the trademark ® are part of the National Association for Realtors (NAR). This is a dues-paying organization and requires a level of professionalism that not all agents possess. Realtors® that are NAR members have instant access to policy changes, market changes, and an overall level of professionalism that comes with this designation.

Once you find your REALTOR®, ask them to set you up with a portal for an inside search on our MLS (Multiple Listing Service). Trulia, and Zillow just to name a few, are on a lag, and Realtors have access to the most up-to-date information. This can be the difference between getting you the house the day it hits the market or seeing it after an offer has been accepted. No matter whom you work with, make sure they have experience, know the area, are responsive, and have your best interest at heart.

STEP 2: GET PRE-APPROVED

First, find a lender and get pre-approved. A pre-approval will break down your mortgage numbers and let you know how much you can afford, allowing you to look for South Jersey homes in your price range. Getting pre-approved also helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range. If you are paying cash, you can skip this step. Just make sure to have your proof of funds ready with your account blacked out. I can't tell you how many times I have received a proof of fund with a buyer's account number. Please black it out!

It used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has proven to be one of the least effective methods of landing the dream home.

STEP 2: GET PRE-APPROVED

First, find a lender and get pre-approved. A pre-approval will break down your mortgage numbers and let you know how much you can afford, allowing you to look for South Jersey homes in your price range. Getting pre-approved also helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range. If you are paying cash, you can skip this step. Just make sure to have your proof of funds ready with your account blacked out. I can't tell you how many times I have received a proof of fund with a buyer's account number. Please black it out!

It used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has proven to be one of the least effective methods of landing the dream home.

Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. However, being pre-qualiﬁed and pre-approved are different things. Pre-approval means that you have applied for a mortgage; you have ﬁlled out the mortgage application, received your credit report, and veriﬁed your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loan amount will be.

A pre-qualiﬁed letter is not veriﬁed and in essence, does not count for much if you are competing with other buyers who are pre-approved. When you are pre-approved, you and the seller know exactly how much house you can afford. It gives you credibility as an interested buyer and lets the seller know immediately that you will qualify for a loan to buy their property.

In addition to being pre-approved, it’s important to be pre-approved with a legitimate lender. Legitimate lenders include banks, mortgage bankers, credit unions, savings and loan associations, mortgage brokers, and online lenders.

Some lenders to avoid: those who lose a form or misplace a file, those who gather information from you in an unorganized manner, those who are not informed about interest rates, points or costs, and those who cannot provide you with the right information.

STEP 3: NARROW YOUR LOCATION

Ask yourself where you want to live and what the best location for you and/or your family is.

Things to consider:

1. convenience for all family members

2. proximity to work, school

3. crime rate of neighborhood

4. local transportation

5. types of homes in the neighborhood, for example, condos, townhomes, co-ops, newly constructed homes etc.

Not sure where you want to be? Take my Quiz Below.

What town in South Jersey is best for you?

TAKE QUIZ

STEP 4: FIND A HOUSE

Your Realtor will help you book showings and take you to tour South Jersey real estate properties. Most showings require a 24-hour notice so please keep this in mind as you are making appointments. A lot of the homes you see will be occupied by the homeowners so we will need to work around their schedules as well.

Want to get started on your home search?

It is typical to start looking online about 6-9 months before you physically get pre-approved and step foot in a house. It is a great idea to start getting an idea of what prices are, how much you can get for the price, and build up your savings as you get excited looking at South Jersey houses!

DOWNLOAD my FREE APP 👉 NEW ROOTS SOUTH JERSEY

STEP 5: MAKE AN OFFER

Your Realtor will provide an overview of the South Jersey housing market when it is time to make your offer. Read on to learn about the different markets that you may find yourself in. The real estate market is a commodity, not a product. As a result, it fluctuates with the market in accordance with the supply and demand. You will need to craft your offer in accordance with the current market demands.

Hot Seller's Market - Less Than 6 Months of Inventory - Low Supply, High Demand

This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (preapproved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.

Normal Market - In the Middle - Equal Supply and Demand

In a normal market, there is a fairly large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.

Cold Seller's Market - More Than 6 Months of Inventory - High Supply, Low Demand

In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works in your best interest. It is not uncommon to low-ball and to ﬁnd that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.

STEP 6: OFFER ACCEPTED

Horray! Your offer is accepted.

Now is the time to move from signed contracts to closing. Consult with your South Jersey Realtor or the Buyer's Guide Above for Next Steps.

Want to hire me? Click on the button below.

HIRE JAMIE & NEW ROOTS

GET YOUR BUYER'S GUIDE

First, find a lender and get pre-approved. A pre-approval will break down your mortgage numbers and let you know how much you can afford, allowing you to look for South Jersey homes in your price range. Getting pre-approved also helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range. If you are paying cash, you can skip this step. Just make sure to have your proof of funds ready with your account blacked out. I can't tell you how many times I have received a proof of fund with a buyer's account number. Please black it out!

It used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has proven to be one of the least effective methods of landing the dream home.

Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. However, being pre-qualiﬁed and pre-approved are different things. Pre-approval means that you have applied for a mortgage; you have ﬁlled out the mortgage application, received your credit report, and veriﬁed your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loan amount will be.

A pre-qualiﬁed letter is not veriﬁed and in essence, does not count for much if you are competing with other buyers who are pre-approved. When you are pre-approved, you and the seller know exactly how much house you can afford. It gives you credibility as an interested buyer and lets the seller know immediately that you will qualify for a loan to buy their property.

In addition to being pre-approved, it’s important to be pre-approved with a legitimate lender. Legitimate lenders include banks, mortgage bankers, credit unions, savings and loan associations, mortgage brokers, and online lenders.

Some lenders to avoid: those who lose a form or misplace a file, those who gather information from you in an unorganized manner, those who are not informed about interest rates, points or costs, and those who cannot provide you with the right information.

First Name

Email *

Found Your Dream South Jersey House?

Watch this video for tips to ensure that you don't sabotage your sale.

My goal is to help showcase South Jersey and help elevate real estate experience for buyers and sellers. I prioritize your needs, preferences, and happiness, ensuring a personalized experience that aligns with your goals. Reach out to us to explore South Jersey homes for sale.

BUY A HOME

DISCLAIMER

New Roots South Jersey is founded by Jamie Hartman. She is a licensed REALTOR® at eXp Realty. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal, without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting, or other professional advice outside the realm of real estate brokerage.