Our Current Listings
We know that buying a home or finding a new apartment can be overwelming and stressful at times. Our skilled real estate brokers and agents understand the importance of such an investment, both personally and financially, and will assist you every step of the way.
Here's our current listing of Essex County area properties for sale:
Doing anything for the first-time is never an easy thing and house hunting is no exception. When it comes to looking for your first home you should do your research, check your finances with professional help, & look for an area that fits your budget and your needs. There are a few things that need to be done for first-time homebuyers and buyers back on the market. The important thing is to get everything done correctly and avoid making mistakes that may cost you your dream home and your finances.
When looking into purchasing a home it’s always best to get assistance with an expert who is legitimately qualified. Your team should consist of a experienced agent or a new agent that is part of a team. Additionally an attorney (required in many states), a home inspector and an insurance agent can be vital to the process. Going thru this process alone can create paralysis thru analysis, especially if you don’t know where to start first. This professional you hire is there to help you through the various steps you will need to take in order to figure out where you stand, and to move the process along to completion (A Sale). This investment is one of the biggest you will make in your life and it should be handled properly. Buying a home for many is about the “American Dream” of owning your own. It can also be a very emotional process since unlike an apartment you can’t just get up and leave without financial consequences
Unless you can pay cash, you will have to get pre-qualified for mortgage financing. In today’s environment (tight inventory) Seller’s won’t consider an offer without a pre-approval, and many agents request one before showing listings. As a 1st Time Homebuyer you can opt for a FHA loan which only requires 3.5 % down of the asking price. A conventional loan begins at 5% down for a 1st time homebuyer. What are the pro’s and cons?
Cons include with a loan under 20% the borrower will have to pay PMI (Private Mortgage Insurance) which will add to their monthly payment. Also FHA may send out a separate inspector which may specify repairs that need to be made prior to closing. This can be a deal killer for Sellers who are selling “AS IS”
Pros include keeping more $ in your pocket for repairs…rainy day fund...or other investments. Ideally after the closing you should still have 4 months of mortgage payments in the bank. Also should you need repairs FHA offers a loan known as the 203K loan which offers acquisition and repair funds
Remember to have your loan officer or real estate agent due a mini pro-forma (expense format). This will include the mortgage…taxes. Insurance...pmi if applicable.. and utility and water charges. The good news is that this initial “sticker shock” can be offset by the tax benefits of home ownership.
Congratulations on taking the 1 step to Home Ownership…Knowledge!