Somerset County Real Estate

The most common mistakes sellers make and how to avoid them Want to know the top mistakes current homeowners make when selling? Here are some: -Price your house too high -Omitting necessary repairs -Not being objective -Not being willing to negotiate

Mortgage rate changes affect your purchasing power Are you thinking about buying a home? It’s important to know how mortgage rates can affect your monthly payment, as even a slight change in rates can have a big impact. Rates have generally been coming down lately, so this could be your chance to make your move a reality.

3 Reasons to Move in Today’s Changing Market The housing market is in transition, giving you three key opportunities heading into the fall. There are more homes for sale. Builders are motivated to sell, so a new construction home may be more attainable than you think. And mortgage rates have come down from their recent peak. If you’re ready and able to buy, you may find it a little easier to navigate the housing market this fall.

Understanding how much equity you have is the first step in figuring out what you can afford when you move. And since housing prices has increased so much in recent years that most people have a lot more equity than they themselves imagine. Here’s a deeper dive into what you need to know if you’re ready to leverage your investment and put your equity toward your next home. Home Equity: What Is It and How Much Do You Have? Home equity is the difference between the actual value of your home and the amount you still owe on your mortgage. For example, if your home is worth $400,000 and you only owe $200,000 on your mortgage, your equity would be $200,000. Recent data from the Census and ATOM shows that Americans have significant wealth right now. In fact, more than two out of three homeowners have fully paid off their mortgages (is shown in green in the following graph) or have at least 50% equity in their homes (is shown in blue in the following graph): Nowadays, more homeowners are receiving a higher return on their homeownership investments when they sell, and if you have that much equity, it can be a powerful force in driving your next move. What you should do next If you are thinking about selling your home, it is important to know how much equity you have, as well as what that means for the sale of your home and your potential profits. The best way to get a clear picture is to work with your agent, while also speaking with a tax professional or financial advisor. A team of experts can help you understand your specific situation and guide you forward. Home prices have gone up, which means your equity probably has too, so you can know how much you have in your home and move forward with confidence when selling. Don’t forget to check out our latest news.

Three reasons why we are not heading for a real estate crash In 2008, there was an oversupply of homes for sale. Today, there is an undersupply. All three major sources of inventory show that it is not like last time. Existing homes, new homes, and foreclosures are all well below the levels we saw during the housing crisis. The inventory data shows that there are simply not enough homes available for a repeat of what happened in 2008.

How to Take Advantage of the Benefits of Your Home's Equity Equity is the difference between the value of your home and what you still owe on your mortgage. The typical homeowner earned $28,000 over the past year and has a grand total of $305,000 in net worth. And there are lots of great ways you can use that net worth. Want to know how much net worth you have? Let’s connect so you can get a Professional Net Worth Assessment Report (PEAR). connect To explore your options today. You can also call or text me at 908-304-4660. Don't forget to check out our latest news. market reports! I'm Joe Peters, a real estate agent with over twenty years of experience with Coldwell Banker Residential Brokerage. I work with people looking to buy or sell a home (or both) in Hunterdon or Somerset County, NJ. Clients rely on me for detailed market and neighborhood information and to make real estate transactions seamless. My access to big data through Coldwell Banker, plus current technology and marketing knowledge, gives clients a unique advantage.

There is an interesting trend that is happening in the real-estate market. People are increasingly moving to more affordable areas, and remote or hybrid work is helping them achieve this. Consider moving to a more affordable area Today’s high mortgage rates combined with a continuous increase in housing prices means that many people are finding it difficult to buy a home right now. That’s why many interested buyers are moving to places where houses are cheaper, and the cost of living is lower. As Orphe Divounguy, senior economist at Zillow, “Housing affordability has always mattered…and we’re seeing it across the country. Housing affordability is changing migration trends.“ If you are waiting buy a house It may soon make sense to expand your search area to include places where homes that fit your needs are more affordable. That’s what many other people are doing right now to find a home that fits their budget. “45% of American adults are looking to move to another state or city for more affordable housing and lower costs of living… Specifically, states with a strong economy, lower costs of living, and remote work options remain the ideal places to live in the U.S.” Remote work opens up more options for the home If you work remotely or only drive to the office a few times a week, you have a much better chance when searching for your next home because you can cast a wider net and include more nearby suburban or rural areas.  If they have to commute longer to work, but don’t have to do it every day, they may feel they can tolerate living farther away from their work. Or, if someone works completely remote, they can move to a cheaper area and get a bigger house for their money.” How a real estate agent can help A real estate agent can help you find the perfect house for your budget. They are especially valuable if you are moving to a new and unfamiliar area. Real Estate Analyst Lisa Watters says: “If you’re moving far away, you may not have a good idea of ​​which neighborhoods or towns will be the best fit for you. An experienced local agent can help you find the lifestyle you are looking for in a home you can afford.“ So, if you’re thinking about moving to a place with more affordable housing, what are you waiting for? With the added flexibility of remote work, you may have more options than before. .

The Biggest Mistakes Home Buyers Are Making Right Now Want to know what the biggest mistakes home buyers are making today? These include putting off pre-approval for too long, waiting for the perfect home, buying more than they can afford, and not hiring a professional. connect to make sure you have a professional on your side who can help you avoid these mistakes. Don't forget to check out our latest news. market reports! I'm Joe Peters, a real estate agent with over twenty years of experience with Coldwell Banker Residential Brokerage. I work with people looking to buy or sell a home (or both) in Hunterdon or Somerset County, NJ. Clients rely on me for detailed market and neighborhood information and to make real estate transactions seamless. My access to big data through Coldwell Banker, plus current technology and marketing knowledge, gives clients a unique advantage.