What First Time Homebuyers Need to Know During the Pandemic – Video

What First Time Homebuyers Need to Know During the Pandemic – Video


As a first time homebuyer, you need some basic information about the homebuying process.

Selecting the right agent to help you navigate through this process is key.

Below is a video that will help.

Presented as a public service by:

Joe Peters of Coldwell Banker July 19, 2020


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Joe Peters of Coldwell Banker July 19, 2020


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Joe Peters Home Buying Guide July 19, 2020Joe Peters Millennial Home Buying Guide July 19, 2020Joe Peters Selling Buying Guide July 19, 2020

 

Hunterdon County Real Estate Market Update July 19, 2020Joe Peters of Coldwell Banker July 19, 2020 Somerset County Real Estate Market Update July 19, 2020

What First Time Homebuyers Need to Know During the Pandemic

What First Time Homebuyers Need to Know During the Pandemic


As a first time homebuyer, you need some basic information about the homebuying process.

Selecting the right agent to help you navigate through this process is key.

Below are a few things that you may want to consider.

Presented as a public service by:

Joe Peters of Coldwell Banker July 14, 2020


 

After hitting “pause” the past few months, the Somerset and Hunterdon real estate markets have hit the “fast forward” in the last few weeks. Even with all the changes to how houses are being bought and sold due to the pandemic, sales numbers are way up and inventory is way down. We have entered a seller’s market, which can be tricky for first-time homebuyers to navigate, especially during the changes in the “new normal.”

Here are some things first-time homebuyers need to know:

  • Virtual Tours: Due to the pandemic, many houses are being bought without the buyers ever stepping foot in them. Sellers are hesitant to have multiple people go through their house or hold open houses as they did before. Now, virtual tours have become the new normal. Virtual tours can either be videos done by the seller’s realtor or even your realtor Facetiming you as they walk through the house for you.
  • Low-Interest Rates: We are currently experiencing record-low interest rates which offer many options to give you an edge in this competitive market. Being pre-qualified for a mortgage is still key for first-time homebuyers.
  • The Right Realtor is Key: In the current market, trying to buy a house without a realtor, or by planning on using the seller’s realtor, is next to impossible. Having a realtor with extensive knowledge of the area you’re looking at to help navigate you through the process makes all the difference if you want to even have a chance of buying a home, especially with next to no open houses happing these days.

The best part is – as a homebuyer, your realtor doesn’t cost you a dime! The commission for the buyer’s realtor is taken out of money the seller receives in the sale. What’s better than FREE expert advice and guidance?

The real estate market in Somerset and Hunterdon right now is red hot. More inventory is bound to come on the market as the sellers’ fear of letting potential buyers in the house eases and the need to sell grows. Getting started in the buying process now will get first-time homebuyers ahead of the competition.

If you are looking to buy a new home or just thinking of buying a new home, contact me today to find out more about how the process has changed and to get started.

 

You can receive my one-minute real estate update each week

by subscribing below:

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Free Downloads:

Joe Peters Home Buying Guide July 14, 2020Joe Peters Millennial Home Buying Guide July 14, 2020Joe Peters Selling Buying Guide July 14, 2020

 

Hunterdon County Real Estate Market Update July 14, 2020Joe Peters of Coldwell Banker July 14, 2020 Somerset County Real Estate Market Update July 14, 2020

Confidence Is the Key to Success for Young Homebuyers

Confidence Is the Key to Success for Young Homebuyers

Presented as a public service by Joe Peters of Coldwell Banker

First-time buyers need an experienced agent to help them navigate them through the maze of items required in order to find and purchase their first home.  That is where I come in.  Having done this hundreds of times I the past, I can put my experience to work for you in order to make this a smooth and enjoyable experience.

 

Buying your first home can seem overwhelming. Thankfully, there’s a lot of great information out there to help you feel more confident as you learn about the process. For those in younger generations who aspire to buy, here are three things to consider sooner rather than later in your journey:

1. Understand What it Takes to Purchase a Home

Overall, Millennials make up the largest group of homebuyers in today’s real estate market, and Gen Z is not too far behind. A recent study shared by Freddie Mac shows, however, that Generation Z isn’t as confident in the home buying process as Millennials. The best thing potential young buyers can do is understand what it takes to buy a home. Learn as much as you can about the mortgage processdown payment options, and the overall steps to take along the way. 

2. Realize Your Opportunity to Build Wealth 

Homeownership allows you the chance to put a small portion of the home’s value down when you buy, and then watch your appreciation grow on the full value of the home – not just on the down payment. It’s one of the best investments you can make, and a form of forced savings working in your favor over time. The added bonus? You get to live there, too.

3. Find Someone You Trust to Help You Through the Process 

Having someone you trust to guide you through this process is invaluable. Finding a local real estate expert to help you navigate through the transaction and feel more confident as you make important decisions could be the best choice you make.

For Millennials and Gen Z’ers thinking about buying, today’s historically low interest rates combined with the outlook for future home appreciation is a big win. This means whatever you buy today, you’ll be bragging about 10 years from now. You can feel confident about that!

Bottom Line

If you’re ready, buying your first home sooner rather than later is one of the best decisions you can make. But there are many things to consider before taking that step, so let’s work together to help you confidently navigate the full journey.


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Millennials: Here’s Why the Process is Well Worth It.

Millennials: Here’s Why the Process is Well Worth It.

Presented as a public service by Joe Peters of Coldwell Banker

Millennials have waited longer than any other generation to become homeowners, but the wait for this cohort is just about over.

According to National Mortgage News,

 “Millennials, those young adults now aged 23 to 38, are now entering their peak household formation and homebuying years.

If you’re a Millennial, you’re already well aware that you’re among a generation of those who favor fast-paced, real-time answers – and results. When you’re ready to make a decision, it’s go-time, and you probably want the latest technology at your fingertips to make it happen.

National Mortgage News agrees, stating,

“Millennials are different than previous generations—not only in their delayed homebuying but also in how they approach interactions with financial institutions, including mortgage lenders. Taking a picture of a check on their phone and depositing it without visiting a branch is not novel, it’s the way Millennials learned to do banking. They expect real-time access to account and transaction data and are frustrated when it’s not available.”

Here’s the catch – the overall speed of the homebuying process can take some time, and it might feel like it is slowing you down. When you’re ready to buy, you can make an offer and go under contract quickly, but the rest of the process might take a little longer. The same article explains why:

“When Millennials apply for a loan, the mortgage lender must qualify the borrower and determine who owns the property, how much the property is worth, and the property’s risk profile. Traditionally, this has been one of the most time-consuming and fragmented parts of the mortgage process…There are many moving pieces, each data point being sourced from a different provider, which can ultimately lead to a lengthy or delayed process.

 What has historically been accepted as the process norm does not align with the expectations of the most prominent generation in the home buying market today. Millennials have come to expect rapid, digital workflows in their daily purchase decisions, and in their mind, the home buying process shouldn’t be any different.”

So, where do you go from here?

 If you’re pre-approved for a mortgage, that will help speed things up. But the steps it takes and the time to finalize a loan with most traditional lenders may feel like an eternity to you and your generational peers. Don’t worry, though – it’s well worth the wait when you finally get the keys to your new castle!

The financial benefits of homeownership, like increasing your net worth by building equity, and the non-financial benefits, like being able to customize and improve your space, will ultimately set you on the course to happiness, success, overall satisfaction, and much, much more.

Bottom Line

If you’re feeling like it’s go-time, let’s get together and get the process moving to determine if homeownership is your next best step.


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5 Tips for Starting Your Home Search

5 Tips for Starting Your Home Search

Presented as a public service by Joe Peters of Coldwell Banker

In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from realtor.com’s article, “How to Find Your Dream Home—Without Losing Your Mind.”

1. Get Pre-Approved for a Mortgage Before You Start Your Search

One way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Even if you’re in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach. This will help you avoid the disappointment of falling in love with a home well outside your price range.

2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Before you start your search, list all the features of a home you would like. Qualify them as ‘must-haves’‘should-haves’, or ‘absolute-wish list’ items. This will help you stay focused on what’s most important.

3. Research and Choose a Neighborhood Where You Want to Live

Every neighborhood has unique charm. Before you commit to a home based solely on the house itself, take a test-drive of the area. Make sure it meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”

4. Pick a House Style You Love and Stick to It

Evaluate your family’s needs and settle on a style of home that will best serve those needs. Just because you’ve narrowed your search to a zip code doesn’t mean you need to tour every listing in that vicinity. An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”

5. Document Your Home Visits

Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy and making notes on the listing sheet to document what you love and don’t love about each property you visit.

Bottom Line

In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home.


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