Chatham New Jersey Real Estate Market 2017!

Looking to move?…Seeking a new Home?

Why is Chatham so desirable…. Some reasons are:

Always in the top best places to live in the US is Chatham NJ.

It is the best of both worlds…. beautiful natural landscapes and parks. Great community services and shopping.

The Schools are top rated… Chatham always has so much to offer!

 

 

The 07928 zip code in Chatham, a Morris County borough, is a premium place to live, with a median list price of $1,417,500 that has increased 30 percent in the past year. Unlike many of the increasing zip codes popular to live in, the housing inventory here has increased in the past year — by 5 percent — and prices have grown as well!!!

Call for your free market evaluation!

www.BobsHomes.net

Questions to Ask When Attending Open Houses

If you’re a potential homebuyer, there are a number of questions you should ask the listing agent about each home. Here are seven questions to ask when attending Open houses that will help you get a better feel for the space while learning more about it in the process. When you’re ready to shop for a new home, here are seven questions to ask when attending open houses.

open house - house for sale

  1. Why is the house for sale? Ask why the sellers are moving to find out the reason why the home is on the market. That may give you some insights into the timing and motivations of the sellers.
  2. Has the home’s price been stable? By finding out how much the price has fluctuated since the house was put on the market, you’ll find out whether the price is flexible when it comes time to make an offer.
  3. How many offers have been made on the house? Ask whether there’s an offer on the table when you walk in the door. If you mention the pending offers on the place, the listing agent might be pleased to tell you about them, because your bid could drive up the price.
  4. How long has the home been on the market? If you ask when the home was listed, you’ll gain insight into the house and the real estate market as a whole. The agent can put the number in context for you while disclosing information about the level of interest in the place.
  5. Does the house come with any problems? Inquire about issues to get an idea about the last time the house was updated. Given that home renovations can be costly, learn about problem areas ahead of time, and then check them out while you’re at the house.
  6. What’s the home’s average cost for utilities? When you inquire about the estimated cost of utilities, make sure you have room in your budget. Get the agent to show you the most recent bills to get a better idea of monthly and yearly expenses.
  7. When are the sellers looking to close on this house? Learn the timeline for closing on the home to find out what the sellers want. If you know an offer could be chosen based on its time frame, you could gain an advantage if the owners want to sell quickly.

With these seven questions in mind, you’ll be ready to make a better assessment of each home. An open house is your chance to ask as many questions as you can about the property. When you’re ready to make the most of the home-buying process, please don’t hesitate to get in touch with me.

To view the entire Bobs Homes August newsletter – go here

Top 4 Mortgage Questions

While you may want to start searching for your dream home right away, the first step in preparing to buy a home is understanding how much home you can afford. To know this out, you should get pre-qualified or pre-approved by a lender, who will tell you the maximum amount you can mortgage. This will help you start searching within your price range. Now it’s time to prep for your meeting with a lender, so make sure you know the answer to the following questions.top 4 mortgage questions

Who Will Be on the Mortgage?

If you are searching for a home not just for yourself and you have a partner involved, it is important to understand whether just one of you or both of you will go on the mortgage. In some cases, one partner may have better credit or financial standing than the other, so it may be beneficial to have just that one partner on the mortgage. On the other hand, combining two good credit scores and incomes can help increase the amount of the loan.

What Is Your Monthly Budget?

It is important to understand what your monthly budget will be when owning a home. While you may be able to qualify for up to a certain amount on your mortgage, the monthly payment may be more than you can really afford. That is, it would leave you cash poor. Remember that you want to buy a house but also maintain a lifestyle you are comfortable with. Have in mind a monthly payment amount that would achieve this, and you can see what mortgage amount that could get you.

Do You Have Reported Stable Income?

Without a regular income, it is very difficult to get a loan of any kind. For a mortgage, it is important to be able to prove that you have a steady income by providing proof of income. This can be in the form of a paystub. The number of paystubs the lender would like to see can vary, but be sure you know how to access these documents so you can provide them. Also, if you are getting paid “off the books” or “under the table,” you may have a difficult time getting a mortgage.

What Does Your Current Debt Look Like?

Take an assessment of what current debt you have and how much of your income it takes monthly. The lender will look at this to get your debt-to-income ratio, which can determine the confidence the lender may have in you as a borrower. If there is a debt you can easily pay off, then do it to free up more monthly income to put toward your future house and mortgage. It is also important to not take out any additional loans until after you close on your house, as this could change the amount of mortgage you can get.

Also, it is important for negotiation purposes to know how much an extra $1,000 on the mortgage would add to your monthly payment.

If you would like me to refer you to one of the lenders I typically deal with, please feel free to reach out to me.