Is Your Credit Card Debt Interfering In Your Ability to Buy a House in NJ?

Buy A House In Nj

If you’re getting ready to buy a house in New Jersey, you’ve picked an interesting time! Finances are tight for many people, the Fed keeps raising the interest rate, and many homes have been sitting on the market for a while, just waiting for someone to make an offer to buy the house for cash, or to offer a higher bid. But something could be lurking in your wallet that keeps you from getting that home… a credit card with high debt! Keep reading to see why you should avoid credit card charges while buying a home.

Credit Card Debt is Higher Than Ever and Can Affect Home Buying

Bad news: credit card debt is skyrocketing for most people! New Jersey’s real estate market is starting to show the impact of tight finances as people struggle just to make ends meet. For many families, that means putting debt on a credit card. But if you’re buying a home in New Jersey, you want to avoid this high credit card debt. High credit card balances show that you may not be able to meet your monthly living expenses—and thus, may be a risk for a home loan.

Keep Finances Stable in Today’s Volatile Real Estate Market

In general, real estate agents in NJ advise that you keep your financial situation stable in the current market. That means no big spending, no big purchases on credit cards, no more loans. Just “coast” until your home purchase goes through, or your lender may start to have questions.

Buy A House With Cash To Avoid High Credit Card-Related Costs

If you already have a lot of credit card debt, or don’t want those lenders poking into your finances, you may be able to buy a house with cash. This is perfect for those who engage in a lot of investments, such as investing in real estate, or for those who know they have a big payment coming up from another source. Skip the lender and buy a house with cash if your credit is poor!
No matter what your financial situation, the real estate agents working with That British Agent can find a perfect home, and connect you with suitable lending options. Call today to see available homes in NJ.

Is It Smarter To Rent or Buy A Home in NJ in Today’s Market?

Buy A Home In Nj | Best Real Estate Agent | Buy And Sell Homes In Oradell Nj

As real estate professionals in NJ wait for this nationwide housing bubble to burst, many people who are looking to buy a house in the current market are asking if that’s actually the best decision. With the housing market like it is it is smarter to rent or buy a home in NJ? Keep reading for some questions to consider.

How Much Do You Value Home Ownership?

When it comes right down to it, the most important question you should ask yourself before buying a home in NJ is how important home ownership is for you. Do you love the idea of having “roots” where you can plant yourself, or would you rather have the freedom to move? Would you rather perform your own home repairs (and make it look just how you want it), or would you rather have someone else dictate (and cover those repair costs)? Finances and economic uncertainty aside, these factors will remain, and are far more important.

Do You Want to Buy A House in NJ for Cash, or Finance?

If you’re planning to finance a home purchase in NJ, keep in mind that interest rates are very high right now. As the federal government tries to get a handle on inflation, interest rates, including mortgage interest rates, are very high. You may be better holding off on a major purchase if you cannot cover the cost of all that interest. On the other hand, a cash purchase at this time would not suffer those same inflated costs, putting you in a more powerful position when buying a home in NJ.

Are You Purchasing a Home To Live In, or Investing In Real Estate?

Not only are home prices and interest rates high, rents are high across NJ and the nation. If you are investing in real estate in NJ, this could be a great time to buy a rental property. You’ll enjoy the equity and the rents! On the other hand, if you are buying a home to occupy yourself, you may want to try to ride out the housing market. Will it go higher? Will it burst and drop your home price by thousands? Nobody knows the future, so your personal situation is what matters most.

You have many difficult decisions to make when looking for a home for sale in NJ, but choosing the best realtor is easy. Contact That British Agent to find the best homes for sale in Oradell NJ today!

How Can You Find the Best Deals When Buying Houses In NJ in Today’s Economy?

Buying Houses In Oradell Nj

Home prices in NJ seem a lot higher—even if the asking price hasn’t changed! Thanks to the recent hikes in rates, real estate agents in NJ have to work harder than ever to help their prospective home buyers find the perfect home at an affordable price. So what do we do to help our home-seekers find the best deals? Keep reading to find out!

Be Flexible When Buying Houses in Oradell NJ
As prices rise, so does the need for flexibility. If you’re having a hard time affording many of the properties you are looking at with a higher mortgage rate, it may be time to be flexible. Try making a list of all the things you want in your new home, then trimming it down by removing some of the “wants.” Are the best schools the most important thing for your family right now? Or is it a spectacular view? No two people have the same answer, but allowing a little more room for flexibility opens up your options.

Plan A Realistic Budget and Share it With Your Real Estate Agent
Speaking of that budget, make sure yours is realistic. You won’t be happy scrimping and saving for a home you can’t truly afford, and if you budgeted a few months ago, times have changed. Make sure that you are including the increased rate of just about everything when planning your mortgage requirements. Share this information with your real estate agent in NJ so they can help find properties that are within your budget!

Work With Local Realtors in Oradell Who Can Find Great Deals
When you need a realtor, you need someone local. Local real estate agents don’t just know about the best properties for sale, they have strong relationships with local lenders who may be able to find you a better rate or different loan terms to help you on your way to home ownership.

Ready to find the perfect home in Oradell today? Call That British Agent and his team in NJ to start!

The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than RE/MAX Real Estate Limited are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.
All information deemed reliable but not guaranteed. Last update: 06/05/18.
Source: New Jersey Multiple Listing Service, Inc