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Factors to consider when buying a home!

by Sanjeev Aneja

We are often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall down the road, while others are convinced that home prices will go up.

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have fluctuated, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, a one point rise in interest rates could cost tens of thousands of dollars over the life of your mortgage!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates while they are still available.

It is important to remember though that the markets fluctuate. The prices go up and down.  As long as you plan to stay in your home long enough to weather out any down markets, you will normally come out ahead at the end.  With that said, if you know for sure that you will have to move within next 2/3/4 years, we suggest that you evaluate the market carefully.  There are closing costs involved when buying and when selling and even if the price goes up some in that time frame, you may end up losing real money!

Please give us a call if we can be of any assistance in determining how much home you can afford in today's market AND whether you should buy or continue to rent given your situation!

Thinking of buying your home, or know of friends who are? Let our full time professionals understand your needs and guide you accordingly! Your best interest is our # 1 priority and commitment Call us at 732.494.2211. On Track Realty, Licensed real estate broker! www.ontrackrealty.com

Pricing your home right is Job #1

by Sanjeev Aneja

"We want the highest price for our home", this is what every seller wants, and this is what a great agent wants too for his/her clients!  And there is a way to do this, a formula that works consistently!

So what is that formula?  It's pricing the home right.  And while this is true in any market, it is even more important in a seller's market where there is an abundance of buyers! When you price your home right, the home becomes instantly popular, the buyers line up, multiple offers come in, and the price goes up! Quite often, the price goes up dramatically!  And it all happens because a good value is presented upfront!

So what is the right price? That is where a good successful agent comes in! He/she guides you based on the comps and based on their experience of the market!

Pricing high will almost always guarantee that the home will take longer to sell.  "We can always negotiate down" is also a strategy but not a good one as it takes away the possibility of competing offers including the terms!

In our business, we have a term called 'buying a listing'.  This is taking a listing at any price even when we know that there is no way to support the price!  And sellers often get lured by that.  Our best advise, don't fall for that trap! It will most likely hurt your bottom line!

Thinking of selling your home?  Want us to help you with a strategy to help you sell your home for the best possible price in the shortest period of time?  It will be our pleasure to help.  Call us today and let our experienced agents go to work for you!

We promise excellent service with honesty and integrity! Your interest over ours is our commitment to you!

On Track Realty is a licensed real estate broker in NJ. We can be reached at 732.44.2211. Track us on internet at www.ontrackrealty.com. Like us on facebook at www.facebook.com/ontrackrealty to get frequent updates about the real estate market!

 

Is this the right time to buy a home?

by Sanjeev Aneja

Interest rates will go up and interest rates will go down. Decision to buy your home cannot and must not be solely based on the interest rates. Analyze your needs first, look at your income and affordability, see if you have cash reserves for those out of ordinary few months where expenses may go up, and then jump into this major purchase. Interest rate is but one component. Changing market is another. How long you will live in the home is yet another question to ask!

Thinking of buying your home, or know of friends who are? Let our full time professionals understand your needs and guide you accordingly! Your best interest is our # 1 priority and commitment Call us at 732.494.2211. Track us on internet at www.ontrackrealty.com

We promise excellent service with honesty and integrity! Your interest over ours is our commitment to you!

On Track Realty is a licensed real estate broker in NJ. We can be reached at 732.44.2211. www.ontrackrealty.com. Like us on facebook at www.facebook.com/ontrackrealty to get frequent updates about the real estate market!

Displaying blog entries 1-3 of 3