Sewell NJ First Time Home Buyers

Sewell NJ First Time Home Buyers

If you are a first-time home buyer in Sewell, New Jersey, you might be wondering how to navigate the current housing market and find your dream home. In this blog post, we will share some tips and resources to help you achieve your homeownership goals.

First, let’s talk about the available inventory in Sewell. According to Zillow, there are 42 homes for sale in Sewell as of December 2023, with a median listing price of $389,900. The inventory is low compared to the previous year, which means you might face some competition from other buyers. To increase your chances of getting your offer accepted, you should get pre-approved for a mortgage, work with a local real estate agent, and be flexible with your preferences and timeline.

Second, let’s discuss some of the first-time buyer programs available in New Jersey. The New Jersey Housing and Mortgage Finance Agency (NJHMFA) offers a First-Time Homebuyer Mortgage Program that provides qualified buyers with a competitive 30-year, fixed-rate government-insured or conventional loan. You can also apply for down payment and closing cost assistance through the NJHMFA, which can provide up to $10,000 as a 0% interest loan that is forgiven in five years. To be eligible, you must have a minimum credit score of 620 and meet certain income and purchase price limits.

Third, let’s go over some tips for first-time home buyers in Sewell. Here are five things you should keep in mind:

Do your research.

Learn about the neighborhoods, schools, amenities, and market trends in Sewell. You can use online tools like Zillow, Realtor.com, or Niche to find useful information and reviews.
– Set a budget. Figure out how much you can afford to spend on a monthly mortgage payment, including taxes, insurance, and HOA fees. Use a mortgage calculator to estimate your costs and compare different loan options.

Save for expenses.

Aside from the down payment and closing costs, you should also save for other expenses like home inspection, appraisal, moving, and maintenance. A good rule of thumb is to have at least three to six months of living expenses in an emergency fund.

Negotiate wisely.

Once you find a home you like, you should make a fair and realistic offer based on the market value and condition of the property. You can also negotiate for repairs, credits, or contingencies based on the home inspection results and your needs.

Celebrate your achievement.

Buying your first home is a big milestone that deserves recognition. After you close the deal, you should celebrate with your family and friends and enjoy your new home.

We hope this blog post has given you some helpful insights into buying your first home in Sewell, New Jersey. If you have any questions or need more guidance, please contact us today. We would love to help you find your perfect home. FBuonoinc@gmail.com or on my cell at 267-249-6572

#firsttimehomebuyer #sewellnj #realestate #homeownership #njhmfa