As you may or may not know, home prices have dropped recently here in Hudson County as a result of the increased inventory that followed last year’s rate hikes.
However, the tide is turning once more.
In fact, I was recently representing a buyer who was prepared to purchase a property at 7% below its asking price. When I called the seller’s agent to let them know about this plan, they started off the conversation by explaining that they would only be accepting the highest and best offer. Given the state of our market, this came as somewhat of a surprise.
With this information in mind, my buyer decided to back away from the deal. That same property is now under contract with a different buyer who agreed to pay above asking price.
What does this all mean? In short, it appears that today’s buyers have a renewed sense of enthusiasm. This is great news all around.
But what about first-time buyers, for whom affordability might be a concern? If you find yourself in this position, don’t worry—there are plenty of assistance programs out there that are specifically designed to assist first-time homebuyers like you. In our area, there is even a program that offers 97% financing for single-family, condo, and co-op homes priced up to $484,350 in Hudson County and most others.
You no longer need a top-tier credit score to qualify for this type of loan, either. PMI for this kind of loan is on the lower end, and your mortgage rate will be virtually unaffected by submitting a low down payment in this case. Additionally, $750 worth of your closing costs will be covered.
Another great option is Wells Fargo’s 89.9% no-PMI jumbo financing on any single-family home, condo, or co-op priced at or above $484,351.
There may not be many new homebuyer programs available through the government, but there are still plenty of other opportunities out there. To see a full list of available programs in our area, click here.
In addition to looking over these options on your own, I also highly recommend you get in contact with Justin Sokol, a great local lender with Wells Fargo. He will be happy to walk you through the financial aspects of buying a home.
And, as always, if you have any other questions or would like more information about any other topic related to real estate, feel free to give me a call or send me an email. I look forward to hearing from you soon.