Friday, September 17, 2010

4 Reasons to Buy a New Home in New Jersey Now

There is a lot of press now about the reasons to buy in this market, and they are particularly true for new homes, for new construction in Mercer County.  Here are 4 reasons to consider a New Jersey new home now.

1.  Builders are offering big discounts.
Homebuilders are getting even more aggressive with their pricing today - they want to move their inventory before winter.  Eddi Fadel, author of Don’t Rent, Buy!, recommends looking at completed new homes 1st because builders are offering such steep discounts. Plus, you’d have a warranty not only on the home itself, but also on the home’s appliances, he said. “Builders want to save their credit, save their brand, save their reputation and clear out inventory,” he said. “They can go buy cheap land today with that cash.” His advice: Walk in with a preapproval for a mortgage, make an offer, then walk away without making a deal if you have to. Chances are, a builder will call back and reconsider that offer rather than let a potential buyer get away.

2.  Mortgage rates are still at historic lows. 
This would help you buy a new home or resale, but think ahead.  In 5 or 10 years, you could have an incredibly low mortgage on a 5 or 10 year-old house, instead of a 30 or 40-year old house.  Which is a better long-term investment?  Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. This allows new homeowners to have a little give to absorb any ups and downs as housing market continues to gain traction.

3.  Your home will be in move-in condition.
So many houses on the market today are short sales or foreclosures, even here in Mercer County, NJ.  And homeowners who are having trouble paying their mortgage don't have much left for maintenance or improvements.  Your new home will have new appliances, flooring, window coverings - all new.  You won't be buying someone else's deferred maintenance.

4.  You have many choices.
Yes, there is a large inventory of resale houses too, but if you want to consider new, there are many developments here in Mercer County and surrounding areas.

I know the builders and the construction sites, so call or email and let's look at some new New Jersey homes.  Here's a sample of a small Hamilton NJ development, Dogwood Meadows, with 3 lots left and 6 models to choose from.

Joe Giancarli, SA
Real Estate Advisor

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