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Ana Monroy's Blog

By Ana Monroy | Agent in North Brunswick, NJ

It's the best time to buy a home, right?

Buy a home now or you'll be sorry! Does it feel like home buyers are being beaten over the head with this mantra? Funny, the same was said as the market spiraled upwards in 2004-2005. 

The timing is not right for everyone. And if it's not your right time, don't sweat it. Not everyone buys or sells at the optimal time. As a matter of fact, few of us get to do anything at the “optimal” time. Likewise, we know in only hindsight, if we bought at the bottom or sold at the top of any market. Yet we still manage not only to survive, but prosper.

People are always asking us if it's a good market or a bad market? It's neither and both. It's today's market. It's a bad market for sellers only if they happen to have purchased their homes at a “bubble” price. It's a bad market for buyers only if they are looking in the areas where the inventory has dried up. For everyone else, it's pretty much a normal market. Where value is driven by the normal factors as location, quality and condition. Whether they are First Time Home Buyers or just Home Buyers, people buy what they can afford, when they can afford it. So knowing the what and when becomes very important.

Let's face it. Few of us are willing (nor should we be willing) to blow every dime we have on a single purchase. Yet more of us sit on the fence of indecision because we don't know how much of a cushion we do need. The grants, incentives and stimulus money available through local, state and federal agencies is not there to change your reality, but to help get your butt off that fence.

BTW, this is our next seminar topic. For more information, follow the link to the PFR/T Current Topics in Real Estate Seminar Series.

Whether you live in Middlesex, Somerset, Mercer or Monmouth County, each county offer some variation of the “American Dream” program for homebuyers. They offer a deferred down payment assistance amount (100% deferred if you stay in the home for a minimum number of years). Each county may have it's own maximum income requirement and assistance amount. The NJ “Smart Start” program also provides deferred down payment assistance up to 4% of your loan amount. Then, there's the $8,000 first time home buyer tax credit (or $6500 home buyer tax credit) which was extended (within limits). Depending on your situation and which mortgage products you select, the assistance is stackable (that means you are not prohibited from using one if you are applying for another).

Come join us for our Seminar

Free Money in 2010: Grants, Incentives and Stimuli
North Brunswick Municipal Building from 7 pm to 9 pm, January 28, 2010.

The seminars are free and open to the public.

Presented by
O&A Team, Prudential Fox & Roach, Realtor(tm)
Roland Minard, Trident Mortgage

Prudential Fox & Roach Realtors(tm) and The Trident Group
1500 Finnegans Lane, North Brunswick, NJ 08902

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