Market Conditions in Hazlet>Question Details

Maria, Both Buyer and Seller in Hazlet, NJ

I live in Monmouth County, NJ. I have my home up for sale. When should we start looking to buy?

Asked by Maria, Hazlet, NJ Mon Apr 14, 2008

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Diane Glander’s answer
I have to agree with Mark.

Have your agent send you out listings that meet your criteria so you can get a feel for the market. And, more importantly, get under contract and closed sales information, too. This way when you are ready to buy you will be ahead of the game knowing values, days on market, etc.

Don't actually start looking at homes until you have a contract on yours.
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0 votes Thank Flag Link Tue Apr 15, 2008
Hi Maria,
It doesn't hurt to look. If you find something you like, maybe you could make an offer with a home sale contingency. That is if the seller would accept that. You never know.

If you can qualify for a loan without selling your home that is also an option. But if not, you can still look but know that you need to be able to coordinate the buy with the sale once you have an offer on your house. And the buyer is solid and the transaction is moving successfully. Hopefully you have an experienced agent that can help you with both.

Best of Luck to you.
0 votes Thank Flag Link Mon Apr 14, 2008
Hi Maria,

You can "window shop" for now. But don't get your heart set on anything. Just be researching price, amenities, locations, etc. You can't get really serious until you have a contract on your home and all home inspection items are settled. The danger of looking now is finding something really good. You won't be able to buy it and it might get you so motivated to sell that you take 1) a low price, or 2) a bad buyer (small down payment, or someone who also has something under contract).

So the best thing to do is just sit tight until you are not only in contract, but past all home inspection issues.
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0 votes Thank Flag Link Mon Apr 14, 2008
I believe you can start looking anytime. The challenge for you will be to coordinate your sale with your new purchase, so I think you will want to keep a list of your best possible new homes while you continue to market and sell your current home. We’re currently experiencing a strong buyers market – which means that it’ll probably take longer to sell your home than you expect. I don’t think you want to purchase your next home yet – you won’t want to agree to a contract of sale – the risk is you could end up owning two homes and carrying two mortgages. But I think you would be smart to investigate the market to see what homes are available, so that when you do get an offer and are negotiating the final details, you will have a good idea of the best homes available for your move. Good luck
Eric Pearl, Manager
Prudential New Jersey Properties
Middletown, NJ
0 votes Thank Flag Link Mon Apr 14, 2008
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