Great to see you are willing to wait a little while. You have time to make sure all your credit and finances are in order. I recomend contacting a mortgage broker and find out everything you will need and how you should be set up
what should your Bank account look like?
Are there any 30, 60, 90 day late or collections on your credit report?
will lowering the balances on your credit cards help your score?
I understand you didn't ask about this, but I never pass up an opportunity to help educate people.... more
This may help give you a better idea of the market this year, as compared to last for single family homes:
From 4/1/06-10/1/06 there were 46 closed sales: the average list price was $516,917
the average closed (sold) price was $495,179
average days on market (DOM) was 59
+/- (list-closed) 3.5%
From 4/1/07-10/1/07 there were 45 closed sales:
the average list price was $544,613
the average sold price was $520,153
the average DOM was 73
So, as you can see, the single family market in Red Bank is strong. Although prices are closing a bit more off asking price, home prices have actually increased (not decreased) in this last year. This is not unusual for the Monmouth County area. There are some shore towns where not only have prices held, they have increased and the number of sales have doubled this year vs. last. Our market really started to change last December when we saw bidding wars back with people paying over asking price.
If you would like additional information or clarification on any of these stats (provided courtesy of Monmouth County MLS) feel free to reach out to me via my website.... more