Frequently Asked Questions

Below are some of my most commonly asked questions.  If you don't see you question on the list, please contact me or call/text me at 908.399.3582.

What markets do you cover?

I cover Hunterdon, Morris, Somerset and Warren Counties.  I specialize in Hunterdon County properties.

What is the first step in the home-buying process?

Getting pre-approved for a mortgage is the first step of the home-buying process.  Getting a pre-approval letter from a lender gets the ball rolling in the right direction.

How long does it take to buy a home?

From start (searching on-line) to finish (closing), buying a home takes about 10-12 weeks.  Once a home is selected and an offer is accepted, the average time to complete contract to close is 45-60 days (under normal market conditions).  Though, well-prepared home buyers who pay cash have been known to purchase properties faster than that.

What is a seller's market?

In seller's markets, increasing demand for home drives up prices.  Here are some of the drivers of demand:

  • economic factors
  • lower interest rates
  • low inventory
What is a buyer's market?

A buyer's market is characterized by declining home prices and reduced demand.  Several factors may affect long-term and short-term buyer demand, like:

  • economic disruption
  • higher interest rates
  • high inventory
  • natural disasters

 

What kind of credit score do I need to buy a home?

Most loan programs require a FICO score of 650 or better.  Borrowers with higher credit scores represent less risk to the lender, often resulting in a lower down payment requirement and better interest rate.  Conversely, home shoppers with lower credit scores may need to bring more money to the table (or accept a higher interest rate) to offset the lender's risk.

How much do I need for a down payment?

While the broad down payment average is 11%, first time homebuyers usually only put down 3 to 5% on a home. That’s because several first-time home buyer programs don’t require big down payments. A longtime favorite, the FHA loan, requires 3.5% down. What’s more, some programs allow down payment contributions from family members in the form of a gift.

Some programs require even less. VA loans and USDA loans can be made with zero down. However, these programs are more restrictive. VA loans are only made to former or current military servicemembers. USDA loans are only available to low to-middle income buyers in USDA-eligible rural areas

It was a great pleasure working with you on the sale of the Beaver Brook Condo in this most difficult and challenging housing market. Many thanks to you for your outstanding service, market knowledge and effort.

– Ingo R. (Annandale)

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