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You are here: Home / Archives for News/Blog / Financing

Financing

SPRING REAL ESTATE MARKET NOW EMERGING

March 31, 2021 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – March 31, 2021

SPRING REAL ESTATE MARKET NOW EMERGING

The spring real estate market will be full swing in the coming weeks. Traditionally, in New Jersey and other northeast markets, the spring market emerges in April, when the temperatures start to warm up and yards start looking greener. Homebuyers who delayed their search because of snow will start up again, especially those who want to move into a new home over the summer.

Because of continued high demand, the market is fast moving, with houses selling very quickly. Although more new sellers are expected to enter the market to take advantage of rising prices, inventories remain low in many locations in the region.

Buying trends are similar to last year: buyers want more space, more rooms, and larger yards. One of the main results of the pandemic is that many people will continue to work remotely for the foreseeable future, and maybe permanently in some cases. Homes with room for a home office – either an extra bedroom or another space that can be converted for a workspace – will remain in high demand as a result. Buyers should be prepared to move quickly, as high interest and multiple offers are expected to remain the norm.

Filed Under: Buyer Tips, COVID-19, Financing, Homeownership, Marketing, Moving

WHAT IS AN APPRAISAL GAP?

March 10, 2021 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – March 10, 2021

WHAT IS AN APPRAISAL GAP?

Fast moving real estate markets like the one we’re in right now can cause challenges when it comes to the appraisal of a home or property. Right now, low inventories and an abundance of buyers is resulting in bidding wars and prices are trending higher. 

But sometimes appraisals aren’t catching up with the market, resulting in an appraisal gap, or a shortage between the appraised value of the property and the selling price. Lenders will not finance a property for more than its appraised value, leaving buyers and sellers in a bind. If the gap is only a few thousand dollars, the buyer may decide to make up the difference in cash. However, if the shortage is larger, the situation may be more complicated.

This is where you let your real estate agent use their expertise. On the seller’s side, your agent may be able to challenge the appraisal with a compilation of comparable market data. On the buyer’s side, your agent may be able to negotiate a new price or split the difference. Appraisers that are familiar with the local market are able to adjust for this type of market volatility.

Filed Under: Buyer Tips, Financing, Let's Talk Real Estate, Seller Tips

HOW TO SUBMIT AN OFFER THAT’S MORE LIKELY TO GET ACCEPTED

October 23, 2019 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – October 23, 2019

HOW TO SUBMIT AN OFFER THAT’S MORE LIKELY TO GET ACCEPTED

How to Submit an Offer That’s More Likely to Get Accepted

While it may seem there isn’t too much within your control when it comes down to making an offer on your dream home, considering using these tips to increase your chances of submitting an offer that gets accepted:

  • Understand the market. An offer not only identifies what you are willing to pay for the house but also what you think it is worth. 
  • Consider motivation. A seller’s motivation can tell you a lot about their willingness to accept a lower offer. 
  • Be timely. You have less negotiation power if the seller has been presented with multiple offers. The sooner you put in an offer, the quicker you can find out whether or not your offer has been accepted or if you will be given an opportunity to revise it.
  • Offer a higher earnest money deposit. The earnest money deposit (EMD) accompanies your offer letter. It signifies a serious, sincere commitment to wanting to purchase the house.

The home-buying process can feel overwhelming at times. Fortunately, there are things you can do to improve your timeline while also increasing the chances of having your offer accepted. Do your research, try your best to be patient, and you will be in your new home in no time.

Filed Under: Buyer Tips, Financing, Homeownership, Let's Talk Real Estate, Moving

SHOULD YOUR LIFE INSURANCE POLICY COVER YOUR MORTGAGE?

October 16, 2019 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – October 16, 2019

SHOULD YOUR LIFE INSURANCE POLICY COVER YOUR MORTGAGE?

Your home is one of the biggest financial investments you and your family will make. If you are the primary person responsible for paying the mortgage, have you considered what would happen if you passed away before the mortgage is paid off and who would become responsible for the payments? Unfortunately, the act of paying off the mortgage could become a financial burden to your family. So, what’s the best way to try to cover these expenses and gain some peace of mind?

When it comes to choosing homeowners’ life insurance, you may have heard about mortgage life insurance, as well as term life insurance. Mortgage life insurance only pays off the mortgage of the house, and your beneficiaries will receive no other money from that policy. So, some experts will recommend getting term life insurance instead of mortgage life insurance because it allows you to buy coverage beyond just the mortgage repayment to meet all of your family’s needs. And depending on your age and the condition of your health, the premiums, in general, tend to be lower with term life insurance compared with mortgage protection insurance. 

Take the time to make a careful, informed decision when purchasing life insurance and work closely with a trusted agent, who can help you decide on the best plan for you and your family.

Filed Under: Buyer Tips, Financing, Homeownership, Let's Talk Real Estate

FINANCIAL TIPS FOR FIRST-TIME HOMEBUYERS

October 9, 2019 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – October 9, 2019

FINANCIAL TIPS FOR FIRST-TIME HOMEBUYERS

It can be difficult to understand what costs are involved with buying a house if you have never gone through the process before. These tips can help you navigate homeownership and ensure that you are financially prepared for the costs:

Consider all costs of home-ownership. Your mortgage payment is not the only expense that you will be responsible for when owning a house–you also have to consider costs like insurance, property taxes, and repairs.

Reduce your monthly payments with a higher down payment. The more you are able to put down now, the less your monthly payments will be. Additionally, the less money you need to finance, the less interest you will pay.

Understand your closing costs. Most loans require that you bring cash to the closing table. The exact percentage will depend on your loan terms. You will also be responsible for origination fees, credit-report costs, and agent fees.

Your credit score can make a difference. If you have a low credit score, you may want to consider taking some time to work on bumping it up. By raising your score, you may be eligible for a better mortgage rate and with fewer interest costs, you can reduce your monthly mortgage payment.

Filed Under: Buyer Tips, Financing, Homeownership, Let's Talk Real Estate, News/Blog

SOLAR PANELS; CREATING ENERGY WHILE SAVING MONEY

June 26, 2019 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – June 26, 2019

SOLAR PANELS; CREATING ENERGY WHILE SAVING MONEY

Solar Panels reduce energy costs, add value to your home, create less of a carbon footprint and can generate and 8-10% return on investment.  There are some things that you need to know before you decide to move forward to making these changes to your home.

· What size system do you need

· How many square feet does your roof space allow for solar panels to be installed

· What is the annual amount of Kilowatt hour you can expect from your system

· Are there tax credits and other incentives 

· Energy costs in New Jersey are expensive; what is the projected savings and how long will it take to recoup the cost of installing the system

When taking into consideration as to buy or lease the panels, you should know that if you chose to lease it may complicate things if you decide to sell your home.  

Filed Under: Buyer Tips, Financing, Green, Homeownership, Let's Talk Real Estate, Moving, News/Blog

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Beatrice Bloom
350 Nassau Street
Princeton, NJ 08540
O: 609-921-1900
C: 609-577-2989
F: 609-964-1906
W: BeatriceBloom.com
E: info@BeatriceBloom.com
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Beatrice Bloom
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