Sell Existing Home First

If you already own a home, you should consider selling it before contracting to buy your next New Jersey real estate property. There are two reasons for taking this approach.

First, if you enter into a contract to buy your next home before selling your existing home, you will be under pressure to sell your existing home in a hurry. This means you probably will not get as much for it as you would if you could be patient about selling it.

Second, most people cannot afford two homes in New Jersey or elsewhere. So if you try to buy your next home first, you will have to make your offer of purchase contingent on selling your existing home. This is a very weak offer, and you will probably not be able to get the seller to negotiate the price, terms and so on to your liking. In fact, the seller may not even consider such an offer.

Even if such an offer is considered, the seller will insist on having the right to sell to someone else that might come along later, unless you then agree to remove the contingency regarding selling your existing home. This arrangement is called a "break clause", perhaps because of the number of nervous breakdowns it has caused.

Avoid Friends & Relatives

If you decide to hire your own representative, whether a buyer-paid agent, buyers broker or lawyer, try to avoid a relative or close friend. Buying a home in New Jersey or elsewhere is such and emotional process that the last thing you will want is your uncle or neighbor telling you what to do or even worse, being afraid to be honest or straightforward.

On the other hand, how do you fire relatives or friends if they can't live up to your expectations for helping you find the right home or New Jersey real estate listing? What if you don't like their negotiating skills? If you tell them that you want to live in Weehawken, but they keep recommending Summit, then where do you go from there?

If it's a professional Realtor, then they want to work for you, not profess to know what's best for you. Sure it can work out great with a NJ licensed relative or friend, but always consider the down-side. Many families and friendships have been fractured because of this.

When to Buy

Generally, you should buy in the fall or winter, which is typically when the residential market is usually the slowest and when you can mostly obtain a better price. Of course, the may differ in various part of the Hudson County real estate market, but it can serve as a good rule of thumb.

Sellers have traditionally put their homes on the market when the weather is pretty, the flowers are up, and it is warm outside. This is when a home looks and feels its best. You, on the other hand, want to see it when it is at its worst, which is when it is cold, wet and dreary outside. That is when you have the best chance to find septic tank problems, water leaks, poor insulation, air infiltration and more...