Timing is a major factor for buyers that are looking for the best possible deal on a home. Buying a home is probably going to be one of the biggest purchases you’ll ever make, so you want to do proper research on when to buy. Seasonal fluctuations in supply and demand have a lot to do with the housing market and when sellers choose to list their homes.
If you’ve never heard of seasonal fluctuations, they vary from location to location. They can also make as much as a 10% price difference on a home. In some states that are warm year-round, you’ll see an influx of buyers in the winter looking to move out of a cold state. In states that are cold, you won’t see as many people taking the time to actively sell their home during the colder months.
It’s important to take these factors into account when you’re looking to buy a home because it can greatly affect how much you pay. When attempting to time the market, your best bet for getting the best deal is to work with an experienced, local real estate agent.
Here’s what you need to know about the best time to buy in New Jersey.
Best Time of Year to Buy in New Jersey
Right now, in New Jersey, most houses are listed for sale from April to June. This is fairly typical for the market because of warmer weather and the desire for spring cleaning. However, with most of the buying taking place in those months, you can expect higher competition. This can also lead to buyers paying too much for a house just to secure a deal.
If you are willing to be one of the patient buyers, look into buying a house after June. There are still many sellers listing their homes around this time but not as many buyers. This ultimately leads to you paying less for a home due to a decrease in competition.
As a buyer, you will most likely face no competition during the winter months but that is in response to sellers not listing their houses during this time. On average, there are no more than 20,000 houses listed during November-January.
The Best Places to Buy a Home in New Jersey
Princeton Junction is a town in Mercer County that has a population of around 2,427. It’s known for being one of the best places to live in New Jersey because of the nice suburban feel. This town attracts families because of it’s highly-rated public schools and parks.
Monmouth Junction is just outside of New York City, nestled in Middlesex County with a population of 3,534. Most people in this area own their homes and have very high home values. This area is great for families with children of all ages because of its low crime rate.
Glen Ridge lies just outside of New York City in Essex County. It has a population of 7,668 and is known for having great coffee shops and parks. This area is great for those that commute to the city for work. Glen Ridge is known for its vintage homes and gaslit streets.
Princeton Meadows is another great city in Middlesex County. It has a population of 13,692 and attracts young professionals and families. The cost of living is slightly lower than in other cities but most citizens own their homes.
Beckett has a population of 4,887 and is located in Gloucester County. It’s great for those that love to live a quiet lifestyle. They have low crime rates and the area is overall very up to date. The houses are fairly priced and are some of the most affordable in the area.
4 Ways to Get a Great Deal on a Home in New Jersey
- Find a Great New Jersey Real Estate Agent:
An experienced, local buyer’s agent is going to help you get the best deal on your new home. It’s strongly recommended that buyers don’t attempt to do this process alone. There are many steps in the home buying process and incorrectly doing one can cause legal or financial problems.
- Assess Your Needs and Lay Out Your Goals:
Work with your agent to determine what you want in a house. Are you looking for a two-story house with four bedrooms? Or do you want something small and easy to maintain? You want to also be realistic with what you can afford. House hunting is exciting but being underwater with your mortgage is not. Being specific on property size and budget is going to help your agent find your dream home.
- Find a Lender and Secure Financing:
After you’ve given your agent the parameters for your home, they will then evaluate them and determine a financing option that works for you. This will be based on your goals and your current financial situation. Keep in mind, the closing process takes about 30 days on average, so you will need to take this into account if you’re on a fixed timeline.
- Negotiate for the Best Possible Price:
Once you’ve found your dream home, your agent will assist you in making and submitting an offer. They will also negotiate after a home inspection is completed to make sure you are getting the best deal possible.
If you’re interested in learning more about Clever or speaking with a top-rated buyer’s agent in your area, fill out our online form. A member of our team will be in touch shortly to answer any questions you might and have and connect you with one of our local Partner Agents for a no-obligation consultation.