Lower Down Payments on Bradley Beach NJ Real Estate

Fannie Mae announced this week that, beginning June 1, it would lower down payment requirements from 5% to just 3% for all conventional, conforming mortgages processed through its Desktop Underwriter® automated underwriting system.  Loans processed outside the Desktop Underwriter® system will still require a 5% down payment.

 

Part of its “Keys To Recovery” campaign, this initiative will apply to homebuyers all across the country, regardless of local market conditions.  Since the biggest obstacle for many first-time home buyers is saving up enough money for a down payment, this is great news if you want to take advantage of the current Bradley Beach NJ real estate market!

 

Read the full article here, and please email me or call me at 732-775-2774 if you need a referral to a reputable local lender!  To learn more about Bradley Beach NJ real estate, please visit PatrickParkerHomes.com, or request a complimentary market analysis of your current Bradley Beach NJ home.

What You Need To Know About The New Jersey Home Sales Tax

 

Below you will find some FAQ’s about the NJ Home Sales Tax (courtesy of NJHomeTax.com):

Why is the Home Sales Tax Bad for New Jersey?
The home sales tax erodes equity that homeowners have built up in their homes over the years. It ratchets up closing costs and overall home prices, creating far-reaching effects that literally rip away the “American Dream” of homeownership for too many deserving New Jersey families.   Get the Facts.

What Is The New Jersey Home Sales Tax?
The New Jersey Home Sales Tax is officially known as the Realty Transfer Fee (RTF). We call it a “tax” because that is what this once insignificant charge has turned into after nearly 40 years of steady increases. Home sellers pay the tax, which is based on a home’s sales price. This state-imposed fee was established in 1968 to offset the costs of tracking real estate transactions. During the years since, the RTF was increased numerous times, impacting home sales negatively throughout the Garden State, as well as the overall economy.   Get the Facts.

Is your legislator opposed to a local home sales tax?
Click here to view a list of New Jersey senators and assembly representatives who have pledged to oppose legislation that increases or expands the realty transfer fee.

 

Are you opposed to paying a municipal home sales tax in addition to the state sales tax we already pay?  If so, please visit www.NJHomeTax.com and sign the petition to let your state legislator how you feel!

To learn more about Bradley Beach NJ real estate, please visit PatrickParkerHomes.com or call me at 732-775-2774 for more personalized service.  You may also request free Bradley Beach NJ real estate reports by clicking here!

Bradley Beach NJ Real Estate Tip: Navigating Home Inspections

Home inspections are not just for new home buyers!  As we have discussed in previous posts, it is extremely important to have your Bradley Beach NJ real estate inspected professionally on a regular basis – especially if you are using it as a vacation property – to ensure you keep up with any necessary maintenance or repairs.  Professional home inspectors examine existing homes using professional standards as a measure to accurately report their condition to parties involved in a real estate transaction, or to the existing owners looking to repair or renovate.

Home inspectors offer many types of inspections to suit Bradley Beach NJ real estate owners’ needs – some of these include:

           - Pre-Listing Inspections

           - Pre-Purchase Inspections

           - New Construction Inspections

           - HUD/FHA Inspections

           - Multiunit Inspections

           - Annual Maintenance Checkup

When purchasing a home, it is realistic that a buyer could save thousands of dollars by having a professional home inspection performed.  Moreover, in areas with extreme weather circumstances, inspectors can help locate potential problems or damage that may be hidden to the naked eye.

To learn more about Bradley Beach NJ real estate or for a referral to an experienced home inspector, please call me at 732-775-2774 or visit PatrickParkerHomes.com.  You may also begin searching for Bradley Beach NJ real estate here!

Tips for Remodeling Your Bradley Beach NJ Vacation Home

This article from 2^nd Home Journal offers a myriad of great tips for remodeling your second home.  If you already own a Jersey Shore vacation home, you have probably already learned that remodeling a second home presents unique challenges.  Below are the 10 main tips, and the article contains the full details on making your spring remodeling projects a success!

 

• Do your research; prioritize your needs
• Hire a competent designer or architect
• Define your total project budget
• Design for low maintenance and sustainability
• Get three bids
• Do reference checks
• Plan at least a 10 percent contingency fund
• Synchronize payments with work completed
• Hire an experienced project manager
• Anticipate issues and stay focused

Ready to learn more about owning Bradley Beach VT real estate?  Please call me at 732-775-2774 or visit PatrickParkerHomes.com.  You may also begin searching for a Jersey Shore vacation home here!

How Does Bradley Beach NJ Real Estate Compare Nationally?

Check out this website to see how Bradley Beach NJ real estate valuation compares to other cities across the country.  This site is not only informative, but it shows that – despite the national media’s attention to the real estate slowdown – much of the national real estate market is still valued fairly, making it a great time to buy.

 

To learn more about Bradley Beach NJ real estate, please call me at 732-775-2774 or visit PatrickParkerHomes.com.  You may also click here to request a complimentary market value analysis of your Bradley Beach NJ!