Your sales contract will have wording that allows you to back out of your contract and still receive your deposit back or allow you to adjust your offer. A home inspection is optional but highly suggested. A professional home inspector will crawl through your potential purchase from the basement through the roof making notes from a list of literally hundreds of physical and mechanical features of the home. Features that you want to know about.
Now that we’re full swing into the home selling season, it’s time again to take a look at statistics just released by the New Jersey Association of REALTORS. The May numbers, the most recent available, show a rather healthy market across the state when compared to the very same period last year. According to the report, in May there were 19,731 new listings compared with 17,895 in May 2013 representing a 10.3% increase. At the same time, inventory has fallen as well and while that’s to be expected as we move into spring and summer it’s still a reduction as we’re looking at May 2013 and May 2014 numbers. In May of last year, there was a 9.6 month supply of homes while this past May there was an 8.7 months of inventory. That’s a drop of nearly 10%. Continue reading July Real Estate and Mortgage News