What You Should Know About Making an Offer on a House in New Jersey

The real estate climate in New Jersey is great for sellers and tough for buyers right now. The entire country is facing a seller’s market, meaning that homes are selling quickly and buyers are going head to head competing for their dream homes. With so many buyers and not much inventory, sellers are able to get multiple offers on their home and in some cases, have prospective buyers in a bidding war.

If you’re a buyer in today’s climate, it is important to do some research on making an offer to ensure it is competitive. The first thing that you’ll need to do is get pre-approved for a mortgage so you can have a realistic budget. When you find the perfect home and know how much you can spend, it is a good idea to work with a real estate agent that can guide you through the process. Buyers need to be prepared to act quickly in this market. It is also important to make a strong offer. Look at what comparable homes in the neighborhood are selling for to get a good idea of a realistic offer. It may be necessary to put an offer in well above the asking price in order to be considered, especially if there are others also making offers on the same property.

If you have questions, contact us today.

Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.