Information for Buyers

When buying a home or property, it is important to work with a knowledgeable professional. According to the 2007 New Jersey Profile of Home Buyers and Sellers survey, 89 percent of home buyers used a real estate professional during their home search. REALTORS^® provide expertise on market conditions, property conditions, and may other facets of a real estate transaction. View more information on finding a REALTOR® to guide you through the process.

The more information you provide your REALTOR^®, the easier it will be for him or her to narrow your search and evaluate your options. Keep in mind that not all licensees are REALTORS^®. Only those who are members of the NATIONAL ASSOCIATION OF REALTORS^® may use the term REALTOR^®. Below are a few tips to consider once you choose your REALTOR^®:

• Do Your Research - First decide whether it is the right time for you to buy. Since this is one of the largest financial decisions you will make, REALTORS^® can help you and offer perspective on this decision. From there, determine what type of property you are looking for. (A single-family home, condominium, townhouse, commercial property, etc...) Think about your desired location. The 2007 New Jersey Profile of Home Buyers and Sellers survey reported that 30 percent of New Jersey buyers found their home through the Internet. Knowing the answers to these questions will help your REALTOR^® assist you.
  
  
• Be Honest and Upfront - The more you share with your REALTOR^®, the easier it will be for him or her to help you find what you are looking for. Be upfront about what you like and dislike in looking for a home. When meeting with your REALTOR^®, don't withhold income information. This information is important as it helps determine how much you can afford to spend.
  • Note that as of June 1, 2008, Fannie Mae's policy change allows borrowers to acquire loans up to 95 percent loan-to-value. Prior to the change, borrowers could only get loans up to 90 percent of the home value.
    
    

  • View the new Federal Housing Administration (FHA) loan limits passed as part of the 2008 National Economic Stimulus package. To find the Fannie Mae and Freddie Mac conforming loan limits in your desired area, choose "Fannie/Freddie" in the drop-down menu called "Limit Type."

  
  

  • Take advantage of the home mortgage resources available through REALTOR.com, such as a monthly payment calculator, mortgage rates and quotes, educational tools and more.

  
  

  
  

• Make a Checklist - Determine what factors you will be looking for in shopping for a home and separate them into absolutes, electives, and frills. Include essentials on the absolutes list, such as how many bedrooms and bathrooms, a basement, garage, etc. The electives list should include items that you would like to have if you can afford and the frills list is for extras that are nice but not necessary.

Based on the information you provide, your REALTOR^® will tailor your home search to your needs and capabilities, offering insight about real estate values, property taxes, utility costs, and other factors that may affect your decision to buy.

Resources

10 Steps to Homeownership

Environmental Resources

Home buying guides from Fannie Mae

Housing Opportunity Resource Guide

REALTOR.com