Tag Archive for: buying a home in NJ

Should You Buy Property in New Jersey? Here’s How I Made 600K Owning a Home

Should you buy property in New Jersey? In the ever-fluctuating real estate market here, advice abounds on whether now is the right or wrong time to buy. Amidst this sea of opinions, I want to chime in and share my personal story that illuminates the profound impact real estate has had on my family’s financial well-being.

A Journey Through Real Estate

Back in the late ’90s, my journey began with a modest $135,000 home purchase. Fast forward four years, and that investment turned into a $195,000 profit—money that, frankly, we wouldn’t have saved otherwise due to the joys and expenses of young adulthood.

This profit wasn’t the end but the beginning. It led us to our next home, a $330,000 property that, after nine years and some savvy improvements, significantly increased in value. Alongside, we ventured into renting, which not only covered our mortgage but provided a surplus.

The Power of Patience and Strategic Decisions

These experiences taught me two invaluable lessons: the importance of patience and the impact of strategic buying and selling. Each property we owned and eventually sold brought us financial gains that significantly bolstered our savings, funded our retirement, and even contributed to our child’s college fund.

Choosing the Right Time to Buy and Sell in New Jersey

Now, you might think, “Sure, Corey, but these were different times.” True, the market conditions vary, but the principle remains the same: investing in real estate can yield substantial financial benefits. The key is finding the right property at the right time and, just as importantly, choosing the right time to sell.

In hot markets, like the one we recently experienced, the scarcity of listings might drive up prices, but this also means your property’s value could be at its peak. Conversely, in slower markets, buyers might find more negotiating power. The “month of supply” is a crucial number to watch, as it offers insights into market dynamics, helping both buyers and sellers make informed decisions.

Why Real Estate?

Reflecting on my journey, the financial stability and growth I’ve experienced through real estate are unmatched. This isn’t just about profit; it’s about building a secure future. Renting might seem like the safer, more flexible option in the short term, but it doesn’t contribute to your long-term wealth. Each mortgage payment is an investment in your future—a future where you’re not just saving money, but making it.

My Advice to Buyers and Sellers in NJ

So, should you buy property in New Jersey? If you’re on the fence about entering the NJ real estate market, consider this: with the right guidance from trusted real estate professionals and a strategic approach, you can transform your financial future. Real estate isn’t just about finding a place to live; it’s about setting the foundation for your financial independence and security.

So, whether you’re contemplating buying your first home or selling your current one to move up the real estate ladder, remember my story. Real estate isn’t just a career for me; it’s a passion fueled by the life-changing benefits I’ve seen firsthand. And I’m here to help you experience those benefits, too.

Don’t let the market’s ebbs and flows deter you. With a trusted agent by your side and a clear understanding of your financial goals, you can make real estate work for you, just as it has for me.

Ready to explore how real estate can transform your financial future in New Jersey? Let’s chat. Your journey to financial independence through real estate starts with a conversation. Contact Corey Skaggs today.

by
,

Months of Supply: The Only Thing You Need to Know When Trying To Sell or Buy A House

Hey everyone, Corey Skaggs here. With all the stats, facts, and numbers flying around in New Jersey’s whirlwind real estate market, it can feel a little overwhelming trying to make sense of it all. But did you know there’s just one number that can give you a clear picture of what’s happening in any given market, whether you’re buying or selling? It’s called “months of supply”. Let’s dive into what this magic number is and why it’s so crucial.

Understanding the Months of Supply

The key to unlocking the mysteries of any real estate market, crazy or calm, lies in understanding the Months of Supply. This figure is derived from an absorption report, which crunches current listings, recent sales, and the average number of homes sold per month. Sounds like a lot of math, but it boils down to one invaluable insight: How long the current supply of properties for sale would last if no new ones were to be added.

For example, if we have a 3.0 Months of Supply, it means if no new homes were listed starting today, it would take three months for all the existing homes to be sold. Imagine that—no more homes for sale in just three months!

Decoding the Number

But how do we interpret this number? If a 6.0 Months of Supply is considered balanced, where neither buyers nor sellers have the upper hand, anything below leans towards the seller’s advantage. Conversely, anything above 6 indicates a buyer’s market. Recently, we’ve seen numbers as low as 1.22, screaming that it’s a seller’s paradise with fierce competition and scarce inventory for New Jersey buyers.

Strategic Timing for Buyers and Sellers

For buyers in a competitive market like New Jersey, monitoring the Months of Supply can be your secret weapon. As the number creeps up, it signals easing competition, hinting it might be time to jump back into the fray.

Sellers, on the other hand, should also keep a close eye on this trend. Planning to sell in six or seven months? Regularly checking this number can guide you to possibly list sooner. If you notice it inching towards 6 or higher, it suggests the market might become tougher for sellers.

Why The Months of Supply Matters

In essence, the Month of Supply is a snapshot of the market’s health and momentum. It simplifies complex market dynamics into a single, understandable figure, guiding your buying or selling decisions with clearer insight and direction.

Ready to Talk Numbers?

If you’re in New Jersey and curious about the Months of Supply in your area, I’m here to help. For those outside NJ, I encourage you to ask your local real estate agent about this critical number. It’s a straightforward yet powerful tool to navigate the real estate market with confidence.

Want to dive deeper into real estate strategies or need specific insights for the New Jersey property market? Don’t hesitate to get in touch.

Happy house hunting or selling! Remember, in the world of real estate, knowledge is not just power—it’s profit!

by