When to Buy a House in NJ
REPOST CREDIT – original source: https://www.houzeo.com/blog/best-time-to-buy-a-house-in-new-jersey/
There’s no better time than NOW!
12.9% of homes are selling below their listing price. Moreover, there’s a 7.7% increase in newly listed homes. So, not only are you spoilt for choice, but you’re also more likely to crack a good deal on your dream home.
Even the 30-year fixed mortgage rate has dropped to 7.05% in the Garden State as of 21st March 2024. Owning a home in New Jersey has never been this affordable!
What Are the Best Months to Buy a House in New Jersey?
March to June are the best months to buy a house in New Jersey. During these months, low competition and competitive prices can get you a good deal on your future home.
Here are the best months to purchase your home, depending on your requirements:
| Month | Best For | Average Median Price |
| April | Discounted Prices | $453,400 |
| August | Increased Listings | $514,400 |
| November | Reduced Competition | $484,600 |
Which Is the Best Season to Buy a House in NJ?
Spring is the best season for a low-on-cash home buyer wanting to buy a house in New Jersey. Sellers are easier to negotiate with because there are more homes for sale and fewer buyers.
If you’re looking to buy a home, here’s what you get in each season:
- Spring: The real estate market competition is high but open to lower asking prices. Home demand usually rises in March, April, and May.
- Summer: Summer is the peak season with an active housing market and competitive buyers. Moreover, you have a larger inventory to choose from in June, July, and August.
- Autumn: Fall has determined sellers who look to settle elsewhere before winter. That’s why they are open to negotiations and may accept lower asking prices in September, October, and November.
- Winter: Housing prices are at their lowest in December, January and February. The festive season reduces the competition in the housing market, giving you the ability to find your dream home at a negotiable price.
New Jersey Housing Market Conditions
The current real estate market conditions in New Jersey are becoming favorable for home buyers. Here’s how:
- Lower Mortgage Rates: The interest rates for home loans have decreased to 7.05%, marking a decline from approximately 8% in the preceding year of 2023. Concurrently, there has been a surge in new listings in the market. This surge allows buyers to easily find some of the cheapest places to live in New Jersey.
- Reduced Asking Prices: Currently, home sale prices are still high, and there’s a shortage of potential buyers. Due to increased competition, sellers are forced to reduce their asking prices to attract more buyers. There is a 1.4pt rise in homes with price drops.
- Sufficient Decision-Making Flexibility: The median days on the market is 46 days. This gives buyers sufficient time to consider their decision.
Top New Jersey Home Buying Tips in 2024
Buying a house in NJ is an exciting experience. But, it can be stressful and confusing, especially if you’re doing it for the first time. Here are some tips to help you through it:
- Check Your Credit Score: Assess your financing options by reviewing your credit score. A good credit history can help you get the required score for lower interest rates.
- Save for a Down Payment: To save for a down payment, first, adhere to the 50-30-20 budget rule, allocating 20% of your income for savings. Next, cut expenses and seek opportunities to earn extra income. Finally, consider investing wisely to grow your savings.
- Get a Pre-Approval Mortgage: A pre-approved mortgage helps when you’re bidding on a house by showing how much you can afford.
- Find a Good Real Estate Agent: An experienced real estate agent in New Jersey can save you time and money. They understand the market and can fulfill your requirements.
- Negotiate Repairs: After a home inspection in New Jersey, ensure major issues are fixed before finalizing your loan. You can always take care of minor issues in the future.
- Always Do a Final Walk-Through: Do this diligently as this is your final opportunity to inspect the house. Ask questions and address any outstanding issues before they become your responsibility.
Bottom Line: Is 2024 a Good Time to Buy a House in New Jersey?
Yes. This is the best time to buy a house in New Jersey.
With the current trend in the NJ housing market, you’ll find better deals on your dream home during Q2 2024. As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments.
Even though it’s a seller’s market, increased housing supply and reduced mortgage rates may result in lower prices for buyers. Additionally, slower sales could create favorable conditions for those looking to buy a home.