A homebuying wish list is essential for helping you decide on your must-haves (as well as want-to-haves) when buying a house in Passaic County, NJ. It should cover your ideal price range, neighborhood, property age, size, and features.
Here’s how to tick off every item on your wish list.
KNOW THE LOCAL HOUSING MARKET
Understanding the Passaic County real estate market allows buyers to see the type of homes you can get at specific price points. This will help you set a realistic budget, understand your buying power, and time your purchase.
As of August 2023, the median listing home price in Passaic County is $475,000, with median price per square foot of $269. The sale-to-list price ratio is 105.46%, which tells you that we’re currently in more of a seller’s market this season. Housing inventory is lower this year compared to the same period last year, and properties spend an average of one month on the market before selling.
EXPLORE THE NEIGHBORHOODS
Each of Passaic County’s 16 municipalities offers something unique to aspiring homeowners. For instance, Wayne Township is known and loved for its top-notch schools, parks, restaurants, shopping centers, and entertainment venues; while Ringwood is an outdoor lover’s paradise with rugged mountains, scenic state parks, and tranquil lakes.
Getting to know the county’s different communities will make it easier for you to find one that matches your employment, educational, transportation, and recreational needs. You will want to ensure that your community suits your lifestyle and has everything you need to live comfortably.
GET PRE-APPROVED FOR A MORTGAGE
A mortgage pre-approval gives you a better chance of obtaining your desired property. It speeds up the buying process and puts you in an excellent bargaining position since most sellers prefer working with pre-approved buyers.
To get pre-approved for a mortgage, you’ll need a credit score of 620 or higher, a good debt-to-income ratio, and a steady income. Lenders may also require you to submit proof of assets to confirm that you have enough funds for the down payment and closing costs.
SCHEDULE AN INSPECTION
A thorough home inspection is a must if you’re house-hunting in Passaic, Morris, or Begen County. It helps you guarantee that the property is in tip-top conditions and that there are no issues that will result in expensive fixes later on.
Home systems such as the central A/C, heating, plumbing, security, and home automation are some of the many areas a home inspector examines. They will also check the structural aspects of the property to confirm that everything is as it should be.
WORK WITH A SEASONED REALTOR
A Realtor will help you find the home that best meets your needs in the current Passaic County real estate market. They help weed out any seller with your interests and priorities in mind.
Your Realtor will also assist in scheduling home tours and meeting other professionals like a home inspector or an attorney, who can help you make informed real estate decisions.
Want to find a property in Passaic County that matches your criteria? Let me, Frank DeZao, help with your search. Call me at 201.953.9376 or send me an email here to begin your hunt for the perfect New Jersey home.