Is it time to buy your first home and you decided it will be in New Jersey? When you are buying your first home in Bayonne, firstly, you need to research the real estate market and to know what to pay attention to. What to look for? Be prepared, because it is a big responsibility and financial investment.
Bayonne, NJ real estate market
The real estate market in Bayonne, NJ is hot because it is near NYC and the median home value is $397,000. Values have gone up 3% over the past year and it will be higher in the future (but not drastically). If you are selling your property in NJ, on average, homes are on the market for 35 days and expect to have multiple offers from potential buyers.
The total number of houses and apartments is about 24,980. Most homes (35%) are listed between $365,000 and $486,000 and 28% are listed between $243,000 and $365,000. 37.8% of residents is owning a home in Bayonne. There are almost no townhouses in Bayonne and you can choose between small apartment buildings and apartment complexes (2 or 3-bedroom apartments).
What to know before buying your first home in Bayonne?
Having a simple guide to follow when buying your first home will help you choose the best home for you. Besides finding the best option for your relocation you should research real estate agents from this area.
- Determine if you are ready for buying your first home in Bayonne because it is not only a financial step, but also it is a big responsibility.
- Get a loan from the bank and make an idea of how much you can afford. A mortgage broker will help you find you the best rates.
- Calculate all the costs because there are not just the costs of buying a house. There are also costs of moving to NJ, furnishing a home, paying bills, different taxes, etc.
- Find the best payment options and choose between adjustable-rate and fixed-rate mortgages.
- Be realistic about what homes you can afford and set your priorities. Don’t visit homes that are above your price range. A good real estate agent will find you homes that fit you.
- Visit a home you want to buy a couple of times. During the morning and night also and be ready to make some compromises.
- Request a home inspection before you buy a home because there may be some hidden problems such as mold, termites, old electrical installations, foundation problems, roof problems, etc.
Buying your first home in Bayonne takes a lot of time and money and that’s why you need to be fully prepared for this step. Good luck with moving to Bayonne and starting a new life there, in a new home.