Essential Stats for Houses for Sale in North Cape May NJ

by Aug 10, 2016

Essential Stats for Houses for Sale in North Cape May NJ

The Internet is filled with stats that the average browser really doesn’t care about. If you are like most others, your eyes probably scan through articles and conveniently bypass numerical stats that you have no reason to learn. However when you are looking at houses for sale in North Cape May NJ, becoming familiar with some of the essential house-hunting stats can be very helpful and important.

  1. The average home spends roughly five weeks on the market. So, if you see a North Cape May NJ home listed a week ago, but at a high price, there is a good chance it will be reduced, unless it sells first. However, if you see a North Cape May NJ home that is priced low, but has been active for eight weeks then it is likely that there is something wrong with it or it was overpriced to begin with.
  1. There are approximately two million people in the United States with their real estate license, so finding an agent you are really comfortable with won’t be a problem. Don’t settle.
  1. Your debt can’t be more than 43 percent of your total income. The new mortgage rules in the “Qualified Loan” state that a borrower’s debt can’t exceed this percentage.
  1. Nearly five million homes were sold in 2014. So, although some areas are experiencing a seller’s market, there are still homes to be found. Adding to this number was 437,000 newly constructed homes, as well.
  1. Don’t plan on moving out of your newly purchased North Cape May NJ home for five years. You could lose a significant amount of money if you decided to sell your home much sooner than that.
  1. The Internet is so helpful with home purchase information that 90 percent of all buyers initially begin the process online. You can search for properties, compare schools, figure out commute times, and learn about local crime rate in an area. This is especially important for those looking at houses for sale in North Cape May NJ.
  1. Approximately 38 percent of all house hunters are first time buyers. The average age of a first time buyer is 31 and their median household income was $64,000.
  1. Although 20 percent is the ideal amount for a down payment the average amount financed is around 90 percent.
  1. Of the 9 percent of sale-by-owner properties, 18 percent of the seller’s found understanding the paperwork to be the biggest challenge while 13 percent stated getting the right price was the hardest part of the sale.

Whether you’re a first time or repeat buyer, learning some of the important stats about the houses for sale in North Cape May NJ can help with the home buying process. The Internet has answers to an array of questions that may arise, such as choosing an agent, exploring the market, and learning about your debt-to-income ratio. Be sure you approach the process with the correct mindset and do as much research as you can prior settling on the house that you want. This will be an investment that will stay with you for a while.

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