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NJ real estate: Why are first-time homebuyers at a disadvantage?

NJ real estate: Why are first-time homebuyers at a disadvantage?
njherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from njherald.com Daily Mail and Mail on Sunday newspapers.

Monmouth, Ocean homebuyers send seller love letters ; is it legal?

Asbury Park Press Above: See what local entrepreneurs are doing to preserve the old officers homes at Sandy Hook s Fort Hancock. Homebuyers have been inundating sellers with emotional letters, explaining what the house would mean to them and giving them a foot in the door, even if they don t have the highest offer. But now Jersey Shore Realtors are taking a closer look at the practice, worried that letters will convince owners to sell homes to people like them  and run afoul of fair housing laws. The fear is that people are going to make decisions based on issues that they re not supposed to know about, like familial status and religion, said Wendy Smith, president of the Monmouth Ocean Regional Realtors, a trade group. So when (buyers) put these beautiful letters together  and believe me, I ve seen many, many of them   I think it just puts the sellers in a predicament that they probably shouldn t be in.

NJ real estate: COVID pandemic lifting means more homes on the market

NorthJersey.com As empty-nesters, Dan and Susan Russo had contemplated selling their 1920s Tudor-style home in Ho-Ho-Kus for more than a year. Seeing the spike in demand for homes this spring, the Russos decided to list their three-bedroom home on the market this month at $999,000. With low inventory, I thought it was a good time, said Dan Russo, 56, who works as an attorney.  Inventories are at all-time lows, but the situation may be changing. Because of the pandemic, more people were seeking to move to the suburbs for larger space working from home, and that created a demand for homes in North Jersey. It slowed home sales significantly.

NJ real estate market? Buyers enjoying cash offers, bidding wars

NJ real estate market? Buyers enjoying cash offers, bidding wars
northjersey.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from northjersey.com Daily Mail and Mail on Sunday newspapers.

NJ real estate market? Buyers enjoying cash offers, bidding wars

NorthJersey.com With two children and a third on the way, Heather and Patrick Healy decided their 1,900-square-foot home in New Providence was just too small. Knowing the real estate market was hot early this year, the couple figured looking in the million-dollar range would give them a cushion. But the market was just too tough. They lost out in bidding wars for homes in Chatham and Basking Ridge before snaring a Basking Ridge 4,300-square-foot colonial revival built in the 1980s. The purchase price: $1,082,000.        There s no room for negotiations, said Heather Healy, 34. You have to be willing to pull the trigger right away.

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