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The Advantages of Getting a Mortgage Pre-Approval vs Pre-Qualification

If you are planning to purchase a home soon, your first step should be to get Pre-Approved for your mortgage financing. 

A Pre-Approval, as opposed to a Pre-Qualification, means that the loan application has already been taken and that you are approved as a buyer up to a certain price range, so your loan will be subject only to the property meeting the lender's approval guidelines.  

This is more important than ever in our current housing marketplace because of the low inventory of available homes for sale and the likelihood of sellers receiving multiple offers on their homes.

Here's why Pre-Approved buyers have the advantage over those who are not Pre-Approved:

Monmouth County Housing Market Update -- January 2016

Steady growth in the Monmouth County housing market is what we should expect in 2016.  Here are some of the fast facts from the latest real estate market statistics report for January 2016, provided by New Jersey REALTORS®.  We have separate statistics for Single Family Detached Homes, Condos & Townhomes, and homes in Adult Communities.  

  ►  Key Metrics for Single Family Detached Homes in Monmouth County - January 2016 compared to January 2015:

  • Closed sales were up 47.1%, from 244 in January of 2015 to 359 in January 2016.
  • The median sales price remained about the same at $370,000, as did the days on market until sale at 91 days.
  • 804 new listings entered the market last month, up slightly from January of 2015.
  • The inventory of available homes for sale was down 14.7%, to 2,883 homes, which represents a 5.9 months' supply.

How to Spot Possible Home Improvement Scams

We've seen several examples in social media and on television lately of unscrupulous remodeling contractors who are scamming consumers, especially the elderly.

If you are planning to do a major remodeling project or significant repair on your home, it is always best to get a recommendation from a trusted source.  If you don't have a trusted source to ask, then you can always ask a real estate agent.  We know lots of reputable people and companies that provide great services of all kinds to homeowners in our area.

How can you spot a possible scammer?  Here are some of the ways: