You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
Inheriting a home is one of those life moments that often brings mixed emotions. There’s usually a personal story behind the property – alongside a host of decisions, paperwork, and questions that can feel overwhelming.
Whether you’ve just inherited a house or expect to in the future, here’s a straightforward guide to help you understand your options and next steps.
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Let’s talk about something you might not check nearly as often as your bank account – and that’s how much your home is worth. But when it comes to your financial situation, it’s an important thing to remember. When’s the last time you had a professional show you the value of your home?
Think about it. For most people, your house is probably the biggest asset you have. And if you’ve owned your home for a few years (or longer), chances are it’s been quietly building wealth for you in the background. And honestly? You might be surprised by just how much.
This wealth you may not even realize you have comes in the form of home equity. Home equity is the difference between what your house is worth and what you still owe on your mortgage. It grows over time as home values rise and as you pay down your mortgage each month. Here’s an example to help you really understand how this works.
Let’s say your house is now worth $500,000, and you have $200,000 left to pay off on your loan. That means you have $300,000 in equity. And most homeowners are sitting on some pretty significant equity right now.
According to Cotality (formerly CoreLogi
Here are the two main reasons homeowners like you have record amounts of equity right now:
1. Significant Home Price Growth.According to the Federal Housing Finance Agency (FHFA), home prices have jumped by more than 57% nationwide over the last five years (see map below):
And if you purchased your home a few years ago (or more), this means your house is likely worth much more now than when you first bought it, thanks to how much prices have climbed lately.
2. People Are Living in Their Homes Longer. Data from the National Association of Realtors (NAR), shows the average homeowner stays in their home for about 10 years now (see graph below):
That’s longer than it used to be. And over that decade? You’ve built equity just by making your mortgage payments and riding the wave of rising home values.
So, if you’re one of those people who’s been in their home for that long, here’s how much the behind-the-scenes price growth has helped you out. According to NAR:
“Over the past decade, the typical homeowner has accumulated $201,600 in wealth solely from price appreciation.”
Remember, your house might be your biggest financial asset – and, if you’re smart about how you leverage your equity, it could open up some exciting opportunities for your future.
Chances are, your house is worth a lot more than you realize. Whether you’re thinking about selling, upgrading, or simply want to understand your options, your equity isn’t just a number. It’s a tool.
If you sold your house and had significant equity to work with, what would you do with it? Let’s figure out how to turn your home’s value into your next big move.
Summer is one of the hottest seasons – literally and figuratively – for real estate. If you’re jumping into the market, whether to buy your first home or make a move-up purchase, you’re likely to come across a lot of industry lingo. One term that tends to confuse even savvy buyers? Escrow.
So, what is escrow, and why does it matter to you as a buyer or seller? Let’s break it down.
What Is Escrow, Exactly?
In real estate, escrow refers to a neutral third-party account that holds money and documents while a home sale is in progress. Think of it as a safety net that protects both the buyer and seller during the transaction.
Once a purchase offer is accepted, the buyer usually deposits "earnest money" (a small percentage of the home’s price) into escrow to show they’re serious. That money stays there until all the conditions of the sale are met.
Why Escrow Exists
Escrow ensures that:
It’s about trust, but with a backup system.
What Happens During the Escrow Period
Typically lasting 30 to 60 days, this period is where all the “in-between” stuff happens. Here’s what usually gets handled:
Once everything is in place, the escrow company releases the funds and officially transfers ownership.
Escrow After Closing? Yep, That’s a Thing TooYou might hear about an "escrow account" after the sale – this is especially common with mortgages. It’s where your lender holds money for property taxes and homeowners insurance, collecting a little each month with your mortgage payment so those big bills are covered automatically.
Quick Q&A: Common Escrow Questions
Q: What happens if the deal falls through?
A: If the buyer backs out for a reason allowed in the contract (like a failed inspection), they usually get their earnest money back. If not, the seller may keep it.
Q: Who chooses the escrow company?
A: It’s often negotiated between buyer and seller. In some areas, it’s common for the listing agent to recommend one.
Q: When will I know the amount of funds needed to close escrow?
A: Once your loan documents are received and your escrow instructions are prepared, the title company will notify your real estate agent and/or you of the exact amount required to close escrow.
Escrow may sound complex, but it’s really about making the transaction fair and secure. If you're planning to buy or sell, knowing how escrow works will help you move through the process with more confidence – and fewer surprises.
Have questions about how escrow works in our market or what to expect? I’m here to help every step of the way.
If you would like to learn more about the Escrow process when buying or selling a home please reach out! Feel free to call or text me anytime (609) 350-0096
Looking for the right home can be a daunting process for first time buyers and seasoned vets alike. From the style of the house to the type of appliances, there are countless factors that can go into such a big purchase. The following short checklist outlines the most important things you should think about when you're on the hunt for a new home.
1. Define your budget:
It's never fun to fall in love with a house that you can't afford. Avoid the heartbreak by taking the time to analyze your financial situation before you begin the search. Start by reviewing your credit score, monitoring your debt and choosing an appropriate down payment. Meeting with a financial professional can help you get an accurate picture of your financial situation and the loans you are eligible for.
Looking at your debt-to-income ratio is one of the ways that creditors establish how qualified you are for a mortgage loan. Your debt-to-income ratio is determined by taking your monthly debt (think current mortgage payments, student loans, car loans, etc.) and divide them by your gross monthly income. Ideally, you want to keep that ratio at 43% or lower. According to the Federal Consumer Finance Protection Bureau, "studies of mortgage loans suggest that borrowers with a higher debt-to-income ratio are more likely to run into trouble making monthly payments. The 43 percent debt-to-income ratio is important because, in most cases, that is the highest ratio a borrower can have and still get a Qualified Mortgage."
Don't skip the down-payment analysis! A huge factor in getting the best mortgage rate relies on how much cash you are able to put down initially. The rule of thumb has been to put 20% down as a minimum. Anything below the 20% rule will usually require mortgage insurance and end up costing you more on the loan long term. Determining the right path for you will require you to analyze your own situation—your budget, timeframe and any other factors involved in figuring out your financial capacity to save and put money away for your new home.
2. Your Must-Have List:
Always search for homes that meet your "must-have" list. A must-have list encourages you to write out exactly what you need in a new home and will significantly aid in narrowing down the scope of your search, especially when searching with another person. This list will also foster communication on critical aspects of your new home that might not have been discussed previously, and help you identify requirements that may be in conflict with each other.
Focus your list on the high-level, pricey aspects of a home. Minor changes such as painting and smaller renovation projects can be worked on down the road, but changes that add up in time and money should be avoided (think kitchen remodels or adding another bathroom). Narrowing down your search to homes that don't require major changes will help ensure you choose a home that is within your budget.
If you are struggling on where to start, think about what type of home you want to live in–Single Family or Townhome/Condo? How many bathrooms and bedrooms do you need? Do you want a fireplace or pool? What's the minimum lot size you would be comfortable with and do you require a garage? What about air conditioning?
Keep your list short and sweet–try to keep your must-haves on the shorter side by focusing on major requirements and ranking them by importance. Prioritizing your list will help when it comes to decision-making time, as selecting a home will often require some flexibility. Your list will provide you with an easy way to determine which aspects you can compromise on and which are red flags telling you to move on.
Compromise can be hard, but don't let small things completely take a home off of your short list. Remember, minor changes such as painting and smaller renovation projects can be worked on down the road, however, if there are a lot of these things the costs of those projects can add up. Focus on the minor modifications that you feel comfortable changing.
3. Location, Location, Location!
While the importance of location is often a no-brainer, the location of your potential new home serves multiple purposes. Location will impact your daily life and happiness as well as your home's value down the road.
When looking at location in terms of resell value, you want to look at a multitude of things: school districts, crime stats, and the neighborhood & community. A little research can answer most of these questions, and you can use Find a South Jersey Home as a tool to give you details on all these factors and more! Besides looking at the current stats and trends, take this information and think about what the value of the area might be in 5 or 10 years when you potentially could resell your home.
Along with the resale value, analyze the location of a home from the perspective of your wellbeing and happiness. Things such as your daily commute, surrounding noise, and community will greatly shape your experience in the home.
Along with this checklist, seeking guidance from a professional is always a good idea! A realtor like me can offer a wide array of skills and expertise, from the showing of a home to the endless paperwork. You can count on me to guide you through the process and assist in your home buying decisions.
Finding the right home might not necessarily mean finding the "perfect" home, but rather, finding the right home for you to make your own. Hopefully this checklist provides you with a guide to start your journey towards the right home. When you're ready to start looking, don't hesitate to give me a call!
Kristina
Call/Text 609-350-0096
Living in the Garden State definitely has some advantages... one being growing your own food, especially during the summer months!
Here is something fun and practical you can do at home to flavor your food for free!
Create an herb garden and spice up your cooking for family and friends! This would be a great project for anyone, especially young children who would love to see that very first sprout after they helped you get your hands dirty!
Any of these herbs can be planted in decorative planters individually or in a long box planter. Be sure your herbs get plenty of sunshine and water every few days. For delicate herbs, a light mist of water should be sufficient to keep them hydrated until they are stronger plants.
Some of the more popular and easy to grow herbs are listed below along with information about each.
Basil: An annual plant, these will need to be replanted each year.
Chives: This perennial is easy to grow from seed.
Dill: The seeds as well as leaves are used for flavoring food.
Lavender: This hardy perennial has grayish foliage and fragrant lavender flowers.
Mint: A hardy perennial, mint is probably the easiest herb to grow in almost any climate.
Sage: This herb is another hardy perennial with beautiful foliage and blue flowers.
Thyme: Leaves are cut for drying before purple blossoms open (otherwise the flavor is changed.)
Good luck and happy gardening! ;)
Navigating the housing market can be tricky, especially these days. That’s why having an experienced guide when buying or selling a home is so important. The market isn’t exactly straightforward right now, and working with a real estate expert can offer insights and advice that make all the difference.
While today’s market conditions might seem confusing or overwhelming, you don’t have to handle them alone. With a trusted expert leading you through every step, you can navigate the process with the clarity and confidence you deserve.
Here are just a few of the ways a real estate expert is invaluable:
Contracts – Agents help with the disclosures and contracts necessary in today’s heavily regulated environment.
Experience – In today’s market, experience is crucial. Real estate professionals know the entire sales process, including how it’s changing right now.
Negotiations – Your real estate advisor acts as a buffer in negotiations with all parties, and advocates for your best interests throughout the entire transaction.
Industry Expertise – Knowledge is power in today’s market, and your advisor will simply and effectively explain processes, market conditions, and key terms, translating what they mean for you along the way along the way.
Pricing – A real estate professional understands current real estate values when setting the price of your home or helping you make an offer to purchase one. Pricing matters more than ever right now, so having expert advice will help ensure you’re set up for success.
A real estate agent is a crucial guide through this challenging market, but not all agents are created equal. A true expert can carefully walk you through the whole real estate process, look out for your unique needs, and advise you on the best ways to achieve success.
Finding an expert real estate advisor – not just any agent – should be your top priority if you want to buy or sell a home. As Bankrate says:
“Real estate is very localized, and you want someone who’s extremely knowledgeable about the market in your specific area. You should also look for someone with a successful track record of negotiating and closing deals, preferably for homes similar to the kind you want to buy.”
What’s the Key To Choosing the Right Expert?
Like any relationship, it starts with trust. You’ll want to know you can depend on that person to always put you and your best interests first. That means hiring a true professional. As Business Insider explains:
“As long as you’ve properly vetted the agents you’re considering and ensured they have the necessary expertise, it’s ok to go with your gut when making your final decision on which real estate agent you want to work with. You’re going to be working closely with this person, so it’s important to choose an agent you’re comfortable with.”
Bottom Line
It’s critical to have an expert on your side who’s well-versed in navigating today’s housing market dynamics. If you’re planning to buy or sell a home this year, connect with a real estate professional who will give you the best advice and guide you along the way.
Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!
You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.
We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.
