Susan Heckman - NJ Realtor

What Credit Score Do You Really Need To Buy a House?

When you're thinking about buying a home, your credit score is one of the biggest pieces of the puzzle. Think of it like your financial report card that lenders look at when trying to figure out if you qualify, and which home loan will work best for you. As the Mortgage Report says:

"Good credit scores communicate to lenders that you have a track record for properly managing your debts. For this reason, the higher your score, the better your chances of qualifying for a mortgage."

The trouble is most buyers overestimate the minimum credit score they need to buy a home. According to a report from Fannie Mae, only 32% of consumers have a good idea of what lenders require. That means nearly 2 out of every 3 people don’t.

So, here’s a general ballpark to give you a rough idea. Experian says:

“The minimum credit score needed to buy a house can range from 500 to 700, but will ultimately depend on the...

What Credit Score Do You Really Need To Buy a House? When you're thinking about buying a home, your credit score is one of the biggest pieces of the puzzle.

Let me rephrase that…
It’s Monday again! 😎

3 Reasons To Move in Today’s Shifting Market

The housing market is in a transition. And that gives you 3 key opportunities going into the fall. There are more homes actively for sale. Builders are motivated to sell, so a newly built home may be more achievable than you think. And mortgage rates have come down from their recent peak. If you’re ready and able to buy, you may find the housing market this fall a bit easier to navigate. Let’s connect to get started.

3 Reasons To Move in Today’s Shifting Market The housing market is in a transition. And that gives you 3 key opportunities going into the fall.

OPEN HOUSE 🏡 SATURDAY 12-4

Just Listed! 🎉
43 Londonberry Drive
Holmdel, NJ

Welcome to Cedar Village! Here’s your chance to own a perfectly-maintained Bordeaux model in this highly-desirable 55+ community.

This 2 bedroom, 2 bath, ranch-style retreat offers a spacious and bright living/dining room combination with gleaming hardwood floors. Kitchen with breakfast bar provides plenty of cabinets, and flows easily to the family room, bonus den/office, and out to the private patio, ideal for tranquil mornings. The primary suite boasts two walk-in closets plus full bath. There’s an attached oversized 2-car garage and pull-down stairs for attic storage.

This vibrant community offers a clubhouse with gym, activities, pool, bocce, and tennis! Plus, it’s conveniently located close to shops and services. Come on in, and enjoy this exciting new chapter of your life!

Offered for $729,000

Visit 43Londonberry.com (link in bio) for additional photos and details.

Interested? Stop by or call me at 732-687-9980 and schedule your private tour. I’d love to show you around.

Just Listed! 🎉
43 Londonberry Dr
Holmdel, NJ

OPEN HOUSE 🏡 SATURDAY 12-4

Welcome to Cedar Village! Here’s your chance to own a perfectly-maintained Bordeaux model in this highly-desirable 55+ community.

This 2 bedroom, 2 bath, ranch-style retreat offers a spacious and bright living/dining room combination with gleaming hardwood floors. Kitchen with breakfast bar provides plenty of cabinets, and flows easily to the family room, bonus den/office, and out to the private patio, ideal for tranquil mornings. The primary suite boasts two walk-in closets plus full bath. There’s an attached oversized 2-car garage and pull-down stairs for attic storage.

This vibrant community offers a clubhouse with gym, activities, pool, bocce, and tennis! Plus, it’s conveniently located close to shops and services. Come on in, and enjoy this exciting new chapter of your life!

Offered for $729,000

Visit 43Londonberry.com for additional photos and details.

Interested? Call me at 732-687-9980 and schedule your private tour. I’d love to show you around.

The Great Wealth Transfer: A New Era of Opportunity

In recent years, there’s been a significant shift in how wealth is distributed among generations. It’s called the Great Wealth Transfer.

Basically, as more Baby Boomers retire, sell businesses, or downsize their homes, more substantial assets are being passed down to younger generations. And this creates a powerful ripple effect that’ll continue over the next few decades.

Impact on the Housing Market

One of the most immediate effects of this wealth transfer is on the housing market. Home affordability has been a concern for many aspiring buyers, especially in high-demand areas. The increase in generational wealth is expected to ease some of these challenges by providing future homeowners with greater financial resources. As assets are passed down through generations, buyers may find themselves in a better position to afford homes.

Impact on the Economy

But the Great Wealth Transfer doesn’t just...

The Great Wealth Transfer: A New Era of Opportunity In recent years, there’s been a significant shift in how wealth is distributed among generations.

I have been to every boardwalk in New Jersey except Ventnor!
How about you and with us your favorite?

Find Your Perfect Boardwalk Match You can now save favorite things to do and places to visit, build your own trip itineraries and have everything you love about the Garden State — all in one place — with a MY VISITNJ page.

Missing you, Amy. 🖤

Is Affordability Starting To Improve?

Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Here’s a look at the latest data on the three biggest factors affecting home affordability.

1. Mortgage Rates

Mortgage rates have been volatile this year, bouncing around from the mid 6% to low 7% range. But there's some good news. Data from Freddie Mac shows rates have been trending down overall since May. When rates decline, it's easier to afford the home you want because your monthly payment will be lower. Just don’t expect them to go back down to 3%.

2. Home Prices

The second big thing to think about is home prices. Nationally, they’re still going up this year, but not as fast as they did a couple of years ago. As Odeta Kushi, Deputy Chief Economist at First American, says, “While...

Is Affordability Starting To Improve? Over the past couple of years, a lot of people have had a hard time buying a home.

Whew! 19 total offers on this 3 bedroom ranch with in-ground pool and cul-de-sac location!

I’m so thankful for my seller clients. They really hustled to make this home show room ready and it will payoff big. On to the closing!!

Wondering what the selling process looks like these days, especially given the new NAR rules? DM me or give me a call at 732-687-9980 and let’s talk about it!

Make it happen!

What Every Homeowner Should Know About Their Equity

Curious about selling your home? Understanding how much equity you have is the first step to unlocking what you can afford when you move. And since home prices rose so much over the past few years, most people have much more equity than they may realize.

Here’s a deeper look at what you need to know if you’re ready to cash in on your investment and put your equity toward your next home.

Home Equity: What Is It and How Much Do You Have?

Home equity is the difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is worth $400,000 and you only owe $200,000 on your mortgage, your equity would be $200,000.

Recent data from the Census and ATTOM shows Americans have significant equity right now. In fact, more than two out of three homeowners have either completely paid off their mortgages.

Today, more homeowners are getting a larger...

What Every Homeowner Should Know About Their Equity Curious about selling your home?

OPEN HOUSE 🏡 SUNDAY 12-3

Just Listed! 🎉
1421 West Park Avenue
Tinton Falls, NJ

This sprawling ranch has room to spare, spanning 2000 square feet and that’s before we even get to the updated finished basement!

Boasting all new HVAC in 2023. Eat-in kitchen with granite countertops and open layout leads out to the deck. Picture yourself enjoying a cool drink 🍹 while watching over your massive fenced-in backyard, complete with in-ground pool and a 2-car garage that’s big enough for all your gear.

Each of the three bedrooms is comfortably sized, with hardwood floors and plenty of closet space.

And don’t forget about that basement; it’s recently finished and ready to adapt to whatever you need.

Set far back on a deep .68 acre lot, this home enjoys a convenient location close to schools, shops, beaches, and Liberty Park across the street. It’s the perfect balance!

Offered for $679,000

Visit 1421WestPark.com (link in bio) for additional photos and details.

Interested? Stop by or call me at 732-687-9980 and schedule your private tour. I’d love to show you around.

Wow! Median sales prices in New Jersey continue to astound us!

“According to the June Housing Market Data Report from NJ Realtors®, the median sales price across the entire market is $485,000, an 11.5% increase year-to-date.”

Mortgage Rates Down a Full Percent from Recent High

Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. Well, if the past few weeks are any indication, you may be getting your wish.

After the latest reports on the economy, inflation, the unemployment rate, and the Federal Reserve’s recent comments, mortgage rates started dropping a bit. And according to Freddie Mac, they’re now at a level we haven’t seen since February.

Maybe you’re seeing this and wondering if you should ride the wave and see how low they’ll go. If that’s the case, here’s some important perspective. Remember, the record-low rates from the pandemic are a thing of the past. And if you wait for mortgage rates to drop further, you might find yourself dealing with more competition as...

Mortgage Rates Down a Full Percent from Recent High Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability.

Just Listed! 🎉
1421 West Park Avenue
Tinton Falls, NJ

OPEN HOUSE 🏡 SUNDAY 12-3

This sprawling ranch has room to spare, spanning 2000 square feet and that’s before we even get to the updated finished basement!

Boasting all new HVAC in 2023. Eat-in kitchen with granite countertops and open layout leads out to the deck. Picture yourself enjoying a cool drink 🍹 while watching over your massive fenced-in backyard, complete with in-ground pool and a 2-car garage that’s big enough for all your gear.

Each of the three bedrooms is comfortably sized, with hardwood floors and plenty of closet space.

And don’t forget about that basement; it’s recently finished and ready to adapt to whatever you need.

Set far back on a deep .68 acre lot, this home enjoys a convenient location close to schools, shops, beaches, and Liberty Park across the street. It’s the perfect balance!

Offered for $679,000

Visit 1421WestPark.com for additional photos and details.

Interested? Call me at 732-687-9980 a day schedule your private tour. I’d love to show you around.

Helpful Negotiation Tactics for Today’s Housing Market

If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.

Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.

What Can You Negotiate?

Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree:

• Sale Price
• Home Repairs
• Fixtures
• Closing Costs
• Home Warranties
• Closing Date

One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is...

Helpful Negotiation Tactics for Today’s Housing Market If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market.

3 Reasons Why We’re Not Headed for a Housing Crash

Back in 2008, there was an oversupply of homes for sale. Today, there’s an undersupply. The three main sources of inventory show this isn’t like the last time. Existing homes, new homes, and foreclosures are all way below the levels we saw during the housing crash. Inventory data shows there just aren’t enough homes available to have a repeat of what happened back in 2008.

3 Reasons Why We’re Not Headed for a Housing Crash Back in 2008, there was an oversupply of homes for sale.

Last chance to score this terrific deal! All offers are due Monday, August 5, at noon.

Visit 1174Marlane.com to learn more about this 3 bedroom ranch with IG pool and full basement.

Offered for $429,000

Why the Sandwich Generation Is Buying Multi-Generational Homes

Are you a part of the Sandwich Generation? According to Realtor.com, that’s a name for the roughly one in six Americans who take care of their children and their parents or grandparents at the same time.

If that sounds familiar to you, juggling all the responsibilities involved certainly must have its challenges. But it turns out there’s one pretty significant benefit: it can actually make it a bit easier for you to buy a home.

How Can It Help You Buy a Home?

Here are a few ways their caretaking situation might be helping those 33% buy a home:

• Sharing Expenses

• Built-In Childcare

Beyond just the financial reasons, buying a multi-generational home has other advantages. The Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) highlights some of the most popular, including:

• Easier To Care for Aging Parents

• Spending More Time Together

How a Real...

Why the Sandwich Generation Is Buying Multi-Generational Homes Are you a part of the Sandwich Generation?

Hope everyone takes a pause to enjoy these last few weeks of summer ☀️ before pumpkin spice takes over!

That reminds me, must 👏 buy 👏 more 👏 houseplants! 🪴

How the Economy Impacts Mortgage Rates

As someone who’s thinking about buying or selling a home, you’re probably paying close attention to mortgage rates – and wondering what's ahead.

One thing that can affect mortgage rates is the Federal Funds Rate, which influences how much it costs banks to borrow money from each other. While the Federal Reserve (the Fed) doesn’t directly control mortgage rates, they do control the Federal Funds Rate.

The relationship between the two is why people have been watching closely to see when the Fed might lower the Federal Funds Rate. Whenever they do, that’ll put downward pressure on mortgage rates. The Fed meets next week, and three of the most important metrics they’ll look at as they make their decision are:

1. The Rate of Inflation
2. How Many Jobs the Economy Is Adding
3. The Unemployment Rate

What Does This Mean Moving Forward?

While mortgage rates are going to continue to be volatile in the days and months...

How the Economy Impacts Mortgage Rates As someone who’s thinking about buying or selling a home, you’re probably paying close attention to mortgage rates – and wondering what's ahead.

Should you offer a buyer side commission or not??
Most NJ homeowners have heard about the new rules governing the real estate transaction that go into effect August 1. As we transition to a new way of doing business, questions come up on best options for sellers.
I'd love to discuss what makes the most sense for you personally, but I'm also happy to share this very informative video from my mortgage specialist, Robert Kinney of Gateway Mortgage.
Great stuff!

Seller video - Paying the Buyers Agents Commission Whether you are a listing agent or a seller, this is a great video to watch about options for paying the buyers agents commission after the recent NAR settle...

A Newly Built Home May Actually Be More Budget-Friendly

If you’re in the market to buy a home, there’s some exciting news for you.

Here are two key reasons working with your agent to look into new home construction could help you find a more budget-friendly option.

Reason 1: Lower Median Prices for Newly Built Homes

The median sales price for newly built homes is lower than the median sales price for existing homes today. This might seem surprising, but it’s true according to the latest data from the Census and the National Association of Realtors (NAR).

Why is that? Builders are focused on building what they can sell. And right now, there’s a very real need for smaller and more affordable homes – so that’s what they’ve been bringing to the market.

Reason 2: Attractive Incentives from Home Builders

Another big reason to consider a newly built home is the range of incentives that many home builders are offering. Again, since builders are aiming...

A Newly Built Home May Actually Be More Budget-Friendly If you’re in the market to buy a home, there’s some exciting news for you.

Here is a ranch with heart and soul. Well-maintained over the years, this home features 3 good-sized bedrooms, 2 full baths, and a versatile floor plan that can effortlessly adapt to your lifestyle.

Original hardwood floors are preserved under carpeting. The full, dry, partially finished basement will solve all your needs for extra space and storage. Skylights, a bonus den, plus an enclosed sunroom leading to the deck with awning, complete the floor plan.

Located on a large property at the end of a cul-de-sac, the home boasts an attached garage plus breezy carport that could double as a shady entertainment space.

And the cherry on top? A fenced backyard with an updated and inviting in-ground pool boasting new liner, pump, and filter waiting for you to enjoy!

Offered for $429,000

Interested? Tap the link in my profile or 732-687-9980 for your private tour. I’d love to show you around.

Unlocking Homebuyer Opportunities in 2024

There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were:

• They couldn’t find anything in their price range
• They didn’t have any successful offers or had difficulty competing
• They couldn’t find the right home

If any of these sound like why you stopped looking, here’s what you need to know. The housing market is in a transition in the second half of 2024. Here are four reasons why this may be your chance to jump back in.

1. The Supply of Homes for Sale Is Growing

2. There’s More New Home Construction

3. Less Buyer Competition

4. Home Prices Are Moderating

The Opportunity in...

Unlocking Homebuyer Opportunities in 2024 There’s no arguing this past year has been difficult for homebuyers.