Buying a Home in Asbury Park

Are you considering moving to the picturesque seaside city of Asbury Park? Whether you need to relocate due to a new job or any other reason, you may be thinking about buying a house in Asbury Park. Buying a home can be stressful and even complicated as there are many parameters to consider, from choosing the right financing to finding the right neighborhoods. Fortunately, this guide can help. Read on to find out everything you need to know about buying a home in Asbury Park to have as seamless an experience as possible.

Asbury Park is a small and quaint city along the New Jersey coast. It is most famous for its picturesque beaches, lavish shops, and cafes along the boardwalk. In addition, with excellent schools in the area, home values are increasing. Continue reading to learn more about the beaches, schools, and home values.

Asbury Park is well known for having beautiful beaches. Asbury Park was even the only city in New Jersey to get the much-acclaimed spot of being one of the best beaches in the country. You can find sparkling white sand and refreshingly calm blue-green waters along the fabulous beaches. In addition, there is a vibrant and historical boardwalk filled with the most eclectic array of shops, cafes, and restaurants. Families with kids will love the splash pad. History buffs or gamers might appreciate the more than 600 pinball machine balls at The Silverball Museum. With beauty and history in every corner, you will thoroughly enjoy the fabulous beaches in Asbury Park.

Homes in Asbury Park have been steadily rising. Over the past 20 years, homes have appreciated by nearly 190%, growing almost 5% annually. Based on the prior appreciation rate, you can expect homes in Asbury Park to continue rising in value. Consider visiting the local city hall to find out what constructions are planned for the area. Generally, new constructions such as schools and shopping centers can raise property value. Conversely, properties near unsightly constructions, such as landfills, can cause values to decrease.

There are many distinctive neighborhoods in Asbury Park, each with its vibe and culture. Continue reading to learn about three of the highest appreciating neighborhoods in this small city.

Wesley Grove is a neighborhood located adjacent to the ocean. It mainly consists of high-rise apartment buildings, many of which were built sometime in the mid-twentieth century, though there are newer constructions as well. The median price for homes in Wesley Grove is $685,423, making it one of the most expensive neighborhoods in the state. In addition, many of the homes in Wesley Grove are occupied by renters, which means that it would be an excellent option for investors.

Wanamassa is a beautiful neighborhood consisting of many spacious single-family homes and some high-rise apartments. Many of these homes are occupied by owners, and the median home price is $573,452. In addition, the houses are just a short drive away from the picturesque beaches.

Asbury Heights is also a beautiful neighborhood located just a few miles from the beaches. It is a suburban neighborhood with spacious single-family homes, making them perfect for families. The median price for homes in Asbury Heights is $584,476, occupied by both owners and renters.

When considering buying a house in Asbury Park, you can be better prepared by knowing the potential costs you can expect as a homeowner.

The median price for all types of homes in Asbury Park is $489,999. It is important to note that prices have risen lately. The rising prices indicate that buying a house in Asbury Park would potentially be an excellent long-term real estate investment.

In New Jersey, the average closing cost is approximately 1.39% of the home's total purchase price. For example, the closing costs for a $333,522 home would be $3,278.

The property tax rate in New Jersey is 2.26%, one of the country's highest rates. For homeowners in Asbury Park, they can expect to pay $10,650 in property taxes for a $500,000 home.

If you are considering purchasing a new home or an investment property in Asbury Park, there are many financing options depending on your life situation.

Typically, many buyers apply for a conventional loan issued by banks and mortgage lenders. It is important to note that you will need a credit score of at least 620 and a low debt-to-income ratio to qualify for one. You will also need to put down at least a 20% down payment, otherwise, you will have to purchase Private Mortgage Insurance. If the property you wish to purchase exceeds a certain amount, you will have to apply for a jumbo loan.

For buyers with less-than-perfect credit, an FHA loan is a great option. Because the Federal Housing Administration backs an FHA loan, it can offer loans with lower down payment and credit score requirements. Those who have had adverse financial situations may still be able to apply for an FHA loan. In addition, FHA loans can only be used for a primary residence, not investment property.

Veterans, active-duty service members, and their spouses can apply for a VA loan. VA loans have no down payment requirement, low interest rates, and low closing costs when purchasing a primary residence.

When starting the home-buying process, consider the following tips that can help you maximize your budget.

If you need to finance a property, then you should know that not all mortgage rates are the same. Doing your due diligence and shopping for the best rate can be helpful. You can even apply to a few mortgage lenders to see what they would offer you. After comparing the loan terms and interest rates, you can choose one ideal for your financial situation.

Many mortgage loans require a 20% down payment. However, you can elect to put down more than that amount. By paying a more significant down payment, you can pay less interest and reduce the time spent paying for the home. You can maximize your budget and get the most out of your Asbury Park real estate investment.

When purchasing a property in Asbury Park, ask your real estate agent if they offer a commission rebate. A commission rebate is a percentage of the agent’s commission costs that will be refunded to you. Agents often provide a commission rebate as an incentive for buyers. In addition, commission rebates are negotiable so that you can decide on the percentage with your real estate agent.

Want to know more about buying a home in Asbury Park? Then schedule a consultation with award-winning real estate agent Theresa Lee. She can provide expert guidance on everything from extensive localized neighborhood insights to up-to-date market trends. For detailed information on Asbury Park real estate market prices, trends & forecast 2023, be sure to review our latest insights. Additionally, if you’re preparing your home for sale, check out our 9 DIY home staging tips to make your property stand out. Theresa can help you find a great Asbury Park home that aligns with your lifestyle!