Real Estate partner Devin DeNofa joins Jason Gabrieli to discuss the pandemic real estate market for buyers and sellers. They discuss the most important things to consider in the home buying process like selecting a lender, partnering up with a good fit realtor and picking the best offer.
Devin DeNofa is a partner at TCS New Jersey. Devin’s expertise spans both the Philadelphia and South Jersey markets. TCS New Jersey is a community oriented real estate firm which is itself a key element to look for when partnering up with a realtor.
Tune in until the end to learn:
- How it can be more expensive to higher the cheaper realtor.
- How picking the wrong mortgage lender can make you lose a deal.
- How you can pick the best offer as a seller in the real estate market.
[00:30] Who is Devin DiNofa, TCS?
[02:03] Why suburban markets became more popular during the pandemic.
[04:42] How working from home changed the real estate market.
[05:30] How your mortgage lender can make or break your real estate deal.
[07:18] Why should you choose an experienced realtor?
[08:00] How much money should you offer above asking when buying a house?
[12:19] Why you SHOULDN'T look at your house as an investment.
[13:32] What sellers should consider before accepting an offer (and how to pick the best offer).
[20:11] How to get in touch with Devin DiNofa
- The real estate market exploded in the pandemic. Lots of New Yorkers are moving from New York to New Jersey and Philadelphia.
- The increase of people working from home has made more spacious homes more attractive. House prices went up almost 20% in the pandemic.
- If you are unsettled by the fact that housing prices are up, just focus your thinking on the mortgage payment and put it in perspective. Think of your house as a home rather than as an investment.
- Picking the cheapest agent is not the way to go. You want to pick the most experienced agent because the experienced agent has all the right connections that you need in your home buying process like mortgage lenders and inspectors. Without the right connections, it can be more expensive to go with the cheaper realtor.
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[03:32] “COVID-19 made a lot of people realize that if this does happen again, I will want my home base to be (or to have property) outside of the city if I work in the city. In case this ever happens again, I want separation. I don’t want to be in close knit quarters with a lot of people if this happens again. So, these suburban markets really rose up.” - Devin DiNova
[06:12] “If I was a buyer in this market, one thing I would do is just make sure that I am paired up with a very good mortgage lender who gives really good mortgage rates.” - Devin DiNova
[12:54] “The reality is, buying your home, you can’t really look at it as an investment. Compared to all the money you’re going to put into it for 20 years living there you’ll be lucky to break even. Most people, their home is not a great investment. So looking at it like an investment is not the right way to look at it. It’s looking at it like it's a home - this is where I want my family to be. This is where they’re going to thrive.” - Jason Gabrieli
[13:57] “You’ve got 17 offers and you’re trying to really narrow it down to which one is best but it’s all about situational knowledge, location knowledge too...It’s not just the highest offer amount (when picking an offer). It could be the terms.”