NCJAR News
When purchasing a home, understanding homeowners insurance is crucial. Starting early and consulting with a REALTOR® can make the process smoother. Here's what you need to know:
What Is Homeowners Insurance?
Homeowners insurance protects you against unexpected losses related to your home or property. Coverage can include:
-
Repairs or rebuilding the property after damage.
-
Replacing personal belongings within the home.
-
Liability coverage for accidents that occur on the property.
-
Temporary living expenses if a covered incident forces you to relocate.
Is Homeowners Insurance Required?
If you’re using a mortgage to purchase your home, your lender will likely require you to maintain homeowners insurance for the duration of your loan. However, if you’ve paid off your mortgage or purchased the home outright, maintaining insurance is optional but highly recommended to protect your assets.
Join NJ REALTORS®, NCJAR, Greater Bergen REALTORS®, and the Liberty Board of REALTORS® for an exciting and informative session featuring:
- NAR CEO Nykia Wright – Discussing the future of real estate and the REALTORS® organization
- Dr. Jessica Lautz – Economic Update from NAR Deputy Chief Economist
- Yuliya Tedeschi – NJ Legal Update from NJ REALTORS® General Counsel
When: Wednesday, January 15, 2025, 10:00 AM – 12:45 PM
Where: Marriott - Newark Liberty International Airport
Cost: Just $25 (Earn 2 Core CE Credits)
Between signing a contract and closing on a home, many buyers opt for a home inspection to ensure the property is in good condition and safe for its new owner. Here’s what every buyer and seller should know about the process:
What is a Home Inspection?
A home inspection is a professional evaluation of a home’s condition, covering its structure, roof, plumbing, electrical systems, HVAC, interiors, and more. Inspectors may also test for health hazards like mold, radon gas, lead paint, or asbestos.
Are Home Inspections Required?
While not mandatory, buyers often include inspections as a contingency in their purchase agreements. This contingency gives buyers the right to renegotiate or even withdraw their offer if the inspection uncovers significant issues. However, in competitive markets, some buyers waive inspections to make their offers more appealing. Alternatively, buyers may limit repair requests to major issues only.
U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
- Single Family Closed Sales were up 1.2 percent to 1,409.
- Townhouse-Condo Closed Sales were down 3.4 percent to 373.
- Adult Communities Closed Sales were down 22.0 percent to 32.
