As 2012 comes to an end, many people are considering if they should jump into the market and get involved (or more involved) with real estate.  In 2010, Warren Buffett stated in an interview that 2012 would be the year the “market really comes back” So, with just a few months left to purchase real estate in South Jersey, what are the best bets?

1. Condos and Townhomes

Condos and Townhomes make great purchases, especially for a first time buyer or an investor looking to get started in the real estate market.  Because condos and townhomes have HOAs (Home Owners Associations) they are most likely easier to maintain as the association typically takes care of lawn/landscaping, trash removal and snow removal.  This makes it great if you are renting the condo to an tenant, as you know the exterior will be maintained.  Also, for a first time home buyer in South Jersey, it also is great since there is less to take care of as a new homeowner!

2. Single Family Homes

If you have spoken with any seasoned investor or top realtor, they will tell you one of the best and safest investments is the single family home.  In South Jersey, as well as any market, single family homes are a great purchase because they can accommodate a growing family, are very desirable and easy to sell.  The the average person is looking for a single family home which makes for a great investment as well as opens up your pool of potential renters if you decide to rent.  The most popular single family home is one that has at least 3 bedrooms and at least 2 bathrooms.

In South Jersey, there is a group of seasoned investors and first time investors that meet throughout the month in order to share ideas and potential properties.  This group, South Jersey Investors, is a great way to learn the business and help answer your questions.

3. Bank Owned, Short Sale and HUD Homes

We can call all of these types of real estate purchases “distressed properties.”  Any time you have a homeowner who is behind on a mortgage or a property where the bank has taken ownership, you are dealing with one of these types of properties.  These can particularly be great buys for anyone who is looking for fixer up property and get a significant discount.  There are specific realtors that take care of these types of transactions, and it is imperative to work directly with someone who knows the ins and outs of these types of transactions.  For a full list of the South Jersey Realtors who support these transactions, click here.

Overall, there can be many great purchases out there, regardless of the type of property.  Every property offers something unique.  It is most important to figure out what you want going in, and what your goals are with the property first.  As you may have heard before, location is the most important aspect when dealing with South Jersey Real Estate.  No matter what improvements you make or updates, at the end of the day, location still trumps everything.

Whether you are a seasoned investor or a first time buyer, it is important to work with a realtor that you like and trust.  It also helps to do as much homework on your own such as driving around different neighborhoods to see what you like or calling a mortgage company to understand rates, down payments or how a monthly payment is calculated.  When you have decided you want to make a purchase, the educated buyer is the one of finds the deal and profits in the long run.