7 Tips for First Time NJ Real Estate Home Sellers
The first time NJ real estate home sellers of today face many challenges in today’s market.
Investors and home buyers of today are experiencing an abundance of inventory along with the advantage of more leverage when it comes to price and negotiating on a home, especially if they have great credit. However, sellers are experiencing new realities that include paying at the closing table, providing extras to sweeten the deal, and spending more time and cash making the home camera-ready. For those first time sellers who have never been through the process, it is a completely new situation, as the value of a home is not measured in the profit made on the sale, but by the enjoyment the owners had actually living in the home. Below you will find 7 tips for first time sellers from experienced sellers to keep in mind when putting their home on the NJ real estate market.
Price it Realistically From the Beginning
The most important rule to remember, pricing your home realistically to begin with will inevitably be your best move. According to top NJ real estate agents, the largest number of showings will occur in the first 2 to 3 weeks. The reason for this is the NJ MLS (multiple listing service) as well as the Internet will be the sources of the majority of showings. Many of today’s buyers are up-to-date with current technology, using such devices as mobile phones and iPads in order to be the first to know when a home that meets their criteria comes on the market. Sellers should want to take advantage of this by pricing their home competitively from the start.
Promote Your Home As Much As Possible
One question sellers should be asking NJ real estate agents during the interview process is how they plan to effectively reach the home’s target market. It is important to consider what type of buyer will most likely be interested in the type and location of your home. For example, targeting consumers in the 20-30 year old age range who rely heavily on their smartphones on a daily basis will most likely respond positively to a QR (quick response) code contained in your online listing in order to instantaneously access full information about your home. On the other hand, the typical starter home also can appeal to empty-nesters and other individuals who are downsizing. In this case, providing a phone number that directly connects an NJ real estate agent who can provide details and answer questions is the way to go.
Clear the Clutter
Keeping a clean home is always important, especially when it is up for sale. Many professional home stagers suggest removing up to a third of the amount of your possessions in order for your home to appeal to the broadest amount of prospective buyers. People like to imagine themselves living in a home when they see it, and having unnecessary clutter in rooms makes it difficult to do so. In addition, rooms appear smaller and less inviting when they are filled with needless furniture and possessions.
Be Prepared to Take a Financial Hit
Simply put, you will most likely lose some money when selling your home in today’s NJ real estate market. It seems like there is no relationship between your assessed value, taxable value, and the actual market value of homes these days. The truth is that your home is worth what buyers are willing to pay; no more, no less. This means most buyers should be prepared to lose some money or be forced to hang onto the home until the prices rise again.
Offer Incentives and Extras
Similar to having a home inspection performed, incentives offered to potential buyers can also be deal makers or breakers in certain situations. These can be in the form of fixtures or appliances that can be included at the time the property is sold. Examples of buyer incentives can include a couch, chair, stove or dishwasher. Items such as these can be attractive to first time buyers who are likely spending most of their savings in purchasing the home and have limited funds. Another incentive you can offer is to cover all or part of the closing costs including items such as a credit report, title insurance, loan appraisal, and property inspections.
Spend Upgrade Money Wisely
If you want to spend some money to make your house memorable, it is best to seek advice from a professional who knows what will improve the market value. The cheapest thing you can do for a home which will make the most positive aesthetic impact is painting and replacing carpeting.
Appeal to the “Lazy” Buyer
Most buyers in today’s NJ real estate market are picky in the way that they do not want to purchase a home with a list of to-dos. It is important for first time sellers to prepare their home to be as move-in ready as possible in order to appeal to the broadest amount of buyers in their market. This means making all the repairs and replacements that would be demanded by you if you were buying the home, including cleaning windows and dirty carpets, and trimming exterior bushes and trees.
The real estate market is changing rapidly and expanding into new avenues almost daily. Sometimes it can be very difficult to find the answers you need on a specific topic or issue. In times like these, you need a real estate professional who will provide valuable information and trustworthy advice. For more information on NJ real estate, call us today or click here to be connected with one of our top real estate specialists.
