Keller Williams Realty: Real Life ... Real People

What Home Buyers and Sellers Need to Know About Today's Market

dc1bc7bddd8515e50f14_tmg-kitchen-sparkling.jpg
Credits: Photo by Aaron Huber on Unsplash
a49e5de9cd8c66b48022_Susan_Devaney_2014-square.jpg
dc1bc7bddd8515e50f14_tmg-kitchen-sparkling.jpg

Nationally, the average time it takes to sell a house has dropped from 11 weeks five years ago to three weeks today according to CNN Money report (11/27/2017).  "The inventory shortage and the growing economy and job creation has increased the interest in home buying," said Lawrence Yun, chief economist for NAR (National Association of Realtors). "There is just not enough inventory; people need to fight over the few homes available on the market." 

Home Selling and Buying Tips

Here are a few tips to help make your home selling and buying process successful in the least amount of time: 

Sign Up for E-News

  1. Be informed of current market conditions in your area by comparing sold prices of similar properties in similar locations over the previous six-month period. Include in your analysis:
    1. Style and age of the property

    2. Condition — functional as well as cosmetic

    3. Location — quiet street versus high traffic road and proximity to transportation, schools, shopping, and conveniences

  2. Both buyers and sellers can be very market savvy with the help of the Internet. There is a wealth of knowledge about house details and recently sold prices. Houses priced competitively will sell for the most money because they will draw immediate attention and offers. 

When sellers trust the market, they net the most money — as in all markets, the price will rise to what the market will bear. You can often draw multiple offers with a competitive price. Instead of a negotiation between buyer and seller, there are negotiations among multiple buyers to present the most desirable price and terms. 

Sellers
To make your house the hot new listing, think of the look in terms of how builders model new homes. Stagers accessorize with a few current design items. Work toward duplicating elements of trends builders are presenting. A review of home-style magazines will provide a guide to current colors and design features that will appeal to your buyers. 

Before spending money for updates, review the suggestions below:

  • Are you a resale home or a “tear-down” for new construction? Know your value point. Depending on your responses to the questions below, your approach to preparing to sell may not include painting, minor updates, or decor changes.

  • Is your home relatively new or renovated/updated? 
  • Are the age, style, and energy efficiency of construction outdated? 
  • Is your property large enough to make it more appealing to buyers and builders for new construction? 

For resale for continued use of the current construction:

  • Sellers can have as many as 25 photos of their home — plus videos — posted on the Internet. That’s a lot of information. Keep your home’s look streamlined so your house is featured — not your belongings or personal style, neither of which are for sale. 
  • Does your home sparkle? Cleanliness is the most important factor in selling a house.

  • Do you have hardwood floors under carpeting? If so, remove the carpet prior to listing. Hardwood is more appealing to buyers. If your flooring is not hardwood, the most economical upgrade for an older carpet is generally a new carpet. However the flooring you select is directly impacted by the projected selling price of your home. Ask for a trusted Realtor’s guidance before you spend money on flooring.

  • Are your personal belongings and/or photos on display? Aim to duplicate the streamlined look of model homes.

  • Store or hide all belongings and functional supplies that are not part of the design theme. 
  • Daily cooking supplies, toiletries, and grooming supplies are not assets to your sale. 
  • Focus on kitchens, baths, bedrooms, workshops, and offices. 

  • Is your grout completely grime-free and do your windows glisten? Is your front door freshly painted; is your house lighting bright (without bugs or spiders)? We all get one chance for first impressions. Don’t miss the opportunity to wow potential buyers!

  • Are your walls freshly painted surfaces? 

  • Use current trends to select a color palette that allows for buyers’ own design style to later compliment it. 

  • Wallpapers and prints of your own will likely not match with the buyers — making it more difficult for buyers to envision their belongings living at your address.


Buyers

Proactive tips for buyers:

  • Do you have a current loan pre-approval letter or plan for records you can share immediately with updated proof of funds?

  • Do you have a mortgage representative who is available to update the purchase amount to exactly match the offer you are making if you are purchasing with mortgage funding? It can be annoying to a seller if your buying power is much higher than the offer you are presenting, especially if your offer is below the seller’s asking price.

  • Have you written an introductory letter to accompany your offers so that your offer is an extension of you and not just a legal document? Selling a home is arguably more emotional of a process than buying one. Respecting and understanding this can help make your offer the accepted offer.

  • You will want to have a template that includes a little background on you and any family members who will be occupying the house with you. Who are the buyers? Do you have family or a history in the area? What has drawn you to the neighborhood? What do you love about it? What are the general features of the home that are on your wish list?
  •  Personalize this letter with the specific home that you write the offer on. Compliment some design or style features that you saw and loved in the subject property, the maintenance or something else the seller has done while caretaker of your new home…but always be sincere and honest! Passion and honesty is paramount. 

  • Are you prepared to be able to be flexible with your closing date? Sellers may have requirements that will make the closing date flexibility a very close second place contender with the dollar value of the offer.  

  • Be prepared to have month-to-month rental or temporary housing and storage of your belongings ready in case your dream home is not available at your ideal time. 

Remember, negotiations are an exchange of ideas, and a give-and-take. Deadlocks lead to dead deals. Needing to go back to the market most often leaves both buyers and sellers disappointed and negatively impacted financially, not to mention much more stressed! A cooperative spirit most often yields results that will make both buyer and seller the happiest.

If you need help with any of these steps, call, text, or email Susan Devaney, a licensed Keller Williams real estate agent and move manager. Her company, The Mavins Group, offers a free consultation to help you begin the process to list or sell your home: 908-723-2674, realestate@themavinsgroup.com.

 

Keller Williams Realty - A New Generation of Positive,Professional & Tech Savvy Realtors. Keller Williams Realty is located at 188 Elm Street in Westfield and serves the communities along the train lines including Westfield, Cranford, Fanwood, Scotch Plains, Mountainside, New Providence, Berkeley Heights and the surrounding communities. Call us today at 908-233-8502

Are you considering selling your home? Take advantage of our home sales expertise and marketing experience to ensure your home is sold in reasonable time and for top dollar. Get a FREE in-depth home Value Report, and find out more about a detailed marketing plan and how it can help sell your home faster, and for top dollar.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Cranford

Podcast: Cranford Radio Interviews New Freeholder Chairman Sergio Granados

January 11, 2018

ELIZABETH, NJ - The Union County Board of Chosen Freeholders have elected Elizabeth resident Sergio Granados to serve as their chairman for 2018.

At Sunday’s reorganization meeting, Granados outlined his initiatives for the coming year.

On Thursday, he spoke with Cranford Radio to discuss them further.

 

WalletHub Ranks NJ 2nd Worst State to Retire In

January 17, 2018

NJ — If it seems like everyone in New Jersey moves to Florida when it’s time to retire, there’s good reason. In a new study, finance website WalletHub ranks New Jersey the second worst state to retire in. Only Kentucky was ranked lower. Florida, on the other hand, was ranked no. 1.

WalletHub said it compared the 50 US states across 41 key metrics, with a data set ...

Cranford HS DECA Excels at 2018 Regional Conference

January 20, 2018

On Jan. 11, 2018, Cranford High School sent 94 students to the NJ DECA Regional Conference at Kean University to compete against students from dozens of schools across Central New Jersey including Jackson Memorial, West Essex, Highland Park, and Monroe High Schools.

DECA prepares emerging leaders and entrepreneurs for careers in marketing, finance, hospitality and management in high ...

Garwood Family Center YMCA Students Honor Dr. Martin Luther King, Jr.

Garwood Family Center YMCA students honored the legacy of Dr. Martin Luther King, Jr. by learning about his role in history.

The Garwood Family Center YMCA is a branch of the Westfield Area YMCA. To learn more about full-day and half-day early learning programs, summer camp, and before and after school care for Garwood students, contact Director Shannon McGillis Jackson ...

The New Tax Plan: When It Comes To Real Estate, There are Still Winners

Let’s see who wins and who may lose.

We have all heard a lot about the new tax plan. Depending on your individual financial situation, you may have a positive or negative take on the tax bill. But how does it impact real estate? That also depends on a few things, like where you are buying a house, how much money you have, and what you intend to do with it.

The new tax plan has had a ...

Cranford Police Blotter: Multiple Drug-Related Arrests & More

January 16, 2018

The information provided does not represent the total scope of police activity. Individuals charged as a result of police investigations are merely an accusation. All defendants should be presumed innocent until proven guilty.

1. 01/10/2018 10:45 a.m.

North Avenue East and Carpenter Place

Arrested: Vasilios Elzahr, 39, Elizabeth

Arrested by: Ptl. Gregory Federici

Charges: ...

Upcoming Events

Tue, January 23, 6:00 PM

UCEDC, Cranford

Next Level Business Planning

Business & Finance

Wed, January 24, 12:00 PM

The Gateway Family YMCA, Elizabeth

Learn How to Start and Grow a Successful Business

Business & Finance

Wed, January 24, 7:30 PM

Cranford Community Center, Cranford

Florian Schantz Jazz Combo - Dixieland Concert

Arts & Entertainment