RED BANK, NJ: The housing supply is scarce with about 50% of the inventory compared to this time last year. Demand is strong with lines of buyers quickly forming outside newly-listed homes as they come on the market. With over 25 years of combined experience, Mark and Allison Gregory offer a deep understanding of the local market, ranking in the top of their field year after year.
Here are their 8 tips for success in this extremely tight market:
1. Start with your strongest offer first. There is no time to waste going back and forth with counter offers these days. Sellers are often getting multiple offers on their home soon after the property comes on the market.
2. Write a personal letter, or if you really want to stand out, record a personal video about yourselves. This sets you apart from just a name on a contract. Create your story for the seller to envision you in their home.
3. Waive the home inspection or limit the home inspection for structural issues and the rest for informational purposes only. This is especially helpful if the home is in good condition and the major systems/roof etc. are newer. If you have concerns, look into purchasing a home warranty. Knowing they won’t get a laundry list of repair requests will make you more attractive to the sellers than the competition.
4. Waive the appraisal. With low inventory and an influx of buyers, we are seeing the prices of homes rise. If you have the means to make up the difference in case the home doesn’t fully appraise, this might make the difference that gets you into your dream home.
5. Cash is king, but if you don’t have the cash, then try to position yourself where you can avoid needing a home sale contingency attached with your offer. Most sellers don’t want to worry whether your home is going to sell or not, or if there’s going to be a problem down the road. A lower offer may beat out a higher one that comes with a contingency.
6. Be flexible on the closing date. Many sellers will need time to find their next home and being confident that they won’t be rushed out is a big plus. On the flip side, some sellers may need no time at all so offering as much flexibility to close is in your best interest.
7. Hiring the right attorney who will communicate with you quickly to get you in and out of attorney review fast. Remember, you aren’t protected as a buyer until you have concluded attorney review and a better offer could come in during this period. A good attorney understands the current market, puts your interests first, and should be speedy and thorough. If they snooze you could lose.
8. Try to use a local real estate agent who knows the neighborhood, the schools, the key players and has done business with other agents in that market. Sometimes when everything else is fairly equal, it’s who your real estate agent is in the eyes of the seller or sellers agent that may influence their decision.
Mark and Allison Gregory with Resources Real Estate in Rumson, NJ work side-by-side since 2007, specializing in both single-family and multi-family home sales and rentals in Monmouth and Ocean counties. The Gregory’s are a full-time award-winning sales team with deep roots in their community and a commitment to public service as well as the needs of their clients.
Looking for a house in Red Bank?
Be sure to stop by 44 David Terrace where the Gregory team will host an open house this Saturday and Sunday from 12 noon to 3:00pm. Stop by to see all the amenities that this quiet neighborhood has to offer.