The Spring market has started in Maplewood and South Orange. This season is a popular time to list a home. If you are thinking of selling but not sure on the timing, here are a few things to consider.
According to the Garden State Multiple Listing Service (GSMLS)*, the average number of days on market in February in Maplewood was 67. South Orange's average was 48. You should estimate that it will take approximately 30-60 days for you to receive an offer on your home. That's not to say that you won't get 5 offers on your first weekend. Anything is possible!
Once you get an offer, allow 3 days for attorney review. When attorney review is complete, the buyer will have two weeks to obtain a home inspection, radon inspection, termite inspection and an oil tank sweep. You should allow another 7 days to agree on inspection items.
If the buyer is obtaining a mortgage, closing on the home could take approximately 6 weeks from the end of attorney review. If the buyer has issues with obtaining a mortgage or the seller discovers open permits while obtaining a certificate of occupancy, the closing could be delayed.
Given the steps involved, a seller should anticipate a closing date 3 months or more from the time he or she lists the home. If you want to move at the end of June after the kids finish school this year, then you should list your home at the beginning of April. Since it's a seller's market, sellers have greater flexibility to stipulate the desired closing date.
Listing your home in April will also give you time to buy a new home before the next school year, should that concern you. In a seller's market, you have a much better chance of winning a bidding war if you do not have a home-sale contingency. Therefore, it is best to sell your home first before buying your next one.
Contact me at www.HomeNearNYC.com if you have any questions on the best time to sell or buy your next home. I'm here to help!
Shannon Severin is a Realtor with Keller Williams Mid-town Direct at 181 Maplewood Ave., Maplewood, NJ. If you have any real estate questions, she can be reached at email@example.com or www.homesnearnyc.com.