New Jersey Real Estate MarketNew Jersey Real Estate Tips May 15, 2016

Modeling to the Target Buyer

It is hard enough to part with a home you love without trying to imagine that someone will use it in a way you wouldn’t like. If you have the time and the luxury of seeking out a target buyer, then by all means, make the effort to do so. Some houses just suit particular people better. For example, if you own an urban dwelling with a concrete backyard and swimming pool, your realtor probably isn’t going to try and target buyers who are looking for a quiet country dwelling where they can garden all summer long.

 

Maximize Focal Points

 

If your home has specific features that make it perfect for a certain type of lifestyle, you will want to make those features stand out when you market to a specific audience. You might also ask yourself what you can add that would make it even more appealing. If your property has a greenhouse, will you be leaving any supplies so that the owner can use it right away? Those little things can let a buyer know they can start in on their hobbies immediately, without an added expense on top of a new home purchase.

 

Allow for Immersion

 

Some properties aren’t set up so much for hobbies as they are other elements. You will want to be able to immerse your guests in the experience so they can enjoy it with all their senses. Are you trying to demonstrate that your home is a quiet safe haven from the world? Offer a viewing when the neighborhood kids are at school or make sure to do most of the welcoming in the soundproof room. These are the details that can really capture a buyer’s attention. Make the most of them.

 

Avoid Advice

 

Just as much as you want to market to specific buyers, you also want to avoid leaving hints or advice. This is the start of a new journey for them so they will want to do it their way. In the meantime, you don’t want to have to think about them doing things differently than you would because that can limit your pleasure with the experience.

 

New Jersey Real Estate MarketNew Jersey Real Estate Tips May 10, 2016

Best Season to Sell a Home

Knowing what the best season is to buy or sell a home is just the tip of the iceberg. Believe it or not, there are also best days to list a home or make an offer. Sometimes the best days to buy and sell coincide, but not always. That becomes important when you go from listing your home to shopping for a new one. It can also make a difference in how you or your broker or agent manages your sale or purchase.

 

Spring is the Busy Season

 

Hands down, spring is the busiest season to buy or sell a home. The weather is starting to warm up, but it is not so hot that people don’t want to get out and about. If anything, they are dying to get out of the house. However, this is also the season when your yard looks the worst because the snow just melted and revealed what was left after a long winter. Be sure to spruce things up a bit before you list your home.

 

January Starts Things Off

 

January doesn’t just start the new year, but is probably the best month to start making offers on homes. Most people are waiting for spring to arrive so they can get out and about in comfort. For a home buyer, this means that there is far less competition than there is going to be in a couple of months. For the home seller, it may bring some much needed relief after an expensive winter.

 

Tuesday and Thursday

 

Tuesday and Thursday have a special significance in the real estate world. The first Tuesday of the month is the day that many mortgage payments are due. That means it is a perfect day to make an offer on a house. The owner just made a payment that they really don’t care to make anymore, so they will be more inclined to accept and offer.

 

Thursday is the day to list a house. During the week, people are busy working and they may not have much time to patiently explore what’s for sale. Thursday posting will be listed as new listing over the weekend, so they are sure to get plenty of views.

 

New Jersey Real Estate TipsReal Estate Tips May 2, 2016

Maximizing Cozy Spaces

In the real estate world, nothing is “small.” It quaint, cozy, or comfortable, but never small. Words matter when it comes to how real estate is listed, but they also have meaning. That is why it is important to turn those small spaces into ones that really are cozy. You can maximize storage space, use colors that open the room up, or use other methods that can take a room from cramped to comfortable.

 

Lighten Things Up

 

Light colors make things look bigger. This is true from fashion to home remodeling. If you have a small space that you want to expand on, consider painting it a light, neutral color. You won’t want a bold choice because the buyer may not like that color or theme. A neutral tone gives them a chance to see the space looking as large and open as it can, but it also allows them to consider how they might add some color to the room.

 

Use Mirrors for Deco

 

A limited amount of mirrors on the wall is a great way to enlarge any space. Mirrors not only expand the space, but they are a neutral decorating material, unlike collections or family photos. However, don’t use small decorative mirrors because they don’t really expand the space and might instead clutter the wall. Be sure to pay attention to the reflection in the mirror too. You don’t want to reflect a neighbor’s messy yard to your visitors.

 

Maximize Storage Space

 

It’s time to get creative about clutter. What you don’t want to do is throw a bunch of bookshelves into a small room. You also don’t want to show your existing cluttered shelves. Instead, try putting your things in storage containers, like baskets or pails. This allows you to continue to use your things and the space available, but it also keep the room looking neat. Instead of shelves looking like they are only big enough to hold small things, the baskets and/or pails give the impression that they can create a large, organized space.

 

Expand on your small spaces, but don’t clutter them up. You want to make them look larger than they are, but also keep them cozy and useful.

 

New Jersey Real Estate TipsReal Estate Tips April 28, 2016

2016 Real Estate Market

Home prices are moving up moderately this year, but not to the point of discouraging buyers from a first or second home purchase. In fact, the moderate value increase is – in part – due to a supply vs. demand imbalance in many cities across the United States. With new construction at a 50-year low, there are currently more prospective buyers in the market than there are sellers of existing homes.

 

Interest Rates and Income Growth

 

Some of the demand is due to the prospect of a raise to interest rates in the future. Many looking to lock in at today’s lower rates are not waiting for those changes, even though it is a sign of a growing economic stability. Low to moderate income growth for those in the middle class also is impacting the supply, as many who were able to hold onto their homes amid the financial crisis nearly a decade ago are nervous to sell or are still recovering their equity. Yet unable to use equity to perhaps buy above their original starter home, many are sitting tight on their current homes. These factors have created a somewhat even and steady market, with it leaning slightly to the advantage of the seller.

 

The Rental Cost Impact on the Market

 

Rental prices have increased, with the result having a multispectral effect on real estate. On one hand, the increases in rental prices are a nudge to the renter to take the necessary steps to become a buyer. On the other, it is often more difficult for a prospective buyer to save for a down payment when more of his or her expendable income is going towards maintaining the rent. At the same time, it is a boon for real estate investors and those looking to purchase a second home to rent, rather than sell, the first.

 

The 2016 market certainly isn’t the gloom and doom prophesied by some. While homeownership is still at its lowest in 50 years and new development has also slowed, values are growing and sellers are finding that buyers are making smart, competitive bids on property. These positive trends are expected to continue as the average wage income increases over the next few years.

 

New Jersey Real Estate AgentNew Jersey Real Estate Tips April 20, 2016

The Essential Home Buyer’s Checklist

The prospect of buying a new home is exciting, but it can also be overwhelming if you don’t know where to begin. In order to embrace the experience – and enjoy it for the overwhelmingly positive moment it should be – there are a few essential tips to help prioritize what you need to know even before you begin the search for a new home.

 

Know your target neighborhoods:

 

Before you begin to search for the home of your dreams, do your homework on the neighborhoods in the general area where you wish to live. Perhaps school quality is important to you, or maybe local ordinances will play into part of your decision. For example, you may wish to know the local restrictions for building a shed or a gazebo or if there are laws regarding certain types of pets. Being educated on the local codes and rules is important if you do not wish to be surprised down the road.

 

Applying for loans:

 

Being pre-approved, when possible, helps a home buyer make better budget choices in the ultimate selection of a home. Even when that isn’t possible, researching at least three different loan choices for the best rate is a savvy shopper’s secret to possible big savings in the end. Of course, know your credit score and the amount of your current debt when ready to apply.

 

Getting the best real estate agent:

 

Finding an agent that works for you to find the best home and helps negotiate the best deal is of great importance. While some may try to go it alone, having a professional in your corner means that when you have questions, you will be able to get the answers and resources you need to accurately address any concerns. They can, for example, assist in negotiating with the seller to have them buy a home warranty, which covers the buyer for any unseen major repairs for a year.

Once a house feels like it could be a prospective home, an agent can help you walk through the process of inspections, appraisals, and many other little things along the way.

 

New Jersey Real Estate AgentNew Jersey Real Estate MarketNew Jersey Real Estate Tips April 10, 2016

The Last Minute Home Visit Survival Guide

Home visits are a welcome sign that your property is drawing prospective buyers. However, last minute visits are often a home-for-sale nightmare. When it is time to sell, but you need to still live there until it sells, buyers sometimes show up at inconvenient moments. There are survival tips to make the best of the situation, even on a moment’s notice.

 

Be open and honest, but smart: As the homeowner, the ability is there to not allow showings during different times of the day or to turn away last minute requests. Sellers are well within their rights to set boundaries with their real estate agents and request a few hours notice for showings. However, keep in mind that turning away a buyer is turning away a potential sale. Be honest with your agent about your expectations, but consider that there may be times when a buyer is available on short notice.

 

Start packing: In today’s market, there is a supply shortage of great homes. Do not expect your house to languish in the real estate market listings for months at a time. Packing all the items that are not completely essential for daily living will not only get a jump start on your move, but will greatly reduce clutter around the home. This leads to less last minute clean-up time and fewer moments spent scrambling when you get the call or an unexpected knock on the door from a buyer or her agent.

 

Clean as you go: Living a somewhat minimalist lifestyle while packing will make the constant clean-up a little easier. Not allowing the bathroom towels to be strewn about or the beds to remain unmade all day will make the last minute straightening go much more quickly and simply. It is worth the effort to not be caught off guard.

 

Arrange to have a quick get-a-way: Whether through an open arrangement with a neighbor or friend to pop by on short notice or a regular seat at the local coffee house: have places in mind to visit during showings. While it is tempting to want to be home when strangers are mulling through your halls, it is best to not be there. Buyers are going to be less candid about their opinions in front of the seller and will have difficulty picturing themselves as the owners with the current owner present. So, take some time for yourself. It will help you survive with style!

 

New Jersey Real Estate MarketNew Jersey Real Estate TipsReal Estate Tips April 1, 2016

Tips for Hosting a Successful Open House

Once you have decided to sell your home, one of the first things your real estate agent will do is schedule your open house. An open house is a showing of your home and property where prospective buyers can drop by and visit during a certain day and time. This is a proven way to get buyers interested in placing a bid or offer on the house quickly. More offers lead to getting a sale close to – or even above – your listing price at closing. When the date for the open house draws near, there are some proven ways to prepare your home to look its very best.

 

Boost the curb appeal: Be sure that the lawn is freshly mowed if it is during the spring or summer months. Clean up any yard damage from play or pets, fix fences, or even hire a landscaper to spruce things up around the yard. Do not assume that a buyer will see the potential in your property; rather, show them an inviting entrance to a home.

 

Kick the clutter: Clean it up! Sellers sometimes think that a buyer will be attracted to a homey atmosphere. This is a common mistake. Prospective buyers aren’t interested in seeing how the current inhabitants live. Instead, a buyer wishes to envision him or herself living in the home. So, avoid excessive knick-knacks, store excess furniture and any valuables in a storage locker or friend’s home, and put fresh towels in the restroom. A professional carpet cleaning or a coat of paint can also go a long way towards impressing the next owner.

 

Make other plans: Owners, their children, and pets should not be present for the open house. Many sellers find this uncomfortable, as they worry about their belongings and wish to supervise or answer questions. While this is a perfectly normal way to feel, it does make the buyers less likely to make an offer. They will feel disinclined to voice their honest opinions of your property to the agent.

 

A successful open house can culminate in multiple offers and a faster sale. A great agent will help with tips specific to your home’s unique appeal and be your guide through the process.

 

New Jersey Real Estate AgentNew Jersey Real Estate Tips March 28, 2016

Single? You Can Still Buy a Home

If you’ve been told you cannot buy a home because you’re single, don’t believe it. The home buying experience is often shown as something that only established married couples do and an act for families but single people can and do buy homes, too. If your dream has always been to buy a home and you think you can’t because you’re single, here are a few things you should know.

Buying a home as a single person is very similar to the process of buying a home

  • Choose the right agent – Your agent is a very important part of the process to buying your own home. You will need to look up some qualified agents first and then interview them to see which one will suit your needs the best. Talk with them, ask many questions, and be sure you choose someone you feel comfortable with because this will be a long process and you want to trust your agent.
  • Gather information – You really need to take time to gather all of the information you can about this process. Read up, talk with other singles who have purchased homes, and look at all the resources you have available to you so you are very informed going into the home-buying process.
  • Choose the right home – The home you pick is very important. You will want to do more than just apply for the first pretty home that catches your eye. Spend some time thinking about your needs from a house. What are your must-haves? What are you willing to compromise on? Think about how you will need to maintain this home. Can you afford the fees and taxes?
  • Bring a trusted friend – Just because you’re single doesn’t mean you have to house hunt solo. You can bring a trusted friend or family member along with you to look at houses and also to meet with your agent and discuss details. It can be really helpful to have someone else to bounce ideas off of.

 

With these tips in mind, you can start the process of buying your own home. You can make an informed offer on a new home even as a single person when you take the time to do the process correctly. You can be a smart and savvy single buyer and this can be an experience you treasure for many years to come. Be confident about buying your home. Being single doesn’t have to mean you can’t buy a new home.

New Jersey Real Estate TipsReal Estate TipsReal Estates Sales March 20, 2016

The Advantages of Owning vs. Renting

If you’re currently renting your home and have always dreamed of buying, this might be the right time for you to make the choice to swap over to home ownership. Many people are worried about this step in life. They fear they are not ready yet, that they won’t get approved or that they won’t be able to afford buying a home. However, in many cases, buying your home can be more affordable than renting. Let’s take a look at some of the other advantages.

Here are some of the advantages of owning vs. renting your home:

  • Your monthly mortgage might be less than the rent you are already paying so buying could save you money and you’re building equity at the same time.
  • You have control of the creativity and flow of your home more when you own than most renters. You can redecorate, renovate and otherwise personalize your home. You usually cannot do this when you rent.
  • There are also tax deductions that come with owning your own home. You can deduct your mortgage interest as well as your property taxes and these are not benefits you get as a renter. There are also tax breaks on the sale of your home.
  • Your housing payments are also stable when you own vs. renting, where rent can go up. If you choose a fixed-rate mortgage, your principal and interest payments will be the same for the duration of the loan.
  • Your home is an investment. You will own it and whether you decide to live in it forever, resell it or rent it out, you are investing into something that you will own. This gives you more leverage with whatever you do decide to do with it in the future. You don’t have this power when you rent.

Of course there are also disadvantages to buying. You will be responsible for all of your maintenance fees, you could lose value in the home over time, you have to pay property taxes which could be very high depending on where you live, and it requires a cash investment.

Now that you know the advantages of owning vs. renting your home, you can make this decision for yourself. Only you can truly know if this is the right decision for you at this point in your life but there are people who can help you with the process. A credit counselor and your real estate agent or broker can help you determine if home ownership vs. renting is right for you.

New Jersey Real Estate MarketNew Jersey Real Estate TipsReal Estate Tips March 10, 2016

Yes, You Can Get a Mortgage after Bankruptcy: Here’s How

Perhaps you think that you cannot get a mortgage after a bankruptcy but that’s not entirely true. It is still possible to get a mortgage after bankruptcy but it’s important to know what to do and how to do it properly. For example, you should first wait at least 24 months after your bankruptcy is discharged before you apply for a mortgage. You might be able to get approved for one before then but the interest rates will not be favorable to you.

So here are some tips to getting a mortgage after bankruptcy:

  1. First, you should review your credit report. The bankruptcy is going to show up and affect your score in a big way but it might not be as bad as you think. You should pull your credit report and track it regularly so you can see if there are any other things there that don’t belong and also that there are no creditors continuing to report the debts that you have covered in your bankruptcy. You need to report any mistakes or discrepancies so your report is always accurate.
  2. Always pay your bills on time. While this is just something that you should do anyway, paying on time shows that you are responsible with your finances and it helps show credit worthiness when you do attempt to apply for a mortgage.
  3. Your bankruptcy must be discharged before you apply for a mortgage. If you are still in credit counseling or a program that takes care of your finances for you, a lender will not be interested in speaking with you. So once you are properly discharged after the bankruptcy, you can begin looking at your options.
  4. Use secured credit cards. A secured credit card is a good way to rebuild your credit after a bankruptcy. It allows you to use your own secured funds to get a credit card that will then count toward your credit rating when you use it safely. You should not apply for too much credit at one time and you should only use a portion of your credit. Don’t max out your cards – even secured cards.
  5. Wait 2 years. Again, waiting two years after your bankruptcy can help you get a better rate with interest rates that are more favorable to you. You will save in the long run and it will be worth the wait.

Now that you have this information about getting a mortgage after bankruptcy, you’re ready to begin the home buying process. Talk to your real estate agent if you need a referral to a lender or if you need help narrowing down your options.