We Specialize In These Northern New Jersey Communities

Allendale - Franklin Lakes - Mahwah - Ramsey
Ridgewood - Upper Saddle River - Wyckoff

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The Difference Between an Appraisal and Inspection


Here are the differences between an appraisal and a home inspection.

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Today I’ll go over the difference between an appraisal and a home inspection. The terms are often used interchangeably, but they’re separate things that serve different purposes. Here are the main differences you should know, since you may be asked to waive one or the other in this market:

An appraisal looks at your home's value compared to other homes that have sold. A bank isn't interested in lending more money than a property is worth, so they hire an appraiser to compare it to other recent sales and find out what the market value is. Their goal is to ensure that the home's value is at least that of the sales price.

    Appraisal and inspection are often used interchangeably, but they serve different purposes.

A home inspection looks at the condition of the property itself. A licensed and certified home inspector will spend three to four hours, depending on the size of the house, looking at every part of the property. They'll turn on the faucets, check for leaks, make sure the electrical outlets are wired correctly, and even jump up on the roof. They’ll check the condition of all the home's systems and provide a full inspection report for the buyer and their attorney that details anything wrong with the property.

This is a very brief overview of the differences, so if you have any more questions for us, please email or call us. We look forward to hearing from you and answering any questions you may have.


3 Tips for Handling Multiple-Offer Situations When Selling


Here are three tips for deciding between multiple offers when selling.

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In our ultra-competitive market, sellers are certainly seeing multiple offers on their homes. With so much flying at you, it can be difficult to choose the right one. Here are my top three tips for choosing the best offer:

1. Look over the price, closing date, and release of contingency date. The release of contingency date refers to the time when a buyer can no longer back out of the contract, providing assurance that the sale will move forward.

2. Look at the financing. You need to see either proof of funds from a cash buyer or a pre-approval letter from a financed buyer. You also want to know the down payment amount and type of loan they’re using. Those can all influence how they purchase and close on your home.


 Motivation is everything in this market.

 

3. Have your Realtor call the top two or three offers. It’s so important to work with an agent who can not only narrow down the top offers, but will also reach out to those agents to find out more about the buyers. They might learn who is more motivated for your house, and motivation is everything in this market. We’re always here to help you with any real estate-related questions and serve your needs. Feel free to reach out via phone or email at any time. We look forward to hearing from you soon.

Why There’s No Sign of a Housing Bubble in Our Market


We aren’t in the midst of a housing bubble, and here’s why.

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A lot of people are wondering whether we’re currently in a housing bubble and if it’s going to burst, so today I’d like to put your mind at ease. There are a few things that indicate that we aren’t in a bubble.

We’re in an incredibly strong seller’s market and prices have skyrocketed, but it all comes down to simple economics. There is little home inventory but a ton of buyer demand, so people are having to pay more to beat the competition. Some homes are selling well above the asking price, which is making sellers very happy.

Buyers, I know it can be discouraging, but don’t give up. Continue to submit your offers and find a Realtor who can help you win. It’s not always about price—the seller may want a quick or extended closing date, for example.


 We’re in an incredibly strong seller’s market and prices have skyrocketed, but it all comes down to simple economics.

 

Still, many people think our market is heading toward a crash like the one we saw in 2008. There are some key differences in today’s market, however. Unlike in 2008, homeowners have a lot of equity right now. This equity should help people weather any price declines we may see. And as mentioned earlier, this hot market is mainly the result of supply and demand. If you have any questions about our market or would like more information, feel free to reach out to me. I look forward to hearing from you soon.