What's the Difference Between Home Inspections and Appraisals?

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Today we wanted to speak to you about two real estate processes that often confuse our clients. They are home inspections and appraisals. What are the benefits of each, and how do they differ?

Appraisals are done for the bank. The buyer will pay for this as part of the closing costs. The purpose of the appraisal is to ensure that the bank isn't loaning too much money on the property. It's highly regulated by federal guidelines for mortgage underwriting.

In short, an appraisal determines a property's value, and protects the bank from over-lending. It's unusual to have any problems with this part of the process, unless the home is grossly overpriced.

Home inspections are performed to determine the condition of the property. An inspection gives the buyer a clear picture of the condition of the home. The inspection is typically done within five to seven days after the purchase agreement, and is paid for by the buyer.

The inspector comes in and does a very thorough walkthrough of the property with the buyer, which can take up to three or four hours. Then the inspector submits a 10-25 page report. If there are items of concern that need to be addressed, the buyer and the seller negotiate through their attorneys. Once they come to an agreement, the inspection contingency is completed.

If you have any questions about these two real estate processes, give us a call or send us an email. We would love to ensure that you are a knowledgeable buyer or seller so you make nothing but the best real estate decisions.

How to Close Your Deal

Northern New Jersey real estate agent discusses tips on how complete your real estate deal

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Most people aren't trying to kill their real estate transaction - rather, they unwittingly make a mistake that leads to the termination of the deal. Today, we want to give you a few tips on how to avoid such an unfortunate situation.

If you're selling your home, you need to avoid pushing buyers over the limit. You don't want to ask for too much. You don't want to let the buyer put one over on you, but you have to know a good deal when you see one.

As a buyer, you need to stick to your terms. You want to make the time periods for inspections and closing move along smoothly. You also want to have as few contingencies as possible.

One of the most important things you need to do when negotiating is strip away all emotion about the transaction and deal only with the facts. This will keep you on track to a successful closing.

If you have any questions about this stage of the real estate transaction, or if you need real estate assistance, we are happy to help!

Thanks for your time. Please reach out to us for any questions at any time. Enjoy your day.

What Steps Can You Take to Improve Your Offer?

Northern New Jersey real estate expert discusses how to get your offer accepted.

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Today we are excited to talk about some of the secrets to getting your offer accepted. Multiple offer situations are fantastic news for sellers, but what are buyers to do?

When competing with other buyers, it comes down to motivation as to who is going to win the home. If the home is perfect for you and your family, there are some steps you can take to submit a winning offer.

The first thing you can do is improve the terms of the contract by doing things such as moving up the closing date, or putting more money down. If you know that you want to be in this home for a while, be prepared to make an offer over asking price.

We would love to help make your home buying dreams a reality. If you have any questions for us, feel free to give us a call or send us an email. We look forward to speaking with you!

What to Do When You Get an Early Offer for Your Bergen County Home

Northern New Jersey real estate agent discusses how to handle an early offer on your home.

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Today we wanted to speak with you about how to handle any early offer on your home.

Receiving an offer within days of listing your home is a great problem to have. If someone walked into your business and expressed interest in what you were selling, you certainly wouldn't want to ignore them. The same would apply to someone who makes an offer on your home.

However, a quick offer often causes a dilemma for sellers. People feel that they should hold out to see if they get any additional offers. When the market is on the rise, you can make a mistake by pushing off the first offer, or failing to respond in a reasonable fashion. In the past, we've seen sellers sit on the offer, which often leads to the buyer backing out. Then the sellers are left without any offers on the table.

Our advice is to be prudent when you receive a quick offer. The general rule in real estate is that your first offer is your best one. You may not need to take it right away, but you need to give it a lot of consideration, and try to negotiate it to where you want it.

If you have any questions on today's topic, or about real estate in general, please give us a call or send us a quick email. We'd be happy to help you!

Why Is Now the Time to List Your Northern New Jersey Home?

Bergen County real estate expert discusses why now is a great time to sell your home for top dollar.

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Hi, I’m Debby Adler with the Adler home team and today I wanted to speak to you about why now is the time to list your home.

Just about every home that is in great condition and priced well is receiving multiple offers, which is great news for sellers. It's an active market and we are here to help. 

Inventory is down in the last 6 months. As a result, we have fewer homes on the market now than we did in November, which is usually a dead time for home sales, so that says a lot about the volume of buyers in our market. If you or someone you know has considered selling, now is the time to sell quickly and get top dollar for your home.

Also take into consideration: all major interest rate analysts are predicting rates to rise significantly by 2016. The National Association of Realtors, Fannie Mae and Freddie Mac, all predict that rates will be near 5% by the second quarter of 2016! If this busy market wasn't enough to convince you now is the time to move, rising rates should! 

If you want more detailed information about where our market is heading, or when you have any questions about real estate, please feel free to give us a call or email us. 

Thanks for your time. Enjoy your day.

How to Submit an Attractive Offer in Northern New Jersey

Northern New Jersey Real Estate Expert discusses steps to consider when making an offer on the potential home purchase.

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With the market improving here in Northern New Jersey, multiple offer situations are becoming more and more common. To help you survive in this crowded market, we want to provide you with some tips to help you make a competitive offer.

First, it's important to get a pre-approval from a lender. Getting pre-approved makes you much more attractive in the eyes of sellers, as it is proof that your finances are in order and you are ready to buy.

Next, you need to write your highest and best offer from the start. If you put in a weak offer, thinking you can always strengthen it later, you risk being overlooked by the seller and never getting another shot to negotiate.

When submitting your offer, it's best to aim to please the seller. One way to do this is to agree to the moving date the seller stipulates. If necessary, allow the seller to continue living in the home after closing, and offer them post-occupancy. Avoid submitting an offer with contingencies if you want it to stand out. Offers that are clean and without additional stipulations are much more attractive to sellers.

Finally, writing a personalized letter is a great way to woo the seller. We call it a "love letter" because it shows you have highly personal reasons for wanting the home in question. In this letter, detail how you plan to take care of the home and explain why you love the home!

If you're struggling to find a home in the Bergen County area, we think these tips might help. If you need professional assistance, or if you have any questions, give us a call or shoot us a quick email for the help you deserve.

What Are the Risks of Overpricing Your Home?

Northern New Jersey Real Estate Expert discusses the importance of pricing your home properly.

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 Today, we want to briefly discuss the dangers of overpricing your home.

In our current market, home prices are increasing each year, as homeowners are trying to get as much as they possibly can for their homes. However, you need to be strategic when putting a price on your property - here are five reasons why:

1. Buyers look in price brackets: If you price your home well above what it's worth, you're losing a lot of potential buyers who will simply pass it up, which will result in fewer offers.
2. When buyers pass up your home, they look at other homes: If homes similar to yours are priced much lower, buyers will have no problem making an offer on your competitor's home!
3. Starting high and coming down later is risky: You're missing out on a lot of buyers by waiting a long time to price your home fairly. The first 30 days are crucial for generating interest in your home.
4. Your home will be compared to better homes: If you price your home into a higher price bracket, buyers will be comparing your home to ones with more amenities, features, and benefits. In other words, the people who will appreciate your home won't see it.
5. Your home takes longer to sell: When your home sits on the market for a long time, buyers and agents alike start to wonder whether there is something wrong with it. Buyers will often think they can submit a low offer on a home that has been on the market awhile.

Consider these five points when pricing your home. It's really a matter of balancing the desire to get a high price and the need to attract buyers to your home!

If you have any questions about getting the most when selling your home, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!

Why Should You List Your Home Sooner than Later?

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Why should you list your Bergen County home now, before the spring market is in full swing? It's a good question, and one we get a lot. Today, we explain the benefits of getting your home to market early.

1. Homes are selling every day: In the last 60 days, over 225 single-family homes have sold in our area.
2. The transfer market is extremely active: This is the time of year that people who have been offered jobs in our area are out looking for a place to live.
3. You can change the closing date: By the time your home goes through the entire closing process, it will be early summer and you won't have to rush to find a new home!
4. Buyers have fewer options: Inventory is low right now, and buyers are gobbling up the best homes as they come on the market. There is a 25% deficit in inventory compared to where we usually are, and demand has only increased.
5. Interest rates will rise soon: Right now is the perfect time to take advantage of low interest rates. Instead of waiting until later and having to deal with rates as high as 5-6%, you can lock in a rate between 3-4% right now, which will save you thousands in monthly payments over the course of the loan!

It's pretty obvious: beating the competition to the market is crucial if you want a successful home sale. If you want to take advantage of these fantastic selling conditions, or if you need real estate assistance of any kind, don't hesitate to reach out to us! We would love to hear from you!

Are Open Houses in the Northern New Jersey Area Worth It?

Northern New Jersey Real Estate Expert discusses the ins and outs of the open house processes.

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Hi, I’m Debby Adler with the Adler home team. Today we wanted to speak to you about open houses.

Many clients ask us if it is productive to hold an Open House, and the simple answer is NO.

Putting an ad in the local newspaper and posting a yard sign typically allows nosy neighbors and unqualified buyers “who are just curious” to tour your home. Agents will sometimes only hold open homes in an effort to get more business from other prospective buyers.

The reality is that qualified buyers don’t typically attend open houses. Most often they go through with their agent for a private showing to avoid the crowd.

But that doesn't mean ALL open houses are just a lead generating pool for agents.  A successful open house includes sending invitations to agents along with qualified buyers highlighting the best features of your home.

Another open house that typically gets attention is a Broker’s tour. Unlike public open houses, this is held on a weekday just for agents to do a preview tour for their clients and is typically held just after your home goes on the market.

This is a great idea to get the serious buyer’s agents through your home. It is best to discuss these options with an agent to see what best fits your needs.

Thanks for your time. Please reach out to us for any questions at any time. Enjoy your day.

How Can You Make the Most of Your Northern New Jersey Home Renovation?

Bregen County Real Estate Expert discusses the importance of renovating with care. Gives simple tips to avoid costly mistakes.

There are many great Northern New Jersey area homes for sale. Click here to perform full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (201) 825-1266 for a FREE home buying or selling consultation to answer any of your real estate questions.

 

Hello, and welcome back! Today, we want to share some quick tips on remodeling! 

For most homeowners, selling a home is an event that takes place once, maybe twice, in their lifetime. The experience is completely foreign to them, and they may be carrying old ways of thinking into a process that has changed over time. Because of this, we recommend that you proceed with caution before remodeling your home. 

Besides keeping a neutral color palette throughout the house and updating kitchens and bathrooms to a modern state, remember that less is more when preparing your home for the market! Depending on the market, your home may already be at the maximum limit in terms of value. If that's the case, putting money toward renovations and upgrades to the property could end up being a waste of your money! 

If you want to sell your home soon, the last thing you want to do is start a lengthy renovation project. Before you make the decision to make changes to your home, we recommend sitting down with a real estate professional to discuss your options. It's in your interest to know the value of particular renovations before they're under way.

Don't hesitate to give us a call or shoot us an email with your questions and concerns. We would love to hear from you!

Thanks, and have a great day!