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?

Buying in Northern New Jersey? Get a full home search

Selling in Northern New Jersey? Free Home Price Evaluation

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!