What Millennials Are Looking for in a Home

What can you do to have your house appeal to millennial buyers?

Millennials now make up the largest demographic of homebuyers, and they know what they're looking for in a home. Today we’ll tell you how you can make your home listing appeal to them.

Millennials usually look at homes online first, so it's important to have great pictures that show off your property. We recommend hiring a professional home photographer. Your Realtor can provide one for you. 

You also need to price your home properly. If millennials see that your home is much more expensive than a similar house, they will disregard your listing. If you have a large home that needs updates and repairs, you'll have a hard time finding a millennial buyer. They would rather put their money towards painting and decorating instead of improving home systems, so make sure that you're keeping your home maintained so that you don't have a long list of things to fix before you list.

“Listen to your agent about how to appeal to millennials.”

Millennials know that property taxes are on the rise, which is why they are actively avoiding large homes with large yards. This makes it important to fight your property taxes each year to keep them at a manageable level. If your property taxes are high, your home price will likely have to be lower.

Since millennials make up such a large part of our market now, it's really important to listen to your agent about how to appeal to them. If you have any questions, please feel free to reach out to us via phone or email today. We look forward to hearing from you.

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

Why Winter Is a Good Time To Sell

Here are three reasons why winter is an amazing time to sell your home.

Is winter a good time to list your home for sale? I get asked this question quite

a bit this time of year. Luckily for you, the answer is always yes; the winter

months are a wonderful time to sell. We typically sell a lot of homes during the frosty months, and here are a few reasons why:

1. Less inventory. In the winter, our market has much less inventory than during the spring, which is fantastic for sellers because low inventory means less competition. You’ll close closer to your list price and more buyers will be interested in your home. 

2. Serious buyers. Buyers tend to be more serious in the winter. I always say that if they’re going out into the cold, they’re serious about buying. Plenty of people don’t want to move in the winter, but there are multiple reasons why a move may be needed such as a divorce, a marriage, a baby, or they’ve finally saved enough money to buy a house. You’ll have fewer showings with more motivated buyers.

"The winter months are a wonderful time to sell."

3. Relocators. Numerous companies relocate employees in January or at least begin the relocation process. That’s a large wave of people needing to buy during the winter season. 

All these reasons and many more are why you should consider taking

advantage of the real estate market in the winter. As always, if you have any questions about selling or real estate in general, we are here to be of service. Don’t hesitate to call or email us. We would love to help you.

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

What Happens If An Appraisal Comes In Low?

Three options for dealing with a low appraisal.

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

When an appraisal comes in low, consumers typically have an appraisal contingency built into their offers, but buyers and sellers have three options to proceed:

1. Meet in the middle. The most common approach is to negotiate to see if the buyer and seller can meet somewhere between the contract price and the appraised value.

2. Bring the difference in cash. The buyer’s lender will only loan the appraised value, so if the appraisal comes in, say, $10,000 lower, the buyer can decide to fill the gap themselves. As a seller, you would be more likely to do this if there were multiple offers on your property.

3. Cancel the deal. You as the buyer always have the right to cancel the contract if you’re not willing to match the difference or if the seller isn’t willing to meet you in the middle.

As real estate agents, we do work to make sure that the appraisal comes in at the contract value. One of the biggest benefits of working with a solid listing agent is that we can communicate with the appraiser to convey why the seller received the offer they did and justify the price with recent sales data. We’ll also appeal to the number of showings and offers the house received, as well as the short amount of time it was on the market. Information like that can also help the appraiser understand why the buyer came in with that offer.

"We’ll be able to communicate with the appraiser to convey why the seller received the offer they did and justify the price with recent sales data."

If you have any questions about this or anything else to do with real estate, give us a call or send us an email. We’re always here to answer your questions and make you feel comfortable with any decision you make.

The Difference Between an Appraisal and Inspection

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

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

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.

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

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.

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

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.

Sellers: Boost Your Home’s Value With These Tips

Here are some easy ways to boost your home’s value before listing it.

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

Here are five simple ways to increase your home’s value before listing in 2021: 1. Bring out a real estate professional. An agent will typically provide you with a valuation of your home and can point out which areas are more important than others when upgrading. Some agents will even offer staging advice to ensure your home shows well. 2. Deep clean. Your home should be absolutely spotless, including the unseen places—the oven, rangehood, baseboards, spaces between kitchen appliances, etc. For a couple hundred dollars, you can certainly hire a professional cleaner to do it for you. In any case, your home will end up shining, and first impressions are ultimately the most important ones. 3. Fixtures, hardware, knobs, and switches should be functioning properly and look good. They should be in good condition and have uniform coverings. If they need to be repainted or replaced, go through your house with a buyer’s eyes and see what you need to see. To get the most bang for your buck, make the finishes for your hardware consistent throughout the house, whether that means brushed nickel, chrome, oil-rubbed bronze, etc. This creates consistency with your new faucets and fixtures as well.

“

 Your home should be spotless, including the unseen places.

”

 

4. Clean your carpets (if you have them). Some agents recommend getting rid of carpet if you have hardwood below, but a professional cleaning can certainly make your carpet look new. Dingly, old carpeting makes a home look old and outdated. For a cheaper alternative, you can rent a rug cleaner for less than $100. However, that would create more work on your end. 5. Paint rooms that need refreshing. Make sure to take care of the baseboards as well. Like I said earlier, they need to be clean. (It’s easy to overlook the beating they take over the years). If you have bold or distinct colors, paint over them with a light, neutral tone. Buyers prefer that over anything bold. Light grays, for example, seem to be a popular color now. Don’t go overboard, though, because most buyers will probably do their own painting when they move in. This tip is mostly just to give your home a fresh, clean look. As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’m happy to help.  

Make Your Home More Spacious and Valuable

Here are two fantastic ways to increase your home’s value this summer.

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

Today I have some great tips to help you add both space and value to your home this summer: 

1. Build a patio. These not only add value to your home, but they also provide you with a great outdoor living space. You have a ton of different options for building materials. You can use poured concrete, which is structurally sound and fairly inexpensive. You could also go with bricks, pavers, stone, crushed stone, pea gravel, or even sand. There are so many different ways to make the space your own.

“

 Even if you’re not selling soon, you still might want to consider adding to your outdoor space.

”

 

2. Add an outdoor kitchen. If you have the time and budget, this is another great way to add value. Consider adding a sink, fridge, food prep station, or some combination of the three.

Even if you’re not selling any time soon, you still might want to consider adding to your outdoor space to enjoy those wonderful summer evenings and increase your home’s value for when the right time to sell does come. 

If you have any questions about selling in this market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon. 

Are You Better off in the City or Suburbs?

Should you live in the city or suburbs? Here’s what you need to know.

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

This is an age-old debate in the housing industry, and we’re starting to see some interesting changes in homeowner preferences as more and more millennials and young professionals enter the market. Most see the debate coming down to big factors like schools, amenities, and space. Families with kids have traditionally favored suburban living with large homes, plenty of bedrooms, and a backyard, as well as good school districts and a quieter environment. The city comes with more hustle and bustle, but some are willing to give up the space and quiet for walkability, proximity to entertainment, and the all-around ‘cool’ factor. 

Of course, price should always be a factor, especially when it comes to renting versus buying. Nationally, rent rates are slightly higher in suburban areas than in the cities, which is somewhat surprising (obviously this varies from city to city). Amenities aside, urban dwellers must consider their style of living in their homes as well. If you prefer the city lifestyle, are you willing to live with the likelihood of fewer bedrooms, smaller kitchens, and less outdoor space? Though rental rates are higher, rental properties in the suburbs are nationally about 18 cents cheaper per square foot than their urban counterparts, according to Zillow.

“

 A real estate professional can provide you with price differences between suburban and city living.

”

 

Then there are the neighbors. Are you willing to share a wall, floor, or ceiling with a neighbor? Or would you prefer your own private space where noise isn’t a factor? Do you prefer a backyard with green grass or would you rather step out onto your balcony with city views, where you're right in the heart of the action?

Of course, a real estate professional can provide you with price differences between suburban and city living specific to your area and educate you on even more points to consider in your city when it comes to proximity to amenities, schools, and entertainment. 

As always, if you’d like to know more about this or any real estate topic, don’t hesitate to reach out to us. We’re here to answer your questions and serve your needs any way we can. 

5 Tips for Living in Your For-Sale Home

These five tips will help you live in your home while it’s for sale. 

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

Here are five tips to help you keep living your life in your for-sale home and keep things less hectic:

1. Start packing now. Packing and storing boxes in the basement or garage is completely acceptable. You want to open up as much space as possible and emphasize floor space and square footage. The larger your home feels, the more money you’ll get. Buyers will truly appreciate this touch.

2. Sell, donate, or throw it away. While you’re packing, try getting rid of things you don’t need. If you haven’t touched an item in a year and it’s not an heirloom or a memory, it’s time to say goodbye to it. Try to donate items that are still in good condition. 

3. Get squeaky-clean. A clean, cared-for house can net you $5,000 to $10,000 more from your sale. Shoot for five-star hotel perfection when cleaning, and focus on bathrooms, the kitchen, windows, and floors. Just make your home sparkle!

"The larger your home feels, the more money you’ll get."

4. Maintain privacy and safety. Buyers will look through your closets and other areas people typically wouldn’t see, so make sure there’s nothing valuable or personal anywhere that they could find. If you’re unsure about an item, be on the safe side and lock it away somewhere secure. Of course, this includes, medication, jewelry, etc. 

5. Involve your kids. Nothing is better than involving your kids in the selling process, and the easiest way to get them involved is through games or a reward system so they help you clean the house and prepare it for showings. You won’t believe how motivated kids can get when there is something fun tied to a chore. 

If you’d like to know more about these tips or have any real estate questions at all, don’t hesitate to reach out to me. I’d love to hear from you.

How the Pandemic Is Affecting Home Preferences

Here’s how the pandemic has shifted buyers’ preferences in the last year.

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

How has the pandemic affected buyers’ home preferences?

Over the last few months, we’ve seen a massive influx of people moving from the city (New York, specifically) to the suburbs. This comes in contrast to the last few decades when people increasingly preferred cities over suburbs. Studies have shown that each new generation of young people has been more and more likely to move to the cities and stay in them even after getting married and starting a family. Of course, post-coronavirus, this may well change.

“

Many people will continue to work from home after the pandemic subsides.

”

The most obvious reason why is health. Urban areas are more crowded, which means greater exposure to potential viruses. Also, shelter-in-place orders are harder to bear in an urban environment; by comparison, a house in the suburbs can offer more space, a backyard, and easier access to areas where you can exercise and spend time safely outdoors. 

Additionally, workspaces are changing. Many people will continue to work from home after the pandemic subsides. The need for commuting will be greatly reduced, so living farther out for a lower cost is certainly more appealing.

If you have questions about this or any other real estate topic, please feel free to reach out to us at any time.

3 Reasons Winter Is a Great Time to Sell

Here’s why winter is a great time to sell your home.

Buying in Northern New Jersey? Get a Full Home Search

Selling in Northern New Jersey? Free Home Price Evaluation

If you’re thinking of selling your home, the winter months are a great time to do it. In fact, we usually see many home sales happen during the winter, and there are a few reasons why. 

First, there’s much less inventory than what you see during the spring, which is great for sellers. Low inventory means less competition and a better chance that you’ll close near your listing price. Additionally, since there are fewer homes available, more buyers will be interested in your home. 

Second, buyers tend to be more serious in the winter. As we always say, only the real buyers come out when it’s 28 degrees. Most people don’t want to move this time of year, but there are plenty of reasons why they might have to. Perhaps they’re undergoing a divorce, or they’ve finally saved enough to purchase. Winter also means you won’t see any tire-kickers like you’d see during spring. You’ll have fewer showings with more motivated buyers. 

“

Low inventory means less competition and a better chance that you’ll close near your listing price.

”

Finally, January is the most common month for companies to start the relocation process for their employees. That’s another large wave of people needing to buy during winter. 

The bottom line is that you should take advantage of the market now. If you’d like to talk more about selling your home in the winter or have any other real estate questions, don’t hesitate to reach out to us via phone or email. We’d love to hear from you.