Understanding Listing Patterns In The Long Beach Island New Jersey Real Estate MarketLong Beach Island NJ Real EstateThe LBI real estate market is rather unique in that there is a very definite
WHEN IS A GOOD TIME TO BUY A HOUSE OR FOR THAT MATTER WHEN IS A GOOD TIME TO SELL A HOUSE
Have you tried lately to figure out the market? It appears there has been whole town assessments completed lately and leaving owners scratching their heads with new tax assessments; some at full value and others less than full value. How does a seller determine what the sale price should be for marketing and how does a prospective buyer figure out what an offer should be to purchase that house?
I am seeing a couple of things happening lately. First the inventory is low; so if you are in the market to sell your home, pricing is critical to a quick sale. As an agent, I take the time to review all comps (homes that have recently sold) that are similar to the subject property, are in the same area and take into consideration the upgrades of each house. If there are no comparisons, I do what an appraiser would typically do, go slightly out of that neighborhood and look for a home that is similar to the subject home for more reference. You may be asking why is this so important; it's vitally important to get your pricing in check. If you secure a buyer for your home and they need to obtain financing that buyer will need to have an appraisal completed for the bank to decide if they will lend out the money for their mortgage, this affects the seller and the buyer. If the buyer agrees to pay a price that is higher than the appraiser's report, that buyer will come back to the seller to renegotiate pricing to the lower number the appraiser has valued your home at. On the other hand, if the appraisal comes back and it's higher than your agreed upon sales price, the seller does not have a fall back to ask for more money. So, as you can see, getting it right means a lot to both the seller and the buyer. If the appraisal comes in low, you may want to challenge the appraisal report if you feel there are comps that would support your agreed upon pricing on your sales contract. This will also take time to appeal the appraisal decision, so keep in mind all your dates in your contract as some dates may need to be pushed back while the appeal is in process. If the buyer and seller cannot agree on the sales price the deal could fall apart, and now both buyer and seller start the selling and buying process all over again. It becomes frustrating for both parties. Both sides have something at stake here.
Bottom line, anytime is a good time to sell or buy a home, be prepared to investigate the area where you want to purchase, ask questions about recent sales, if you have children, ask about the school systems in that area, shopping, doctors, hospitals, etc. As a seller, prepare your home for the market, declutter, paint if it's needed, do small repairs so you don't have to worry about it when the home inspection gets done. Go through your home as if you never saw it before, what would you like to see if you were the buyer? You have to be your own advocate as well as depending on your agent to help with the process. The more prepared and better educated you are the better deal is realized by all parties!
Pam’s a residential agent for over 20 years servicing clients from first timers to retirees covering all aspects of the residential real estate spectrum from listing your home to finalizing your new....
Latest Blog Posts
What does this mean? I have no idea; I just thought it would be a catchy headline to capture your attention. This is an open letter to people who are center and right leaning.WARNING: Important
Beach Haven hopes to reduce nuisance flooding through a $3 million bond ordinance that was adopted by the borough council at its meeting Monday.Councilman Donald Kakstis said the project was