What’s your home worth in the NJ Real Estate Market?
Spring is fast approaching and homes are quickly gearing up for the 2017 Real Estate market. Let’s face it, you want the best price for your home, and hopefully over asking price.
Below are the top four items that will help you achieve an all-out bidding war.
1. Use your NJ Real Estate Agent and not a substitute
Your agent is by far the most important variable in achieving the price you are looking for. You will be leaning on their expertise of the current market to understand how to price your home appropriately. Your agent worked hard to sell you on their ability to move your home quickly and in doing so, set the expectation that the same salesmanship will be used to find a buyer.
The last thing you want is to have is a rookie agent babysit your open house on the day when most people come to see it. The biggest killer in identifying a qualified buyer at an open house is to have a rookie agent there who is not engaged or not listening to keywords that can identify a quick sale.
2. Aim low to get high
Experienced buyers are educated in the current housing market. I’m not talking about your neighbor or the weekend warrior who will visit your open house. A buyer who tells me that they have lost out to one or more bidding wars will understand that they need to be aggressive if they want to buy your home.
Such a buyer becomes a high priority to talk to at your open house. I quickly need to understand their motivation and if they are the right fit for your home. By listing your home 5 to 10% below market value, you will be attracting this buyer and many like them.
3. Don’t jump at your first offer, or second or third
You may be anxious to say yes when you get your asking price on the first day but hold on, there may be more coming. Some buyers may be on the fence, balancing the books or working the numbers after seeing your house. When it becomes clear that there are several offers on the table, your agent should consider publishing a best and final offer date. This will get all serious buyers engaged and allow you to consider what the best offer is for your home.
4. Save all your offers
Not every accepted offer pans out to become a closed sale. Some buyers enter in to a contract only to have it fall apart over a $500 repair bill to a faulty water heater. After all reasonable concessions have been exhausted and the buyer still does not look as if they will close, you may want to consider your options by reaching out to previous offers.
By expressing to the buyer that there is still strong interest in your home, it may give both parties the ability to close the deal quickly or walk away so someone else can. What was once a deal breaker for the original buyer is usually not a big deal for someone else to get a second chance at their dream home.
Liberty Realty (Hoboken, NJ) moves on average 1,089 homes per year. That’s 2.98 homes each day! For any real estate questions on a successful listing of your home, don’t hesitate to reach out to me at rich.cronin@outlook.com.
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