May 25, 2024
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Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

The election is over; now what should I do?

Are some of you sitting on the sidelines wondering whether you should buy or not? It is time to get back into the market before rate hikes increase even more. No point hesitating, there are some great opportunities for your next home purchase right here in Bergen County! Do not wait around for the spring season. There are several great homes currently on the market in every price range. Depending on your circumstances, you may even be able to purchase a home with a tenant and move in later. Real estate is booming and will continue to do so once the president takes office and the mood of the country stabilizes. Real estate, if done right, is still the best investment for your future. It is a wonderful feeling to own your own home or invest in income-producing properties. Your best approach is to speak with an experienced real estate agent with a proven track record and mortgage broker who can give you realistic guidelines.

My house is still on the market, what steps can I take to get it sold?

Realistic expectations are key in getting your home sold. We all want to hear that our house is worth millions, but let’s be frank; some agents may want to tell you what you want to hear as a ploy to get your home listed. Interview your agent. Are they college educated? How long have they been licensed? What is the average length it takes them to sell a property? If it is years, you are going to have a serious problem and the true value of your home may diminish when it does not sell. What has the agent sold on their own without a partner? Are they working with a team? If so, who will be in charge specifically of your home? Many teams do not deliver the promise of personal service. Some complaints by sellers of team agents are that sellers never see the agent who took their listing until closing. Are you being realistic about the price of your home or are you insisting on a price that does not reflect market value? What kind of marketing and advertising will be done and who will pay for it? In some franchise agencies, agents incur those expenses directly and thus may not advertise the listing extensively in the market. Do you know where you are moving to once you close? Do you need to sell in order to purchase? If so, does your agent know how to leverage your needs to your advantage? How many deals have they closed on? What is the condition of your home and have you de-cluttered and painted to give it the lift it may need? All these issues need to be considered when you are thinking of selling your home. There are many talented real estate agents in the industry and I include myself in that roster of professionals.

What should be my approach when considering the purchase of a home?

Once you have gotten your finances in order and you have a pre-approval for a mortgage, you should look at homes that are slightly above or below your price point to get an idea of the homes offered within your budget. Next you need to determine if you are prepared to do extensive or cosmetic work. What are the key requirements for your purchase? Are you looking for short-term or long-term housing? Do you need NYC bus service or train? Is a specific type of school system important to you? When looking for a home, the more information you can give to your real estate agent the better they can hone in on your needs. If your agent is showing you homes that are well above your budget that do not reflect your needs, speak up. If you are not comfortable with your agent, feel free to choose someone else. It takes time to find the ideal type of house you may want, considering there are many styles of homes in the market.

A few architectural styles to consider: colonial homes and Georgian colonials, split-level, Tudor style, Victorian, new construction or custom-built homes, or modernized make-overs. Features you may request: wood-burning fireplace or gas fireplace, wood moldings, gas heat, updated appliances, granite kitchen and stainless sinks, modernized bathrooms, deck and garden, and fenced-in yard. Make a checklist of the important requirements.

Don’t wait for the next presidential election! Now is a great time to buy. Prices have stabilized and rate increases are expected to inch up.

Happy Thanksgiving to you and your family!

By Nicole Idler

 

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