Top 5 Factors That Impact NJ Real Estate Prices

new jersey real estate

Currently, the median home value in New Jersey is $342,527. If you are selling or buying a home, it is important to understand what factors go into determining a home’s value and how these factors impact list price. Here are some tips that can help you ascertain the value of your home.

1. The Big Three: Location, Product, and Timing

How well a home has been maintained and where it is located impacts the value of the home as a product. The right home in the right neighborhood can go a long way to drive up home value. Timing is harder to control. If you are selling, you want to list when the market is in your favor—but the market can change quickly.

2. Structural Integrity

Appraisers will perform a detailed physical inspection of the entire house – floor to ceiling and wall to wall. An appraisal inspection is meant to note not just superficial imperfections but also serious structural issues.

How well the home was originally constructed (and updated, if applicable), as well as the quality of the materials used, will impact an appraiser’s assessment of a home’s value. Even small details are given consideration. They will compare these details to homes in the area and adjust pricing according to specific similarities and differences.

3. Market-Driven Features

Every localized real estate market is going to have specific home features that impact the value of a home. Marble counter tops were a luxury ten years ago—they are the norm now. Consumer preferences drive expectations of required home features. If sold homes in your area boast open floor plans, gray scale interior colors, and hardwood flooring, this will set the bar for how your home will be valued.

4. Condition of the Home

Take care of any maintenance or small projects you have been avoiding. Fresh paint, manicured landscaping, and clean spaces will go a long way to showing off the full potential of your home. Make sure all the appliances you are selling with the house work and can pass inspection. You want to make sure your home looks like the most appealing home on the block.

5. Size and Appeal

Traditional layouts are big draws right now. Open floor plans and neutral color schemes are too. In matters of real estate, at least, size matters. Price per square foot is a popular search filter used by a multitude of potential buyers.

If you are a buyer, you can keep all of these factors in mind as you look for your future home. When you are trying to figure out how much you are willing to spend on a specific home, be realistic. It is common for buyers (and sellers) to think with their stomach and not with their head when it comes to estimating the value of a home. Remember that if a home appraises for under the contracted sale price, the sale could fall through. No matter how much value you personally put on a home, that value has to be backed up by the market.

If you’re ready to make a move, Veitengruber Law is ready to help you achieve your next real estate goal.

What Generation Z is Looking for in NJ Real Estate

nj real estate

The real estate market is gearing up to welcome a new generation of home buyers: Generation Z. This generation, born between 1997 and 2012, are now buying around 2% of homes on the market. That might not sound like much now, but this money-conscious group is poised to become a major NJ real estate purchasing force in the years to come. As the oldest in this group finish college and start jobs, homeownership is the next big move. Here is what Generation Z is looking for in a home.

The big thing to note with this group is that they are interested in single family homes in diverse communities. A survey taken by Homes.com indicated that living in a diverse community was important for 58% of Gen Z survey takers. Instead of condos, townhomes, or apartments, Gen Z largely expects a single family home to be their starter home. Amenities desired by Gen Z included a backyard with a deck or patio, open floor plans, a garage, and hardwood floors.

Something not on their list? Smart home technology. Surprising many real estate experts, smart home tech ranked low on a list of desired amenities, along with eco-friendly appliances.

This generation may be the most informed first time home buyers ever. Being essentially born with smart phones in their hands, this tech savvy group knows more than ever about the home buying process. Even Gen Z buyers new to real estate have likely done some research before approaching a realtor. This also makes them discerning potential buyers: they know what they want and they are willing to spend some time looking for it.

In 2019, Gen Zers were buying starter homes costing on average $160,600, an 11% increase from 2018. This generation, in general, is looking for inexpensive homes in New Jersey towns with strong local economies and low crime rates. Many Gen Zers are looking to settle in the areas around where they went to school, making college and university towns a popular choice.

The financial position of Generation Z may be the only thing holding them back from entering the real estate market. While they tend to be in a better financial position entering their mid-20s than the Millennial generation that came before them, they still have student loan debt to grapple with. With some student loan payments equaling a typical mortgage payment, this is a tall hurdle to jump. On average, Gen Z home buyers are putting only 5% down on real estate purchases, meaning they are likely relying on private mortgage insurance (PMI) to pay for their homes.

Right now, most of the future home buyers in Generation Z are focused on experiences, travel, and paying off their loans instead of purchasing real estate. While they are in no rush to purchase a home right now, this unique demographic of home buyers will be hitting the market before you know it. You can count on them looking for New Jersey communities with easy access to the arts, entertainment, and Instagram-able experiences.

5 Tips for a Successful New Jersey Real Estate Investment Purchase

NJ real estate

It can be difficult for beginners in real estate investing to determine which properties would be a good purchase. You may have a plan, your finances might be stellar, but once it’s time to take action, sometimes even the best laid-plans get derailed. If you are looking to invest in New Jersey real estate, there are some things you should keep in mind as well as specific properties to steer away from as you make your first investment(s). To help get you started on the right foot, we’ve compiled five tips that will guide you toward a successful NJ real estate purchase.

1. Keep an Open Mind

The biggest key to successfully investing in real estate is to remain open to the possibilities around you. Don’t go into your property search looking for anything too specific. Even if you have a mental picture of investing in a residential home to flip – don’t ignore the excellent commercial real estate opportunity down the street. There are so many different types of real estate opportunities available to you! By keeping an open mind, you’ll be less likely to miss out on something great.

2. Be Mindful of Location

You might find a fantastic property and fall in love with it instantly. WARNING! Don’t invest until you have a good, solid understanding of the location. There is a rule in real estate: “A bad house in a great neighborhood is better than a great house in a bad neighborhood.” You can always renovate a property—you can’t give the street a makeover.

3. Prepare for Competition

The popularity of investing in New Jersey real estate is on the rise. Don’t be surprised if you put an offer in on a property only to be outbid. Some of the biggest competition you will likely face will be from all-cash buyers. Many all-cash buyers are offering full price or more in order to secure their investment. Be aware of these competing investors, but don’t be dissuaded if you are outbid a few times. Ask sellers about their goals and see if there is any way you can help them meet those goals.

4. Look Past the Staging

Home staging is an increasingly popular trend for sellers looking to get an edge in the market. And there is a good reason for this: many buyers are more likely to overlook faults with the property if it is staged. Don’t let the aesthetics of staging deter you from asking the important questions about a property. Make sure you move things around, test hardware and appliances, and get to the bones underneath the picture-perfect set up.

5. Know When to Quit

Don’t be afraid to cut your losses and get out if you make a bad investment. Even some experienced investors will stick with a bad investment in a futile effort to recuperate the money they sunk into a property. It’s possible that what seems like a sure bet can take a nosedive and turn out not to be a money-maker. Smart investment behavior includes knowing when to walk away, learn from your mistakes and make better choices next time.

 

Real estate can be a challenging and rewarding opportunity for motivated investors. The sky is the limit when it comes to your real estate goals. If you follow these five tips, you will be on your way to a successful NJ real estate purchase!

 

 

 

 

 

 

 

Retire in New Jersey in a 55+ Community

retire in new jersey

As we get older, we often find we need different things out of our homes and communities than a traditional community can offer. Maybe you need to live on one floor, near people your own age with similar interests, or you just want to be able to enjoy some peace and quiet. If this sounds like you, it might be time to look into a 55+ community. A retirement community can provide the services and amenities to help maintain your quality of life for longer.

New Jersey is full of beautifully appealing housing options for the 55+ community. Many new developments include single family homes so you can maintain your independence while enjoying the services and comforts of a community geared towards your needs. Choosing a retirement community does not mean your options are limited; in fact, you can find your dream home in the ideal location!

Here is how to find the right 55+ community in New Jersey:

1. Consider Your Lifestyle.

Your health, physical abilities, and other age-related concerns will likely dictate what kind of community you are looking for and the services it provides. Community age limits range from 50 years old to 90 years old or more and the offerings of these communities are just as varied. Many retirees are looking for a community where they can maintain an active social life while getting more assistance in other areas of their life, like cleaning, cooking, yard maintenance, and transportation. Other retirees are looking for peace and quiet and the time to relax alone with minimal care options. No matter what you are looking for, a representative from the community can discuss their available benefits and care options so you can decide if it meets your needs.

2. Carefully Research Amenities and Association Fees.

Always look into the amenities when you are deciding on a retirement community. After all, these are often the big appeal of a retirement community in the first place. Think about how these amenities can fit into your lifestyle and give you the biggest bang for your buck. Common 55+ amenities include: fitness centers, salons and spas, dining options, social centers, spiritual services, and activity programs. Be sure which services and utilities are included in your association fees. Many NJ retirement communities charge low HOA fees, but some can be pricey, so it’s important to do your homework.

3. Hire an Experienced Real Estate Expert.

An experienced real estate agent can help you find a 55+ community in an area you are familiar with, close to family, and with the benefits and care options to match your lifestyle. The real estate experts in our professional network will ensure that you are matched with a community that is worth your hard-earned money. When you work with the right professionals, you can retire in New Jersey in style!

 

How to Increase Your NJ Property Value with Smart Home Technology

Smart technology is everywhere. From iPhones to cars to household appliances, smart technology has never been more accessible or more affordable. These once futuristic accessories are becoming the norm. Especially as millennials enter the real estate market, adding some smart technology is a great way to get noticed and get better returns on your house. Besides making your property more attractive to potential buyers, smart technology can add a lot of convenience and efficiency to your daily life. Here are some of the latest smart technology upgrades you can make in your home.

1. Smart Thermostat

While programmable thermostats have been around since the 1950s, they can be outdated and lack user accessibility in the era of smart tech. Smart thermostats remove any guesswork from getting the perfect temperature in your home. They can sense when you are home, when you are away, and use this data to adjust the temperature according to your preferences. You can also turn up the heat without leaving your comfy nest of blankets on the couch. Smart thermostats can even save you money by conserving energy when you aren’t home.

2. Smart Smoke Detector

The smart smoke detector could save you money on insurance premiums, but it could also save your life. How many of us have resorted to disabling our smoke detectors to end the constant shrieking from a sensitive detector? With a smart detector you can keep on cooking without interruption. A smart smoke detector can monitor smoke, carbon dioxide, and even the general air quality of your home. If a problem arises, an alert can be sent to your smart phone or tablet so you know the second there is an issue. When it comes to your health, this particular smart tech is essential to improving your home environment.

3. Smart Security

Continuing on the topic of safety, smart security systems are a fantastic addition to any home. Many homebuyers consider safety technology an important aspect of a home’s value. You can sell your home for a premium if it is updated with the latest security technology. Smart security can include: cameras connected to your smart phone, audio/video capable doorbell systems, retina scanning technology, and even facial recognition lock systems. Smart door locks can even be programmed to unlock when you pull in the driveway. These features offer convenience, safety, and peace of mind.

4. Smart Lighting

This is another smart technology option for your home that offers convenience and can save you money. EnergyStar reports that 12% of your annual energy bill goes to lighting. That’s hundreds of dollars a year. Smart lighting sensor systems can turn lights on when you enter a room and turn them off when you leave, ensuring lights are only in use when needed. They can be controlled by your smart phone or programmed to dim and brighten to your preferences. Outdoor lighting with smart technology can also improve the safety of your home.

5. Smart Blinds

Blinds provide privacy, create the perfect nap setting, and help you save money on energy costs. Smart blinds allow you to better regulate how hot or cold your house is based on the amount of light being let in. There is a lot of convenience in being able to open all your blinds with the press of a button. After all, smart blinds rolling up to let in the light of a new day is the epitome of “futuristic” living.

6. Smart Solar Panels

Solar is a great source of clean energy to power your home. It is good for the environment and endlessly renewable. Smart solar panels are the latest in solar panel developments, allowing you to monitor individual panel performance and switch panels off and on as needed. Not only will solar energy save you money on energy expenses, it can also make you eligible for a federal tax credit program.

Your investment in each of these smart technology upgrades will vary depending on your home’s unique specifications, but all of them will undoubtedly increase the value of your home. Smart tech will give your home instant appeal to potential home buyers whenever you choose to sell. In the meantime, you will be able to enjoy the conveniences of these smart technology appliances!

 

8 Easy Updates that will Help Your NJ Home Sell Faster

When you take on the huge task of selling a home, it is easy to become overwhelmed with all of the necessary home improvement projects. The good news is you might not need to do a ton of big projects in order to make your home more appealing. If you know for a fact that your property doesn’t need any major repairs, you can focus on budget friendly, time saving, smaller updates in key areas. Here are eight ways to wow potential buyers for under $500.

1. Depersonalize Your Home

Potential buyers like to be able to envision themselves in any house they are viewing. This can be difficult with your family photos everywhere. Depersonalizing your space can help interested buyers see themselves making your house into a home of their own. You can depersonalize your space by removing photos, handmade art or gifts, sports memorabilia, and awards or certificates. Keep personal toiletries out of sight and clear bedside tables of everything but a lamp or a clock. You want your home to look warm and inviting without reminding potential buyers that someone else lives there.

2. Declutter Closets and Storage Spaces

Storage space is one of the big things people look for when viewing a house. If your home is lacking in storage space, you don’t have to build more closets to catch your buyer’s eye. Simply emptying your closets of half the contents can make them appear bigger. You can store clothing out of site or donate what you don’t use anymore. TIP: move the top clothing rail up and add a bottom rail for pants or skirts. This creates an illusion of more space and adds functionality. Also declutter your pantry, crawlspace, and attic to maximize the appearance of your home’s storage spaces.

3. Update Hardware

Old faucets and cabinet hardware can really date a home. It’s inexpensive and pretty easy to update these fixtures to create the appearance of an updated home. If your bathroom and kitchen faucets are more than a few years old, it is likely time for an update. Replace the cabinet hardware with matching, updated versions as well. This is a relatively cheap fix that won’t take you a lot of time but will mean a lot to potential buyers.

4. Update Light Fixtures

Like other fixtures, old lighting can really date a home. Light is a big part of creating an inviting ambiance to entice buyers. If your light fixtures are dented, faded, or scratched, it can make your house feel dingy. Update light fixtures with inexpensive and neutral choices. This can easily modernize your home and give the impression that the home is new and well-cared for. Opt for brighter bulbs to light up darker areas of the house.

5. Match Appliance Panels

Kitchens sell homes. As the heart of the home and the central hub of household activity, it’s crucial for potential buyers to see themselves eating and entertaining in the kitchen area. It might not be financially feasible or time efficient for a full kitchen remodel, but sometimes simple changes can go a long way. Changing out appliance panels so they match can give the kitchen an updated look. Stainless steel panels for your fridge or dishwasher can give your kitchen a modern and appealing appearance.

6. Deep Clean Carpets and Floors

Stained or musty carpet can be a major turnoff to potential buyers. If these issues exist in your home, consider having your carpets professionally cleaned. If your carpets are beyond repair, you may be able to save money on replacing them buy purchasing carpet remnants in the dimensions you need. Wood floors are currently a huge selling point, so if you have them – flaunt them. Hardwood floor cleaner can make sure wood floors are shiny and a wood stain marker can improve the appearance of scratches or stains.

7. New Paint

Fresh paint can vastly improve the appearance of your home. Paint can cover stains, minor scratches, and wall repairs. It’s an inexpensive way to give a few rooms an update. When choosing paint colors, stick to warm neutrals in modern shades like earthy grey or a soft tan. Before you paint, take the time to fill in any holes from hanging wall décor that were removed.

8. Curb Appeal

Adding some greenery to your front yard can create an enticing curb appeal to get buyers interested in what’s inside. Plant some colorful flowers, trim any existing bushes, and keep up on mowing the lawn. Choose vegetation that is local to your area and will require minimum upkeep. If you don’t have a walkway, create a defined path to the front door from the driveway or sidewalk with inexpensive solar lights.

 

6 Tips for Getting a Loan Modification

Remember the day you made settlement on your house? The excitement of walking through your front door for the first time? Hanging your beloved artwork in just the right spots, shopping for the perfect TV to fit the space, enjoying life in your new home.

If financial troubles have turned what used to be your little slice of heaven into a burden of anxiety and you’re struggling to make your mortgage payments, a loan modification may be the answer.

Through a loan modification, the lender agrees to permanently restructure one or more terms of the existing loan, resulting in a more affordable monthly payment. The goal is to prevent foreclosure, which can be devastating for the borrower and costly for the creditor.

A loan modification may involve reducing the interest rate, increasing the length of the loan, converting to a different type of loan (for example from variable to fixed-rate), or a combination of these options.

A loan modification is not a forbearance, which would allow you skip or make partial payments for a little while. It’s not refinancing, in which you’d close out the old loan and get a new one. Rather, it’s a way to adjust your current loan to provide long-term relief for your financial troubles.

Taking this step may mean that you end up paying more in interest and waiting longer until your home is fully paid off. But if you want to save your home, here are six things to consider to help you successfully navigate the loan modification process.

  1. Make Sure You’re Eligible

Not every borrower will qualify for a loan modification. Typically, you’ll need to prove that you’re in a significant state of financial crisis or hardship, perhaps caused by job loss, divorce, or a serious physical or mental health situation.

  1. Talk to Your Lender

Owning up to financial difficulties is not easy, but it’s the first step in digging out of the hole. Reach out to your loan provider right away. Check out your latest loan statement or the company’s online contact information for departments such as “loss mitigation.”

And if you’re dealing with a financial hardship and the phone starts ringing – answer it. It could be your lender proactively trying to help.

Be sure to clearly describe your situation, ask about options, and don’t be afraid to propose your own ideas – it shows you’re interested in finding a solution.

  1. Let the Paperwork Begin

If the representative agrees that you’re a candidate for a loan modification, complete the application paperwork in a timely manner.

You’ll need to accurately verify your income, expenses, loan payment history, and other financial circumstances to demonstrate your inability to meet the current loan commitment. You may need documents such as tax returns, bank statements, pay stubs or contracting checks, and/or a hardship letter detailing the reasons you are requesting new loan terms.

  1. Keep Your Records – and Keep Your Cool

Know that this can be a time-consuming process; you’ll be dealing with multiple representatives and a multitude of forms.

Remember that we’re all human – mistakes happen. Documents can get lost. People can interpret things incorrectly. Copy and date everything you submit. Put your name, contact information, and loan number on each page. Also keep records of anything your lender sends you. Whatever happens, be polite; people are more likely to want to help someone who’s being nice to them, so in this case, kindness really does matter.

  1. Look to the Long-Term

If you and the lender come to an agreement over your loan modification – congratulations! Make sure your expectations are realistic. Understand that the proposal may not be as favorable as you had hoped. Before you finalize anything, make sure it’s an arrangement that you are willing and able to keep.

Know that your credit score will be affected, making it harder for you to obtain other loans until your score goes back up.

  1. Don’t Give Up

If at first you don’t succeed, try, try again. Determine why the application was rejected and what you can do to get the resolution you want.

You may want to work with legal expert to help you understand your options to challenge the decision, make a counteroffer, or pursue a different solution entirely.

If you want to appeal, if you get stuck on the paperwork, if you believe your rights aren’t being upheld, or if you don’t even know where to begin, we can help. Contact Veitengruber Law, and we’ll be glad to work with you to tailor and pursue a comprehensive debt-relief plan to help you get your loan modification and financial situation back on track – all while you stay in the home you love.

Forcing the Sale of Real Estate in New Jersey

real estate in new jersey

When it comes to selling real estate, many problems can arise between the time a property goes on the market and closing. Financing issues, disagreement over the closing date, or discrepancies regarding the condition of the property can cause delays. Most of the time, the buyer and the seller are able to resolve these problems and work towards the mutual goal of a sale, but this isn’t always the case. If a deadlock occurs, either party could incur costs or face a potential lawsuit. If monetary compensation is not sufficient to repay a potential buyer for damages incurred, forcing the sale of real estate to the buyer may be the only way to resolve the issue.

“I don’t want to lose my dream home!”

Because of the unique nature of most real estate, sometimes financial compensation alone is not enough to make up for the loss of a real estate opportunity. If a buyer is attempting to buy their dream home or a uniquely advantaged commercial property and the seller fails to sell the property, this is considered a breach of contract. In this case, the only way to fairly compensate the buyer is to force the sale of the property to the buyer. This is also called specific performance. In New Jersey, specific performance is used to remedy the seller’s breach of contract and repay the buyers monetary damages.

In New Jersey, to establish the right to specific performance, a party must demonstrate three things:

  1. The contract is valid and legal
  2. Terms of the contract are clear enough for the court to determine the responsibilities of each party with reasonable certainty
  3. That an order forcing the sale of a property would not be harsh or oppressive to the seller

A court will look at a situation closely before ordering the sale of a property. Even if a contract is legally enforceable, there are outside circumstances that can impact the reasonableness of the sale of a property. The court will consider whether or not specific performance will unfairly disadvantage the seller or if denying specific performance will deny the buyer adequate compensation. Often, these court proceedings will involve a thorough investigation into the circumstances behind the real estate transaction and why a contract fell through. The court must confirm the buyer acted in a fair and equitable manner and behaved conscientiously in relation to the contract before a force of sale will be considered.

What if I don’t have a written contract in place?

While it is certainly more clear cut with a written contract, you do not have to have a contract to force the sale of real estate. Originally, New Jersey law forbade the enforcement of a contract for the sale of real estate if the contract was not in writing. However, a revision to law now allows for the enforcement of an oral contract in the event that clear and convincing evidence can be presented confirming the validity of a contract. The buyer must present proof that identifies the real estate in question, the names of the parties involved, the nature of the sale, and the existence of a mutual agreement to sell the property.

The forced sale of a property could also happen if a property’s co-owners cannot agree to sell a joint-owned property. In this situation, one co-owner can file a lawsuit against the other co-owner(s) to force the sale of the property. This is called a partition lawsuit. While these lawsuits are certainly a last resort in the eyes of the courts, and can be very costly for those involved, they do happen. The proceeds of the sale of the property will be divided evenly between owners based on established ownership interest percentages. In most cases, all parties involved in a partition lawsuit would net more from a voluntary sale of property than a court-ordered sale after a legal battle. Because of this, forcing the sale of a property with joint-owners should be a last resort.

If you are seeking to force the sale of real estate, you must file with the Chancery Division, General Equity Part of the Superior Court in the county where the real estate in question is located. Forcing the sale of a property can require significant documentation before a court will render judgment. Gathering all documentation required for discovery can be time consuming and confusing. Getting the help of an experienced real estate attorney can increase your chances of success in obtaining a force of sale.

Veitengruber Law is a full service New Jersey real estate team. We can help you navigate the complexities of any real estate contract. Understanding your rights as a buyer or a seller in a real estate transaction can ensure you do not miss out on your property dreams. We can help you reach your real estate goals!

 

 

 

Creating a NJ Use and Occupancy Agreement that Works for Buyer and Seller

use and occupancy agreement

“Help! My New Place Isn’t Ready, But My Home’s Buyers Need to Move In!”
How a Use & Occupancy Agreement can keep everyone in a “home sweet home” while all the paperwork is finalized.

Congratulations – you sold your home! And you found your new digs too!

But now you’re in that awkward in-between stage, hammering out the final details of the sales and juggling settlement dates on all the properties. What happens if those dates don’t align, and your buyer needs to move in to your house before you’re ready to move out?

Welcome to the land of Use & Occupancy agreements, where either you or your buyer agree to stay at the home for a set fee and a set time until all the dust settles and the transfer of the properties is legally complete.

What Is a Use & Occupancy Agreement?

A Use & Occupancy agreement – also known as a U&O – grants someone permission to do just that – use (get the benefit of) and occupy (inhabit) a property. No more, no less. For example, it can grant your buyer permission to move in and live at your home, or perhaps just leave a couch, bed, and other personal items there, until ownership is transferred. Or, it can allow you to stay in your home after settlement until your new home’s settlement is also finalized.

Five Tips to Ensuring Your U&O is A-OK

Home buying is stressful enough; follow these tips to keep your U&O agreement stress-free.

  1. Set Term Limits. Confirm the start and end dates, and how to remove the occupant if those dates are not honored.
  2. Show Me the Money. Set a rate that makes everyone comfortable with the compensation for use of the property. Be sure to include who’s responsible for electric, water, wi-fi, cable, telephone, and any other household fees. (It’s not a lease, but it should cover many of the same financial obligations.) Consider the benefits of a daily rate, just in case the agreement needs to be shorter or longer than originally anticipated.
  3. Practice Good Housekeeping. Who will be responsible for liability insurance? Who handles regular maintenance and upkeep? Can the buyer start home renovations during the U&O agreement period? Are you going to establish an escrow account to cover any damages that occur? Work out those details ahead of time.
  4. Take a Walk. Moving day is not the time for surprises. Just as you’d do a walk-through before settlement, make sure you do a walk-through at the start and end of the U&O term so everyone can agree on any changes to the condition of the property, and how to handle the situation if it arises.
  5. Spell it Out. Type it out in Word, hand write it on your favorite stationery, or grab a napkin and scribble it down at your favorite restaurant, but make sure you document all the terms of your U&O, and have both parties sign and date it. And if you’d like help ensuring that all the I’s are dotted and the T’s are crossed in your U&O, give us a call at Veitengruber Law. We’ll be glad to help you bridge the gap and keep the property – and everyone in it – happily occupied during the transition.

 

Top 5 Reasons to List Your NJ Home for Sale This Winter

Spring time is widely considered the best time to sell a house. Potential buyers are looking to take advantage of the warmer months for a big move. But if you are looking to sell your home, you don’t necessarily need to wait for the weather to warm up before you enter the real estate market. In New Jersey, selling your home during the colder months has some great advantages. Here are five reasons to sell your home this winter.

  1. Less Competition

With most people putting their homes up for sale in the spring, the market is super crowded with plenty of options. On the other hand, there is typically a low inventory throughout the winter months. One of the best reasons to list your home when temperatures drop is you will have less competition. With fewer homes for sale, there is a better chance your home will not get overlooked by potential buyers. It will be easier for you to grab buyers’ attention and keep it if you sell during the winter.

  1. Growing Families

September is on average the most popular month of the year to have a baby. Any parent knows how quickly a home can “shrink” with the addition of a new baby. This means that growing families are more likely to be looking for a bigger home at the end of the year. These buyers are motivated by running out of space and a time crunch to get moved and settled before the next school year.

  1. Serious Home Buyers

Not every single person who looks at a home for sale is actually looking to buy. Some people start viewing homes while they’re still contemplating whether or not they really want to buy a home. Since homes tend to go on the market in the spring, this is also when real estate window shoppers are the most abundant. On the flip side, those who are viewing houses in the colder months tend to be serious. Buyers who are ready to move don’t want to miss out on a great house by waiting until the spring.

  1. End of Year Financial Payouts

Year-end performance reviews and holiday bonuses mean a potential buyer has more money to work with when buying a home. First time buyers might be waiting for these payouts to go towards a down payment. Homeowners who receive a raise might be looking to upgrade their living situation. Financially flush buyers are more likely to be serious about a real estate purchase.

  1. Corporate Relocation

In New Jersey, the end of January and beginning of February are statistically the most popular time for job relocations. These buyers need to move quickly and are very motivated to find a home close to their new placement. Once these buyers find a home to meet their requirements, they are normally ready to sign on the dotted line. This urgency can be a great advantage for someone selling a house in the winter months.

If you are thinking about selling your home, there is no better time than now! Don’t be intimidated by a supposedly tougher winter market. There are plenty of buyers looking for a new home during the colder months. Veitengruber Law is a full service real estate law firm any time of the year. If you are selling a house this winter, don’t close without the help of our experienced real estate team. We are ready to sit down with you for a free consultation to discuss your real estate goals.