What Is the Average Time to Sell a House in New Jersey?

What is the best time to sell a house in New Jersey?

The seasonality of real estate is a major factor that can have a big impact on the length of time it takes to sell a home and the final sale price.

Gregory Papalcure, a top-performing New Jersey real estate agent with over 20 years of experience, says that seasonality is not often a big issue in the market, as it tends to flatten.

“There are more buyers this time of year, but there’s more inventory at this time of year, so it kind of evens out. We still sell a good number of homes, especially in the 55 and over communities. In the fall, there’s less inventory and fewer sales, but the time to sell is usually about the same. That’s pretty even all the way through,” he says.

• Best time for more money: Based on HomeLight’s Best Time to Sell Calculator’s transaction data, October is the most favorable month if you want to get more money for your New Jersey home. Closing usually takes about three months, so listing your New Jersey property in July could result in a sale price that’s 5% to 8% higher than the yearly average.

• Best time to sell fast: If your priority is to sell your New Jersey house fast, our data indicates that the quickest home sales occur in April. Listing your house in June could help you close the sale three days sooner than in any other month, given the usual three-month period from listing to closing.

Remember, these are averages and trends that can help guide your decision, but individual outcomes can vary. Want to get a personalized estimate for the best time to sell your home? Use our Best Time to Sell Calculator for insights tailored to your specific location.

What factors influence the home-selling timeline?

When it comes to selling a house, several factors can impact how quickly it sells. These range from the home’s specific attributes to broader market trends and the pricing strategy you employ.

If your home has some of these less desirable attributes, consider how you can mitigate their impact, such as staging the house creatively or highlighting other appealing aspects of the property.

Papalcure says that location is often a big consideration for prospective buyers in the Garden State, particularly for property located near public transit.

“Some of the areas with rail services or bus services are always a little bit higher in price and sell a little bit quicker. Depending on the towns, those that have been historically strong are still strong. For ones that are a little bit weaker, the average time on the market goes up a little bit more. Right now, there’s more inventory than last year — on average, in each county, there are anywhere between 450 more homes on the market this year compared to the previous year,” he says.

What will help my New Jersey house sell faster?

To maximize the chances of a fast home sale, you’ll want to emphasize the most desirable aspects of your property and to entice New Jersey-area buyers. Here’s a list of tips to help your New Jersey house sell faster:

• Emphasize desirable features: If your home has desirable features that New Jersey buyers often seek, such as an office, a large yard, an open kitchen, or proximity to highly-rated schools, make sure these are highlighted in your listing.
• Minimize the downsides: If your home has small bedrooms or sits next to a busy street, consider strategies to mitigate these less desirable features. For instance, you could use creative staging to make smaller rooms appear larger or invest in window upgrades to minimize traffic noise.
• Use home staging: A well-staged home can help potential buyers visualize living in the space and can often lead to quicker sales and higher selling prices.
• Price it right: An overpriced home can sit on the market longer, so ensure your home is priced competitively based on recent sales of comparable homes in your area. Your agent can provide you with a comparative market analysis (CMA), a report that informs your pricing strategy as it takes into account factors like property location, size, condition, and current market trends.

Papalcure notes that inventory, which stagnated earlier in the year, is starting to get reduced, and as a result, is finally starting to move, stressing the importance of appropriate pricing.

“We pushed the prices a little bit too high for listings that we took in March or early April because there was not a lot of inventory coming into the beginning of the year,” he says.

“We’re seeing reductions now in those that we pushed a little bit higher than most agents wanted to price them, going along with the seller’s thoughts on those. So, we are seeing some reductions, but priced right, of course, things are moving. But we have seen a good number of homes get reductions in the last 15 to 20 days,” he adds.

Remember, what works best for your home sale will depend on your particular property and circumstances. Working with a knowledgeable real estate agent can be a big help in formulating an effective selling strategy.

How should I prepare my New Jersey house to sell?

Preparing your house for sale is important for attracting buyers and achieving a fast and profitable sale. Here’s a list of preparation tips when selling your New Jersey home:

• Deep clean: A clean house gives buyers a positive first impression and signals that the home has been well-maintained.
• Declutter: Free up space to make your home appear larger and allow buyers to envision their own belongings in the house.
• Apply fresh paint: A fresh coat of paint can make a home feel new and inviting. Choose neutral colors that appeal to a wide range of buyers.
• Address repairs: Fix any minor issues, like leaky faucets or chipped paint, to keep buyers from using them as an excuse to negotiate the price down.
• Enhance curb appeal: To attract more buyers, improve the home’s exterior with well-maintained landscaping, freshly painted doors, or new outdoor lighting.
• Stage the home: Home staging can help buyers visualize living in the house. This can include arranging furniture or adding decor to enhance the home’s appeal. From staging only the key rooms to renting a few statement pieces, there are many ways to reduce home staging costs.
• Tidy up outdoor living spaces: In the New Jersey area, outdoor living spaces like patios and pools are highly desirable. Make sure these areas are clean, inviting, and well-lit for evening viewings.
• Service the cooling systems: Ensure your AC unit is serviced and working optimally, as buyers will likely check this in New Jersey’s high temperatures.

Remember, each house will have unique preparation needs. A local real estate agent can provide tailored advice for your property.

How can I decide when to sell my New Jersey house?

Deciding when to sell your house can be a complex process that involves taking into account a variety of factors. This could include personal circumstances, market trends, and the specific attributes of your home. Here are some steps to help you make this important decision:

1. Evaluate your personal and financial situation: Consider why you’re selling and whether now is the right time based on your personal and financial circumstances. Do you need to relocate for a job? Are you looking to downsize or upsize? Do you need the funds from the sale for another investment?
2. Understand the market: Research the current real estate market conditions in New Jersey. Are homes selling quickly? Are prices rising or falling? A local real estate agent can provide insights into these trends and help you understand what they might mean for your sale.
3. Analyze your home’s readiness: Consider the condition of your house. If it needs significant repairs or updates, it might be worth delaying the sale until these tasks are complete.
4. Use available tools: Utilize tools like HomeLight’s Best Time to Sell Calculator, Home Value Estimator, and Net Proceeds Calculator to get personalized estimates to help plan your home sale.
5. Consult a professional: A top local real estate agent can offer invaluable advice tailored to your specific home and situation. They can provide insights into local market conditions, help you understand how your home compares to others on the market, and guide you through the selling process.

How can I sell my New Jersey home fast for cash?

There may be circumstances where you need to sell your New Jersey home quickly and are willing to accept a cash offer to expedite the process. While a cash offer will typically mean accepting a discounted purchase price, the speed and convenience may be the solution you need if you are relocating for a job, dealing with financial difficulties, or managing an inherited property that you can’t maintain.

While you could reach out to individual house-buying companies or look for “We Buy Houses” websites, there’s an easier and more efficient way to sell your house for cash — through HomeLight’s Simple Sale platform.

Simple Sale connects you to one of the largest networks of cash buyers in the U.S., streamlining your home sale process and letting you control your move-out date.

By answering a few questions about your home and selling plans, you can receive an all-cash offer with no obligation in as little as 24 hours. This means you could close on your New Jersey home sale in as few as 10 days.

Ready to sell your New Jersey home?

Selling your New Jersey house can be a significant undertaking, but knowing the average time it takes to sell and the factors that can speed up the process can give you a competitive edge. By preparing your house effectively, pricing it right, and timing your sale, you can optimize the selling process and potentially achieve a faster sale and a better price.

You might want to sell your home on your own, but it’s important to understand that selling your home for-sale-by-owner can result in you earning less money overall. Data from the National Association of Realtors shows that FSBO property typically sells for $55,000 less than properties sold with the help of a trusted agent.

Papalcure says that one of the biggest drawbacks to selling FSBO is a limited buyer pool, and FSBO sellers don’t realize how much of the market they are missing.

“The people who try to sell themselves have a very small pool of buyers, and they’re not really being looked at. When someone comes in, the problems they run into are that the deal is falling apart because they don’t know how to negotiate through everything or deal with the townships,” he says.

“There are a lot of things to deal with — certificates of occupancy, zoning regulations, and things like that — where a good agent could really guide them through that and just give them the exposure,” he adds.

If you’re considering selling your house in New Jersey, it’s a good idea to get expert advice tailored to your specific situation.

HomeLight can connect you to top-performing local agents who have a track record of selling homes quickly and for the best price. These agents can provide valuable insights into the New Jersey market and guide you through each step of the selling process.

Header Image Source: (Joey Pedras/Unsplash)