Even though rising interest rates have cooled last year\u2019s red-hot market, the Garden State\u2019s 8,723 square miles of land is in high demand.<\/p>\n
In this post, Casalnova, who works with over 72% more single-family homes than the average agent in his market, shares expert insights about selling a house in NJ. Combined with our research, you\u2019ll find tips on some of the best ways to invest your time and energy to avoid common home-selling mistakes and how to maximize the profit potential of your greatest financial asset.<\/p>\n\n\n\n\n\n
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\n <\/div>\n \n Partner With a Proven Top New Jersey Agent<\/h3>\n
It takes just two minutes to match you with the top-performing real estate agents in your New Jersey city. Our data shows that the top 5% of agents in the U.S. sell homes quicker and for as much as 10% more than the average agent.<\/p>\n \n
Is now a good time to sell a home in New Jersey?<\/h2>\n
The small state\u2019s 127 miles of coastline, 83 miles of bayshore, and more than 800 ponds and lakes \u2014 not to mention its proximity to metropolitan areas \u2014 remain a big draw for homebuyers.<\/p>\n
\u201cA lot of people are buying homes in our area now because they don’t have to commute to work anymore,\u201d reports Casalnova. \u201cInstead of spending $400 a month commuting, they buy a house down the shore and look at the ocean while they work.\u201d<\/p>\n
The area\u2019s desirability and the limited number of homes on the market have conspired to create a great opportunity for sellers.<\/p>\n
\u201cSellers really don’t have to do much to get a top dollar for their home,\u201d Casalnova says.<\/p>\n
However, the best way for sellers to achieve the optimal outcome in the changing market is to work with a high-performing, local real estate agent.<\/p>\n
An experienced real estate agent can help you price your home through a comparative market analysis<\/a> or CMA. This is a report that agents use to calculate the value of a home by evaluating its size, location, features, age, and other details in relation to similar nearby properties that have recently sold.<\/p>\n Curious about what your home might be worth right now? HomeLight\u2019s online Home Value Estimator<\/a> tool can provide you with a preliminary estimate of your home\u2019s worth.<\/p>\n Whether you are looking to sell your New Jersey home at the highest price or as fast as possible, making sure your house is appropriately priced when it enters the market is the best sales strategy.<\/p>\n Sometimes, it\u2019s tempting to start with a high price that can be lowered later.<\/p>\n Even though it may be counterintuitive, Casalnova frequently advises his sellers to price slightly below market value. \u201cWe\u2019ve seen bidding wars,\u201d he explains. \u201cPricing a home below market value may get three, four, or five bids \u2014 as opposed to overpricing a home and not getting any bids on a property.\u201d<\/p>\n For example, if an area\u2019s average sales price is $300,000, you might consider pricing at $275,000 to sell quickly. Particularly if the home is in good condition, the lower pricing is likely to generate interest and showings.<\/p>\n \u201cIt doesn’t mean you’re going to accept the $280,000 or less,\u201d says Casalnova. \u201cWe’ll probably get multiple offers bringing it back to $300,000 anyway.\u201d<\/p>\n Pricing strategies can vary depending on your home\u2019s location, condition, and features. Partnering with an experienced agent will help you decide the best asking price, and whether to accept an initial offer<\/a> or decline in hopes of finding a better buyer.<\/p>\n Acknowledging that the current New Jersey market remains an anomaly, Casalnova has recently seen $800,000 homes sold for $100,000 over the asking price.<\/p>\n \u201cThe amount a seller makes on a home is relative to price point,\u201d Casalnova explains.<\/p>\n If the home is in pristine, move-in condition, sellers are generally signing a purchase agreement<\/a> for 10% above the anticipated price.<\/p>\n With Atlantic County\u2019s average sale price hovering around $400,000, a seller could reasonably expect to receive offers around $440,000. This may not be the case in all New Jersey markets, and the selling price is just one factor that determines net proceeds in a home sale.<\/p>\n The sellers\u2019 profit margin on that sale also depends on the expenses involved in getting the property ready for market and closing costs.<\/p>\n Casalnova advises his clients to anticipate spending approximately 7% of the purchase price for expenses. So, sellers of a $300,000 property might budget $21,000 in expenses.<\/p>\n In addition, closing costs paid by New Jersey sellers<\/a> are likely to include:<\/p>\n HomeLight\u2019s Net Proceeds Calculator<\/a> can help you estimate the cost of selling your home and the net proceeds you might earn from the sale.<\/p>\n In New Jersey, Casalnova says, \u201cThe state does not require a seller to fill out any disclosure forms \u2014 except for lead paint.\u201d<\/p>\n Nonetheless, New Jersey statutes do protect buyers from home sellers who fail to disclose or hide known defects.<\/p>\n Omissions about issues that endanger the health and safety of the buyers or make the property uninhabitable are likely to jeopardize the sale when they are discovered upon inspection or appraisal.<\/p>\n If the seller\u2019s knowledge of the problem is revealed after the sale, it can result in lawsuits.<\/p>\n To prevent that outcome, most Realtors\u00ae \u2014 including Casalnova \u2014 encourage their sellers to complete the New Jersey Board of Realtors Standard Form of Sellers Property Condition Disclosure Statement<\/a> and auxiliary forms about certain items if necessary.<\/p>\n The form specifically asks the seller to disclose the presence or condition of the following:<\/p>\n Additional documentation may be requested to accompany and verify the basic form. For example, if they are aware of an underground storage tank that has been tested, the sellers are asked to provide a copy of each test report or closure certificate.<\/p>\n In answering each question on the form, sellers can reply yes, no, or unknown. Typically, sellers are not held responsible for defects in an item they mark the condition to be unknown.<\/p>\n For example, Casalnova stresses the importance of sellers disclosing their knowledge of oil tanks \u2014 both those that are still buried on the property and those that have been removed.<\/p>\n Since many tanks were installed and\/or excavated decades ago, the current seller may be unaware of oil tank status. Fortunately, consumers \u2014 and their agents \u2014 can access the information on New Jersey\u2019s Open Public Records Act (OPRA<\/a>) site.<\/p>\n Additionally, sellers who have never lived in the property \u2014 such as those who inherited the home as part of an estate or bought it at a sheriff\u2019s sale or as an investment \u2014 generally mark the unknown category throughout.<\/p>\n If the sellers have lived in the property and choose not to fill out a disclosure form, they (and their agent) must still date and sign the empty form and present it to buyers (and their agent) for signature as well.<\/p>\n Besides the purchase agreement and the optional disclosure form, anyone selling a home in New Jersey needs to fill out tax documents<\/a> required by the state of New Jersey.<\/p>\n In addition, Casalnova suggests sellers have their title company initiate a search for\u00a0 Tidelands<\/a>\/riparian rights and claims.<\/p>\n In 17 of its 21 counties, the state of New Jersey owns the current and former waterways, which includes everything from the ocean to a dry creek bed. If the Tidelands map includes your property, the Bureau of Tidelands management might have a lien against the property for an unpaid license or lease.<\/p>\n Casalnova reports homeowners are sometimes unaware those liens have been placed, so it\u2019s best to investigate and negotiate a settlement prior to listing.<\/p>\n In addition, there is a myriad of documents necessary for the sale<\/a> including:<\/p>\n An experienced NJ real estate agent<\/a> can help sellers navigate through this ocean of required home sale documents.<\/p>\n\n\n\n\n\n Get a near-instant real estate house price estimate from HomeLight for free. Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes.<\/p>\n \n There are a number of factors to consider as you prepare to sell your New Jersey home. You will want to find the Goldilocks balance of time and money investments for overall repairs, and fixes that might be needed to be ready for the home appraisal, home inspection, and showings.<\/p>\n Even in a seller\u2019s market<\/a>, there are some simple repairs and reports that can propel a property to garner a faster sale at a premium price.<\/p>\n For example, Casalnova recommends a pre-listing septic system inspection<\/a>. In New Jersey, septic system soundness is an environmental issue, which can become a financial one for sellers as well. \u201cIf they do put it on the market and the septic fails,\u201d Casalnova says, \u201cthe remedy could cost between $2,000 to $20,000.\u201d<\/p>\n In addition, Casalnova encourages his clients to address the cause of visible roof leaks<\/a>. If the roof leaks, the house may be uninsurable and consequently ineligible for mortgage financing.<\/p>\n However, with regard to functioning HVAC systems more than 20 years old, he often recommends servicing by a licensed professional \u2014 rather than replacement<\/a> \u2014 to satisfy the needs of the market.<\/p>\n You also might want to include other potential pre-listing improvements<\/a> including:<\/p>\n Because they don\u2019t dissuade buyers from considering your home, you can generally avoid changes such as:<\/p>\n While cash is king in home sales, the majority of today\u2019s buyers<\/a> still finance the purchase of property. Typically, lenders contract with independent appraisers<\/a> to provide an accurate estimate of the home\u2019s value.<\/p>\n Those estimates are usually based on market data as well as an onsite visit. By making sure the appraiser has the most accurate information and total access to structural and mechanical systems, you can promote a successful visit that enhances the chances of a smooth sale.<\/p>\n While the appraiser seeks to verify the value of the home based on comparable properties, the inspector is looking for defects<\/a> that render the home unsafe and\/or are likely to cost the buyer additional funds after the sale.<\/p>\n Typically, inspectors look for:<\/p>\n An inspection that flags multiple issues is likely to result in additional negotiations with the buyer, which can delay, stall, or even cancel a sale.<\/p>\n To make sure you\u2019re ready for the inspection, follow HomeLight\u2019s inspection preparation tips<\/a>.<\/p>\n The inspector and appraiser\u2019s visits are scheduled after the purchase agreement and before closing. To attract the right buyer, it helps to take a close look at your home and make small changes that can reap big rewards on the real estate market. Sometimes, you can begin by using simple tips such as these to make sure your home appeals to the senses<\/a>.<\/p>\n The best advice on how to prepare your home for showings is only a click away. HomeLight<\/a> can put you in touch with a top-performing local agent who knows how to price, prepare, and sell homes in your area.<\/p>\n An experienced agent will know how to help you find a solution to any selling situation, even a home that needs repairs you don\u2019t think you can afford. Top agents<\/a> often know and work with local contractors, have connections with cash investors, or may have knowledge of bridge programs to help you repair your home and sell it for a higher price, allowing you to repay the funds after the sale.<\/p>\n You can also request a no-obligation quote from a platform like HomeLight\u2019s Simple Sale<\/a>, which will let you compare a cash offer with what a top agent in your market might be able to get for your home. We\u2019ll share details about cash offers and other selling options later in this post.<\/p>\nWhat is the most important thing sellers can do to take advantage of today\u2019s market?<\/h2>\n
How much will I make selling my New Jersey home?<\/h2>\n
Typical closing costs in New Jersey<\/h3>\n
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What do I have to disclose when selling a house in New Jersey?<\/h2>\n
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What documents do I need to sell a home in New Jersey?<\/h2>\n
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\n <\/div>\n \n What's Your New Jersey Home Worth Now?<\/h3>\n
How can I prepare my New Jersey home before the sale?<\/h2>\n
What repairs to make \u2014 or not make \u2014 before selling<\/h3>\n
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To prepare for the home appraisal<\/h3>\n
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To prepare for the home inspection<\/h3>\n
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To prepare for showings<\/h3>\n
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What if my New Jersey home needs repairs I can\u2019t afford?<\/h2>\n
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We recommend the sellers of older homes offer a home warranty that\u2019s good for at least a year to a buyer. It gives the buyer a comfort level to know they\u2019re covered for HVAC and other problems.<\/q>\n
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