Uncategorized June 1, 2020

Why Wait Until the End of the Pandemic? List Now!

We have had “stay-at-home” restrictions during these challenging times, and as many claim, probably considered the worst time to place a home on the market. Or is it? On the contrary, it may be the optimum time.

Of course, it is always a challenge to place a home on the market. The questions you ask yourself are:  Is it the right time?, Will I get the best price?, How do I prepare my home to show in its best light?, Is the pandemic a deterrent? etc., etc.   Believe it or not, this can be compared to the winter months of January and February, and waiting to list for the Spring selling season. The proverbial Spring season is coming upon us just 3 months late.  However, if you have to sell–you have to sell, no matter what the timing and before it is too late, consider placing your home on the market now.

Just knowing what is necessary to sell your home for the time of the year will give you one leg up on your competition. Yes, your competition. There pent up sellers looking to list inventory once go back to normal. Once those houses are placed on the market the supply increases affecting the lowering of prices (Economics 101 at its best).  When a home gets on the market plays a big role on how to market that home and the price it will garner.

The bright spot about placing your home on the market now as opposed to the end of this pandemic, is that your competition is not as great (less homes on the market gives less of a choice to buyers). Which also places your home ahead of the upcoming reopening of the market onslaught of homes, including this year’s possibility of those unfortunate souls who may not have jobs waiting for them which could result in another stretch of short sales and foreclosures which will increase supply even and ultimately lower prices even more so.  With less competition now, you have a greater chance to get it shown and sold in relatively a very short amount of time.

To make matters more favorable for home sellers, buyers are a-plenty.  There are more buyers than homes for sale, especially in “The Burbs” as people are fleeing the cities to social distance by adding space.  The absorption rate (time it would take current listing to sell) in Morris County is far below six months – a true seller’s market.  (Anything above 6 mths is a buyer’s market.)  To add fuel to the buyer fire is the fact that the mortgage interest rates are “crazy” low.  In actuality, it is more affordable to own a home today than 10 years ago (interest rates with stabilizing pricing creates a lower monthly payment). FHA mortgages have become more accessible, which creates a higher buyer pool.  There are other mitigating factors, including the prospect that realizing that employees can be just, if not more, productive working from home, employers are changing their attitude of work-at-home. This not only costs companies less as the commercial space will be lessened, it also creates a better work/life balance.   All these factors, and those not mentioned, have resulted in multiple bidding wars on the homes that are currently on the market.

This higher percentage of buyers are “real buyers” vs. the “lookie-loos” we find during the normal Spring Selling Season.  With the Covid19 protocols, home showings have been relegated to virtual first showings followed by a live walk-thru when the buyer is very interested and wants to have their other senses touched.  Some purchases now are directly from a virtual showing, including open houses, where the first live visit may be during the home inspection.  Although this was in the making, the pandemic has moved up this selling format to today and maybe forever.

With pent-up demand for housing, it is the perfect storm to get a home on the market.

When choosing a Realtor to represent you in selling, especially during these challenging times, the necessity isn’t to choose one that “owns” the town with multiple listings, or who brags about how great they are by spending advertising dollars on self promotion more than on their listings’ marketing.  The real estate business is not about them, it is about the home seller and buyer.  The choice must be based on their experience, their willingness to do the right things for their client, to be able to collaborate with the seller with counseling on pricing, staging and transaction management; adapting quickly to changes; and most importantly, putting their client first and foremost.

Choose wisely and stay safe.

About the Author:  Jeffrey Halpern, Broker-Associate, Realtor, has been a full-time real estate professional since 1985.  Team leader of the Halpern Real Estate Group of Better Homes and Gardens Rand Realty, he has successfully been involved with closing thousands of real estate closings through several varying markets with his “No excuses…just a solution” approach.  He is also a Real Estate Educator, blogger and has extensive branch management experience, and Rotarian.  He lives in Morris County with his family.  With the slogan “Opening Doors, one home at a time”, he can be reached 201.317.7527 or Jeffrey.halpern@randrealty.com.

Uncategorized February 19, 2020

11 Reasons Why You Home Isn’t Selling

Posted on Jun 1 2017 – 12:06pm by Housecall

Editor’s Note: This post was originally published on June 1, 2017. Housecall continues to share this piece due to ongoing requests and reader interest.

By Charles Muotoh

When you first put your house on the market, you might be hopeful for a quick sale—especially if you’ve put a lot of money into improving the house over the years and if the neighborhood is one that has historically attracted a lot of buyers. While you shouldn’t panic if the house doesn’t sell the moment you list it, you should begin to worry if the months start flying by without any real offers. If this is the case, here are 11 reasons why your house may not be selling.

  1. You overvalued your property. If your house is overpriced, it’s simply not going to sell. Compare your property to similar properties that recently sold within your area to get a better idea of its true value. An experienced real estate agent can give you an accurate value of your home. Additionally, don’t make the mistake of tacking on the cost of any renovations you made. You can’t just assume that the cost of a renovation translates to added value.
  1. Your listing is poor. If the listing of your home includes a poorly written description without any images, a lot of buyers are going to skip over it. Make sure you and your REALTOR® put an effort into creating a listing that attracts the attention of buyers. Make sure to add high quality photographs of both the interior and exterior of your home. Don’t forget to highlight unique features as well.
  1. You’re always present at showings. Let your agent handle your showings. Buyers don’t want to have the seller lurking over their shoulder during showings, especially during an open house. This puts unwanted pressure on the buyer, which will make them uncomfortable and likely chase them away.
  1. You’re too attached. If you refuse to negotiate even a penny off your price, then there’s a good chance that you’ve become too attached to your home. If a part of you doesn’t want to sell it, or you think your house is the best house in the world, odds are you’re going to have a lot of difficulties coming to an agreement with a potential buyer.
  1. You haven’t had your home professionally cleaned. A dirty house is going to leave a bad impression on buyers. Make sure you have a professional clean your carpeting and windows before you begin showing your house.
  1. You haven’t staged your home. If you’ve already moved out, then don’t show an empty house. This makes it difficult for buyers to imagine living in it. Stage your house with furniture and decor to give buyers a better idea of how big every room is and how it can be used. You want the buyer to feel at home when they are taking the tour.
  1. You kept up all of your personal décor. Buyers are going to feel uncomfortable touring your house if you keep all of your family portraits up. Take down your personal décor so that buyers can have an easier time imagining themselves living there.
  1. Your home improvements are too personalized. You might think that the comic book mural you painted for your child’s room is absolutely incredible, but that doesn’t mean potential buyers will agree. If your home improvements are too personalized, it can scare off buyers who don’t want to pay for features they don’t want.
  1. Your home is too cluttered. Even if your home is clean, clutter can still be an issue. For example, maybe you simply have too much furniture in one of your rooms. This can make the house feel smaller than it is.
  1. Your home is in need of too many repairs. The more repairs that are needed, the less likely a buyer will want your house. Many buyers simply don’t want to deal with the cost or effort of doing repair work, even if it’s just a bunch of small repairs, such as tightening a handrail or replacing a broken tile.
  1. You chose the wrong real estate agent. In my opinion, choosing the right real estate is simply the most important decision you make in selling your home.  A good REALTOR® makes all the difference in selling your home within a reasonable time.

All these things can be fixed once you realize your mistake; however, the longer your property stays on the market, the less likely it will sell at listing price. One of the best ways to avoid making these common mistakes is by working with a professional real estate agent.

Charles Muotoh is the owner of dcrealestateguru.com, a full service real estate firm focused on leveraging digital marketing strategies to serve buyers and sellers of real estate in the Washington D.C. area.

Uncategorized June 23, 2017

BONA FIDE BEAUTY in Mountain Lakes

OPEN HOUSE, Sunday (6/25) 1-4

Sitting on beautifully professionally landscaped grounds, a gorgeous six (6) bedroom, three and one half (3.5) bath, Hapgood Colonial abounds in prestigious Mountain Lakes.

As you drive up the circular driveway you will be enamored by the style of this circa 1912 residence with its inviting and wide entry concrete stairway as it leads up to the large open/covered porch with plaque of its builder/architectural authenticity.

As you enter the front doorway you will be awed by home’s extensive use of crafted woodwork and inlaid hardwood flooring artistically designed through the welcoming Foyer, spacious Living Room and Formal Dining Room.  Within the living room you will find the front side of the double-sided fireplace as its focal point with doors on each side that allows access into the bright and airy 29’ Family Room that also completes the second side of the aforementioned fireplace and a French door out to the front porch.   On this same level entertain dinner guests in the dining room.  The large eat-in-kitchen includes granite countertop and stainless-steel appliances with access to the powder room off the doorway to the backyard with extensive basement.

From either the kitchen or the foyer (two separate stairways), travel up to the second level and come upon the Master Bedroom en suite with full master bath.  Added to this level are three other bedrooms and another full bath.

The home continues up another flight of stairs to the third floor, with an additional two large bedrooms, large closet, full bath and  storage room.  The home is heated by gas and includes two zoned central air conditioning throughout.

A walk to bucolic Mountain Lake, this bedroom community offers activities to its residents throughout the year and is situated between equidistant between the beautiful communities and downtowns of Denville and Boonton, both harboring train stations that have NYC and Hoboken direct routes.  Mountain Lakes is known for its highly rated school systems.

Offered at $850,000, the seller will assist the buyer by paying closing costs (up to $20,000).  Stop by this Sunday from 1-4 at 255 Morris Avenue, Mountain Lakes and take a look at this beauty

For more information please contact Jeffrey Halpern, Broker Associate, by call/text at 201.317.7527 or http://www.jeffrey.halpern@randrealty.com or Better Homes and Gardens Rand Realty at 973.427.9337.  What’s your home worth? Get a FREE jeffstimate NOW!