Uncategorized April 19, 2023

20 Steps to Selling Your Home on Your Own

The real estate commission earned by a real estate professional on the sale of your property can be a considerable amount of money.  And we know that you’ll agree it’s tempting to try to save that commission by selling your property yourself.

Many people are very comfortable in the role of “For Sale By Owner” (FSBO).  You may find that you are one of those people.  Whether you choose to take the task of selling your own property alone or prefer to work with a real estate sales professional, these 20 steps are necessary for a successful transaction to work.

  1. Conduct your own mini-walk-thru inspection. Make notes of all the items that need repair or improvement.  You may even want to bring in a second person to come in and do the same.  Your checklist should include, but not limited to, the following:  Fresh, clean paint trough-out; clean windows and window coverings; well-manicured lawn and yard; plumbing and all appliances in working order; new or cleaned flooring; all sealants (windows, tub, shower, sink, etc.) in good condition; roof and gutters in good condition; etc.  Tip:  You may want to have a home inspector to perform a pre-inspection.  This will prepare you for anything that may come up when the buyer has their inspection.
  2. Stage/detail your home. (Or hire a stager)  Make all the necessary repairs and improvements prior to marketing your property to make it saleable.  Understand that once your home is on the market, every day is “Showtime”.
  3. Carefully research information regarding the prices (more than just an internet estimate) and terms of sales in today’s real estate market. Investigate recent sales prices, under contract prices and unsold property (the competition) prices of properties similar to yours and in your neighborhood.  You may want to visit those properties as well to get a better perspective for comparison reasons.  Once done, establish a realistic asking price for your home based on that information.  Remember, buyers, will be looking at that same information when determining an offer price.
  4. Meet with local lenders and determine financing alternatives for your prospective buyers, while determining what financial qualifications your target buyers need to qualify for the same.
  5. Determine which internet sites, social media and print media will best attract your property’s target market.
  6. Determine a marketing budget and placement calendar. Prepare a contingency for both if your home does not sell as quickly as anticipated.
  7. Prepare professional, attention-getting advertisements to attract the right buyers (not lookers) to your property. A direct mail campaign should also be part of that plan. Include professional photos, videos, drone shots, and well-written description which tells the story of your home.  Be sure to keep all advertising to adhere to Fair Housing guidelines to avoid any violations.
  8. Prepare a plan to reach out-of-town and upsizing or downsizing (based on your target market) buyers, who account for a major portion of today’s homebuyers.
  9. Purchase an eye-catching and weatherproof yard sign; install it in a conspicuous location in your front yard. If on a corner lot, install two signs.
  10. Purchase multiple directional open house signs to be positioned from major thoroughfares and neighborhoods to the property. They should be installed for every open house and taken down afterward.  You may need to ask the property owners of the located signs for permission and be sure you also talk to your town’s officials to sign what their sign permits process is.
  11. Prepare a “feature/benefit/disclosure” and photo fact sheet, outlining specific features and disclosed workings of your home and the corresponding benefits to prospective purchasers.
  12. Schedule and conduct an event-style open house (public and private) on weekends and weekdays. Be sure it is advertised in all mediums and begin its marketing at the beginning of the week of the open house.  Be sure it is “open house ready”.  Require every visitor to sign in.  (You want to know who’s been through your home and it helps for follow-up calls.) Be sure all valuables and medications are stowed in a safe and secure location.  Don’t forget to put out those open house directional signs first thing that morning..
  13. Always be available to meet prospective purchasers at your home and to answer questions regarding your home, the area, schools, shopping, transportation, etc. Just be aware that there are questions that are illegal to answer). Hopefully, you can get that time off at work.  Buyers and sellers are like two ships passing in the dark and therefore, if you are not available for that buyer at that time, they will move on to another home.
  14. Respond to telephone (whether calls or texts) and email requests in a timely manner. Learn what it takes to “qualify a buyer” both financially and emotionally.  Understand the difference between a real buyer and a “looker”.  Again, ask for names and numbers.
  15. Be prepared to negotiate with a buyer. BUYERS BUY FSBOs FOR A BARGAIN. Take your emotions out of the negotiations, as if you are a third party.  Remain calm and in control or you will be taken advantage of.
  16. Have an attorney on retainer (or at least on the ready), to prepare contracts and for representation. If you prefer not to use an attorney, then have all the necessary legal forms necessary, including, but limited to:  Deposit receipts; Offer & Acceptance or contract; Buyer’s cost sheet; the aforementioned Seller’s Disclosure and Lead Paint Form; etc.
  17. Determine the type of financing you are willing to consider, such as: FHA; VA; Conventional; Seller Financing; Conventional; Straight Loan; ARM; as just cash.
  18. Negotiate with the buyers all the final terms of the sale including: price; financing; inspection issues; contingency dates; title issues; Home Owner Association requirements; closing date; and other pertinent considerations.
  19. Plan a final walk-through with the buyers before the settlement process to complete any unresolved disputes. Have a witness present.
  20. While doing the above 19 steps, you will also need to go through many of the same steps when locating, purchasing, and so forth, your next home.

By hiring a Realtor who does this on a daily basis and more than likely, statistics have shown, will sell your home for 8-10% more than a for sale by owner, which puts more money in your pocket, to a qualified buyer, in a much quicker, stress-free environment, successfully.

For any questions about any of your real estate needs reach out to Jeffrey Halpern, Broker-Associate, and the Halpern Real Estate Group of Howard Hanna | Rand Realty at 201.317.7527 or jeffrey.halpern@randrealty.com.  For 3 FREE valuations of you home plus a buyer heat map click here.  

 

Uncategorized November 9, 2022

Home for Sale During the Holidays

With the holidays soon to be upon us, the thought of putting a home on the market or buying a home is the furthest from most people’s minds.   However, for those who need to sell or those who need to buy, it is the only thing on their mind.

One of the best times to place a home on the market is during the holidays.  The inventory is low, therefore less competition.  A home looks its best during the holidays. REAL buyers are buying during the holidays.

Look, less inventory.  Most sellers place their homes on the market between February and June to capture the spring/summer market. Therefore, the competition for buyers is much greater.  Resulting in possible lower prices or at least lower offers as the buyers can claim that if not this one, there will be another just as perfect or more perfect around the corner.  Much fewer homes placed on the market during the holidays. With fewer houses on the market, buyers have fewer choices.  Resulting in possible higher prices.

Looking good.  Does not matter what holiday you observe, a home looks the most inviting during the holidays.  It smells festive, it looks festive, it’s just festive.  Why does the home have that feel?  Because it is the good feeling time of the year, that’s why.  And it is the perfect form of staging a home as well.  Can’t have the holiday tree up or menorah glistening during the springtime (It just looks weird).

More than lookers.  Ready, willing and able buyers are out during the holidays.  They have to buy.  Why just be a looker like many are during the spring/summer season.  It is the holidays.  These buyers have either sold their home and now need one, but even more so, many homes sold during the holidays are to those relocating to the area for work. Most companies have completed their budget for the following year and know what they can spend to transfer their employees to their other locations.  By the time the spring/summer market comes around, these transferees have already closed and are enjoying their new homes.

If it is time to sell, think about placing your home on the market now.  Plus to buyers, what a great holiday present – a new home.  (Much nicer than fruit cake.)  Even if the home was to go into contract, in most cases closing would not occur until after the holidays have passed, therefore allowing you to enjoy the last holiday in that home that hopefully has given you many other wonderful memories, before moving on to your next step in life with new memories to make.

Looking to buy or sell, contact The Halpern Real Estate Group at 201.317.7527.   Let their experience be your guide as they are opening doors one home at a time.

Uncategorized February 9, 2021

The Halpern Real Estate Group is Marketing Luxury Morristown Townhomes

Welcomd

The Halpern Real Estate Group of Howard Hanna | Rand Realty has been chosen to market four brand new luxury townhomes for rent in sought after Morristown.

“These residential rentals are the epitome of elegance” boasts Realtor, Jeffrey Halpern, team leader of the Group.  “The workmanship is impeccable and we are so proud to represent the developer, Walker Street Townhome, LLC”

This structure boasts a crafted stone and clapboard façade, stone patios and off-street parking.  As you step into the front entry of either unit, you will be awed by its spacious open floor.  On this level you will be welcomed by a large living room, top-of-the-line kitchens including custom cabinetry, granite countertops, stainless steel appliances, dining area with backdoor access to the stone patio, and powder room.  Up to the second level of the end units, will be a Primary Bedroom Suite with full bath, two other bedrooms and another bath and a third floor huge bonus room to boot.

The inner townhouses upper levels include a primary bedroom suite with bath and a second bedroom and hall bathroom on the second level and another bedroom and full bath on the third level.

All residences include full basements with washer/dryer with powder room, gleaming hardwood flooring throughout, oak banisters, ample lighting, efficient gas heat and central air conditioning.

When it comes to convenience, it is here.   You are moments away from the Morristown Green, featuring magnificent eateries, shops and the well renowned Mayo Arts Center; and Morristown Train Station, with NYC direct trains.

The Halpern Real Estate Group of Howard Hanna | Rand Realty, specializes in the sales, rental, leasing, and marketing of individual and community properties.  For more information regarding this property or others; or looking to sell/rent your property please contact Jeffrey Halpern at 201.317.7527 (cell) or 973.532.5727 (ofc); email http://www.jeffrey.halpern@randrealty.com; or visit www.halpernrealestategroup.com.

 

Uncategorized October 20, 2020

Colonial/Farmhouse Being Offered in Denville

The Halpern Real Estate Group is pleased to present their newest listing at 365 Franklin Road, Denville. 

Sitting on nearly one of the most pristine properties in Denville, this well preserved 150+ year old, Gentleman/woman’s Colonial/Farmhouse is very special and awaiting a new owner to continue its tradition and history. 

Step onto the new front “lemonade” porch through the front door and get a feeling of simpler times.  Front entry foyer with stairway to second floor.  The first floor boasts, S-P-A-C-I-O-U-S Living Room with  fireplace, leading through French doors into the sunken family room with a second fireplace, built-ins, bar, and sliders to front yard.  There is a Country Kitchen with stainless steel appliances plus an original wood stove.  That is where one would have access to the full basement.  Off the kitchen is a newer powder room and exterior doorway.  The large Formal Dining Room could easily entertain 16-20 guests. 

As you get back to the foyer, amble upstairs to the Master Bedroom with full bath and walk-in closet.  This level also holds three other bedrooms and two other full baths, as well as access to an attic that can easily be finished to add even more space to this nearly 3400 sq ft home.  There is work to be done however the bones and history are there, to give you the opportunity to make it your own.

The home itself sits on a beautiful and private 1.4 acres boasting a 2 car detached garage and some other structures. 

Denville Township boasts a town center, Denville Train station with New York direct access.  The beauty of this community includes lakes, parks and a well-respected school system.

To more information of this property offered at $500,000, please contact Jeffrey Halpern of The Halpern Real Estate Group with Howard Hanna Rand Realty, at  Cell/Text:  201.317.7527 or office 973.532.5727 or Jeffrey.halpern@randrealty.com. For online details listing, please visit here.

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 March 18, 2019

FREE HOME SELLER SEMINAR – APRIL 3, 2019

Better Homes and Gardens Rand Realty, Northern New Jersey’s premier real estate broker, will be hosting a FREE Home Seller Seminar on Wednesday, April 3, from 6:30-8:30 at the Parsippany-Troy Hills Library located at 449 Halsey Road, Parsippany.

“There is nothing better than hearing it from the experts.” states Jeffrey Halpern, 34 year real estate professional and moderator of the seminar “The knowledge, the insights, the experience, and that fact that that is what they do for a living, is to the advantage of those who can hear them speak.  They say that even if you can get one tip to help you better what you are doing is worth the time spent.”

Specific for home sellers (and buyers, too) now, or in the future, this free seminar will give sellers multiple tips, whether owner occupants, “For Sale By Owners”, those who’s listings have expired with other brokers, investors, and/or flippers, on how to sell their home.  The topics include: staging/detailing; pricing; marketing for today’s buyers, negotiating, transactional management to the closing, while avoiding the pitfalls.

The speakers that have been assembled are well known in their respected fields.

Keith Rice, Licensed Home Inspector, Nuts and Bolts Home Inspection.  Member of ASHI (American Society of Home Imspectors), Keith is also a Licensed Radon Measurement Technician and has been inspecting homes for several years.  He will be covering what a home inspector looks for when selling a home, and how to avoid running into issues related to the same.

Matt Keane, SVP for Guaranteed Rate. Matt is continually recognized for his high level of production and exceptional customer service. In addition to being a member of the President’s Club at Guaranteed Rate for the past 5 years, Matt has been named a “Top 1% Originator in America” by Mortgage Executive Magazine for the last 6 consecutive years.  He will cover what it takes to qualify a buyer.

Robert Wianecki, Esq., noted Morris County real estate attorney with offices in Boonton. Practicing law since 1994, his boutique practice takes pride in extending exceptional levels of customer service and eliminating stress from the real estate transaction while helping clients With years of real estate experience, and thousands of real estate closings to his credit. Robert will cover legal ramifications, and process, as well as avoiding legal pitfalls.

Jeffrey D. Halpern, Broker-Sales Associate of Better Homes and Gardens Rand Realty, Certified Home Stager, and 30+year veteran of residential real estate, has been assisting sellers and buyers in their real estate process.  He is also a Certified Real Estate Instructor and trainer.  He will moderate and cover the entire home selling process.

All those in attendance will receive a home-sellers kit, and have a chance to win one of several door prizes.  Refreshments will be served as well.

The seminar is, Wednesday, April 3, 6:30pm, at Parsippany-Troy Hills Library, 449 Halsey Road, Parsippany  Because of limited seating.    RSVP is recommended for this informative seminar to Jeffrey.halpern@randrealty.com or by call/text to 201.317.7527. For more information please visit:  www.realestateseminars101.com

Uncategorized June 23, 2017

The best month to sell your home is……..

I have been wracking my brain as to what to write this week in my blog and the other day, Mitch, a friend of mine, asked me which month is the best month to sell.  Although he asked it with a little sarcastic grin as there really is no good or bad month to sell, it inspired me to give you the Realtor’s reasoning as to why to list “that” month of the year.

January.  Many relocations happen in January as companies budgets begin January 1 and therefore they know whether they will be bringing employees in or shipping them out.  Also, if your new year’s resolution includes moving on, why not in January.  Just remember as opposed to the losing wait and joining a gym resolution, once your house sells you cannot go back on that resolution.

February.  Because most sellers wait for the “spring market” to list their home, by listing in this month a seller gets a jump on the competition and possibly sell their home for slightly more than in the nexst few months, as Economics 101 tells us that a smaller supply increases demand.  It also gives the seller a wide choice of home to purchase in March after their home sells.

March.  The “spring market” is upon us.  The weather is certainly better and more buyers are looking and therefore a better chance to sell your home and a bigger selection of homes the seller can choose from.

April.  The “spring market” is in full bloom and buyers are buying and sellers are selling.  Usually this month has the most activity.

May.  If all holds true, the April showers brought May flowers and the home is full of color.  The weather is perfect and buyers are motivated because they want to be in during the summer.

June.  High school and college graduations and parents now contemplating their move to a smaller residence and buyers want to buy before summer vacations begin and to close before the upcoming school year based on an average 60-day contract to close timeline.
July.  Home sellers have sold their homes during the spring market and now are desperate to buy a home.  Also the school year is even closer and you certainly want the kids to be in their classrooms on time.

August.  If a home is not sold, they will be re-positioning their prices to be put in line with what buyers are willing to pay and buyers, using an astute Realtor, recognize it and jump on it.  And being in contract, most school systems will allow a student begin their school year in their new location.

September.  The weather is still nice and buyers have the chance to really explore homes without dragging their kids to look with them.  More than likely, the local buyers (ones that already live in area) will be staying around.  And it also gives the empty nesters the ability to buy without worrying about schools.

October.  Buyers who want to get in before the winter always look and buy at this time.  With the leaves changing their colors, the beauty of fall gives the buyer a whole different perspective on the look of the home.

November & December.  I combine these two months for they include the same reasons.  Although less in numbers, buyers looking in these two months are the most motivated.  They need to buy or they would not bother looking during the holidays and they want to be in by the beginning of the next year.  It is also the time when the house looks its best between the holiday decorations of the home, the neighborhood and the community.

So the question I answered for Mitch was not as elaborate as above, but much simpler.  The best month to list a home for sale is when the seller lists their home for sale – upon need or desire.  There are buyers all year round.  The secret to selling any home is marketing, merchandising and pricing, to a market that is ready, willing and able to buy at that time.  And interviewing and choosing a Realtor who can best assist you in achieving your goals just makes it that much easier.

What’s your home worth?  Get you FREE jeffstimate here.

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!

Uncategorized February 8, 2017

LET’S GET READY TO RUMBLE!

In the past several months I have been involved with several bidding wars on homes, representing both buyers or the seller. Most of the are in the price range of $250-400,000.  Is it a good sign – yes? Is it the sign of the times – maybe (at least for the immediate future).

The good news to report is that many (not all) sellers are pricing their homes to sell (or under-pricing their homes to produce bidding wars) and all the owner-occupant buyers on the fence are coming off the fence, as well as investors and flippers. The competition is fierce.   They see value in the right priced home as well as finally taking advantage a favorable interest rates, fence-sitters become fence (and house) buyers, whereas, the investors are paying cash.  Conversely, inventory is low, driving prices up a tick and multiple offers on the little inventory there is, ticking them even higher.

Getting back to bidding wars, both sellers and buyers need to know what to do if you as a seller is lucky enough to have your house as the subject and the buyer is unlucky enough to be involved in trying to attain the home.

Seller. Without a doubt it is exciting to have your home as the subject of a bidding war. It is obvious that your home was fully marketed to enough of its target market through various Multiple Listing Sites (more than one), a slew of web sites, blogging, social and business networking, mailers, newspapers, etc., as well as pricing either at market value or just below it (yes, just below as it brings about many bids and sell for what market value is).

Because a seller has the upper hand in a bidding war, the seller can control the outcome of the final price and conditions. Seller should beware of the highest bidder. The highest bidder is not always the best of the bids and a seller must use their head and not their pocket to decide which offer to accept.

Multiple offers can come in at anytime during the selling process and actually by law, can be presented to a seller up to the moment they close with a buyer. However, in most cases, multiple bids come in when a property is first listed. When they do occur, the seller with their Realtor (and hopefully one who has had experience with them), should review each offer carefully. Do not get caught up in the hoopla as it is a business decision you must make to take the right offer.

Specifically speaking, with your Realtor, review the conditions of the contract: price; mortgage amount vs. all cash; down payment; closing date; items included in the sale; home inspection time limit; and additional contractual conditions, which may include a house to sell contingency, or the like.

From there go back to the bidders with a counter-offer, or ask them to enhance their offer. Try to avoid asking them to come to their highest and best as in my experience, there really is no such thing. It is better just to come back with a counter. If the offers are at full price, revert back to enhancement or you can actually, come back with a price that is higher than the asking price (just be wary of what it is as it may just turn all your bidders away).

The respondents will either not budge from their price, come up to a price, or just walk away to avoid the hoopla. Some may ask for the other offering prices, and although the Realtor Code of Ethics (if you are using a Realtor), with written approval by the seller, requires that the existence of other offers are present be disclosed, it does not require that the other offering prices are. As a moral and ethical standpoint, I believe that the prices be kept quiet. At that point the counter-offers are presented to the seller.

Once that has been done, revisit the contracts for a second time. If they are close, take the second highest offer – not the highest. In many cases, when the highest bidder wins they will either back out because they believe they may have paid too much, what is known as buyer’s remorse, or they will do what they can to make up the difference of what they wanted to pay, through the home inspection issues. And then there is the issue of the home appraising for that highest price (of which we are finding to be a stopping point for a good number transactions today).

Whereas, by choosing the second highest, the buyer is more apt to stay with the purchase and not ask as much after the home inspection. Giving the seller more control on the buyers requests. It must also be noted to the buyer that they already had an equity increase in the home they went into contract before they even close, as someone was willing to pay more, resulting in a higher value than their purchase price.   Plus, the appraisal process becomes more affable.

When the seller has made their choice, I advise that they keep the other offers as back-ups just in case the negotiations fall through.

Buyers. The buyer is most stressed, especially if this is “The House”. Some buyers have to buy 3-4 homes before they actually get a home  However, it is a lot simpler. Make your initial offer, look at the seller’s counter-offer, and come back to them with yours. Then do not let the hype take over and make your final price one that is not over your head.   be sure to get the assistance of a Realtor who will give you comparables of like homes in the area and in many instances, keeping you grounded.  This will give you the information for an intelligent decision. You can ask your Realtor for assistance of a purchase price but keep it in a range instead of a definitive price. (Remember, although they know the market, they are not buying the home, therefore, the value is in the buyers head more than the Realtor).

I suggest you add a letter of praise to the sellers and desire to purchase their home, to be included with your offer. There have been some buyers that have used video to let the seller know they love the home.  The video may hurt more than help as the seller may not like what they see in the video.  (It sounds wrong but people still do discriminate) If you win the bid, good for you. If you do not, leave your offer as a back-up and keep looking. It may have not been meant for you anyway or the other offer may fall through and therefore, you still have a chance.

Overall, multiple bidding can be stressful for both sides and getting the assistance from a Realtor will keep your emotions in check while giving you a representative that will work hard for you and your real estate goals