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 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 February 8, 2017

Buyers are Liars & Sellers are Yellers

Ever since coming into real estate (1985 for me), my colleagues have always warned me, “buyers are liars and sellers are yellers.” Some still believe it to this day.  My take is completely different “buyer are buyers and sellers are sellers”.  Pretty simple.

BUYERS ARE LIARS?

“Buyers never tell you exactly want they want.  They do not want a townhouse and they buy a townhouse from another agent.” “Buyers tell you they are qualified to purchase at a certain price point when suddenly after making an offer,  they do not exactly qualify for their purchase.”  “They want just a certain town or neighborhood and would never live in that area and yet they end up buying in that area”

Those statements have been said by agents for years and years and yet it is not the buyer that is the liar, it is just because the buyer just does not always know where they want to live, how they want to live, or may have a misperception of where they can afford to live.  It really takes a Realtor working closely with their client and cares enough about their client to go through a discovery period to decipher all the parameters of that client.  A Realtor must ask the right questions, and show a smattering of houses and areas.  It also takes the buyers to be honest with themselves and their Realtor, to understand what they can buy at the time.  A buyer cannot expect the perfect house nor the perfect location, but they should not feel they have to settle for a house either.

A good Buyers Agent realizes that buyers can be a fickled bunch when they begin but in the end, with a Realtor that listens, really listens, the buyer will find the home that they want, not what the Realtor assumes what they want.

SELLERS ARE YELLERS?

“My agent is doing nothing!”  “My agent does not bring anyone to my house!” My agent doesn’t advertise enough.”  “My agent over (or under or mis-)priced my house!” “My agent never calls me!”

Valid thoughts from the seller?  More perception than realty in most cases some and totally correct in a much smaller percentage. One statistic has held true – 70% of sellers whose home listing expires, do not re-list that same agent, instead vies for another agent and agency.  The main reason why has nothing to do with the home not selling, but rather how the agent approached the entire process.  A bad agent will love a seller to get the listing and leave that seller after they have secured it; otherwise the majority of the agents do what is necessary to get a house sold.   However, in most cases the seller has no idea what the heck their agent is doing unless they happen to stumble upon an ad in the paper or a posting on a website.

The majority of home sellers’ biggest complaint is that the agent never communicated with them.  The key to a great listing agent as well as their obligation to the seller, is that they keep in constant contact with the seller at least once per week and stick to it.   That weekly call should include market updates, showing follow-ups, what actions the agent has taken to promote the property, and a frank discussion of where all of it relates to the subject property.  And that communication should happen even if nothing happens that week.  If an agent can keep to that discipline, the yelling very rarely happens.  If you can find an agency that guarantees it or they will be fired, even better.  (ask about the Coccia Performance Guarantee).  Accountability is the key to success.

REALTOR OF YOUR CHOICE

In either case buyer and seller, choose your Realtor wisely.  Interview several Realtors, even if you know someone in the business. Your relationship with a Realtor first and foremost should be a business decision.  Make sure they understand your needs and conversely, listen to what they are saying to you.  They are the experts and they represent your best interest.  Together you should be able to accomplish your real estate goals.