10 Most Common Questions People Ask Me About Real Estate
1. How's the market? The market is heating up. I see multiple offer situations on homes that are right priced and are in top showing condition. Certainly location is a factor.
2. Is it a good time to sell? Now is a great time to sell, inventory is lower than it has been. Buyers are having difficulty buying homes as they are outbid through multiple offers.
3. Is it a good time to buy? Interest rates are still low, so it is a great time to buy.
4. What are the interest rates? Interest rates are just under 4%.
5. I want to price my home higher because the buyers are always going to offer less than the asking price. Isn't that right? No. The danger of over pricing a home, reduces the number of prospective buyers coming to see your home. This causes a wait and see. The longer a home is on the market, the lower the price. Overpricing also encourages "low ball" offers. An early sale keeps the seller in control and can promote multiple offers which equals the highest and best price.
6. What is included in closing costs? Real Estate Taxes, Survey, Attorney fees, Title Costs, 1st year Home Owner's Insurance, Appraisal, Pre paid interest, Application Fees, Recording fees, etc.
7. What fees are involved when selling a home? Realtor commission fees, Attorney fees, Realty transfer fee (senior citizens get a discount), C of O certifications, Exit tax (if leaving the state of NJ), Capital Gains taxes (if applicable) and Moving cost.
8. How safe is the town? Call the Town Hall or go to the town's website and view the statistics.
9. How are the schools in the area? Every 2 years, NJ Monthly publishes the top public schools in NJ. Also greatschool.org shows ratings for the grammar schools on a scale from 1-10. This is very helpful for buyers who are enrolling their children in the grammar schools and plan to relocate in a few years.
10. Do I really have to stage my home? Homes in top showing condition get 5-10% higher price than homes with FEWER days on market. If you plan on getting the most amount of money from the sale of your home, you should have it staged. Realtors® believe that buyers most often offer a 1 to 5% increase on the value of a staged home.