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Pricing Your Home

Determining the correct price to sell your home involves an understanding of the current market, where the market is heading, what other comparable homes are selling for, and how quickly you wish to sell your home. It is important to realize that just because one similar home sold within a certain time frame and closing price, does not guarantee yours will also. Every buyer is different.

Simply put, a property priced at (or even slightly below) market value will attract more buyers than a home priced above market value. It is crucial to consider that a property priced competitively will also attract a greater number of potential buyers often resulting in an increased opportunity for a higher-than-asking sales price, a quick sale, a sale with more favorable terms, or all of the above. For an accurate price assessment, please reach out to me for a professional evaluation.

The Effects of Overpricing

Overpricing

*This graph explains the average percentage difference between the Selling and Asking Price by the length of time the home was on the market.*

Source: © BRIGHT, All Rights Reserved

Typical Seller Closing Costs

  • Both sides of a transaction should hire a Real Estate Attorney to protect their interests in a contract agreement. It is HIGHLY recommended to always use a Real Estate Attorney. Expect costs to be between $1,000-$2,000

    *all numbers given are estimates

  • The seller is expected to pay the commission upon the sale to both agents’. Commission typically is 5-6% of sales price.

  • The Realty Transfer Fee is imposed upon the recording of deeds evidencing transfers of title to real property in the State of New Jersey. The Realty Transfer Fee is calculated based on the amount of consideration recited in the deed or, in certain instances, the assessed valuation of the property conveyed divided by the Director’s Ratio. Payment of the Fee is a prerequisite for recording the deed. The R.T.F. is usually collected at the real estate closing by the legal representatives or title insurance agents responsible for recording the deed at the county registry offices.

    Click here for the link to the New Jersey Division of Taxation with Transfer Tax Rates.

  • This tax applies if you are a non-New Jersey resident and you sell a home in New Jersey:

    2% of sales price

  • A Certificate of Occupancy is required in New Jersey during the change of ownership. During this the town gets the opportunity to inspect the property for safety and code violations.

    (Issued from municipality, may also require certificate for Carbon monoxide, fire extinguisher, smoke detector, and in some cases the instillation of a curb): $75.00 for single family, $150 for multifamily, and $25.00 for any re-inspections, $150.00-$250.00 for the installation of any smoke detectors, CO2 detectors, fire extinguishers, etc that may be needed.

    In some cases the buyer may be held responsible for the Certificate of Occupancy. This often happens with “as is” properties for sale.

    *Long Beach Township prices, other municipalities may vary

  • Miscellaneous expenses could include filing a required deed restriction, fixing an item for the Certificate of Occupancy, and more.

    Budget for approximately $500

  • Some townships (Surf City & Long Beach Twp) require the instillation of curbs in front of homes that do not already have them. Cost can vary due to the amount of feet of concrete needed and material costs. A performance guarantee may be posted with the Borough for curbs required at the time of exchange of ownership evidencing that all required curbs will be constructed within 90 days of the date of exchange. The Borough shall establish the amount of the performance guarantee which shall be a minimum of twice the cost to actually install said curb based on prevailing rates.

    Approximate cost: $1,000-$3,000

LBI Seller Closing Costs

When To List Your Home

At the end of the day, you, the homeowner, decides when and with who you want to list your property. Many owners ask me when the “best time” to sell on LBI is. In my response, I tend to stray away from giving a specific month/time to recommend as the “best time to sell your home” because a sale can occur during any time of the year. There is no true telling whether your property will sell faster during a “slow” month versus an “active” month based on past data. That being said, going off this said data, much of the island sees a boom in new homes for sale after the New Year and through the Spring. Recently, based off of 2022, the months of June-October have showed an increase in sales activity as well. I like to call these home buyer’s during the summer months the “FOMO” (fear of missing out) crowd. Many of these buyers feel rushed to close on their new homes before the beautiful summer weather comes to an end. Of course, patterns can change due to overall market conditions, much like we are seeing in 2023. In summary, listing your home during the right time can be a major advantage in terms of getting the highest value for your home in the shortest time frame. Contact me today to learn more about current timing in the LBI real estate market.

Preparing Your Home To Be Listed

Repairs

Anything about the property that you know of that needs fixing should be repaired if you want a fast and seamless transaction with fewer obstacles. Any type of surface issue(s) should be taken care of to give potential buyers the best first impression of your home. Most importantly, repairing anything that may cause a home inspector or Certificate of Occupancy inspector to throw a red flag is a great first step before listing your home. The last you thing you want as a home seller is to have your deal fall through or get held up during inspection because of something wrong with the house that could have been fixed. Often, buyer’s prefer the home to be as move-in-ready as possible.

Updates

Updating appliances, bathrooms, HVAC, kitchens, etc. all can drive up the value of your house tremendously and draw in the right buyer. Reach out to ask me what updates tend to impress buyer’s most and if it is a good idea for you and your home! Click here to ask me for a list of recommended professionals or scroll down to view the list yourself.

Organize Personal Items

Removing clutter and personal items, such as family photos, can prove to help your home show to the public. Many buyer’s want to imagine themselves occupying the home, so removing any unnecessary items and other personal belongings can aid in the buyer’s imagination.

Staging

Staging is very common in the world of real estate, but does your home need to be staged? Deciding whether to use a staging company to help show your home depends on your specific property and who you are trying to market too. Reach out to me to see if staging your home is worth-while.

Home Selling Process

Marketing Stage

Much goes into the marketing stage during a home listing. Simply put, my specific marketing plan consists of getting your home as much exposure as possible on the greatest marketing platform invented; the internet. Your home once listed will be marketed on the MLS, my website, Van Dyk’s website, Zillow, Realtor.com, social media, YouTube, The Sandpaper’s online newspaper (along with the paper version), and more. I also send out traditional flyers/postcards in the mail, list the home on agent caravans, host open houses, host broker open houses, and a variety of other tactics.

Negotiating Stage

Negotiations for the sale of a home are done between the buyer and seller’s agent on behalf of their clients. Negotiations include determining sales price, the terms of contract, contingencies, and timing (projected closing date). Both the buyer’s and seller’s attorney will then draft legal letters/amendments to have negotiation agreements in legal writing once both parties have signed the contract. Any changes will be determined by the parties and can be renegotiated.

Closing Stage

Although the closing stage can involve many small aspects, in short, the process entails the writing of the contract, attorney review, inspection (up to the buyer), the mortgage, mortgage appraisal, Certificate of Occupancy approval, insurance, any HOA transfers, utility transfers, and finally the settlement. As mentioned, other steps may be valid depending on the property.

Local Professionals

Local LBI recommended professionals

Important Real Estate Links

In need of valuable resources to navigate the real estate world effectively? Look no further. My collection of crucial real estate links is curated to provide you with the essential tools and information necessary for your property endeavors. Ready to embark on your real estate journey? Explore my directory of links today and take the first step towards achieving your real estate goals. Your success story begins here.

Current Market Update

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General Market Update

Median Price of Sold Homes Per Month

This chart displays the median sales price of residential homes sold during each corresponding month in 2022/2023.

Sold Homes Per Month

This chart displays the number of residential homes sold during each corresponding month in 2022/2023.

Source: © BRIGHT, All Rights Reserved