Pricing Your Long Beach Island Home
What is the current market value of my home/property?
When is the best time to sell on LBI?
What should I expect in the process?
How do I prepare my home to be sold?
How are current market conditions?
Determining Your Property’s Fair Market Value
As a real estate professional, I use a detailed Comparative Market Analysis (CMA) to evaluate your property’s market value accurately. This involves analyzing 5–10+ comparable properties that have sold within the past six months to ensure the data is current and relevant. Going beyond six months can reduce accuracy because market conditions, seasonal trends, inventory levels, and neighborhood changes can significantly impact property values over time. Key factors I consider include price per square foot, location (town and proximity to the bay/ocean), the age of the home, lot size, age, and other key property features. By thoroughly reviewing these details, I provide you with a precise and fair market value, empowering you to make confident decisions in today’s real estate market.
Valuation
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
*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
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.
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, and timing (projected closing date). After the contract is agreed upon and enters the attorney review period; the client, agent, and attorney work together to ensure the clients goals are met.
Closing Stage
Although the closing stage can involve many small aspects, in short, the process entails the writing of the contract, agreement between the two parties, attorney review, inspection (up to the buyer), the mortgage, mortgage appraisal, acquiring of insurance, Certificate of Occupancy approval, utility transfers, and finally the settlement.
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.
Seller Information
Are you looking to sell your home on Long Beach Island? Look no further! My seller information page is your go-to guide for a smooth and successful selling experience. From staging tips to typical closing costs, we have you covered every step of the way. Learn more by clicking the link below!
Current Market Update
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.