What is the Average Time to Sell a Home in Nutley NJ

In recent years, the average time to sell a home has dramatically increased. This is largely due to the unemployment rate and credit crunch, which are limiting the number of first time home buyers entering the market, as well as the increasing number of short and foreclosure sales. According to the Accredited Seller Agent Council, the average time to sell a home in the U.S. is 10 months. However, there are many factors that can impact how quickly your home will sell.
Factors Affecting the Average Time to Sell a Home

Home listing price – An asking price that is either too low or too high can dramatically reduce the chances of selling your home on a timely schedule. Your agent should be familiar with the local market and provide you with local comps (comparable homes that have recently sold) to help determine what your asking price should be. Whether you take or ignore this advice is a contributing factor to the length of time the house will remain on the market.

Condition of home – The condition of your home during viewings or appraisals is also a contributing factor. When anticipating a showing or other appointment, your home should be spotlessly clean and tidy with no visible flaws. Nail holes, carpet stains and other defects must be patched, cleaned or corrected. Many agents also suggest you ôdepersonalizeö your home by removing personal items such as photos, memorabilia, etc. If you own pets, they should be contained in a separate area of the house with no evidence they live on the premises. Home buyers need to be able to envision themselves living in the home – the less clutter or distraction, the more likely it will sell.

Location of home – Location is always a top factor in the desirability of a home, especially in a soft or surplus market. A home that is adjacent to a busy road, a messy neighbor, or a busy shopping center will be more difficult to sell than a home with open range, unobstructed views, or better school districts. If your home is not in a desirable location, it may take a price reduction as well as additional time to sell.

Region – Home markets vary from city to city based on the employment rate and inventory of available properties. For that reason, the average time to sell a home can vary by months depending on what city or market it resides in. According to ClearCapital, the average time to sell a home for soft markets such as Miami, Las Vegas or Detroit could be 10 to 12 months, whereas in a healthier market such as Washington D.C. or Houston, it can take as little as one to two months.

Home Seller Flexibility – A flexible seller who is willing to accept spur-of-the-moment or random viewings may be more likely to receive an offer than those who limit the schedule or frequency of potential buyers to view the property. Likewise, a seller who is flexible on the price of the property will be more likely to accept a reasonable offer. The seller needs to be realistic and understanding that, in order to sell a home, compromises are needed.

Type of Home Sale – The type of home sale is also a contributing factor in how quickly a house will sell. If the property is a short-sale or foreclosure, the process can take six months to a year (or more). However, if it’s a traditional home sale with a quick close, it can take as few as two to four weeks. Unfortunately, in these scenarios, the seller has little control over how long the process will take, as the majority of acceptance and paperwork lies with the lender and title companies.

Clearly there are a variety of factors that affect the average time to sell a home. Being aware of these factors, making the necessary adjustments, and having flexibility and patience will help smooth the process and bring your home to a close within a desirable time frame. If you want to get a better estimate of how long it will take to sell your particular home, let me know. Agents are happy to take these requests even if you aren’t sure you are selling your home.

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    Home Appraisal versus Home Inspection in Nutley NJ

    The mortgage settlement process, often referred to as the mortgage closing, can sometimes seem confusing and a little overwhelming. Whether you are buying a new home in Nutley or refinancing an existing home in Nutley, there are various fees to be paid and steps to go through. Two steps that are often confused by homebuyers are the home appraisal versus home inspection.
    Remember the Difference: Home Appraisal versus Home Inspection in Nutley NJ

    One easy way to remember the difference between an appraisal versus a home inspection is that a home inspection is for your protection. A home inspector will not estimate the value of your home in Nutley.

    Typically, home appraisals are for lenders; home inspections are for buyers.
    What is a Home Appraisal?

    A home appraisal is a document that provides an estimate of a property’s price, otherwise known as its market value. Your home will serve as collateral for the mortgage, so a lender will require an independent appraisal on the property prior to the approval of your mortgage loan application. This is to ensure that the mortgage loan amount is not more than the value of the home and lot you want to purchase or refinance. Most lenders will loan you no more than 95 percent of the appraised value of the home or purchase price, whichever is less.

    The person who conducts the home appraisal is called an appraiser. This person will consider several factors in developing the home appraisal, including location, square footage, recent sales of similar properties, and construction quality to estimate the property’s market value.

    There is a fee associated with getting a home appraisal. Some lenders and brokers will include the appraisal fee in the loan application fee; you can ask the lender for a copy of the appraisal. If you are refinancing and have a recent appraisal of the property, some lenders may waive the requirement for a new appraisal. If you are in this situation, you could save a few hundred dollars by using the existing appraisal.
    FHA Loans Appraisal

    Many mortgages are insured by the federal government through the Federal Housing Administration (FHA.) The FHA requires lenders to get an FHA loans appraisal on properties prior to loan approval. According to the FHA, they require appraisals for three reasons:

    To estimate the market value of the property.
    To make sure that the property meets FHA minimum property requirements/standards for health and safety.
    To make sure that the property is marketable.

    An FHA loan appraisal document will indicate property defects that are easily noticeable and found not in compliance with U.S. Department of Housing and Urban Development’s minimum property standards. These defects may not be the same as those items noted in the home inspection report. The estimated cost of a property appraisal is $263 to $444, with a nationwide median cost of $292.
    What is a Home Inspection?

    There are two types of home inspections, those required by the lender and home inspections initiated by the buyer.
    A Lender’s Home Inspection

    A lender, especially one that offers Veteran’s Affairs (VA) or FHA-insured mortgages, may require a home inspection and an analysis by an engineer or consultant to check for things like water damage, termite damage, and the structural condition of the home. In rural areas, lenders may want a test of the septic system (if applicable) and a water test to make sure the well and water system will maintain an adequate supply of water for the house. These water tests usually will check for water quantity, not quality. The health department of the local city government may require a water quality test as well, but this might be done outside of the mortgage settlement process and require a separate payment. Keep in mind that a lender’s inspection is for the benefit of the lender, not you. You may want to ask for a buyer’s home inspection to make sure the property is in good condition. The cost of a lender’s home inspection will likely be between $300 and $500.
    A Buyer’s Home Inspection

    Often, a buyer will make the purchase offer of a home contingent on the results of a home inspection. You will have to pay for this inspection. The cost varies by region, but spending hundreds of dollars could save you thousands.

    When you make a purchase offer, sometimes called a binder, contingent on the results of a home inspection, it allows you to cancel closing on the deal if an inspector finds problems with the home or property. If deficiencies are found with the home, you may want to renegotiate for a reduced price or require the seller to make repairs to the home. If you are getting a VA or FHA loan, you will need a certificate from a qualified inspector stating that the home is free from pests such as termites and rodents. In this case, you can also make your purchase offer contingent on pest inspection results.

    Similar to the lender’s home inspection, an inspector should examine the home for structural soundness, water damage, and pests. In addition to these basic home inspection criteria, you may want to have the home inspection include an examination of the condition of the roof and the plumbing and electrical systems. It is also wise to have the home tested for environmental hazards that may not be visible to the casual observer. This may include testing for radon gas emissions, water quality, asbestos, lead-based paint and other toxic materials. If you are making your purchase offer contingent on the results for environmental hazards, make sure this is stated clearly in the conditions of your offer.

    Remember, the easiest way to know the difference between an appraisal versus a home inspection is that an inspection is for your protection!

    Sources

    http://www.federalreserve.gov/pubs/settlement/default.htm

    For more information about buying or selling a home in Nutley NJ

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      Matthew De Fede SFR

      COLDWELL BANKER Residential Brokerage

      The Best Web Site For Nutley Real Estate, Clifton Real Estate, Belleville & Bloomfield NJ

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        Advice for First Time Home Buyers in Nutley NJ

        Buying a home can become a very overwhelming task from picking the right town to picking the right real estate agent, hopefully this article we give you some insight as what to expect when your searching for your first home in Nutley NJ.

        Lets look at Nutley and why it’s a great place to buy a home and raise a family, first off the homes are very affordable these days because of the market itself it truly is a buyers market in Nutley, also Nutley is located about 10 miles from NYC and very commutable from town, you have your choice bus, train, car whichever you choose Nutley is a great town for working professionals who commute to NYC.

        Nutley boasts one of the best Town home complexes on the North East, Cambridge Heights, where you can find a town home from $295k-$500k a gated community with a pool, tennis courts and transportation to New York City, Nutley also is very family friendly from the top notch school system to the wonderful parks the town has to offer.

        The first thing you will need to do is find out what type of home you can afford, my web site has all the tools you need to figure that out also you can view every home available for sale in Nutley.

        The next thing to do is to find yourself a Nutley real estate agent you can work with, meet with them ask them all the questions that you may have about the home buying process, while your doing that you should be reviewing your credit and also ask your agent about mortgage companies and if your agent has any recommendations or any mortgage representatives you can consult with before you start viewing homes.

        That is the first step to home ownership in Nutley NJ, if you would like more information you can go to http://www.HomesInNutleyNJ.com and contact me for more information about the home buying process.

        Your Can Search For Homes In Nutley NJ Below

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          See All Available Homes in Nutley, Clifton & Belleville NJ SEARCH NOW! See All Availabe Nutley Real Estate For Sale

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            Buying or Selling a home in Nutley, NJ

            Selling or Buying A Home in Nutley NJ, Experience The Coldwell Banker Residential Brokerage Difference. We Are The Nutley NJ Real Estate Experts. I Specialize in Townhomes in Cambridge Heights & Cambridge Crossings.

            Thinking About Selling Your Home in Nutley New Jersey

            I believe that selling a home in Nutley in today’s economic environment has to be a “PROACTIVE” approach, no longer can an agent take a listing agreement throw the home up on the Nutley MLS and hope that its sells, we are just not in that type of market  My approach to home selling in Nutley is very different than many of the other agents in Nutley NJ.
            I use all the latest selling tools and technology to market your home in Nutley ie: Web, Social Media, Text Alerts, Personalized direct mail and more. I also use the conventional means as well, I like to create a buzz around your home or real estate you are selling and I treat it just like we would a marketing campaign in Nutley, combined with the Coldwell Banker Residential Brokerage Brand We Market Your Nutley property Several Different Ways, Web, Social Media, Print, TV, Radio, Ask about our “LEAD ROUTER DIRECT RESPONSE” Marketing Program & our Coldwell Banker Home Warranty if your agent does not offer this they are not a COLDWELL BANKER Residential Brokerage.

            Here are some of the marketing components I use to get your home sold:

            -Multiple MLS Listings (Garden State & New Jersey MLS)

            -Direct Mail Announcing The Sale of Your Home

            -Lead Router Online Marketing System (*Coldwell Banker Residential Brokerage Only)

            -Coldwell Banker Web Sites (www.coldwellbanker.com & www.cbmoves.com)

            -Trulia, Yahoo, Google, Bing, Zillow, NYtimes, NJ.com and 300 other web sites

            -Local “Nutley” Web Sites (localized web campaign) (*Matthew DeFede Only)

            -Social Media Sites (Facebook, Twitter & MySpace) (*Matthew DeFede Only)

            -Open Houses advertised in News Print & Web (*Coldwell Banker Residential Brokerage Only)

            -Coldwell Banker Home Warranty Program (*Coldwell Banker Residential Brokerage Only)

            and so much more, selling homes and real estate in Nutley is my passion!

            “Ask About Our Cambridge Heights Townhome Marketing Program”

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              Selling Your Home in Nutley NJ, What To Ask Agents Before Your Hire Them.

              Are you thinking about selling your home in Nutley NJ and you are interviewing Realtors. Here is what to ask.

              #1 Are You A Franchise Company or Part of a Larger Firm, Just because the office looks impressive does not mean the agents are.

              #2 What is your Marketing Plan for my home? do you have it in print, don’t just give me lip service about who you know in town, sometimes an agents reputation is more important than all the marketing they may do. Ask around about your agent before you sign that listing agreement.

              #3 Will you do an open house at least 2-3 times per month? Where do you advertise my Open House? Will you put it online and inthe Newspaper?

              #4 Once I sign the Listing agreement are you just going to hand me off to one of your assistants? Some agents use assistants like gophers and just wind up handing your most valuable asset off to an under qualified assistant or other agent and you never hear from that agent again until it’s time to re-list. Insist on a call every week for a status update, usually Monday mornings are the best time to schedule these calls.

              #5 Find out how much traffic your home get’s on the weekends (if the property is vacant) also have a lock box installed, does not matter if its a rental or sale, every listing should be treated equal.

              #6 Ask about the commission your paying, are they giving and equal share to participating brokers? this can out you at a disadvantage if they are not.

              #7 Do you offer a home warranty like Coldwell Banker Residential Brokerage does?

              #8 What if I want to break my listing agreement with my firm, can I do that?

              I hope these 8 questions help you flush out which Real Estate firm you decide to list your home with in Nutley, please contact me if you have any questions.

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                Are You A New Real Estate Agent in Nutley in the Process of Choosing A Broker?

                Are you a new Real Estate agent in Nutley NJ?Well here is my opinion on picking an agency to hang your license at, here are a couple of questions that I would ask your potential Broker and don’t think its all about the split, there is allot more to the business than just the split like the following couple of questions you should be asking:

                1) As the Broker/Manager do you compete for listings with your agents?
                2) What is your training process, do you have one? if so do you have it in writing?
                3) Do you rotate floor time rather than have the same agent on the same days all the time?
                4) What is your marketing strategy and how will you highlight me and help me build my business?
                5) Are you a franchise and if so what type of marketing support do you get?
                6) Can I brand myself on all my marketing material, mailers & signs?
                7) What is the office policy on leads, do you have that in writing?
                8) Do you suppliment my marketing efforts, do you share costs for mailings, ads etc.

                Also I would ask around town and see what your potential brokers reputation is, will it hurt you if they have a bad reputation, will it hurt your business? these are very important questions to get you started off on the right path of real estate success.

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                  Where To Put Your Money

                  Where To Put Your Money

                  As in many aspects of life, the key to real estate investing can be location, location, location. While real estate is perhaps more complicated than hoping for foot traffic at a restaurant with a prime location, location does certainly play a part in the possible viability of a rental property. There are a few things you can look for in the area of your possible real estate investment that can tell you some important things about the possible long-term health of your potential investment.

                  Check For Growth

                  Is the area you’re looking at experiencing strong population and job growth? These are two important economic indicators that can help you decide whether a particular area is ripe for real estate investment opportunities. Local government web sites and federal reports are readily available with population and job growth information.

                  While the benefits of an increased local population are obvious, job growth that exceeds that population growth level can indicate a prospering community with money to spend. Areas that prosper are potential candidates for increased rent payments over time, one sure way to put you on the road to profitability with your real estate investment.

                  With job growth comes quality of life and as qualify of life improves in the area of your investment, so too grows the level of rent you can charge. It is a tried and true fact that people will pay more to live in an area they enjoy, so the prospect of an area growing more and more attractive will directly influence the financial state of your potential real estate investment.

                  The Real Estate Market

                  What is the construction atmosphere of the area like? Areas that are seeing a boom in new home construction often experience those booms because of favorable job growth, income growth and other factors. However, for an area where building permits are outpacing new population, that could be an early indicator of an over supply of real estate that could lead to depressed prices for rent payments.

                  The best case scenario is an area where few homes are for sale, pumping up demand, and where new home construction is strong but not out of control. That can be a fine line, but because any investment takes a great amount of homework and research, it is something that should be investigated over the course of your decision-making process on a new investment.

                  The Land Crunch

                  Just as a low supply of homes on the market can produce an upwards trend for housing prices and, subsequently, the level of rent you can charge, so too can a low level of land available to build on. In an area where population is growing and jobs are strong, all of these new people have to go somewhere.

                  Whenever more people want to move into an area than there are homes for those people to live in, you will see an upward slope for home prices and viable rent payments. If there is little land left to build on, those buildings that are already built will be able to charge more for their rent payments, putting your investment further towards profitability and the long-term benefit of owning property in an attractive part of town.

                  All of this initial information will not guarantee a profit on a rental property, but these are crucial steps to take when evaluating whether you want to put your hard-earned money into a real estate property that is sure to experience the ups and downs of the local economy. Especially for properties outside of your own home area, knowing the state of both the growth of the population and the home construction industry will help you more accurately predict the future viability of your investment.

                  This is another original article by Joe Lane, co-owner of The Lane Real Estate Team at http://www.joelane.com/. Are you looking for an experienced Tri City WA Real Estate agency? With 20 years of service based, business experience, Joe and Colleen Lane work hard to serve home buyers and sellers for the Tri Cities of Washington’s Kennewick, Richland, Pasco, and surrounding areas.

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                    Go to http://www.HomesInNutleyNJ.com

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