For Sale by Owner Marketing Tips

The For Sale by Owner (FSBO) method of selling a home has remained at pretty much the same level of popularity. According the NAR’s most recent survey, just 10% of sales came directly from a previous owner. Since I bet that includes a bunch of transactions between family members, it looks as if the population of Nutley For Sale by Owner signs continues to be in something of a slump (down from the cyclical peak of 18% back in 1997).

      Still, if you are a Nutley homeowner who wants to buck the trend and head down the FSBO route, you will need to do more than just stick a For Sale by Owner sign in the lawn. Of key importance is the newspaper and Internet advertising you will need to create. Here are some ‘how to’ elements that can help in that effort:

      1. Research approaches

      Before you begin writing your For Sale by Owner ad for the Nutley market, read how the real estate brokerages are currently going about it. Check out ads on Realtors’ websites as well as on sites that other Nutley For Sale by Owner sellers use. It will give you an idea of the approaches others have found to be effective. 

      2. Write to-the-point copy

      Your ad copy should be comprehensive enough to ensure potential Nutley buyers have enough information to qualify your offering — but without being overly verbose. It may be tempting to gush about your home, but what you write needs to come across as professional. Amateurish or overly personal ad copy can create a less than businesslike aura, fostering distrust among potential buyers.

      3. Take care with photos

      Any real estate agent will tell you that photographs can be a real deal-breaker when it comes to convincing buyers to visit your home. Ensure all of your bases are covered, and take your time to produce photos that catch your home at its best. If the afternoon light isn’t flattering for a particular view, be willing to try it later on or in the morning. If you are unsure of your own photographic talent, this is a good place to spend some marketing dollars to employ a professional – one with a top-notch DSLR camera.

      Last year, the national median For Sale by Owner home sold for $150,000, while the median for agent-marketed homes was $215,000. That is one indication of why it’s a good idea to explore all options before committing to a FSBO campaign. If you would like to meet with me to go over your options, I am happy to offer complimentary consultations to local For Sale by Owner homeowners. Call me anytime!

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    Buying A home in NJ with Bad Credit

    Buying a home with bad credit in NJSo you want to buy a home, but you have bad credit, what you can do

     

    Just because you have bad, poor or no  credit, filed bankruptcy or gone through a foreclosure or divorce,  does not mean you cannot buy a home. You most certainly can buy a home with bad credit. But you’re going to pay more than a borrower who has sparkling credit and its going to take some time to finf the right lender to counsel you and help you clean up your credit.

    • The period between bankruptcy filings is seven years, but the ding to your credit report stays for 10 years.
    • For better rates with a conforming loan, the wait is four years after filing bankruptcy.
    • FHA guidelines are two years after a foreclosure, which means you could qualify for as little as 3.5% down.
    • Hard-money lenders will often make loans six months after filing bankruptcy or a foreclosure, but will a require 20 to 35% down payment. The interest rate will be very high and the loan terms are not as favorable; many will contain prepayment penalties and be adjustable.
    • Subprime lenders (not to be confused with hard-money lenders) are no longer making 100% financed loans.

    How to Improve Your Qualification For a Conforming Loan

    • Obtain a major credit card. It’s easier to get than you would think after a bankruptcy, for three reasons:
    1. A bankruptcy filing gives you a “fresh start.”
    2. The lender knows you have no debt.
    3. You can’t file bankruptcy again for another 7 years.
    • Show steady employment on the job for one to two years.
    • Earn a regular salary or wage (this does not apply to self-employment).
    • Save a down payment of at least 10%.
    • Avoid late payments and continue to pay your bills on time; do not fall behind.

    For more information about buying a home with bad credit call me at 973-846-0065 and I can point you in the right direction!

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      Nutley Short Sales May Get Speedup

      Short Sales in Nutley New Jersey

      When a homeowner decides to go the short sale route, it’s generally because other courses of action have already proven impractical. Yet short sale transactions have been notorious for dragging on and on, often ending with the lender turning down the offer. After months of waiting, that can be infuriating.

      As a result, a demand has developed for companies who can offer short sale negotiating services to sellers. Designed to streamline the process and increase success rates, these firms are known as “debt settlement” companies.  Excellent Nutley debt settlement companies are those which truly help homeowners and provide a valuable service. 

      But a heads-up is necessary here: there are others that offer poor advice (and charge outrageous fees for doing so). As with any major financial decision, if you are planning a short sale in Nutley and considering hiring a debt settlement service to help out, it’s important to do some homework first. 

      Distressed sales have recently shown a decline, but it’s a slide from a pretty lofty peak. In August, approximately 10% of real estate closings were short sales. At that time, some 14% of those sales were closing below the property’s market value. This followed new federal rules that were put in place this spring requiring lenders to respond within 30 days of receipt of a short sale offer package. They must render a decision within 60 days. It’s expected that Nutley short sale statistics may soon reflect the national trend to higher prices (as well as those quicker response times).

      For anyone considering a short sale in Nutley , some general advice may be helpful:

      1. To help facilitate short sale transactions, try to work with a professional who has experience completing the document package for your particular lender.  Don’t be afraid to ask for references relating to your bank – specific knowledge can save time (and the sale!)

      2. If you decide to use a debt settlement firm, verify that it is one that is properly registered with the State as an approved debt settlement company.  You might also check BBB, and google the company name.

      3. Whatever way you choose to submit your BPO to the lender, make sure it represents a realistic offer.  If it significantly differs from the appraisal, it is very likely to be rejected…no matter how great your debt negotiator is!  

      A short sale is a serious financial decision, so it goes without saying that you should consult your attorney and tax advisor before proceeding. Should you decide that a Nutley short sale is the right move, contact me to come up with a plan that will work for you. 

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        Open House- 125 Rhoda Ave, Nutley NJ 07110

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          Preparing to Sell your Home in Nutley New Jersey

          Deciding to sell your home in Nutley NJ can seem like a daunting task. There are many things to consider, but knowing where to start can make it easier.

          Here are 5 tips to follow when preparing to sell your home in Nutley NJ  that will make the process a lot less painless.

          1. Set clear goals. There are many unexpected challenges you may face when selling your home in Nutley. Know exactly what your goals are and what your ultimate outcome should be. Write down a clear objective. Be specific and detailed about the results you want to see. As you go through this process, frequently refer to those goals and objectives in case you need to course correct. Know what your priorities are. Do you need to sell your home quickly or do you need to get the most money out of your home no matter how long it takes? Writing down clear and specific goals will help you with decisions as you go along the way.
          2. Hire a listing agent (Matthew DeFede) . Many people choose to go the FSBO (For Sale By Owner) route. Keep in mind that selling your home is a process that is more involved than just sticking a sign in your yard and writing out a generic contract. Real estate professionals are familiar with the market and can assist you in setting the right price for your home. There is a lot of paperwork involved in a real estate transaction that a real estate agent is familiar with that you may not be, not to mention the legal compliance that must occur in a real estate transaction. Most home searches start on the Internet, and it’s likely that a real estate agent will have access to the MLS to list your home that you do not have. Posting on Craigslist simply isn’t enough. Save yourself a huge headache and hire a competent, experienced listing agent that you trust to help you sell you home.
          3. Create a plan and a timeline. Create a checklist and timeline of items that need to be completed. These items should include: any preparation work that needs to be done, maintenance on the home, cleaning, home staging, dates you want your home to be listed, date the home needs to be sold by, if applicable, how showing arrangements will work, etc.
          4. Clean your house better than you ever have before. De-clutter your home. Pack up anything you won’t need right away. Put away knick-knacks, photos, and other personal items. If possible, either stage your home yourself or use a professional home stager in Nutley. Clean out your closets and pantries. People will look inside them. Make the house shine inside and out. Keep your house clean and fresh. Hang up fresh towels, keep garbage cans empty, and make sure there are no offensive odors in your home. It’s also just as important, if not more, to make sure your home has curb appeal. Weed your gardens, trim your bushes, sweep your porch, and mow the lawn.
          5. Prepare to move on. Many people are attached to their homes. Often, sellers price their homes too high because they think the value is more than the market suggests it is. Let go of your emotions and accept that soon, this house will no longer be yours. Start packing early. Put away items you don’t use frequently. Plan to say goodbye to your home, and plan to move on.

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            Five Aids for Nutley NJ First time Homebuyers

            First Time Home Buyers in Nutley NJ

            125 Rhoda Ave, Nutley NJ- GREAT First Time Buyer Home

            When working with new buyer clients in Nutley NJ – especially the first time homebuyers – I usually find myself fielding more than one question about what they should expect as they progress through the process of buying a home. Everyone already knows the big picture, of course, but in many ways it’s dissimilar from other large purchases they are used to making.

            What first time homebuyers experience does differ from other purchasing situations. How it does is something the National Association of REALTORS ® seems to have accidentally answered through their latest study of homebuyers and sellers. The NAR was trying to determine what buyers want from their agents. To answer that, they compiled homebuyers’ “five biggest expectations.” To me, these five tell the tale of why we real estate practitioners are considered all but indispensible to this process…why home buying differs from other major purchases. After all, you don’t need an ‘automobile agent’ to help you shop for a new car!

            First is the help we provide in finding the right home to purchase. The Nutley market is an ever-changing target. Properties arrive and disappear almost daily, and each is uniquely appropriate or not depending on a given purchaser’s (especially first time home buyer’s) needs and expectations. Knowing the details of every qualified home that is currently up for sale in our Nutley is pretty nearly a full-time job all by itself. Especially for a first time home buyer, having a knowledgeable pro to provide the legwork is a reassuring place to start.

            Once an appealing new home has been found, it’s invaluable to have help in negotiating the price. It’s usually much more comfortable (and likely to succeed) when professionals do the negotiating. They minimize the emotional factors that tend to surface whenever large amounts of money are in discussion. By determining what comparable homes are selling for, your agent gives first time homebuyers (and all homebuyers, for that matter) the most important starting reference point and a reasonable basis from which to proceed.

            The same is true when it comes to providing help negotiating the terms of the sale. An experienced professional has been through many sales — experience that alerts them to many details that are easy to overlook but become major issues in the months and years following the sale.

            Assisting with the paperwork is listed last on the NAR’s punch list, but many of my clients tell me that to them, it’s just as important as any of the others. There are many forms, and making sure they are properly understood and executed in the legally required timeframe is always important.

            All of these, and more, are reasons why you are well served to select a knowledgeable Nutley real estate professional to help you secure the home you are hoping to find. I hope you will give me a call — whether you are a first time homebuyer or experienced real estate homeowner!

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              As you can see homes are selling!

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                Home Prices Climb in Nutley As Supplies Drop

                f you are new to what appears here, please forgive me if I seem to be nagging a bit. Sorry if this sounds like your mother’s sterner voice coming at you (that one from years ago – the one she used when you were especially absent-minded, often accompanied by a scowl). If you’re not guilty, please know this is not directed at you.

                For everyone else who’s been checking in to find out about Nutley home prices or about Nutley real estate in general, you know I’ve been beating the drum about the unusual combination of great real estate buys and low mortgage rates. Ever since the housing crisis created a large overhang of distressed properties, there was a general reluctance to take advantage of the situation – even though in real estate, as in other investments, the adage buy low, sell high is as true today as ever before. I haven’t been shy about pointing out that it couldn’t last forever.

                Given the public perception that residential real estate (including Nutley home prices) were more or less stuck at a low point, there may not have seemed to be much reason to get going.  But opportunities don’t last forever, and markets always change.

                Last week the inevitable apparent sea change seemed to hit the front pages in a big way. One really significant front page in particular: The Wall Street Journal’s. Their news flash was subsequently picked up and amplified on national, then local TV news shows. In other words, the pot truly began to boil.

                The front page, above-the-fold headline was unusually unambiguous: “Home Prices Climb As Supplies Dwindle.” The article elaborated that during the last quarter, home prices rose by the largest percentage in at least seven years. The climb was 2½ % over June — and a full 6% above the previous quarter!

                Demand, the WSJ reported, is up, while supplies are down “sharply.” Main reason: The distressed sales numbers (foreclosures, short sales, etc.) show “better and better prices.” Another reason: investors have been ‘scooping up’ homes.

                Now, of course this mega-blip on the home price radar screen is almost certain to be followed by more ups and downs. Anything is possible; trends don’t move up in a straight line; etc. etc. etc. But if you are one of many who have been waiting for Nutley home prices to drop further, the Journal finding may come as a louder than expected wake-up call. It might also give local home sellers reason to begin getting a bit more stubborn about their own bottom lines.

                If you are beginning to think that the time is ripe for your own family’s move to home ownership, or are a Nutley homeowner who has been patiently waiting for the right time to make a move, I would welcome your call to discuss the current market. If we are to believe The Journal, it looks like some major moves are already underway!

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                    JUST LISTED!-Nutley (Spring Garden Section) Call: 973-846-0065

                     

                     

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