5 VITAL LISTING MUST-DO’s FOR SELLERS IN 2024!
It is a great time to list and sell!
New Jersey continues to be an incredibly competitive real estate market outside the national norms. In an extreme seller's market with multiple offers, it's essential to be proactive and take strategic actions in order to make the most from your sale.
Here are proven actions every home seller should consider to ensure they earn their highest and best sold price in today's market!
PREPARE!
Your house is a product! Highlight it’s best features. You only get one chance to make a great and impactful first impression. Make sure it is all it can be. From stunning narrative photos to a distraction free floor plan its possible to earn more than you might imagine - with preparation and attention to detail.
Focus on Unique Features
Identify and emphasize the distinctive aspects of your property - whether it's a renovated kitchen, partially finished basement, beautiful bathroom, open spaces, make sure to showcase these selling points by making them free of distractions.
Move-In-Ready is What They Want
Minor Fixes and Repairs will get you there. Where possible, it's best to attend to any outstanding maintenance issues and consider making strategic updates that can increase your home's value before placing it on the market. For example, take care of leaky faucets, cracked tiles, scratches, dirty windows, and wipe away those cob webs. Present your home in the best possible light. That Tupperware under the bathroom sink that catches the tiny drip from 5 years ago has to go! Buyer’s see everything!
Declutter, Depersonalize and Stage
Create an inviting atmosphere that allows potential buyers to envision themselves living in the space. Buyers want to imagine your house as their "home" and future living space.
•Remove anything that might distract. Believe it or not family photos, excessive artwork, even those cute home goods can be a deterrent to a great showing.
•Clean out and organize closets - buyers look! Surprisingly, a nicely organized closet provides a sense of home care that supports the overall tour.
•Stage the entire house. Staging does not have to cost a penny. Simply be objective about what is necessary to tell the story of your house. Remove and move furniture. Create open space. Yes, now is a good time to get rid of the furniture that you won't be taking with you. Counter tops are best clear of any extras. Showcase your property’s best qualities.
•Respect the Buyer. Buyers are extremely observant and well educated on positive staging. Hours of HGTV and Magnolia Network have raised the expectation buyers have when touring a property.
The Miracle of Paint
In an extreme seller’s market it is easy for sellers to say “it’s good enough”. In reality, fresh painting with an up to date color can raise the sale price of a house in the ten’s of thousands of dollars. New paint is probably the most impactful preparation that a seller can do. Generally, neutral colors are best. Sherman Williams Agreeable Gray, Benjamin More Swiss Coffee are two money makers for sellers to consider. In older homes with pink and blue tiles, painting tiles in bathrooms and tubs is a cost efficient alternative to a full replacement. Remember the paint job has to be neat and clean. Call a pro.
Open Permits & Certificate of Occupancy/Safety
Check with your Township to make sure your property has no open permits or encumbrances that could slow or derail a smooth closing. Running an Open Public Records Request (OPRA) on the property will help confirm the details of the property. Every township has guidelines and requirements for the transfer of a property that allow a new occupancy. The specifics can include type and location of fire extinguisher, type and location of smoke and carbon monoxide detectors, chimney certification, HVAC certification, for example. Check with your Township for specific details.
Disclosure & Transparency
New Jersey has specific laws regarding property disclosure. It is important to disclose any known issues or defects to potential buyers. Being transparent helps build trust and can avoid legal complications down the line.
Complete a Seller’s Property Disclosure and create a “What We Did” timeline. Buyer’s appreciate what home improvements you did in a house during your ownership - so make a list of everything you did. The smallest items are meaningful. They show care and devotion, which in turn supports the feeling the buyer will walk away with - knowing the house has been cared for and is in good condition. Examples are: 2023 painted bedroom three, 2013 added chair rail to dining room, 2023 caulked the primary bath, cleaned gutters every September. The list goes on.
Enhance Immediate Curb Appeal
First impressions matter! That first walk from the car to the front door is a powerful moment for buyers. Any investment (time or money) in your home’s exterior time will definitely pay off in the final sale price. Consider tasks such as painting the front door, tidying up the landscaping, and ensuring the entryway is welcoming. Power wash, sweep, and repair glaring issues. Remember, this is the door way to the buyer’s home dreams - make it everything it should be.
PRICE IT RIGHT!
The strongest initial marketing tool is your listing price. Setting the right price for your home is crucial. To set the right asking price have an active/skilled Realtor conduct thorough research to determine the comparable market value of your property. An attractive price is one that the buyer can believe in, one that aligns with the current market conditions. Price your home strategically to attract many buyers which will invite multiple offers.
Pricing Matters!
If you price high, even in a low inventory market place, buyer’s may chose to wait on offers. If you price at or slightly below the visible market level, perceived value is created and desire for the property usually increases leading to a multiple offer event and a sold price significantly above the listed price.
Comparative Market Analysis (CMA) - Anticipated Sale Price
The CMA is a critically important step in determining your most important marketing element - the listing price. A traditional CMA report will compare your house/property to the recent historical sales activity in your area - adjusting for differences in various attributes like total livable square feet, number of bathrooms, original or updated kitchens, finished basement, walk outs, and patios.
Know The Competition
Look at the listings of properties near you. Look carefully at the photos, look at the specific details, how does your house compare? Do they have a new roof, newer HVAC, new windows, updated second floor bathrooms? What do you think of their price - how does it relate to your property if you were to list today? How long has been on the market? Many houses being sold in this low inventory market do not “prepare” as they should and therefore the sellers are missing an opportunity to earn the most in the sale.
Neighborhood Current History (Days On Market)
The last 30 to 90 days of activity, FOR SALE, UNDER CONTRACT, SOLD, is crucial to your pricing decision. When choosing a listing price every neighborhood is unique and its sales activity is an important fact-based guide. In some subdivisions in the same township sales bring offers 50K to 80K above what seems to be any listed price, while another subdivision in the same township does not see that type of buyer action. Knowing the difference will protect the seller from long “days on market”. If a property is on the market for too long, buyer’s may believe something is wrong with the house and lose interest. A wrong listing price can create a domino effect even in an extreme sellers market that can cost a seller time and ultimately money.
Time
In the extreme seller’s market and low inventory environment we have been experiencing pricing is not just backward looking (Sold comparable houses only),“Time” is also a factor. For example, a house on your street that closed 3 months ago and is similar in all features is a good place to start for determining your market value. A skilled agent, will help you to determine the rate of market increase based on Under Contract dates not just Sold results. In central New Jersey a 2% to 12 % increase per month depending on the specific Township location and Zip Code has not been uncommon.
Not All CMAs are the same!
Unfortunately, not all CMA’s are created equal. Some are auto generated by algorithms, as a result those auto CMA’s can not account for important specifics that affect value dramatically. A CMA without a professional involved to carefully choose the comparable properties and assess attributes could easily, and usually, result in a calculation that could be off by thousands of dollars. Have you ever compared your home value on Zillow, Realtor, Redfin, and noticed a big difference? Have you seen square footage numbers for the house down the street from yours be completely wrong? Unfortunately, these are common results. It is best to have a professional Realtor review (past 30, 90 days) and detailed features comparison so that you are able to Price-It-Right.
Tony's "Complete Look CMA™"
As a result of these variations, I created the "Complete Look CMA™". It's a custom research report that includes the tradition CMA plus much more - FOR SALE, UNDER CONTRACT, SOLD, various auto-algo touchpoints, "on market time" calculations, zoning, and geographically significator factors. The Complete Look CMA™ is one of the most in-depth facts driven custom reports available.
Using the data from a custom Complete Look™ CMA is a key element in preparing for a winning negotiation and earning your best sale price.
PROMOTE!
Tell Your Story Everywhere!
Professional Quality Photography - A Must Have!
The minimum requirement for any listing is professional quality photography. The best photography tells a narrative story - so a buyer viewing houses on their phone can be captivated by a property simply by paging through the photos. Great photos create immediate interest. Narrative story photography is not common, but is the most effective. When utilized properly, the buyer is truly transported and can actually fall in love with a house because of the photos and the story they tell. The pay off comes when the buyer has a showing/tour that matches their initial impressions - the photos accurately depict the property.
Compelling photography starts with the steps above in the Prepare! section. When selling a house we need to remember we are presenting the home and not simply reflecting how we lived in the house. Buyer’s need to begin their own story in the house, it begins with those first great images.
Generally agents will hire photographers , but in rare cases an agent is a high quality professional photographer, who offers their services a part of the listing package. The key is that the crucial technical items such as camera angles, lighting, accurate colors, are considered and optimized.
PARTNER - AGENTS
Negotiate Smart and Strong
Work with a currently active and experienced Realtor. Partnering with a skilled listing agent who has extensive knowledge in the actual sales details and practices of the area you live in is important. They can provide valuable guidance in all phases of the transaction, negotiate strongly your behalf, suggest lawyers, contractors, and necessary support to ensure a smooth closing.
Remember that each real estate market is unique, and the success of these actions may vary depending on local conditions and specific property attributes. Consulting with a qualified real estate professional who is familiar with your area can provide valuable insights tailored to your situation.
In an extreme seller's market with multiple offers, it's essential to be proactive and take strategic actions to maximize your profit. Be sure you understand terms like, appraisal gap coverage, inspection contingency, interest rate, down payment, important terms in this evolving marketplace.
Please remember that even in this most extreme Seller’s market, there are decisions that can cost you money. By working through the suggested listing preparation guidelines you will decrease your chances of leaving money at the closing table. Optimize everything - as your circumstances allow. Reap the reward of your committment.
“Best and Final”
This method of managing offers is used to create urgency among buyers by requiring an offer deadline - which can have the effect of increasing the competition for a property usually increasing the purchase price offered and the speed of acceptance. While it does work - it does not always guarantee you have reached your top number and terms- even if you are over the asking price. Consider carefully how to deploy this technique or not in 2023. As buyer intensity and actions, may transition through the seasons and in the future. It may better to consider other options. A great listing agent is a smart and skilled negotiator. They will listen and embrace the elements required to help you earn your best - basing their advice on market facts and current market conditions.
There are many approaches and methods to manage the sales process. Property condition, season, and other market factors will influence the optimal method to use in your specific situation. Not all properties benefit from a "Best and Final" call. We will discuss what best fits your circumstance.
CALL ME! I'm Here To Support You!
I am here to help you in all phases of your real estate experience. I live and work by the values embedded in the phrases “Other’s First” and “Give Everything. Always”. This is my commitment to you, your family, and your organization, with hard work and spirited commitment I happily provide:
1. Clear and frequent communication
2. Attentive and active listening
3. Up-to-date/current market information and off-market news/trends
4. Negotiation leadership/expertise
5. Guidance for each step of the transaction
Some of the services and support that you receive when working with me:
1. Pre-listing consultation (repairs/style/presentation)
2. Professional National award winning creative/photography/marketing
3. Hand-Picked top quality area contractors (all trades)
4. Trusted legal support suggestions (transactional, estate, land use)
5. Structural, land use, site engineers, Architect
6. Your Choice Financing™ recommendations
7. Selected high value home inspector choices
8. Zoning guidance/research/education consultation
Together we will make your real estate experience awesome and your closing smooth.
Please click below to contact me directly.
Gratefully,
Tony
Anthony McAnany
Sales Associate REALTOR®
Berkshire Hathaway Home Services Fox & Roach Real Estate
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