How can I sell my NJ home?
Selling a house fast in New Jersey can be difficult.
New Jersey has some idiosyncratic local real estate legislation and practices to deal with so read to the end to find a Quick N Easy way.
What are your options when selling a house in New Jersey?
1. Selling via a real estate agent
When most New Jerseyans contemplate selling their house they usually think about listing with a real estate agent.
Real estate agents deal with the listing and marketing of your home and help you through the process:
- showings
- staging
- contract negotiation
- closing.
Listing agents give you a comparative market analysis (shortened to ‘comps’ in the jargon) as well as pricing recommendations and strategies specific to your goals.
2. Real estate commissions
Commission paid to a seller’s agent is usually calculated as a percentage of the final sale price of the house. The percentage of commission varies.
Full-service agents take care of:
- listing,
- marketing,
- showing,
- staging,
- negotiation,
- closing of your home.
Agents pay for marketing expenses out of the kindness of their hearts, believe it or not. On average, these agents charge a commission rate between 5-8% in New Jersey, which is shared with any agent representing the buyer’s agent. Commission rates with your seller agent can be negotiated.
The commission is paid as a part of the sale price when closing and doesn’t have to be paid upfront.
3. Multiple listing service
The multiple listing service, or MLS, is an exorbitantly pricey piece of real estate technology developed by REALTORS® that helps brokers and real estate agents share data about the properties they represent for sale through one network.
Sellers benefit by greatly increased exposure for listed properties, while buyers benefit from quickly being able to find the perfect properties on the market to buy for their clients.
The system eases cooperation between competing agencies, brokers, and agents, thereby creating fair competition and value for all concerned.
Consumers have access to MLS listings that are published on brokers’ and agents’ websites while the MLS remains a private database that is both created and maintained exclusively by licensed real estate agents.
4. Listing agreement
After interviewing and choosing a real estate or listing agent, you have to sign a “listing agreement”, which gives the agent the legal right to market and organize the sale of your house for you.
Listing agreements usually cover these terms:
Commission rate
This fee, which you agree to pay as a seller (on average 5-8% in New Jersey), will be shared upon closing by the buyer’s agent and your agent.
Listing type
Listings take two forms: “exclusive” or “non-exclusive”:
- Exclusive listings: you must pay a commission to the selling agent irrespective of who or where the buyer comes from (these are the most commonly found kind).
- Non-exclusive (or sometimes called open) listings: you pay whatever agent brings the seller the commission.
Listing duration
All listing agreements will cover a specific period of time, when that period is over the contract expires and you can:
- contract another agent to do the job,
- manage the sale yourself,
- extend the existing contract.
Listing price
Your agent should give you a detailed market analysis and breakdown of similar sales in your area. Based on that information, their expertise as an agent, and your personal goals, the listing agent will advise you on the pricing strategy. The price that is agreed upon will feature in the listing agreement.
Anything not included in the sale
Occasionally specific items are not part of the sale and have to be part of the listing agreement, such as if you wish to take the air conditioner when you move house.
Detailing obligations and duties seller and the listing agent
Every listing agreement should meticulously state the obligations that:
- you have as a seller to the agent
- the agent has to you as the real estate agent who represents your property.
For instance, the listing agreement specifies:
- how your agent will market your house,
- the kind of insurance that must be taken out on the property,
- the disclosures you must make.
5. Sell solo and cut out the agent
Usually, New Jerseyans prefer to sell via an agent, however, less traditional methods are attracting sellers in greater numbers who wish to avoid paying agents’ high commission rates (around 6%).
Selling your home yourself or for sale by owner (FSBO) is much more difficult but if you work hard and learn how to do it properly you can save a lot of money on commissions for agents.
Homes sold by their owners usually sell faster, occasionally as quickly as a fortnight according to the National Association of Realtors’ Profile of Home Buyers and Sellers.
The DIY process is arduous so before deciding you must consider everything involved:
- marketing,
- staging and negotiating the sale,
- financial and legal paperwork related to the transaction (you’ll need an attorney unless you are one).
How to sell DIY style:
Get your house ready to be sold involves:
- professional cleaning,
- removing clutter,
- staging the property for visits.
Price your house competitively with real estate data on sites like Zillow and Redfin. Conduct your own market research to find similar houses and then price yours comparably to those that not only represent your home but also sold at a speed convenient for you.
Invest in a flat fee MLS listing service in New Jersey to expand the reach to prospective buyers locally and nationally.
Put together a marketing plan. It’s worth listing your house in diverse places:
- online,
- in classified ads and platforms,
- local newspapers,
- social media,
- create a website to digitally upload pictures, videos.
Be aware of the strongest selling points of your house and construct a fail-safe sale pitch for every occasion, be it:
- in person,
- in print,
- online.
However, if all that seems a bit too complex then here’s another way to sell your NJ house fast.
Right here you will find a Quick N Easy Offer from a helping hand.
