The following excerpt is taken from a new Realtor Magazine article. The link to read the full article is below. This quote is from Jonathan Smoke Chief Economist at Realtor.Com It contains information you will need to know if buying or selling in 2016.
“The 2016 housing market is forecasted to be mainly a seller’s market, filled with increasing home prices, relatively low inventory and fierce competition between buyers,” says Jonathan Smoke, chief economist for realtor.com®. “Buyers looking to close this year need to keep an open mind and be prepared to move quickly when they find a home that meets their needs. For sellers, it’s about understanding the ins and outs of their local market so they can optimize the price of their home and close quickly.”
Read the entire article here.
In most areas around the country you can expect an increase of 3% on average added to a list price from last year to this year Jonathan says. In the most of Bergen County experts say its about 4.7% as our local home values continue to surge due to accessibility to Manhattan, lower taxes, and lack of inventory.
If you are a Seller. Have your home looked at by a Real Estate professional to get the accurate list price of the house. You may be cheating yourself out of thousands of dollars by pricing it yourself. Do not try to sell by owner. Read online the stories of others who have been cheated, swindled, and their personal property stolen by letting strangers in their home. Chances are you will “net” more by using a Realtor even after paying the commission anyway. Hire an Agent who is a professional negotiator. Once your house is properly advertised everywhere on the internet and in multiple, MLS’s the buyers will come with offers. You will need an Agent who knows which offers aren’t of value and which are. You need an Agent who knows how to manipulate the system of multiple offers and the constant BS that comes along with them. You need a Pro. and it costs you the same amount of money as hiring your cousin’s brother in law’s friend who happens to have a Real Estate Licence so why not actually get what you are paying for?
If you are a Buyer be fully prepared to make a bonafide real offer. Always assume there are other offers being looked at by the seller. Have your proof of ability to pay for the house that you are bidding on. This is not optional any longer. Either a mortgage pre-approval from a qualified mortgage broker or bank statement showing the funds for a cash purchase and come to the table with a Realtor representing you to put all this in writing. Include a letter stating why the seller should sell you the house. Its not always about price folks. Some sellers want their home to go to people they like. Especially when it comes down to two offers of a few thousand dollars apart. Have your Buyer Agent prepare a cover letter about you and why you should have the house instead of the other people offering the same amount with the same amount down. addressed properly to the seller.
If what Jonathan says is true then its going be an extremely active year for Real Estate. Align yourself with Real Estate Pro’s you can trust, those who fully understand how to help you achieve your goals, and who can minimize the problems associated with the transfer of real property.
The opinions expressed here within are my own completely independent of BHGRE Coccia Realty and its owners and subsidiaries.
Thinking of buying or selling a home? Contact me for a Real Estate consultation. My information is below. I look forward to hearing from you.
Raymond Ciampaglia, Realtor®
Email : ray@
Ray’s Website: http://njray.realtor
Ray’s Social Media Profiles: http://itsmyurls.com/njrealtorray
What’s my Home Worth Ray? http://ray.betteragents.com/sell
Company Website: http://www.cocciarealty.com
Better Homes and Gardens Real Estate | Coccia Realty
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