The NJ Real Estate Market - Why Does Summer Feel Like Spring for Buyers and Sellers

There are many great North Central New Jersey area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (973) 214-0691 for a FREE home buying or selling consultation to answer any of your real estate questions.

The beginning of June usually signals the end of the spring real estate market in Millburn-Short Hills, Summit, Maplewood, South Orange and Livingston. However, the spring market started much later than usual due to our long and difficult winter and has pushed everything back just a little bit.

Things are heating up in the market right now and it is the perfect time to act if you were thinking about selling your home. The inventory of homes in Maplewood, West Orange and Summit are much lower  than they were at this point last year.

Other towns such as Madison and Chatham are down over 30% in overall home sales from this point last year even though the inventory in these areas is around the same.

Currently, interest rates are extremely low on new homes and things look to be teetering towards a spike in the market as we enter the summer months. It is tough to predict in this constantly changing market place, but it is a good bet for things to heat up in the summer and inventory to rise. You may regret not taking advantage of the current market if you wait that long!

If you have any questions about real estate, or would just like some information about selling your home, please give me a call at (973) 214-0691 or by e-mail at ACutAbove@ShannonAronson.com

Consult with Me to Find Solutions to Your Toughest Real Estate Questions

There are many great North Central New Jersey area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (973) 214-0691 for a FREE home buying or selling consultation to answer any of your real estate questions.

Should I List my Current Home or Buy a Home First?

This is a question I have been receiving from multiple clients lately. It's also a tough one to answer because it depends a lot on your financial and personal situations in life. However, I am glad to clear some things up for you here.

This used to be an easy problem to tackle because people utilized bridge loans, but they are no longer very popular anymore. However, this is a difficult question because this is a tough market to buy in, so people get concerned when they list their home and don't know where they will be living next.

On the other hand, it is difficult for most people to feel comfortable buying a home before selling their own. It's already hard enough to get one mortgage, but getting two mortgages at the same time is very risky if your finances are not straightened out.

So, if you're planning to buy and you already own a home, there is one question you need to have a crystal-clear direction on from your mortgage broker. That question is: Will a mortgage broker give you a pre-approval that says it is not contingent on the sale of your home?

Home sellers do not want to see that the purchase of their property will be contingent upon you selling your current home. It is very likely that sellers will not want to wait around for you to sell your property in order to buy their own.

So, as you can see, this is actually a very delicate situation that requires a lot of planning and expertise. Everyone will have different parameters in a situation such as this, so it would be best for me to sit down and have a conversation about how to best tackle this from your own unique perspective.

I would love to organize a time for a thorough consultation with you where we can analyze the upsides and downsides of going through with this type of decision. Usually the answer will appear after a little bit of deliberation and research into your current financials and your future plans.

So, if you have any interest in discussing this or if you would like to discuss our local market here in Summit, then please give me a call and I would be glad to answer any and all of your questions.

I can be reached at (973) 214-0691 or email me at ACutAbove@ShannonAronson.com

Differentiate Yourself From New Jersey Buyers with my 3 Pieces of Advice

There are many great North Central New Jersey area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (973) 214-0691 for a FREE home buying or selling consultation to answer any of your real estate questions.

How to make yourself a Platinum Buyer

I am very glad to announce that we are seeing a strong market again in North Central New Jersey. We are currently experiencing a seller's market and it has been very common for homes to receive multiple offers. We've been seeing buyers come from Hoboken and Jersey City, and even these buyers are being outbid here in Summit.

Because of this, our buyers need a way to stand out from their competition. Becoming a platinum buyer is a great way to do this. Here are a list of things you should do to become a Platinum Buyer.

1. Get Your Finances Straight: If you can buy with cash, then you will immediately stand out, but if you're like most people, you will probably need a mortgage loan. If this is the case for you, make sure your liquid down payment is readily available so you can show proof of your funds.
2. Get a Mortgage Pre-Approval: Most buyers will not take you seriously nor consider your offer if your finances have not been reviewed and cleared by a bank. This is another way of saying that you have enough money to buy a home, and most realtors will tell their clients to ignore buyers without Pre-approval.
• Another option to make yourself look as good as a cash buyer is to waive your mortgage contingencies. If you're pretty sure you're going to get a mortgage, this is a good option for you. I can't exactly explain everything in this short time period, but ask me about this process because it will surely help move your offer to the top of the stack.
3. Only Agree to Major Inspections: A lot of buyers have been doing this lately. Basically, they have agreed to forgo any cosmetic inspections and agree to only have the crucial infrastructure of the homes inspected. Fixating on leaky faucets or old flooring can really put a seller off, so if you're willing to take this risk, then you can stand out as a buyer.

It is a tough market to be out looking for a home right now, but these are some things you can do to stand out to buyers in our local market. All signs are pointing towards higher interest rates in 2015, so although this is a tough market, it will be even harder to purchase a home affordably if you wait.

If you need any assistance buying a home in Summit, then please contact me at (973) 214-0691 or email me at ACutAbove@ShannonAronson.com