Short Sales in Jersey City: Is a short sale right for you?

Home Staging: Tips on how make it a success

Selling a home is not as simple as it once was. With the flood of homes on the market due to the economic downturn and another wave of foreclosures just around the corner, competition is tough. Adding to the mix is the bountiful inventory of new home and condo builds on the market with upgrades and incentives that never seemed possible four years ago. For home buyers, this is paradise.

However, when it comes to selling a home, potential buyers are looking for pristine conditions, plenty of upgrades and decor seen in model homes. Kitchens are now expected to have stainless steel appliances and granite counter tops. Bathrooms are expected to have tile floors, updated fixtures and new paint. But before you go running to Home Depot, it is important to understand where your money will best be spent. Upgrading a kitchen with new appliances and cabinets will earn more in resale value and attract more buyers than your pool in the backyard.

What is home staging?
Another inexpensive way to entice home buyers is a successful staging of your home. Home buyers need help envisioning what your home would be like if they were to buy it. Having clutter, knick knacks and excessive memorabilia interfere with the basic layout of the home and can make the home appear much smaller. There are staging professionals that can be hired to help evaluate your space and show you the changes that need to be made in order for the home to sell.

Here are some useful tips you can do yourself:

• Update furniture. Furniture should match or look like it belongs together. If there are pieces in the room that are not necessary, take them out to open up more space.

• Clean the clutter. Prospective home buyers don’t want to see your bills, post-it notes on counter tops or your child’s latest masterpiece on the refrigerator. They want to see space. Laundry, unfinished projects and toys must be contained in an out-of-site storage place.

• Smaller is better. Too much furniture or furniture that is too big for a particular room needs to be placed in storage. This will open up a room and give the appearance of more square footage. Keep it as simple as possible.

• Paint. Painting is a relatively inexpensive way to update your home and give it a clean look. Neutral tones are always the safest option to help a buyer feel comfortable.

• Think green. If a room appears too cold or somewhat bare, add plants that are appropriate in size to help add warmth and take up the space. They are a less expensive alternative to buying furniture.

• Upgrade accessories. Upgrade bath towels, shower curtains (no vinyl) and counter top accessories. Fabric shower curtains give a more elegant look to a bathroom and towels should complete the look. If shower bottles are within eye site, place them in a cabinet when the home is being shown.

• Clear kitchen counters. Try to create as much open space on the kitchen counters as possible. There should be no visible storage containers or unnecessary appliances such as coffee grinders, grills, griddles, bowls, rotisseries, etc. Open counter tops give the appearance of a bigger brighter kitchen.

• Look outside. When selling a home it’s important to remember its curb appeal. Replace any dead plants and landscaping. Clear all weeds and fix any brickwork or drywall issues. Make sure the outside paint is current and maintained.

• Atmosphere. When possible before a buyer comes to look at your home, create an inviting atmosphere. Open some windows to let in some fresh air and light. Turn off the TVs and turn on some quiet music. Place fresh flowers in the kitchen or on the dining room table.

Does staging work?
A 2005 study done by Coldwell Banker found that the average home was then on the market for 31 days. However, the average staged home sold in only two weeks. In addition to a faster selling time, the price of a staged home went for 6.3% above asking price. Although the study was done at the height of the real estate market, the results still prove relevant today.

An experienced real estate agent can give helpful guidance and tips for improving the look and selling points of your home. It is important to find a Realtor that best fits your buying or selling needs. For tips on what to look for in a Realtor, please see How to choose the best Realtor for you.

In this real estate market finding experienced real estate help is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.

New Jersey Boasts the Most Expensive Zip Code

Move over Beverly Hills. Manhattan…forget about it! The most expensive zip code in the U.S. is home to none other than New Jersey. According to Forbes list of 100 priciest zip codes for 2009, zip code 07620 is the most expensive zip code in the country. The average home is estimated at over $4.1 million making this a hot spot for plenty of celebrities.

However, just as the rest of the country has been hit by the downturn in the real estate market, this Bergen county community has also seen its fair share of foreclosures and falling home prices. On average, home prices have dropped almost 25% from last year’s already low numbers.

Northern California comes in second in Atherton, zip code 94027, with an average home value of $3.85. Coming in with the third highest home value is New York’s West Village neighborhood, zip code 10014, with an average asking price of $3.5 million. Other New Jersey neighborhoods making it to the top 100 list also include New Vernon coming in at number 57, Far Hills at number 84 followed by Saddle River coming in at number 85.

Finding an experienced professional real estate team that knows the New Jersey market is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.

How to Choose the Best Realtor for You

Buying or selling a home can be one of the biggest financial transactions you face. It is just as important to do your research on picking a realtor as it is in picking a home. Whether it is a buying or selling transaction, you must first make a list of your needs. Then interview at least three realtors to be confident in which one will represent you and your needs the best.

Do Your Homework
Word of mouth is of course one way to find a realtor. Most people know someone who’s used a realtor recently and can get their input or recommendations. However, you still must do your homework. Even if your friend had a successful transaction and his expectations were met, you have to make sure yours will be too. Every buying and selling situation is different. For example, if you are interested in buying a short sale or foreclosure, some realtors are very experienced in the process and some try to avoid it like the plague. Your friend might have been buying a property and you might need to put yours up for a short sale. In each case, a different set of needs must be met.

When Selling a Property
Ask each agent what they intend to do for you. These days selling a house is no longer as systematic as setting up signs and holding open houses. Make sure your realtor is internet savvy. The 2008 NAR Profile of Home Buyers and Sellers reported that 87% of all home buyers searched for a home online prior to contacting a realtor. It is not enough just to have your home listed on the agent’s web site. As a seller, it is important to find out on what web sites the realtor’s MLS listings are placed in order to assure maximum exposure.

Other information to find out is whether your realtor will show your home personally or will there be an assistant or no representative at all. Will the realtor be out of town such as on vacation when the house initially goes on the market. This is the most crucial time to have your realtor’s full attention. Ask the realtor to go through the house and give you advice on how it can best be staged. Although open houses are not as much of a priority as they once were, it is important to find out if your realtor plans to hold any and how important they are to you.

When Buying a Property
Does the agent have experience and knowledge of the area in which you wish to live? They should be well acquainted with the market in that location as well as the comp sales in the neighborhood. Make sure they are able to devote the time to look for a property that meets your needs as opposed to only showing you the homes you find on the internet. They also must do their homework in finding out any association fees, maintenance fees, estimated property tax, outstanding liens and any other costs that could affect your decision. Start with a structured approach, use a home buyers wishlist, which will help you decide what properties suit your needs.

A Senior Real Estate Strategist
Experienced and professional real estate support is essential in today’s unpredictable market. I have specialized in premium properties in Hudson County and the New York Metro area for over 10 years. My insight and expertise have also been featured in prestigious media outlets including The Wall Street Journal, The New York Times, Bloomberg Radio, Bloomberg International News Service, AOL.com, The Record and The Jersey Journal. More importantly, I grew up in the area and am also a resident.

Weichert Realtors and The Shallis Group
Weichert Realtors and The Shallis Group, specializes in luxury living in the hottest New York Metro area communities including the prestigious New Jersey waterfront area. With access to numerous condominium, townhome, commercial, residential, land development, single family, multi-family, and other real estate listings for sale, The Shallis Group is the premier agent for the metro area real estate and was awarded #1 in the region among all Weichert Sales Associates in June 2009!

If you are looking for experience and professionalism in a New Jersey realtor, please contact Sean T Shallis today for a personal consultation on your buying or selling needs at 201-427-1032. If you are looking for real estate elsewhere, please see the real estate directory at real-estate-blogs.com.

Weehawken, NJ Real Estate Question

I’m thinking of buying at Aristocrat Condos, 48th Street, Weehawken. Is this a good buy?

It has 16 units, 15 were sold out in an auction in April. One unit (1 bed, 1 1/2 bath) available to buy because the bidder who won the auction couldn’t get a mortgage. Is this property a good/safe buy? Will it appreciate in 5 yrs? Will it rent out easily?

The Aristocrat Condo Building in Weehawken, New Jersey

Great question

I disagree with comments such as, “Nothing is safe”. If you’ve ever read anything from Warren Buffet on investing, he repeatedly says, “investing blindly or without knowledge is gambling… I’m not in the gambling business.”

Here are a couple of quick points to consider:

1. If fifteen out of sixteen sold at auction, obviously there is demand for these particular units.
2. It also depends on the acquisition price relative to the sold comps (other sold units).
3. Here is a question for you to consider: “Are you buying as an investment or primary residence? Are you looking for a home or a deal or both?” Its important to know if the acquisition is purely investment.

It’s all in the numbers

1. Figure two ways out before getting into the deal. “If I had to sell today, what is the property worth?” Then, take that number and minus 10%.
2. What is your ROI (Return on Investment)? Understand that in real estate you can still be profitable with a flat gross monthly income and expense. How you ask? The tax benefits for owning real estate are incredible. Talk to your accountant about a Real Estate Holding Company.
3. Do I want and or need to be a landlord?
4. Can I generate an equal or better ROI with less stress and effort on a more passive investment (maybe buying tax liens)?

Here is a great website to help you with this: mortgage-investments.com.

Another scenario:

Buying for me.
1. Does it suit your needs and desires? We all need to live somewhere. At one point in my life, I had a two bench seat car I lived in for three weeks. Now, I’m very blessed to live in Port Liberte in Jersey City on the Hudson with my family.
2. Can you buy the unit at a value similar to the others sold recently? For example, if it’s a one bedroom, look at all the one bedrooms that sold. Then, divide the sold price by the sqf. Get a multiple and then use that to determine if it’s a value of not.

Lastly, is now a great time to buy? YES! Go to my recent blog post in regard to my 90 day market review of Hudson County. for a detailed response to this question.

For a personal evaluation and more information on West New York, please feel free to call me immediately at 201-427-1032.

New Home Sales on the Rise in July

Sales of new home builds take an unexpected jump in July.

The ride on the real estate roll-a-coaster takes yet another turn. This time, it’s a turn for the better! The number for new home sales in July reached their highest level in almost a year. According to the Census Bureau and Department of Housing and Urban Development (HUD), new home sales were up 9.6% from the month of June. Increases have also been reported in existing home sales, home prices (depending on the area) and affordability.

Why the market’s looking up:
According to Bob Walters, Quicken Loans chief economist, “There are many economic conditions that led to the surge. Certainly low mortgage rates, huge price reductions on the high inventory of new builds, and the first-time home buyer tax credit have been instrumental in getting consumers to take the plunge into the real estate pool of opportunity.”

Adding to the increase in new home sales is the fact that fewer contracts are being canceled. In some hard hit areas, such as Phoenix, cancellation rates have been almost cut in half compared to last year. Inventory was also reduced to a more manageable 7.5 month supply. However, with the new home buyer tax credit ending November 30, these numbers might not last long.

Between existing and purposed tax incentives, low mortgage rates and home prices, this could become a buyer’s paradise and finding the right real estate help is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.

(source: money.cnn.com)