Selling in a Fast Paced Market

BY ERIN McFEETERS

Inventory is at an all-time low across the country, and in New Jersey there were just 22,019 homes for sale in April 2022. Coupled with a rising median sales price of $420,000, many sellers are benefitting from the current market. Homes are also moving fast and staying on the market for an average of 33 days and receiving 103.5% of the listing price in April 2022, according to the latest data from New Jersey Realtors®.

TIPS TO HELP YOUR SELLERS

RESEARCH

In a fast-paced market, it’s all about buyers’ first impressions, and as a Realtor®, one way to help your clients is through preliminary research.

• NJ Realtors® Housing Data: NJ Realtors® have access to housing data at the state, county, and local levels. Use this data to provide your clients an estimate of how long their home could stay on the market, the percentage of list price received, and more. Access the data at njrealtor.com/data.

• NJ Realtors® Heat Map: If you’re looking for data on what other Realtors® around the state are seeing near them, visit njrealtor.com/heat map for the latest member poll results. The poll gauges market climate, home offers, buyer feelings towards prices, and more.

• Realtors® Property Resource: You have access to a research asset to help you build reports for your clients. Visit rpr.realtor to start researching the surrounding area, find homes that fit your clients’ specifications, and more.

WRITE A SOLID LISTING DESCRIPTION

Listing photos are key to marketing success, but don’t forget about the copy. It’s vital to have an accurate and well-written listing description. Skip the caps lock and exclamation points, double check your spelling and grammar, and stick to the facts. Avoid calling out protected groups under the New Jersey Law Against Discrimination or Fair Housing Act and ensure you’re following all guidelines set forth by the NJ Real Estate Commission Advertising Rules.

USE NEW JERSEY REALTORS® FORMS LIBRARY

Protect your clients and business and use forms available through New Jersey Realtors® zipForm library. It has what you need to produce the necessary documents quickly and reduce your risk. With access to zipForm mobile, you can have everything you need on the go. Get started with NJ Realtors® forms at njrealtor.com/zipform.

QUICK HOME FIXES

With homes moving quickly and receiving offers above the listing price, pre-listing renovations may not be worth your clients’ time and effort. If they want to make their home pop on realtor.com ® , recommend quick but impactful renovations such as landscaping, decluttering, and cleaning.

Even in the current sellers market, it is important to minimize and declutter, stage and make the home available for showings. Your home is still in competition with those on the market and how much buyers are willing to offer often are directly related to how well a home shows and is marketed,” said Tezeta Roro, a Realtor® with Keller Williams Suburban Realty. “Resources like Buy Nothing groups can be amazing platforms to help you minimize and declutter as you get prepared for your move (and once you move into your new home!). It is also an amazing way to make connections.

First impressions are key in the current market since many potential buyers don’t have the opportunity to tour a home more than once before needing to put in their offer.

This current market is still in the seller’s favor, but to really make your property standout a few strategic improvements such as decluttering all your spaces, keep rooms or paint rooms neutral tones, clean well including windows and siding, and maintain your garden,” said Nicole Ventrella, a Realtor® with Coldwell Banker in Moorestown. “A property that shows all its best sides will receive higher and multiple offers because people still want move-in ready.

STRATEGIC PRICING

Before your clients set their sights on a home price, encourage them to do their research. While homes are receiving top dollar in many cases, other homes are on the market for longer than desired.

Providing your clients research reports, example homes in their market, and ultimate prices received can aid in setting a price that works for everyone.

Be sure not to make the cardinal mistake of overpricing your home. Strategic pricing is still key in any market! You don’t want your home to stay stale in a sellers market,” said Roro. “That will then have the unintended consequences of missing out on a whole lot of buyers and maybe even lower than expected returns.

5 HELPFUL ITEMS FOR SELLERS

1. EasyWring Spin Mop & Bucket System

ocedar.com

Sellers with non-carpeted floors will have a newfound love of cleaning with the help of this spin mop from O-Cedar. It’s easy to use and removes 99% of bacteria with just water.

2. Plastic Storage Containers

rubbermaid.com

If you have clients that want to pack early but want their items protected, recommend using storage containers from Rubbermaid.

3. Label Maker

brother-usa.com

Nothing is worse than trying to unpack unlabeled boxes after a move. A label maker from Brother will save your clients’ stress and keep them organized.

4. Behr Premium Plus Paint & Primer

behr.com

While the market is fast-paced and in some cases, there’s no time to complete repairs, clients with dark or bright colored painted walls in their homes could benefit from priming their walls before listing. Behr’s primer is full coverage and is stain and scrub-resistant.

5. Mint Budget Smartphone Application

mint.intuit.com

Mint can help your clients stay on track during this stressful time of their life. Moving is costly and having a budget accessible on their smartphone is a gamechanger.