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South New Jersey real estate market performance review

2018 Market Review Summary

 

How did the real estate market perform in South New Jersey in 2018?

In 2018 we saw a Sellers Market in many areas across the country, including much of Main Street Realty’s service area. The housing inventory was low, but the number of buyers hunting for their dream home remained high through the year. In a sellers market, home buyers are competing over the available houses, which results in surging home sale prices.

We also saw the mortgage interest rates begin to climb. Since the crash in 2008, mortgage interest rates for a 30 year mortgage have, on average, stayed below 6%. From 2015 through 2017 we saw average interest rates in the 3% range. 2018 saw rates climb over the 4% mark. Here’s an article that digs deeper into reviewing the history of interest rates.

Another factor that played into the 2018 market is the millennial generation. Those born between 1982 and 2004 are considered millennials. This generation currently holds the largest number of mortgage applications across the country. How has that impacted the market? It has shifted the way a property needs to be marketed to the public and how sellers present their properties. The millennial generation is more in tune with social media and technology, which means sellers have had to adjust their home presentation to attract buyers.

Looking Forward to 2019

It is expected that we will begin to see the market balance across the country in 2019. However, South New Jersey is still experiencing a very low inventory as we begin the year. If you are considering selling, 2019 may be the year where you will receive a high value for your home. Contact Main Street Realty for a detailed analysis of your home’s value in today’s market.

 

Below is a market performance review of many of the communities Main Street Realty serves. This data provides a snapshot of property inventory and average home prices from the past three years for communities within Camden County. The data was derived from Bright MLS.

 

DO YOU KNOW WHAT YOUR HOME IS WORTH IN TODAY’S MARKET?

FOR A PROFESSIONAL MARKET ANALYSIS OF YOUR HOME, CONTACT MAIN STREET REALTY

856-858-2200 – info@mymainstreetrealty.com

 

For a more detailed analysis of your local market or to discuss your property value in today’s market, contact Main Street Realty.

856-858-2200   –   info@mymainstreetrealty.com

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3 reasons why selling in the winter can be a good idea!

With the holiday season upon us, many who are ready to sell their home wonder if they should list now or wait to list in the spring.

Before deciding what is best for you and your situation, we recommend sitting down for a consultation with your Main Street agent!

Although it’s true that we see a peak in real estate activity in the spring months, many buyers are still out and anxious to find their dream home.

Here are three reasons why you may want to consider listing your home over the winter months!

  1. Serious buyers are out! Yes, it’s true that the housing rush does slow over the holidays, but the buyers who are still actively searching for their home tend to be the serious ones who are ready to move quick. You may only get a few showings, but chances are good that those scheduling tours are not just browsing and are prepared to make an offer if the home fits their needs.
  2. There is less competition. Lower housing inventory will help your house to stand out. If your home is well prepared and priced right, it will be the hot item for home buyers.
  3. Home staging is more fun! The warmth of the holiday season have buyers in a festive mindset. They are envisioning their lives and their family traditions in their new home. Sellers can feed into that with their home presentation. Have fun decorating for the season! Some sellers will have a beautifully set table, which help buyers dream of hosting holiday dinners. Others will decorate the entrance of their home with poinsettias or other classic holiday decor.

In 2018 we experienced low inventory throughout our South NJ neighborhoods. The buyers outnumbered the listings. This means that many buyers are still out their awaiting their new home. They may also feel that they are going to need to wait until the spring until listings begin to pop up again. However, if they see your home come up now, they may jump at the opportunity!

Call your Main Street agent to schedule a consultation to discuss your options!

856-858-2200

 

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What renovations add value to your home?

Before listing your home for sale, you must first make sure it will create a buzz among potential buyers! You likely have already heard about the need to de-clutter, de-personalize, and deep clean… but what renovations can you do to add value to your home?

Taking the time to prepare your home and making the investment in upgrades before listing for sale will help in getting more potential buyers coming through your door and maximizing your profit.

Renovations, whether large or small, can make a big impact on getting your house sold. They can also create a big hole in your wallet if you don’t know which ones will pay off.

Here are some renovation ideas to consider:

Roof – While a new roof may not add immediate value to your home, it may help it sell faster. When a buyer spots a leak, nothing else matters! Advertising a new roof in your listing is a big draw for house hunters.

Curb Appeal – First impression is the key! If your home doesn’t look inviting on the outside, nobody is going to want to go inside. A nicely manicured lawn, colorful flowers, and a welcoming entrance way will catch a buyer’s eye. Applying a fresh coat of paint on the front door and power washing walkways are also easy upgrades.

New Deck/Patio – Adding a new deck or patio can recoup approximately 84% when selling a home. A weather treated wooden deck is a nice selling point!

Kitchen – Kitchens are easier to update than one might think. Consider adding new appliances and lighting. Adding new fixtures, a back splash, and new counter tops can make a big impact.

Bathrooms – Simple updates such as new hardware, fixtures, and lighting can make a dated bathroom feel refreshed. Removing old caulking and adding new can make a bathroom look cleaner and neater. You may also consider removing a shower door or curtain to create a more spacious feeling.

Windows – New windows are a good selling point as they lower energy costs. Wooden windows are admired for their classical elegance and relative scarcity in the marketplace and can significantly improve the value of your home to the right buyers.

Central Air – Adding air conditioning is a good upgrade especially if you are selling in the warmer seasons.

Bonus Space – Attics are often unused space in homes that may be suitable as home offices, TV rooms, art studios and even bedrooms. The buyer will see potential for personal use as well as knowing that all areas of the home are sustainable.

Siding – Upscale fiber-cement siding can actually recoup the same amount or more money than you spend on it. It is relatively easy to install and is virtually maintenance free once installed and painted.

Closets – Reorganizing small closet spaces and adding wood elements like shelves creates a tidy look.

Cosmetics – A fresh coat of neutral color paint can go a long way! Pay attention to the details such as replacing outlet covers, light switch plates, and heat registers.

Remember that most buyers are beginning their search online, so investing in upgrades that will jump out to those browsing photos online is important. When you make the decision to sell your home, first think through a plan of action to assure your house will be competitive in the market. A house is a product in the real estate market. You want to make sure the presentation of your product compliments that value you are seeking.

For additional guidance, call your local real estate specialist and schedule an in home consultation!

Preparing to sell your home_

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Top 10 Tips to Prepare Your Home for Spring

The National Association of Home Builders suggests these top 10 tips for home owners to check for damage and make sure your home is ready for spring from top to bottom.

spring maintenance

  • Roof Inspection – including skylights, shingles, and chimney flashing. Ensure that these are intact and that any and all repairs are made

 

  • Gutters – Should be cleaned of debris and repairs made from winter damage. Loose or blocked gutters can allow water into the home.

 

  • Check for leaks – Hard to find leaks can occur in crawl spaces, attics and washing machine hoses. Check for corrosion under sinks. Check the water heater for deterioration.

 

  • Outside Drains – exterior and underground drains should be cleared of debris to inhibit any backups

 

  • Siding – check for any loose pieces due to winter storms and replace as needed.

 

  • Windows and door seals – Keep these watertight by ensuring caulking is in tact on the outside

 

  • Cracks – Cracks in driveways, sidewalks and steps should be patched as this will prevent any further water damage

 

  • Paint the Exterior – The exterior of your home will look nicer and painting it will help shield against the elements

 

  • HVAC – Hire a qualified technician to inspect your HVAC system before the temperatures get high. Replace HVAC filters now.

 

  • Grading – The grading of your yard should slope away from your home. This keeps moisture away from the foundation.

 

The NAHB suggests planning now as professional remodelers and home inspectors will be busy this time of year and may have a backlog of work due to the winter season.

 

View full article here;

http://www.nahb.org/news_details.aspx?newsID=16773&fromGSA=1

 

 

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10 Steps to Preparing Your Home for an Open House

Putting your house on the market is just the beginning of the selling process. Use the ten following tips to prepare your home for a successful open house.

  1. Clear clutter.
    Prospective buyers have a hard time visualizing their own items in your space when it’s filled with clutter. Begin packing kitchen appliances, collectibles, and other items to clear flat surfaces from clutter.
  2. Organize cabinets and drawers.
    Beyond appearing disorganized, clutter makes your space appear as if there is not enough storage. For the things you can’t get rid of in cabinets and drawers: organize, organize, organize.
  3. Neutralize odors.
    Ask a (good) friend or your Mainstreet agent for an honest opinion, because we all get used to the smells of our home. For a small investment, shampoo your carpets for a fresh smell and look. If you have pets, you may want to give them baths and clean litter boxes more often than normal.
  4. Make repairs.
    Small repairs like leaky faucets, burnt out lightbulbs, and broken window panes draw unwanted attention from vigilant prospective buyers, but can be fixed for relatively small amounts of money.
  5. Remove family photos.
    Although your family photos are precious, prospective buyers will have a hard time putting down roots in your space if they can’t envision their family growing there.
  6. Hire a cleaning service.
    Prospective buyers won’t notice if your house is fresh and clean, but they will notice dust and dirt in areas you may forget in the midst of packing.
  7. Buy new towels.
    For a small investment, you’d be surprised how much cleaner bathrooms and kitchens look with fresh linens.
  8. Set the table.
    Prospective buyers can more easily envision entertaining in your space if you set the stage for them with neutral place settings and your best dishware.
  9. Enhance curb appeal.
    For a small investment of your time or money by hiring a landscaper, trim your lawn, weed your flowerbeds and prune your shrubs. Small landscaping tasks really enhance the curb appeal of your space.
  10. Leave.
    Prospective buyers will feel more comfortable asking questions (and receiving unbiased answers) when you’re not hovering in the background. Take off for a couple hours during showings, but don’t forget your pets; some prospective buyers may not be comfortable around animals or may have allergies.
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10 Things to Do After You Sell

After your property is on the market and has successfully sold, your work is not done. Keep the ten following tips in mind after you sell your property.

  1. Re-evaluate your personal finances.
    If your financial situation has changed since you bought your last property, you need to rethink your finances and how much you want to spend (and put down) on a new home.
  2. Don’t feel pressured to re-buy.
    Take your time. Don’t feel rushed or pressured to find your next home and remember renting is always an option, even if you’ve owned for a significant period of time.
  3. Stay up-to-date on tax laws.
    You can avoid losing money when selling your property by staying up-to-date on tax laws.
  4. Choose your next home carefully.
    Again, don’t feel pressured to re-buy just because you are selling! Check out multiple styles of homes that may work for your family, and tour different neighborhoods. For more information about selecting the best neighborhood, click here to read “How to Know if a Neighborhood is the Right Fit for You & Your Family.”
  5. Evaluate your next down payment.
    Again, re-evaluate your personal finances if your situation has changed since you last bought a property. A good rule of thumb says 20% down qualifies buyers for the best mortgage programs. More mature home buyers may want to put down larger amounts.
  6. Consider your need for an agent.
    Will the agent who helped sell your home be a good fit when helping you buy? If you’re relocating, it may be best to find an agent better acclimated with the area.
  7. If you are re-buying, send change of address notices.
    The USPS recommends completing change of address paperwork no less than 30 days before moving.
  8. If you’re not re-buying, put your proceeds in a money market fund.
    Money market funds secure funds, provide reasonable return, allow daily access to money, and give the ability to write checks.
  9. Keep copies of all paperwork.
    Documentation of all expenses and proceeds is necessary to file taxes on April 15 after your property sale. These same documents may be necessary if you are audited.
  10. Keep proof of improvements and prior purchases.
    Receipts and/or documentation of all home improvements may be added to your home’s cost basis when filing taxes on April 15.