Preparing your Summit NJ real estate property for sale can be a challenging task. When you add children to the mix it can seem nearly impossible. Keeping a home clean, uncluttered and ready for a showing is definitely tougher with little ones but there are some tricks and tools that can make it a little easier.

Laundry Baskets
This simple dollar store item can help keep your floors toy free. Pick up several of the nylon pop-up type at a discount store. These can be folded up when not in use and stored in a drawer or another unobtrusive place. Keep at least one in each room. Make sure there is a clear spot in each room’s closet that matches the size of the basket. When your Summit NJ realtor calls asking for a sudden showing, you can sweep any toys, diapers or even actual laundry into the basket and into the closet. It’s an instantly clean floor.

Secret Storage
Storage items can hide a multitude of sins. However, when you are staging your Summit NJ real estate agent has probably advised moving your larger pieces out of the home in order to better show off the space. Much of your storage can be lost. Secret storage items can return some of the clutter-busting space you so desperately need.

Storage ottomans are a great example. You can tuck away story books and blankies inside a stylish and comfortable piece of furniture. An ottoman takes up far less room than a cabinet or an armoire. However it can still impede traffic flow so be sure to use sparingly. You can also seek our coffee tables and other pieces with secret storage compartments.

Art Boards
Your kids shouldn’t feel like their accomplishments and art are less important when you put your home in the Summit NJ listings. Your fridge may not the family gallery any more but they should still have a place to show off what they’ve made and done. Make an art board that can be slid under a bed when it’s time for the open house. All you need is a large piece of foam core board. You can make it as fancy as you like by covering it with fabric, framing it or painting it or just leave it white and let the art take center stage.

Foam core is extremely lightweight so it can be hung on the wall with little more than poster putty. It can be purchased at any craft store at a very small cost. This small step will help keep you kids feeling “at home” even when you’re selling the home.

Put these kid-friendly staging tips to use before your next open house.

The economy is forcing many of us to make some tough choices. We’ve been trimming luxuries from the budget and adjusting our lifestyles to conserve funds. Many people are relocating for a much needed job. Most of us are cutting costs wherever we can. Some home sellers have chosen to forgo the call to their Summit NJ realtor in favor of listing the home as for sale by owner (FSBO) in order to save money. Others question whether or not this move is wise considering the current market trends. In today’s market is a FSBO a good idea?

The answer is a definite maybe. Selling as a FSBO is doable, no matter the market. However, it is not an easy task and it’s never as simple as it seems. It takes a great deal of work to market and show a home, find the right buyer and negotiate a selling price. A Summit NJ real estate agent doesn’t make a commission for doing nothing. If you are considering a FSBO, carefully consider the pro and cons of doing so and the personal commitment you will have to make to do it. Be sure that you are ready and able to take on the responsibilities that selling a home demands.

Pros
The biggest plus to putting your home in the Summit NJ listings as a FSBO is of course money. You will not have to pay a seller’s agent a commission. Thus, your net profit on the home will be a bit larger. This is the sticking point for most home sellers who choose FSBO transactions. You also won’t have to go through the hassle of interviewing and choosing the right real estate agent. You won’t have to wonder what is being done to market your home or if it is getting the proper attention from you agency. You’ll have more control over the entire process, including when your home is shown and when or if you hold an open house.

Cons
For many Summit NJ real estate sellers, the biggest deterrent to a FSBO is the time commitment required. You will spend a large amount of time researching prices, creating a marketing plan and implementing your strategies. You will also have to field all the calls and deal with all the potential buyers. This will include the hopelessly unqualified, the looky lous and the bargain hunters. You will have to sift through a lot of undesirable buyers before you find the right one.

You’ll be showing your home to strangers in the evening and on weekends. You may even have to take time off work to accommodate a potential buyer. Not everyone can afford to miss work, even to sell their home. Be sure that you are able to schedule the time to do the legwork.

Another major con is the potential for error in a FSBO. If you have never sold a home or are unfamiliar with the process there are any number of place where a mistake can cost you more that you would save in commission. Pricing, for example, is a common place for mistakes. Many sellers simply overestimate the value of their home because they are unable to be objective.

If you choose to list as a FSBO, take advantage of the wealth of information available to you online. There are support groups, informational websites and even realtor sites containing excellent advice. This site has a section devoted to helping FSBO sellers, too. Don’t be afraid to ask for help.

Placing your home in the Summit NJ listings means getting into top condition first. Small repairs will cost you less money if you do them yourself now rather than making a concession for them later. While you home probably won’t need a major renovation, it could probably use a few fix ups. Plan you repair budget wisely to get the best pay off for your dollar.

Doors and windows
The latest report from the National Association of Realtors puts new doors at the top of their annual list for repairs that add the most value for their cost. Replacing an old wooden door for a fresher, safer exterior door will give your Summit NJ real estate property a whole new look. It’s sure to impress buyers.

Another impressive update is adding energy efficient windows. It may not be a particularly exciting change but it’s certainly attractive to buyers. Replacing your old, drafty windows will make more of an impression on buyers than decorative fixes like light fixtures because it will impact their monthly bills.

Flooring
One of the most commented upon features in a home is the flooring. Your Summit NJ realtor hears it all the time. Hardwood floors are very desirable right now so if yours are covered in broadloom, you may want to consider revealing them. Even if you uncover the wood flooring in one main room of the living area, it will give the buyer a sense of what lies beneath the rug in the rest of the home. If you don’t have original hardwood floors, consider you budget and think about having them installed. If your listing includes the words “hardwood floors” it automatically garners more interest from buyers.

Roofing
If your roof is old or in need of repairs, go ahead and add a new roof to your budget. You won’t be able to conceal it from a home inspector and no one wants to hear bad news with a closing date already scheduled. The cost of replacement will likely be less that the concession you would have to make when the home inspection is completed. Plus, a new roof also looks great in your listing details.

Walls
Fixes to the walls are usually the least expensive on the home seller’s to-do list. Your Summit NJ real estate agent is probably going to ask you to apply a fresh coat of paint anyway, so it’s a good time to patch any holes and repair any damaged spots. A quick lesson at the local hardware store is sufficient to teach most home owners how to make small repairs. This quick and simple step will give your home a fresh, clean, new look that buyers will appreciate.

A few repairs can really pay off when you list your home. Plan out a budget and your home will be a show stopper on the market.

The much anticipated spring selling season is just around the corner in the Summit NJ real estate market. Many area home owners are gearing up and getting ready to sell. Some are hoping to capitalize on the current buyers’ market and find a great deal on an upgrade. Others are downsizing, expanding their families and moving for the myriad reasons people everywhere move. The one thing they all have in common is that they will soon be spending a lot of time trying to clean up and clear out their clutter.

Clutter busting is one of the first and best things a home owner can do to speed up the sale of his home. It’s the first step to great staging which is the first step to a fast sale. Your time in the Summit NJ listings will largely be determined by how well your home presents to potential buyers.

Remember the purpose of staging your home. It’s not to please your Summit NJ real estate agent or to get a jump on packing, although it will accomplish both of those tasks. The real reason we stage our homes is to neutralize the décor so that the buyer can imagine himself living there. If your home is full of little reminders of you and your life there, the buyer will be distracted and unable to focus on the selling points of your home.

So what steps do you need to take to move out the clutter and move on to your next home? Here are a few ways you can start busting the clutter in your home.

Family photos. Pictures and portraits are fun and give a home a personal appeal. However, that is the opposite of your desired effect when you’re staging. Wrap them well in bubble wrap and tissue and get them boxed up. The table tops and bookshelves should be cleared off and visible and the wall should be minimally dressed.
Toys. Everyone in the family will have to make some concessions if you want to sell quickly. Pack up the outgrown toys and turn the playroom back into a dining room or office.
Furniture. The furnishings you’ve chosen may seem like just the right fit for your home but there’s likely too much in the house for a good showing. Your Summit NJ realtor can help you choose what pieces are interrupting the flow of traffic through your home.
Clothes. Make your closets look spacious and well organized by reducing the contents. Once the weather has turned warm, you can pack the bulky winter wear up and your closets will suddenly look twice as large. Do the same in the garage with winter tools like snow shovels and blowers.

If you take the time now to clean out the clutter, you’ll probably make it to the closing table much faster.

New construction in the Summit NJ real estate market has a lot to offer home buyers. A few years ago a developer could hold fast on a price and did not need to offer upgrades or discount in order to close a sale. In the current market climate, developers are more willing to give buyers a better deal.

A developer needs to keep the flow of sales running in order to prevent the entire neighborhood from becoming stagnant. If sales dry up, so does the construction. An unfinished-looking neighborhood with no new building activity is even harder to sell than one that is bustling with new construction. A buyer may start asking his Summit NJ real estate agent what is wrong with the development if nothing much is happening.

Get an inspection.
If you choose to buy a newly constructed home, don’t forgo the inspection. Just because a home is new, that doesn’t mean it’s perfect. Your Summit NJ realtor will still recommend having an inspection to check for any mistakes in the building process. If the builder offers you a few upgrades to make up for anything the inspector finds, think twice before accepting. You might make out better if you negotiate for a price reduction instead.

Shop around for your financing.
Don’t assume that the builder’s financing options are the best ones you’ll find. You should still shop around for the best rates. Over the course of your loan a seemingly small difference in the interest rate can add up to a big amount of money.

Check for financial stability.
If you are searching for new construction in the Summit NJ listings, look for a developer with a long standing reputation and a stable financial base. Find out if there are outstanding complaints with the Better Business Bureau or the local homebuilders association. Ask if he has his subcontractors sign lien waivers. This type of waiver will protect you in the event that the builder fails to pay his bills. Otherwise, the subcontractors can place a lien on your home. Don’t let the builder draw progress payments from your account without approval from both you and your bank.

Use the current market conditions to your best advantage. Buying new construction could be a great way to get everything you want in a home at a price you can afford. Just don’t let the fresh wood and brand new carpeting go to your head. Be just as careful and smart about a new home purchase as you would be if you were looking at an older home.

Homebuyers should know how important it is to have at least a 20% down payment saved up before they make an offer on a Summit NJ real estate property.  This doesn’t only make you an attractive buyer and help you get the best rates; it can also save you money.  Without at least this much to put down on a home, the buyer will have to purchase private mortgage insurance.

Private mortgage insurance is a policy that protects the lender from default.  If you fail to pay the mortgage, your lender is protected against a major loss.  The buyer foots the bill for a PMI policy even though he is not the one who receives the benefit from it.

The charges for PMI will vary from lender to lender.  It typically runs about one half of one percent of the total value of the loan.  While this sounds like a small percentage it can calculate to a higher number than you might expect.  Your Summit NJ realtor can tell you more about what to expect from lenders in your area.

Take the value of your estimated loan and multiply it .005 to see how much your PMI could cost.  You may be surprised at the results.  When you take into account that PMI payments are not tax deductible, the cost is even higher.  Keep this amount in mind when you are browsing the Summit NJ listings.

PMI can be avoided entirely by keeping you loan-to-value ratio at 80%.  This means that the value of your loan is no greater that 80% of the value of the home itself.  By saving up and paying a down payment of at least 20%, you start out with the desired ratio.

If you aren’t able to make the 20% down payment mark, you can still buy a home although this was not always the case.  There was a time, not so long ago, when lender would not consider making a loan with a smaller down payment.  In fact, having a PMI policy may allow you to purchase a home with as little as 3-5% down.  Your Summit NJ real estate agent may be able to get you into a home sooner or help you purchase a more expensive home by purchasing PMI.

Your PMI policy is cancellable, too.  The law requires an automatic cancellation of the policy once you own 22% of the home.  You may also be able to cancel once you hit the 80% value ratio.  Talk to your lender for more specifics on their PMI requirements.

You’ve finally found it: your perfect home.  Or at least one as close to perfect as can be found in the Summit NJ listings.  You’ve researched, budgeted, toured and now it’s finally time to make an offer.  You sit down with your agent to write the offer and she asks you what contingencies you would like to place on it.  This is not the best moment to respond with a blank stare.

A contingency is a type of “if-then” statement that your agent can write into an offer.  It says that if a certain thing happens then you will pay the seller a certain amount of money.  If that thing doesn’t happen, then you are released from the contract without penalty.  That means you get your earnest money back and you have no further responsibilities to the seller.  It’s a small clause that protects you from getting stuck in a bad bargain.

An example of contingencies your Summit NJ realtor may suggest is to make the offer contingent on the home passing inspection.  Another would be to have the offer contingent upon an independent appraisal coming in at or above the negotiated price.  These protect you from ending up with a home in unlivable condition or one that was vastly overpriced for the market.  Other contingencies may include getting your financing approved or seeing your current home sold.  The seller can also ask for contingencies like finding a replacement home prior to closing.

The seller is not obligated to accept your contingencies.  If you include the contingency of your current Summit NJ real estate property selling before you close, the seller may decline your offer and wait for a buyer who is ready to move.  While you don’t want to make your offer overly complicated, here are several contingencies you should consider.

•    Independent appraisal.
•    Home inspection.
•    Pest control inspection.
•    Septic tank or sewer line inspection.
•    Roof inspection.
•    Lead-based paint (if the home was built prior to 1978)
•    Radon and mold testing.
•    Clear title search.
•    Condition of the property at closing and/or the final inspection.

Try to keep your list to a minimum and include only the necessary items.  Asking for a contingency to keep an appliance or piece of furniture may not be worth the risk of having the seller reject your offer outright.  Your Summit NJ real estate agent can help you decide what other contingencies you may need to include based on the age and condition of the home you are buying.

Changing Realtors

Many relationships, both business and personal, fail.  It’s an unfortunate fact that not every pairing is made in heaven, whether it’s a friendship, a marriage or a business partnership.  You may find yourself wondering whether it is time to “break up” with your Summit NJ realtor and find a better match.

Why would I change real estate agents?
People switch agents for any number of reasons.  They may not feel that their Summit NJ real estate agent is aggressive enough.  They might not like his marketing techniques or there could be a personality clash.  It could even be a matter of ethics.

Can I legally change realtors?
The answer to this question depends on whether or not you have signed a buyer’s or seller’s representation contract.  If you have, you are obligated to stick with your agent till the contract ends.  Then you are both free to do what you like.  If you have not made any contractual agreements, then you are free to choose another agent at any time.

Is it a good idea to switch realtors?
This point is not as clear as the legal conundrum.  When you are buying or selling Summit NJ real estate, you should try not to bounce from agent to agent because word gets around.  You won’t want to be seen as a problem client.  Change agents only if you feel the work is truly not being done.  Before you make the switch, carefully consider your expectations and determine if they are reasonable.  You may want to talk to a friend or colleague to see if you could be in the wrong.

When should I make the change?
If you have signed a contract, you cannot legally switch realtors till the contract has elapsed.  On a more person note, you should not feel badly about switching agents if they are not doing the work.  Marketing a home is hard work and it takes a lot of effort.  Combing the Summit NJ listings for the right home for someone else is just as hard.  Your realtor should be working hard for you and if he isn’t, it’s OK to find someone who will.

Is there a proper etiquette for this situation?
There is no official policy for dropping a realtor but basic etiquette applies.  A brief note, written with kindness, stating your reasons for changing would be appropriate.  A realtor cannot improve if he does not know what he is doing wrong.  You might even be able to salvage the relationship with a dose of honest communication.

It’s not healthy to stay in a bad relationship and that includes business partnerships.  If your partnership with your realtor has failed, assess your goals and your expectations and move on to a healthier relationship.

Home buying can be emotional.  A potential buyer can face bitter disappointments and irritating frustrations along with moments of exhilaration.  Sometimes you and your Summit NJ realtor can feel all these emotions in the same day.  If you keep your head, you can manage a drama-free home purchase.

It’s Business
Remember that real estate is a business.  Your Summit NJ real estate purchase is a business transaction, even though it has been a very personal choice.  Don’t take counter offers as insults and don’t think a delay is a personal attack.  You may have to bargain and fight to get a good deal but it is not about who you are as a person.  It’s about buying a product at a price you can afford, nothing more or less.

Get an Education
The best way to keep from entering into a dramatic scene is to know what is happening.  You should get a good education on the home buying process.  Your Summit NJ real estate agent will be a rich source of information but you should also do your own homework.  Read up, ask questions and find out what to expect from each stage.

Reserve Judgment
It’s easy to fall in love with a home in the Summit NJ listings.  It’s hard to find the perfect home that fits your budget, sits close enough to your work and schools, has all the features you need and passes inspection too.  Try to hold back your emotions and reserve judgment on a home until the offer is accepted and the inspection is complete.  Don’t throw any moving parties until after closing day.

Manage your Paperwork
The most dramatic moments can happen when you go to closing.  No one wants to get to the closing table only to walk away with the sale incomplete.  You must manage your paperwork to avoid this kind of scene.  If your realtor tells you to bring a document, put it in the car the night before closing.  Don’t take any chances.  Make sure your financing is in place and you know the exact amount, to the penny, of any payments you need to bring to closing.  Double check if you aren’t 100% certain of the total.

Your home purchase can be drama free.  How you react to a setback is entirely up to you.  Manage your emotions and your paperwork and you will sail through your home purchase without any theatrics.

House Hunting in the Fall

Each season brings its own perks and challenges to the Summit NJ real estate market.  Autumn is a great season for house hunting.  It’s cooler, the leaves are lovely and prices may be lower.  This season also has its challenges.  Fickle weather can put a hold on showings and inspections.  The looming holiday season puts a damper on plans.  You need a solid strategy for the fall real estate season.

Weather
The cool weather is both a pro and a con for fall buyers.  It can be more pleasant for walking tours than the blasting heat of summer.  However, it can also turn damp and cold in an instant.  When you are going on a series of showings, have a few emergency items in the car.  An umbrella, an extra clothing layer like a sweater or a jacket and thermos of hot coffee will keep you going despite the weather.

Look for ways the weather has affected the homes you see.  With trees bare it’s easier to get a look at the roof and siding.  It’s also easier to assess how well the heating system works once you’re inside.  Ask your Summit NJ real estate agent to show you a few more items to check.

Price
Home prices tend to peak in the spring for most Summit NJ listings.  The fall may show falling prices as well as leaves.  Sellers are usually a bit more motivated by now and willing to entertain offers whereas in the spring many are just testing the market.  Be warned however.  A seller who wants to move in a hurry probably won’t entertain “low ball” offers at all.  They will want a fast negotiation, not one that takes several offers and counter to get to a reasonable price.

In order to secure that reduced price, you should be willing to move quickly both figuratively and literally.  Most sellers will want to be in their next home prior to the holidays so they may ask for a fast closing.  Have your financing in order and start packing early.

Fixers
Fall could be the perfect time to buy a fixer if you are so inclined.  In addition to the possibly lower prices, you may also be able to secure contractors and subcontractor at a lower rate.  The fall is notoriously slow for construction work and many contractors are looking to fill holes in their schedules.  They may be willing to take on smaller jobs till work picks up again in the spring.  Talk to your Summit NJ realtor about whether or not taking on a fixer-upper is right for you.

If you start looking now, you might find that autumn is a perfect season for house hunting and buying.