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.

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.

Do you know what your credit score is? Can you, right now, recall that magic number that your lender is sure to know? We’ve all seen the funny commercials with the catchy songs talking about the wisdom of getting a free credit report so you can buy everything from a car to a cell phone to a home and the sad consequences of not doing so. If you are browsing the Summit NJ listings, this may actually be pretty good advice.

What is the all-important credit score anyway? There are three major credit reporting agencies: Equifax, Trans-Union and Experion. Each one collects data about you and your borrowing history. They track how much you borrow or charge, how fast you pay it back and whether you are late or default on payments. They put all this data together into a report, which is made available to lenders to view any time you apply for a loan or credit of any sort. Companies like the Fair Isaacs Corp. take all these reports and filter them with their own trade-secret formulas to come up with a single number between 300 and 850. The higher your number, the less risky you look to a lender. Ask your Summit NJ real estate agent to suggest some websites when you can get a report.

Your credit score and your mortgage rate are tied together. They have what is called an inverse relationship. That means if one goes up, the other goes down and vice versa. If you have a high score, about 700 or so, you will be much more apt to be offered a low mortgage rate because you appear to be a good candidate with a low risk of defaulting on your loan. In short, the lender is likely to get the full value of their loan back from you over the course of the mortgage. Lower scores, 620 to about 500, fall into a category called “subprime” which has gotten a lot of press. Subprime applicants will be offered fewer options and higher rates. The thinking is that a subprime candidate might be a bad bet for the lender and he may not pay back the loan in its entirety. A Summit NJ realtor can tell you more about what options you have for your score.

The Summit NJ real estate market has room for a wide variety of credit scores. Just because your number is a little lower than you thought doesn’t mean a new home is out of the question. And your score can be improved with some effort. Find out what factors could be killing your credit score and work to correct them before you jump into the market.

Energy Conservation

It’s more important than ever to look for ways to conserve energy and reduce its use in your home.  Conserving energy not only help the planet stay healthy, it can also keep your budget healthy in difficult times.  When you are shopping the Summit NJ listings for a new home, take the opportunity to look for energy saving features and practices that will reduce your bills and your carbon footprint. 

Proper Insulation

Insulating above the requirements of your local building codes can cut your energy usage by a significant margin.  Especially here in the Northeast, an extra layer in the attic can make a big difference.  It can also help your roof last longer.  Have your home inspector check the R-value for all the insulation in the home you are considering.

Sealing the Cracks

Check for drafts around doors, windows and outlets when you’re touring homes with your Summit NJ realtor.  Sealing cracks around windows and doors with weather stripping keeps out those cold drafts and makes air conditioners work more efficiently.  Spray foam takes care of the spaces around outlets.  Make sure heating and air conditioning duct work is well taped and sealed as well.  A small leak in a duct can turn into a big utility bill.

Grab a Blanket

Keeping warm with blankets isn’t just a good practice for people; it’s also a great idea for the water heater.  Ask your Summit NJ real estate agent to find out if the water heater in a prospective property is wrapped in an insulating blanket.  This simple step can reduce your water heating costs by 4% to 9%.  If the home doesn’t have one, you can usually install one yourself for a nominal cost and minimal effort.

Appliances

Most Summit NJ real estate buyers are looking for updated kitchens and laundry rooms.  Updated appliances aren’t just valued for their good looks.  Up-to-date, Energy Star rated appliances will help your family use less power on a daily basis.

Get Smart

Certain “smart home” technologies are now within reach for the average home buyer.  A small detail like a programmable thermostat can make your new home a little smarter.  These devices can be set to adjust the temperature during times when the home is not in use, like while you are at work.  There is no need to keep the house toasty warm while no one is there. 

Check out the US Department of Energy’s website for more tips on reducing the amount of energy your use and conserving where you can.  You can save money and help save the planet at the same time.

Absentee Policy

There is always some measure of inconvenience when placing your home in the Summit NJ listings.  The tidying up at a moment’s notice, the removal of personal touches, the repainting and rearranging of furniture can all grow wearisome.  On top of all this, your realtor won’t even let you to stay home during the showings and the open houses.  As the proud owner, why should you be the one scuttled off to a coffee house or shopping mall while your agent stays to show off your home?

It may seem counterintuitive to leave the showing of your home in someone else’s hands.  After all, who knows your home better than you do?  Who else knows all the small wonders of living there if not you?  So why is it such a common practice among the Summit NJ real estate community to ask the seller to vacate the premises for showings?

When selling your property, the focus should primarily be on the buyer.  The buyer wants to really see the home, all its quirks and irregularities in complete detail.  It’s not like giving a new acquaintance an admiring tour of the house during a party.  The potential buyer will be looking at every detail, both good and bad.  He will want to talk it over with his agent or spouse and be able to speak frankly about perceived problems. 

Basic good manners prevent most people from speaking so freely in the presence of the current owner.  Not wanting to insult, the buyer would likely not speak of anything negative if you are within hearing.  With little to say, they will likely leave your home much more quickly than if you were not present.  You want them to stay and linger in your home.  The longer a buyer stays the better. 

Once you have decided that your Summit NJ real estate agent is right and it is best that you not be at home during a showing, there are some things you can do.  Make an album of your home’s best selling points to keep on the kitchen counter or coffee table, anywhere a buyer could sit and peruse it for a while.  Or, if you are of a technical mindset, make a presentation to be displayed on a notebook computer or digital photo frame set in an obvious spot.  Highlight special features of the home, the neighborhood and the surrounding town.  These will help your realtor show the home from your perspective.

Have a plan for the times when your Summit NJ realtor makes the call and asks you to clear out for a bit.  Investigate local spots where you can spend some time without spending a ton of money.  Libraries and book shops are good spots to while away an hour or two along with museums and parks. 

If you feel that you’ve contributed to the process and you’ve planned a spot to spend time, you’ll be much more comfortable letting your realtor take over the task of showing your home.

If you are selling a Summit NJ real estate property, you know this market is competitive. Sellers are pulling out all the marketing stops, often doing outlandish things to attract buyers. While crazy stunts might get some attention, they probably won’t get you a serious offer. Wild schemes will make you look nutty at best and desperate to sell at worst. There are some cool ideas to try that are only a few steps off of the beaten path.

Tech savvy?

Most buyers begin their home search on-line. If you are technologically gifted, why not create a website for your house? It’s an inexpensive way to give buyers tons of information. Your Summit NJ realtor will, of course, be posting pictures of your home on her own site. But she has more than one listing and only so much bandwidth. Use your web design skills or a good template to show dozens of photos and maybe even a video of your home. Keep it simple and professional, no flashing fonts. Include photos and videos of the home and grounds, a tour of the neighborhood or even nearby attractions. Post a link to the site on your Summit NJ real estate agent’s site, put the address on your flyers and you could even post it on your social media sites.

Offer some extras

Sweetening the pot a bit can give your home the edge it needs to sell before the competition. Maybe throwing in the TV that fits the spot over the mantle just right will give a buyer the necessary motivation to make an offer. Perhaps offering to pay the closing costs will free up enough of a buyer’s cash to make the deal happen now. Everyone likes to feel as though they got a great deal, something for nothing as the saying goes. If you sell fast and a t the right price, you’ll have plenty left over to find a TV that fits in perfectly in your new home.

Lease to Own

With the economy in its current state, many would-be buyers are not able to finance right now. However, in a year or two, they’re situation may be very different. You might consider offering a lease to own option on your property. You would have to take on the duties of landlord for a while, but you would have a much more invested tenant living in the house. This type of tenant usually takes far better care of the home as they hope to own it in the near future.

Be creative in marketing Summit NJ listings. Just don’t go too crazy.

When you place your house in the Summit NJ listings, you’ll have plenty of new tasks on your agenda. Packing, staging, painting and creating curb appeal will all go to the top of your “to-do” list. Before you get too busy, you should consider making an appointment with a home inspector.

Many people reading this will be thinking “Wait. Isn’t that something you do once you have a buyer and an offer?” In truth, most home inspections are done near the end of the selling process. Inspections are usually arranged by your Summit NJ real estate agent or by the buyer’s agent once a contract is in place. It’s a way for the buyers to protect themselves from problems that are not obvious to the untrained eye. A home inspection prevents a nasty surprise from popping up after the closing day has passed.

As a Summit NJ real estate seller, a pre-sale inspection can save you from a nasty surprise as well. An inspector will go over your home from top to bottom in great detail. He can show your where problems lie hidden. He can point out things that you may not have noticed over the years or issues that have arisen since you purchased the property. Older homes are particularly prone to problems that result from deferred maintenance and the ravages of time.

It’s better to know right away that the roof need to be replaced or the pipes fixed. Finding out when you’re almost through the selling process can be painful. You may have already made an offer on your next home by then and will be counting on a fast closing at the offered price. Learning that there’s an expensive repair to be made can delay or even kill your sale. Even smaller fixes give your buyer an opportunity to renegotiate and whittle down the final price.

After you’ve had your inspection, consider getting estimates from a trusted source on any trouble spots that have been noted. Count on your Summit NJ realtor for referrals to tradesmen and contractors. Even if you do not plan on having the repairs done yourself, it will give you a better understanding of how to price your home. It also gives you some leverage when a buyer wants to shave dollars off your asking price. You will have a much better negotiating position if you know for sure what the project will cost.

We’ve all been told never to judge a book by its cover. House hunters, however, do it all the time. If one of the current Summit NJ listings has a distinct architectural style on the outside, buyers will expect to see similar details on the inside. Selling is all about meeting, and exceeding, they buyer’s expectations. This is an important point to remember when staging to sell and when renovating.

Staging

If you’ve enjoyed the contrast of your Victorian home and your ultra-modern furnishings but are ready to sell, you might need to do some staging first. Buyers usually want to see something with a particular look, style or feel. That contrast you think is so interesting could leave a buyer unimpressed. If the inside and the outside don’t mesh well together, you’ll lose their interest. Have your Summit NJ real estate agent look at your home and give you some idea of what buyers look for in your neighborhood. Are they looking for a warm family home with charming details or a sleek urban loft?

If your property’s interior and exterior don’t make a good match, think about ways you can bring the two together. It may only be a matter of adding or subtracting some accessories, like ditching your loft’s lace curtains for a contemporary panel. In some cases, you may need to store your furnishings and rent something more appropriate to the style of your home.

Renovating

A Summit NJ realtor can be a great source of advice on renovations that maintain the resale value of your home. She can let you know exactly what buyers expect when they look at homes in your price range and neighborhood. She can also tell what the competition looks like. If other homes on the market are sporting restored original moldings and refinished hardwood floors, you might want to consider investing in some similar renovations in your Summit NJ real estate property.

If you are renovating, think about long-term style, not current trends. Major installations like bathroom tile should be fairly neutral. We’ve all seen at least one disaster room that should have long ago been reno’ed, whether it was an avocado kitchen or a Pepto pink bath. In a decade or two, your favorite style might look just as dated.

This doesn’t mean you can’t express your own style in your own home. Live the way you like, just remember you may not always be the one living there. One day, you’ll face the critical eye of a buyer.

The Internet has made open houses a little less popular with some sellers. But holding an open house is a tried and true method for your Summit NJ realtor to find leads and meet people interested in your house. Open houses attract other realtors who may have just the right buyer for you. If you’re holding an open house, here are a few things to check off your “to-do” list before you set a date.

Minimize Furniture

Buyers only need a basic idea of a room’s intended use. A loveseat and chair with a small coffee table will say “living room” as well as a 5-piece set. Leave enough room for people to walk around, imagining their things in the space. Excess furniture visually shrinks the room so rent a storage unit and leave only the basics.

Organize & Clean & Paint

Once you’ve cleared the rooms, make your home orderly and spotlessly clean to set it apart from the other Summit NJ listings. Buyers will look in your closets and medicine cabinets and underneath the sinks, too. If these are cluttered and jammed full, buyers will think the house has too little storage. Be sure every inch of your house looks its best. Include a fresh coat of paint as you’re cleaning up to make the walls look new.

Make Repairs

Leaking faucets, wobbling ceiling fans and dented walls will leave your potential buyers with one thought: “I’m not paying for THAT.” Every minor repair you’ve been putting off must be finished before your open house. The Summit NJ real estate market is competitive and buyers will offer less if they see much deferred maintenance.

Spruce Up the Outside

Yes, curb appeal is that important. Your house should look as good outside as inside. Buyers make a decision about whether or not they like a property within seconds, usually front the front door. You and your Summit NJ real estate agent will have a hard time changing a poor first impression so put out some fresh flowers and shape up the shrubs.

Make Arrangements for Fido

Dogs and cats should not attend your open house. Buyers could be fearful or allergic to animals so make arrangements with a friend or kennel for the day. Plus, you won’t have to worry about Mr. Whiskers sneaking out.

Your agent will help you create your own checklist prior to your open house. Help make it successful by making sure every item is checked off.

You’ll get plenty of advice when you decide to buy a house. Friends and family who have already been through the process will bombard you with tidbits of their experience and expertise. You’ll be advised and criticized on neighborhoods, square footage, amenities, even which Summit NJ real estate agent you should choose. A lot of this well-meaning council should be taken with a grain of salt. There are many decisions that will be yours and yours alone. The one piece of advice that you should take to heart is to buy a house you can really afford.

When it comes to your choices of Summit NJ real estate, what can you afford? This is a tough question, and a very personal one, for first time buyers and veteran homeowners alike. It’s an answer best found with the help of a financial planner, but there are a few rules of thumb to give you an idea of what your price range should be.

The first thing many buyers do is arrange financing with a lender. While getting prequalified for a loan is an excellent first step toward home ownership, it may not give you an accurate picture of how much you should actually spend on a house. You may qualify for more than you will be comfortable spending each month on your mortgage. When you browse the Summit NJ listings, don’t plan on spending every dime you’ve been approved to borrow. Keep in mind, there may be repairs you’ll have budget for later. You may want to have some wiggle room in your budget for nights out, vacations and other fun endeavors. An old rule of thumb is that you should look to spend no more than about two to two and a half times your annual salary.

This estimate doesn’t take into account your debt to income ratio or what kind of down payment you are able to make. A little more though should be put into choosing your price range. There are many on-line loan calculators to help you figure out what the ideal range for your next home should be. Gather your bills and expenses and get an accurate picture of your own financial situation. If you do not have a personal budget, this would be a great time to create one. You may even want to seek out the services of a certified financial planner to help you plan for this purchase. Your Summit NJ realtor may be able to give you a referral.

You can ignore some of the unsolicited advice you’ll get when you’re house hunting. But when it comes to buying only what you can afford, take that advice to heart.