Whether you’re downsizing in the same town, retiring to the Jersey shore or planning to leave the Garden State for somewhere new, it’s a good time to sell a home in New Jersey. Data from New Jersey Realtors shows that the median sale price of a single-family home here is $460,000 — a healthy 9 percent increase over 2021 — and the typical home goes for 3.5 percent above its asking price.
However, it’s not quite as simple as posting your home online and waiting for crowds of buyers to show up at the door with blank checks. Read on for the tips and tricks you need to know to sell a house in New Jersey.
Are you ready to sell?
It’s a great time to sell your house in New Jersey, but that comes with tough news on the other side of the equation: It’s not as great of a time to buy a new one. So if you’re trying to sell your house while buying another at the same time, you’ll need to think about a range of scenarios that could complicate your situation. What if you find a dream home before your current home sells? Can you afford to pay two mortgages at the same time? How much do you need to budget for the cost of living in your new city? Should you budget to put your belongings in storage? Do rising mortgage rates mean you might want to wait to list your house until things settle down? Think about your local market, your personal finances and your plans for the future to make sure now is the right time.
Preparing to sell
Once you’ve determined that you’re ready to move forward with moving out, it’s time to think about three big questions.
1. Is it worth upgrading your home before you sell?
Probably not. Most major home renovations do not recoup their full value when it’s time to sell. Plus, hiring a contractor and navigating a continuing supply-chain crisis means that remodeling your kitchen might take significantly longer than you expect. In the meantime, you might be missing out on buyers who would snap up your home in its current condition. And don’t forget that upgrades and renovations are a matter of personal taste; you might absolutely love that new tile backsplash, but a prospective buyer might not. Rather than thinking about big upgrades, it’s smart to consider quick improvements that can boost the value of your home without breaking the bank.
2. What should you repair before selling your home?
Repair anything obvious that you would want to …….