Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer

Long Beach Island New Jersey FSBO Tips

Nathan Colmer | The Van Dyk Group

C: 609.290.4293 | O: 609.492.1511

Long Beach Island New Jersey FSBO Tips and LBI NJ Real Estate

Read some helpful Tips For Selling Your Own FSBO Home on Long Beach Island. Selling a home for sale by owner can be a challenge but with some simple steps, the process can be rewarding. Tips For Selling Your Own FSBO Home on Long Beach Island.

 

 

Long Beach Island New Jersey FSBO Tips | LBI NJ Real Estate

FSBO Seller Information for the Long Beach Island New Jersey Real Estate Market

 

Selling a For Sale By Owner Home in the LBI NJ Real Estate Market

Understand the Long Beach Island real estate market. Take time to understand the strengths and weaknesses of your property. Think back to when you purchased the property and what you liked about the property as well as what your concerns were. Most likely, they will be the same for other potential buyers. Remember to consider age, condition and location when doing this.

Long Beach Island New Jersey FSBO Tips | LBI NJ Real Estate

Marketing is Key to Selling a Home in the LBI Real Estate Market

  • Take a “business” approach to selling your property on Long Beach Island. You will have to spend money to advertise the house, especially in this challenging market.
  • Use a range of advertising venues keeping a mix of Internet & traditional methods.
  • Avoid terms like “Hispanic Area” or “Christian Household” in your advertisements as they are viewed as discriminatory and are therefore illegal.

Attitude is Important

  • Try to be as objective as possible when considering pricing and marketing.
  • Be positive but firm when dealing with buyers. Remember, you are representing yourself with nobody between you and the buyer so a professional attitude is best.

Prepare Your Home

  • Remove personal items such as family photos.
  • Keep rooms open and spartan so others can better visualize themselves in the home.

Check Your Buyers & Use Professionals

  • Make sure your buyers are per-qualified for the house before you commit to them.
  • Hire a real estate attorney and other licensed professionals to represent you in the sale and handle the closing documents.

Understand How Your Property Fits the Local market

  • Ask me for a Comparative Market Analysis so you can have an idea of where your property fits in the LBI real estate market. A well priced house will attract more buyers and  will typically net more than an overpriced listing that has been reduced.
  • Try to preview similar properties that are currently listed for sale. This will give you a good baseline when speaking with potential buyers.

Fix What Needs to be Fixed

  • Peeling paint, weeds in the yard, etc can discourage buyers from a property. It is best to address aesthetic & structural items that need attention before you list.
  • Have some friends walk through your property to give you an objective opinion of items that concern them. Then take the steps needed to fix them.
  • NJ law requires sellers to disclose problems they are aware of (for example, a leaking roof). To avoid potential legal issues down the road, be sure to comply. This is very important after Hurricane Sandy.
  • It can be helpful to have a home inspection done prior to listing the house so you are aware of any potential issues and can plan accordingly.

Staging Your Property

  • Staging has become an important part of the listing and sale process with an entire industry developing from it.
  • The basics of staging your property include: removal of all personal items (family photos, etc), removal of excess furniture so the rooms appear large and open, opening up windows and removing drapes to allow more light in the room, repainting rooms to neutral “shore” colors and using rooms for their intended purpose (example: Don’t call a bedroom an office-leave it as a bedroom.)

Have Your Team In Place

  • Don’t wait until the last minute to line up professionals to help you with the sale.
  • Speak with an attorney before you list the house so you can have a reference point in case a question arises or you are unsure of wording for an advertisement.
  • Speak with a mortgage professional so you can double check the qualification of any potential buyers. The last thing you want is a buyer committing to the sale and not being able to purchase the property.

Negotiating the Sale

  • While this is a Buyer’s Market, there are many opportunities for sellers. You as a seller can benefit from a large pool of qualified buyers. Therefore, if your house is priced and staged correctly, you should be in a strong position to negotiate.
  • Refer buyers (or their agents) to your CMA and/or similar properties listed for sale. If your house is priced correctly, you are in a position to make the buyer feel THEY have something to lose from not dealing with you on your terms.
  • If you are not comfortable with the offer or terms, explain this to the buyer and offer a compromise. Both parties want to accomplish the same goal and keeping this in mind often helps work through difficult situations.

Contracts

  • It is customary for a buyer (or their agent/attorney) to write the initial contract of sale. Once you have a contract, I suggest reviewing the contract with an attorney who handles real estate law and will close title for you.
  • Before committing to the contract and the sale, make sure the buyer is qualified to purchase the property.

Inspections

  • Most buyers will have a licensed inspector preform a full home inspection (even if the house is sold “as is”). In most cases, the buyers will request certain items to be addressed or a credit given prior to closing. Typically, the seller is responsible to correct structural and safety issues (for example: termite damage).
  • Inspection issues can be handled in two different ways: the seller can (A) fix the problems with the house or (B) offer a credit at closing. I suggest a credit be given as it eliminates the possibility of the fix running over budget and also eliminates the possibility that the buyer may not be satisfied with the work being done.

Closing

  • Closing is usually held at the office of the buyer’s attorney or handled by mail.
  • Your attorney will review the total costs with you, but be prepared to pay pro- rated taxes, utilities, etc., the attorney fee (usually around $1,500), NJ Transfer Tax (about 1% of the sale on a sliding scale), and a Non NJ Resident Tax if applicable.

 

 

 

Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer

Popular LBI Real Estate Searches

 

You May Also Like...

FSBO Homes

Search homes for sale by owner in the real estate market on Long Beach Island.

Learn More

Flood Insurance

Learn about flood insurance and the real estate market on Long Beach Island.

Learn More

Tips for FSBO

Read some common tips about LBI real estate for sale by owner.

Learn More

 

 

Your LBI Beach House is a Phone Call Away! Call Nathan Colmer 609-290-4293

Nathan Colmer

609.290.4293

ncolmer@vandykgroup.com

The Van Dyk Group

12800 Long Beach Blvd

Beach Haven Terrace NJ 08008

609.492.1511