Here are 3 Tips For Getting Your Offer Accepted In A Low Inventory High Competition Environment
Our market right now is experiencing high demand and low supply of homes for sale. For example the communities of Village Grande English Mill and Village Grande Little Mill in Egg Harbor Township, NJ currently have no homes for sale out of approximately 700 homes. This means when a home comes available it’s likely going to have multiple offers. Here are 3 tips for getting your offer accepted in a multiple offer competitive real estate market.
Tip 1: Select The Right Agent
When you’re buying a home in a competitive environment choosing the right agent is critical. An agent that is a skilled and experienced negotiator can ask the right questions to find out what’s important to the seller and help the buyer craft the best possible offer. Choose and agent that has experience in successfully negotiating contracts in many different markets. Having relationships with other agents in a local market can also help your agent get the best information and positing you well for negotiations. This will allow you to present your offer and terms in the most favorable light.
Tip 2: Write A Love Letter
When sellers put their home on the market, they’re generally interested in two things: the price they get and the money they keep. But when they receive multiple offers from interested buyers, and the offers look similar, the deciding factor might be something completely different. It might come down to who they want living in “their” house. They might start to think about who they are leaving behind for their neighbors. That’s why, when writing an offer for a home, buyers should add a “love letter” that tells about who they are and why they love the house, letting the owners know how they’ll fit in to the neighborhood. It can’t hurt and it just might help!
Tip 3: Add A Personal Touch
I recently had a buyer client who was in a multiple offer situation. I encouraged them to create a short video on their phone to introduce their family to the seller. It worked! Their offer was accepted and they are now enjoying their new home. I also had a client give flowers to the seller in addition to the love letter. That worked also! Think creatively of how you can add a personal touch to your offer. Your offer will stand out and you’ll help make a connection with the seller.
Do you have any other thoughts on how to get your offer accepted when buying a home? Share in the comments or send me a message.
Here's a quick look at how COVID 19 is effecting the real estate market
COVID 19 has made an impact on NJ in a big way. And in South Jersey we have not as many cases of COVID 19 however we’ve experienced a severe economic impact with many businesses forced to close. Our team has continued to work from home and remotely to keep our clients safe practicing social distancing and using personal protection equipment. Governor Murphy has allowed us to show properties on a 1 on 1 basis. Open houses are not allowed at this time.
All these changes have forced us to get creative. Our home seller clients can now sell their home without ever having anyone enter it. Our eLISTING Virtual Home Selling System makes this possible. For buyer we are working as remotely as possible through our eBUYER Virtual Home Buyer System. This allows us to tour homes live with our clients while they stay in the safety and comfort of their home. For open houses we’ve moved them online. eOPEN is our Online Open House System that allows for personal face to face video interaction. These open houses are also broadcast live to social media.
We are changing the was we do business to continue to help our real estate clients safely during this challenging time. I’m available for a free phone or video conference to talk about your needs. Call or text me at 609-338-3773. Best wishes, Matt
Recently one of my listings in Atlantic City was bombarded by multiple showings and multiple cash offers. It ended up going under contract over the asking price. The interesting thing was that 3 out of the 4 offers we had were investors looking to purchase the property as an Airbnb rental.
The benefit of an Airbnb is that you can use the property while it’s not being rented. It helps offset the cost of buying a second home while getting income at the same time. At the Jersey shore there are some great potential areas for Airbnb. I’ll go over that in a minute. First lets look at 5 tips buying an Airbnb at the Jersey Shore.
1. Check Local Ordinances And Rules
Many municipalities and associations don’t allow short term rentals. This is really important to know up front before being a home. It may be best to avoid condos and home owners associations.
2. Don’t count on Airbnb to carry the house expenses.
Short term rentals like Airbnb and VRBO can fluctuate as seasonal changes and buyer demands change. A good rule to consider is will the property work as a long term rental. If so it’s a great investment regardless or what may happen with the short term rental market.
3. Check with your accountant
IRS tax code may not allow you to use the property for personal use and still get tax write offs. Check with your accountant before jumping in to any real estate investment.
4. Calculate the expenses of a short-term rental
Vacation and short term rental property are more expensive to operate and painting. They need frequent cleaning and repairs. Also all utilities need to be on and ready for a potential tenant. If you own a property out of the area you may need to hire a property manager or have a maintenance contract in place.
5. Work with an expert to pick the right location
Location is a key factor in buying any property and especially when choosing an Airbnb or short term rental. Some things to consider: Is the are safe? Is it close to restaurants, activities, transportation? Is it close to the beach or a short drive to the beach? It helps to work with an expert who knows the area. For example in Atlantic City there are some great location for short term rental properties and then a block or two away areas that are undesirable. You may also consider areas on the mainland like Galloway or Egg Harbor Township. You can get more house for your money to accommodate larger groups of people. Plus your still a short drive to the beach and attractions.
Contact us for help with your next purchase or sale.
Recent sale in Egg Harbor Township went under contract in 7 days $7,000 over asking price.
It’s a great time to sell a home and I want to share a story about Jim and Lori who were able to sell their Egg Harbor Township home quickly and for top dollar. The biggest factors in selling any home are price and condition.
Jim and Lori had a home inspection done before listing their property so they didn’t have any surprises. They fixed most of the items that came in the inspection report before listing the house to ensure a smooth sale. They also priced the house right. The result of this was 9 showings and under contract in 7 days. The home sold in just 42 days and sold for $7,000 over the asking price.
If you’re interested in selling your home and want top dollar and a quick sale contact me for a free consultation.
There's Plenty To Do And See In South Jersey This Fall.
I love summer in South Jersey. Year round this is a great place to live and visit. As the weather is finally starting to feel like Fall here are 5 sensational things to do in South Jersey This Fall.
Visit The Beach And Boardwalks
The beaches are beautiful this time of year and less crowded. It’s easier to find parking and it’s often free this time of year. Many of the boardwalks still have shops and restaurants open during the Fall on weekends. For Ocean City visit Jilly’s Arcade open year round.
Ride A Bike
Fall is a fantastic time for bike riding. My favorite place is the Atlantic County Bike Path. The Atlantic County Park System maintains the 7.56 mile bike and pedestrian path running between Harbor Square (formerly Shore Mall) in Egg Harbor Township and the Atlantic County Institute of Technology in Hamilton Township. This path is a safe fun way to get some exercise and enjoy the outdoors. There are also several other municipal bike paths and county and state parks that operate bike trails.
Visit A Farm
This is the garden state and Fall is a great time to visit some of the amazing farms in South Jersey. Many farms have Fall activities and events. Sahl’s Father Son Farms operates a family friendly corn maze in the Fall from now until October 26th in Galloway Township. They have hay rides, pumpkin patch and more. To meet some amazing animals visit the Funny Farm Animal Rescue in Mays Landing.
Visit The Cranberry Bogs
This is a totally unique thing to South Jersey. If you haven’t seen it you’ll definitely want to check it out. Check out JJ White and Pine Barren Native Fruits in Browns Mills. This week they are starting harvest across the cranberry bogs. Schedule a tour or visit Whitesbog to see some of the harvest. Then stop by JJ White Farm at 1 Pasadena to purchase some fresh cranberries, jellies, jams, salad dressing and salsa (awesome) directly from the farmer.
This is a great time of year to watch the birds fly South for the winter. There are some great places to drive to and see birds and wildlife up close. The Edwin B Forsythe National Wildlife Refuge in Galloway Township is a fantastic spot to drive out onto the marshes. Also Cape May Point State Park is fantastic this time of year.
What do you like to do in South Jersey in the Fall. Comment and let us know your thoughts.
Businesses closing, opening and moving in Atlantic County, NJ
You may have noticed an increase in commercial real estate activity recently. New businesses are opening, and moving to larger locations. In this post I’m going to focus in on a few moves.
The Black Horse Pike area of Egg Harbor Township and Mays Landing has seen many new activities. New businesses have moved into the Wal Mart shopping center in Egg Harbor Township. Along the English Creek area a new Dunkin Donuts drive through opened and Mavis Discount Tire. In Mays Landing a new strip mall center opened with a new Starbucks drive through and Sleep Number Store. Across the street from that is the new Outback Steak House.
Earlier this month JC Penny Officially closed it’s doors at the Hamilton Mall location in Mays Landing. This leaves the mall without two anchor stores. Sears also closed last year. Burlington Coat Factory is moving its location from Harbor Square in Egg Harbor Township to Consumer Square in Mays Landing.
One of my favorite restaurants Nizam’s also moved it’s location recently to a larger and nicer location in front of Harbor Square. If you are a business owner there are many opportunities in Atlantic County to start and grow a business here. Contact us for a no obligation consultation.
Is now a good time to buy a house in Egg Harbor Township, NJ?
I often get asked when is the best time to buy a house. And the answer often depends on your circumstances, goals, and needs. However in this article I post 3 reasons to buy a house now in Egg Harbor Township, NJ.
Interest rates are low. Interest rates are now at about 3.92%. This is a historically low rate. If rates go up that will decrease the loan amount that a buyer can afford.
Inventory is good but shrinking. Inventory is down in many of the neighborhoods of Egg Harbor Township. Lower inventory can cause home prices to increase. Several communities are experiencing price increases. It’s better to buy now before prices continue to increase.
View from Anchorage Point, Egg Harbor Township, NJ
Newer inventory of homes for sale. At the peak of the real estate market Egg Harbor Township was a new construction boom town. Many developments were built at that time. There typically is a good inventory of homes for sale that are built in the 90s and 2000s. If you’re looking for a newer home Egg Harbor Township is a great choice. There are also developers building brand new homes.
Best Buy In Egg Harbor Township! Home for sale $190,000.
I just listed this fantastic house in Egg Harbor Township, NJ. 2 Cary Ct is a lovely home on cul-de-sac location and large .4 acre wooded lot. This home features 4 bedrooms and 2 bathrooms. There is a living room, dining room and eat in kitchen. The 2nd bedroom on the first floor has been converted to a family room and can be converted back to a bedroom giving you two bedrooms on the first floor.
The second floor has two bedrooms and a full bath. There is a large rear deck and fantastic private fenced back yard. New paint and carpet. Roof was replaced 10 years ago and HVAC replaced 5 years ago. Move in ready. Contact us for more details.