Today I’d like to highlight a few new listings both of which went under contract within a week of listing. Inventory is currently at an all time low. If you’re thinking about selling your home. You need an expert to help you navigate this market and positioning your home for the most profit possible. In a sellers market, selling your home is easy. The challenging part is successfully negotiating favorable terms for you to find your next home. Call me for a free consultation and I’d be glad to talk with you about your plans. Call 609-338-3773.
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.
First of all we want to extend our sympathy to those who have been personally affected by the COVID 19 virus. We also would like to express our support to those who have lost jobs at this difficult time.
As of today Governor Murphy announced that all non essential businesses should close and work from home. At Keller Williams Realty we are honoring this request and have already made preparations to work remotely. Our staff and leadership team will continue to work remotely from home. Our affiliated title company is also prepared to work from home and handle closings remotely.
We anticipate our scheduled closings to close on time and are communicating with our clients on any potential delays.
For new seller clients we have initiated a Virtual Home Selling Service. We will take new listings including video tours without having to come to our client’s home and without any buyers having to come in their house. We have also implemented a virtual live open house strategy to further promote our listings on social media.
For our home buyer and seller clients we have implemented video conferencing for all meetings. We also have a Virtual Home Buying Service to help our buyer clients navigate through potential homes and neighborhoods without having to leave the comfort and safety of their home.
Is now a good time to buy or sell real estate in South Jersey? The answer is it depends on your circumstances. We are offering phone or video consultations to help you determine if this is the right time for you.
We are committed to help our clients with their real estate needs and add value to their lives. We pray that everyone would stay safe and well.
Richard, Matthew, Linda Haviland
P.S. Is there anything we can support you with? If we can help we will. If we can’t we’ll let you know or do our best to connect you to someone that can help.
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.
Here is a look at the Atlantic County real estate market. We will break out single family homes, condos and take a look at adult communities.
For single family homes, New listing were up in December, closed sales were up and median sales price was up by 22.6% to $225,000. Inventory was down by 4.7%.
For condos and townhomes new listings were up 40% and median sales price was up 31.8%. Inventory went up 10%. Recent changes allowing FHA spot approvals should open up more financing options for condo buyers and also help contribute to increased condo prices.
For adult communities new listings rose by 42.9%. Days on market dropped by 60% to just 33 days on market. Median sales price decreased by 21% for the month. In general the adult community home prices do mirror the rest of the market so a few lower priced homes sales may have led to the drop in prices for the month.
If you’re thinking about buying or selling a home please contact us for a complimentary Pin Point Price Analysis and Room By Room Review.