Usually, we start to see a downshift in the market this time of year in the Fall, but we all know 2020 has been anything but typical. 

In Hoboken and Jersey City, there is plenty of activity happening in the local market. In Hoboken, closed sales increase by 18.5%, with 96 closings in August 2020, compared to 81 in August 2019. Homes are selling after an average of 30 days on the market.

There was a slight increase in closings in Downtown Jersey City as well.  In August 2020, 61 properties sold, up 5% from the previous year. The average days to sell in Downtown Jersey City is 46 days.

If you are planning on buying or selling this year, here’s what you need to know to be ready for the fall market!

Sellers  

If you are ready to sell your home before 2020 comes to an end, prepare now! Here are our tips for getting ready to list your home for sale:

1. Organize all documents. 

There is a lot of paperwork involved in real estate transactions. Get ahead by organizing these documents now: 

• original sales contract

• appraisal from the purchase of your home

• records of home repair and maintenance

• mortgage statement

• homeowners insurance records

• homeowners association documents

• past utility bills

As you begin the process to sell, you’ll be collecting more paperwork. Make sure you keep it all organized, so you have easy access to it. 

2. Choose your listing agent wisely. 

Having the right real estate professional guide you through the process is essential. Your listing agent will market your property to the right buyers, negotiate on your behalf, answer questions, and ensure paperwork is complete and the closing takes place. 

3. Clean and declutter.

Clean your home inside and out. As you do, remove clutter and personal items. When buyers walk into a clean, depersonalized space, they can envision themselves living there more easily. 

4. Stage to highlight buyer wants and needs. 

Right now, many buyers are looking for outdoor space and a home office. Stage your home so that potential buyers see how they can utilize your patio or porch. If you don’t have a dedicated home office, show people they can work remotely by setting up a desk in a quiet corner. In addition, use staging to highlight your home’s best features and make each room feel more spacious. 

5. Have a plan for moving. 

Where are you going to next? Have a plan in place, so if your home sells quickly, you are able to pack up and move out in time for closing day. 

Buyers

Low mortgage rates and high buyer demand means that homes are selling. Here is what you can do to prepare to buy this fall:

1. Get pre-approved. 

If you plan on financing your home purchase, get pre-approved by a mortgage lender now. This gives you a definite sense of how much you can afford and lets the sellers know that you are serious when making an offer. 

2. Do your research. 

Research home sales in the location you want to live in. How much are homes selling for? What type of property fits in your budget? Use this to create your list of ‘needs’ and ‘wants.’ 

4. Choose your buyer’s agent.

Just like sellers, buyers need to choose their agent wisely. A buyer’s agent will ask questions to understand what you are looking for, help you search for your dream home, make negotiations on your behalf, and guide you through the process and paperwork so that you can move into your new home. 

5. Be prepared to act quickly. 

Like we stated earlier, buyer demand is high right now. If you find a property you love, be prepared to make an offer! Your agent will help ensure your offer is competitive without going over budget. 

Are you ready to buy or sell? Contact us to get started!