As we begin a new year, we see a steady trend in home sales. Over the past 8 months, 588 homes have sold in New Providence, Berkeley Heights, Long Hill, Warren, and Watchung communities. * The average home sale price was $671,000. * The average days on market was only 65 days. *
These statistics indicate that buyers are decisive and there is a steady stream of them. Good school systems, employment opportunities, and proximity to mass transit, continue to benefit our real estate market. Also apparent is that buyers are more conservative in their home purchases. The average home sold had 4 bedrooms, and 2.1 baths. * Buyers are choosing moderately priced, modestly sized homes, instead of larger homes. Changes to the Federal Tax Law effective in 2018, reduced the tax advantages of buying larger, more expensive homes.
In addition, today’s buyers are becoming increasingly focused on the most practical home features. At the top of their list are features that offer “Smart” home technology. This essentially marries Internet connectivity with basic home appliances and mechanical systems. You can control lighting, room temperature, garage doors, sprinkler systems or surveillance system from your Smartphone. ***. Of course, homes with newer HVAC systems and appliances are selling faster than homes with older mechanicals. *** If you are planning to replace appliances or systems, it’s important to consider these smart technology features! Make sure that any smart technology offered within your home is highlighted in all marketing and advertising for your property. In addition, it’s important to emphasize the energy efficiency of appliances, windows, doors, and insulation.
The Internet continues to drive home purchase decisions. Now more than ever, buyers are using the Internet to ‘research’ before they buy a home. The Internet is the first step to buying a home for 90% of today’s buyers. *** Besides looking at pretty pictures of homes online, buyers are using the Internet to learn about other important factors before they make an appointment to see your home. Buyers want to know if properties are located in a flood hazard zone, or whether radon gas is common in the community. As buyers become ‘educated consumers’ sellers must be prepared to overcome these objections, which are often based on misinformation! The old expression ‘a little knowledge is dangerous’ comes to mind! Home sellers must be well prepared to answer these types of questions! Use the Internet to your advantage! For example, understand that radon gas in homes varies from one property to the next and can also be artificially high if homes are poorly ventilated. If you have invested in waterproofing your basement or installing an effective drainage system, these are important features to emphasize when marketing your property.
Today’s buyers are hungry for data and information about your property. Energy efficiency ratings of new appliances, average utilities costs, home warranty coverage are just some facts that should be highlighted. Full disclosure and emphasis on your property’s features and benefits will help get your property sold!
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