From The Allison Ziefert Real Estate Group:
The way a house is presented is one of the most important factors in how successfully it performs on the market. With the advent of home make over and real estate shows, pretty much everyone is aware that homes that are in great condition and properly presented for the market will do better than others. Here are some of my favorite secret tips that can take your property from an average to a stellar performance that you may not have considered:
- Deep cleaning is more than superficial. It gives the impression that a property is well cared for in every way. So pay attention to areas like that may not get regular attention like appliances, moldy grout, dusty fans, light fixtures filled with dead bugs, vents caked with dirt and windows. You can bet that sellers who are focused on the details will have maintained the inner workings of their homes as well.
- Special spaces resonate. If you have a really unique room, like a private finished office studio, garage bar, kids bunk room, insanely nice finished basement or tropical sunroom that’s perfect for indoor plants your house will stand out from the pack. We’ve seen some really cool spaces that really sell a house.
- Don’t depersonalize too much. This applies to both the architecture of the house and the decor. Let the personality of your house shine through from original tile work to unpainted woodwork and stone. Too much sterilization and “updating” strip the character from your house. Having an owner’s cherished furniture, artwork and decorative pieces around also lend warmth to a home’s presentation. Not everything should look like it was just pulled off the shelf at HomeGoods.
- Light it up. There isn’t a single buyer out there who is looking for a dark and gloomy house. Open your blinds and shades, add table and floor lamps, replace broken bulbs and upgrade older recessed lighting with LED fixtures so that rooms are bright and the white trim is not discolored. Bringing in the light will also bring in more buyer interest in your home.
- Don’t be afraid to bring in color. White and gray are so boring! Whether it’s an accent wall of delightful wallpaper, some bright pillows and accessories or seasonal potted flowers on the front doorstep and window boxes, adding colorful pops makes your home look more appealing in photos and brings more attention to your home.
Here is our latest market report for Maplewood:
Here is our latest market report for South Orange:
June is a great time to review the market stats since we are halfway through the year. Here is what we are seeing in the market.
Despite interest rates hovering just under 7% and inflation being on a steady 11 month decline, housing prices have not dropped. In New Jersey, the average price of a home was up by about 4% in April year over year. In the towns we cover prices are up across the board. In South Orange the average price of a home rose modestly by 2.8% and in Maplewood by 0.5% YTD over 2022. In other towns the increase was much greater – ranging anywhere from 6.5% (Summit and West Orange) to 17% (Bloomfield and Millburn).
What is stunning is the huge decrease in sales volume. In the US, existing home sales are down by about 37% over last year. In New Jersey the number of closed sales was 24% lower this April than in April of last year. In South Orange YTD the number of sold units has plummeted by 22% and in Maplewood by 29%.
Why the drastic reduction in sales? Sellers with no mortgage or a low rate mortgage see their financial position as an asset that they do not want to lose. They find the idea of purchasing a home at a higher rate than they have to be very challenging.
Fewer homes are coming on the market creating an inventory shortage. In July 2021, there were around 51,000 homes on the market in NJ. In April 2023 there were 13,000. This could be an indicator of a pricing slowdown coming down the pike.
We see buyers, particularly in the million plus range, being very selective and taking their time as their purchasing power has declined with higher interest rates. Homes in the $400-800,000 range continue to see a lot of demand.
Do you have a real estate question on your mind? Do not hesitate to email me at allison@azhomesnj.com. There’s nothing more exciting for me than SOMA real estate and I’d be happy to share my expertise with you.
The Allison Ziefert Real Estate Group is a top producing real estate team based at Compass in Short Hills, NJ. We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills, Montclair/Glen Ridge, West Orange, Morristown and the surrounding NJ towns. We’ve also got you covered coast to coast with the best connections to top agents around the country in any market you are exploring. We are driven by earning great testimonials and referral business from happy clients. You can read our reviews here.
