An extreme shortage of homes for sale continues to drive increased demand. This, of course, has resulted in high sale prices and fewer days on market before a home goes under contract. While many sellers would like to downsize or trade up, many are reluctant to exchange their 2-3% mortgage rates for current rates that are twice as high. Since mortgage rates continue to be stuck in the mid-6 percentage points, regardless of whether buyers are applying for conventional or adjustable-rate mortgages, we are experiencing an increase in all-cash purchases. Many fortunate buyers can benefit from stock market profits as well as collateralizing retirement savings. For home sellers, all-cash purchases are very attractive because buyers can close quickly without having to wait for a mortgage. Most importantly, there is no risk of the buyer’s ability to get a mortgage approval or of the property appraising for less than the purchase price. However, when presented with a cash offer, the seller must verify that the funds are liquid or can be liquidated within the time period allowed before the agreed-upon closing date.
As if the fact that housing demand exceeds supply were not enough to benefit home sellers, New Jersey has just been ranked the ‘second best state to live in the United States’! WalletHub has ranked New Jersey #2 based on residents’ access to top-ranking health care and education, as well as reduced crime and great opportunities for recreation and culture.
If you are fortunate enough to take advantage of this robust seller’s market, here is some helpful advice to prepare your home for sale, based on recent trends of buyer preferences. Paying today’s high prices, buyers are seeking homes that offer durable, low-maintenance finishes. For example, quartzite counters are becoming preferable to marble or granite countertops that require resealing. Luxury plank vinyl (LPV) is more popular than tile, which requires re-grouting. A freshly painted interior always attracts buyers. Using a durable ‘all-in-one’ paint and primer that is low VOC and a neutral color can really enhance the home’s interior. A paint color to consider right now is sage green, as evidenced by studies of buyer preferences and resale prices. This has become a popular color suited to kitchens, bedrooms, living rooms, and baths. Buyers no longer seek stark white interiors, instead preferring softer, muted colors. Another improvement to consider is lighting the interior. First, the least costly approach: remove heavy window treatments, clean all the windows, and let as much natural light inside as possible. Next, invest in some new light fixtures to create ambient lighting. This makes the interior more appealing and can include a few floor and table lamps, as well as a few trendy ceiling fixtures.
As food and consumer goods prices have risen drastically, people are buying more at discount stores like COSTCO and BJ's. As a result, kitchen pantry storage has become a top feature sought by today’s buyers. Additional storage features in garages and basements are also desirable.
For the exterior, a new coat of paint on the front door as well as drought-tolerant and ground cover plantings around the home foundation are attractive low-cost enhancements that reduce the cost and maintenance of watering and weeding a garden for today’s busy buyers who have more money than time to spend on home maintenance.
For more recommendations on home maintenance, staging and preparing your property for sale, contact me at dianebelcuore@optonline.net or 908-872-5473.
For additional information please contact:
Diane Belcuore
Realtor ®
908-872-5473
dianebelcuore@optonline.net
NJ 5 STAR AWARD Winner 2014, 2015, 2016, 2017, 2018,2019,2020,2021
Accredited Staging Professional
