1. Understanding the Current NJ Real Estate Market Conditions 📊🏡

• Local Market Reports and Historical Data: Ask your agent to provide you with market reports specific to New Jersey and historical sales data for your area. This information will offer insights into average listing prices, days on the market, and inventory levels.
• Local News and Neighborhood Dynamics: Stay updated with local news and understand the selling points of your neighborhood.

2. Deciding on the Best Time to List 📅⏰

• Seasonal Trends and Data Insights:
  • Best Months for Higher Prices: June, November, July, December, and August.
  • Months with Lower Prices: September, February, May, January, March, April, and October.
  • Fastest Closings: June, May, July, August, September, and April.
  • Quickest Sales: February, October, January, March, December, and November.
  • Key Takeaway: June stands out as the best month to sell in NJ, with homes spending less time on the market and fetching higher prices.
• Optimal Day to List: Thursday is the preferred day to list your property, as homes listed on this day gain maximum exposure and sale profits.
• Consideration: Single-family homes are especially popular among families with children. These homes are often sought after in the spring, aligning with the end of the school year in June.

3. Home Evaluation and Pricing 💲🔍

• Square Footage Verification: To ensure the accuracy of the home's square footage, it is important to verify the details on NJPropertyRecords.com and compare them with the purchase details to identify any discrepancies in the township's public records. These discrepancies can have an impact on the pricing of the Comparative Market Analysis (CMA).
• ⭐Comparative Market Analysis (CMA): Request your agent to conduct a CMA. This analysis compares your home to similar properties that have recently sold in the area, providing a data-driven estimate of your home's value.
• Zestimate Consideration: While tools like Zillow's Zestimate can provide a quick home valuation, they aren't always accurate. These online estimates use algorithms and may not account for the unique features of your home or the nuances of the local NJ market. Always consult with a local realtor who can provide a more accurate and tailored valuation.
• Setting a Competitive Price: Based on the CMA results and your selling timeline, set a price that aligns with the current market conditions. Remember, pricing too high can deter potential buyers, while pricing too low might leave money on the table.
• Professional Appraisal: Consider hiring a professional appraiser for an in-depth evaluation, especially if your home has unique features or if there's a wide range of prices in the CMA.
• Recommendation: Regularly review and adjust the listing price based on feedback from showings, market shifts, and the length of time the property has been on the market.

4. Recommended Document Checklist for Home Sellers 📁🖋

While not all of these documents are legally required, gathering them can facilitate a smoother selling process and provide potential buyers with a comprehensive understanding of the property:

Property Details:

1. Details on Home Features: Information on significant features or systems.
2. Renovation and Repair Records: Significant renovations or repairs.
3. Warranties: Appliances, roofing, HVAC systems, etc.
4. Floor Plans: Layout and flow of the home.
5. Inspection Reports: Past property inspections.
6. Pest Inspection Reports: Termite and pest status.
7. Permits: Open and closed permits.
8. Roof and Other Home Feature Details: Documentation on significant parts of the house.
9. Utility Bills: Average monthly costs.
10. Manuals: Integrated systems like smart thermostats, security systems, etc.
11. Energy Audit or Efficiency Reports: Energy efficiency of the home.

Legal & Financial Documents:

1. Homeowners Association (HOA) Documentation: By-laws, rules, and regulations.
2. Previous Home Sale Documents: Seller's disclosure from purchase.
3. Recent Appraisals: Independent assessment of value.
4. Survey Records: Clear boundaries and land details.
5. Tax Records: Property tax history.
6. Natural Hazard Disclosures: Floods, earthquakes, wildfires, etc.
7. Rental Agreements: Details about rental potential.

Additional Considerations:

1. Vendor List: A list of vendors you've used for the home, such as plumbers, electricians, and gardeners.

2. Furniture Sale Options: A list of furniture you'd be willing to sell, including prices.

3. Buyer’s Attorney, during Attorney Review, may request something similar to this:

   

5. Request your Listing Agent to file an OPRA Request

Why File an OPRA Request?

An OPRA (Open Public Records Act) request allows you to access specific government records related to your property. This can include information about open permits, closed permits, code violations, and property tax assessment report cards. Obtaining this information proactively can prevent delays in closing and ensure a smooth transaction.

When to File an OPRA Request?

It's advisable to file an OPRA request early in the selling process. This allows ample time to address any potential issues that may arise from the information obtained, such as resolving open permits or code violations.

Requirements For Selling A House In New Jersey 📜🏠

Selling a House With Tenants in New Jersey

Selling As Is in NJ: Disclosure Law

In New Jersey it is legal to sell a house as is (without any repairs) but you are required to inform the buyer in writing of the quality, status and safety of the property:

1. Implied warranty of habitability. You cannot sell a house “as is” without the required disclosures.
2. Required Disclosures. Legally, the buyer must be informed about the known and latent material defects of the home. Some defects are “latent” if they are not visible. For example, damage caused by rain that is invisible at first glance.

Common defects that are reported include:

• Violations of the municipal code.
• Any type of unsafe conditions, type of damage or known failure with the structure, home systems or other similar component.
• Material defects.
• Boundary line disputes.

To comply with the law, the seller must:

1. Ensure that the house for sale is suitable for living.
2. Disclose all known or latent material defects.
3. Identify how you used your home and that you did not violate any current zoning laws.
4. Declare that you have not made home improvements that require permits or that you have obtained all necessary approvals for such projects.
5. If the property was built before 1978, you will need to tell the buyer if it has lead paint. To do this, you must provide available reports or records on that situation.

Seller’s Disclosure Form ✍️📄

The seller’s property condition disclosure statement form details the systems, structures, or other components of the property.

Although disclosure of known and latent material defects is legally required, sellers are not required to complete the disclosure form. However, it is recommended to do so.

Disclosure Benefits

• Reduced liability.
• Better negotiations.
• Opportunity to make home improvements.
• Fair deal for both parties.
• Better rating.
• Legal compliance.

Seller Disclosure.pdf

Next Step:

NJ Home Selling Preparation Guide