How to get ready for the spring real estate market in NJ
When the weather warms up, so does our real estate market.
The spring season is notoriously the hottest time of the year for home sales, with more people choosing to list their homes and more buyers beginning their home search.
While New Jersey and the nation continue to experience low inventory, there are always going to be sellers who put their homes on the market — and spring is the best time to do so.
“There’s always people selling because life happens,” said Julia Gaffney, agent and team leader of Julia Gaffney Properties LLC at Keller Williams Prosperity Realty.
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While the spring season has not quite arrived, the beginning of the spring real estate market is already underway. Because the 2024 spring real estate market could be hotter than recent years, now is the time to get ready.
If you’re looking to become a homeowner or sell the property you’ve held on to, here’s how you can take advantage of this busy real estate season.
What makes spring a busy time for the market?
Suzy Minken, an agent with Compass in Short Hills, said that while the seasonality of real estate has changed significantly since the COVID-19 pandemic, spring is still typically the most popular time for real estate for a number of reasons.
One is that homes on the market show better in the spring. As the green starts to return to our trees and lawns, and flowers begin to bloom, properties look more appealing. So buyers can see homes in a more positive light after a harsh winter season.
The school year is another driving factor for the increased demand in spring.
“Many folks moving into the suburbs are looking for schools and need to be on that school schedule,” Minken said. “In New Jersey, if it’s not a cash offer, it takes anywhere between 45 to 60 days to close. So, that brings you right into those spring months.”
How can buyers prepare?
Visit homes in person to figure out what you want
Minken said that when starting the spring homebuying process, it’s important to go on home tours in person, rather than just browsing properties online. You shouldn’t dismiss a home when there’s already limited inventory, she said, and you need to be able to experience different homes in person to figure out what you really want.
This will help you determine exactly what features you need, what you can live without and what features you can compromise on for the time being, she said. It will also show you sooner rather than later if you might need to consider looking in other towns or for other styles of homes.
“Begin with the end in mind and know what that answer is so that the house you’re looking at doesn’t pass you by,” Minken said. “So you’re looking at a house but you’re also looking at the neighborhood, you’re looking at the town and you want to learn all of this very quickly so that you’re then able to be receptive to a home search pivot.”
Understand how the process works
Minken said that who you may be as a buyer on Day 1 will be different than on Day 30. Because of this, she said its important to become as familiar with the process as early as possible and utilize your realtor’s skill set so you’re prepared for all scenarios.
Being aware of all the expenses involved in buying a home — from down payments to closing costs, — as well as how to get pre-approved, when to get a home inspection and how long it takes to close on a home will make the process smoother.
Determine your budget before you start
Being as clear as possible with your budget from the start is also important, she said.
“Some people say, ‘Well, I want to be under a million dollars,’ only to find out 30 days later, ‘Well, I really could go higher.’ Why didn’t we know that from the beginning?” she said. “The more clear you can be from the outset, that would be great.”
Less inventory and more demand has also led to more cases in which buyers are involved in a multiple bid process. Minken said that having your budget determined from the beginning, and knowing the buying process, will make you more prepared to deal with a multiple bid situation.
How can sellers prepare?
“The first impression is everything,” Gaffney said. “When you’re spending the money that you’re spending — a starter home in New Jersey I think is about $500,000 — you want to be able to walk in to something that doesn’t need big fixes.”
Deep clean, declutter and depersonalize
When it comes to getting a property ready to sell for the spring market, Gaffney tells her clients to follow the three Ds: deep clean, declutter and depersonalize.
If the house is clean, buyers will be more confident it was well cared for and that all its systems have been properly maintained, she said. This goes for both the appearance of the home, as well as any odors that could be lingering throughout the property.
“Do you have pets? Do you smoke in the house?” she said. Homeowners “might not be able to really smell it because they live there, but get the carpets washed or throw away old area rugs.”
Decluttering will help the house look more sleek in both the listing photos and at open houses so buyers aren’t distracted by unnecessary items. To depersonalize, sellers should put away family photos or other personal items because they make it difficult for a buyer to picture themselves in the home, which could lessen their interest.
Refresh the home
While you don’t necessary have to do a big renovation on your home to sell it, Gaffney recommends refreshing some areas before listing it. This could include a fresh coat of paint for each room, deep cleaning the carpets and making sure all of the lightbulbs work.
Update curb appeal
Focusing on the outside of your home is just as important as the inside when getting ready to list it for sale, Gaffney said.
Trimming bushes, mowing your lawn, power washing the house and adding fresh flowers are just a few things you can do to improve your curb appeal, which will draw in more buyer interested before they even walk through the door.
Get a home inspection done
In New Jersey, home inspections are done after a house is under contract. But Gaffney often recommends that sellers get a home inspection done before they list their home if they think there may be issues with it.
This allows the sellers to address any existing problems before a buyer comes through, does their own home inspection and discovers issues that could turn them off the property.
“It’s a lot of elbow grease, maybe a couple thousand dollars, to get your house ready, but it’s going to yield you more than that,” she said.
Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at [email protected].
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