Selling your home on your own can be somewhat daunting, but it can also be extremely rewarding. Whether you’re a first-time seller or have sold properties before, these five tips will provide you with valuable insights and strategies to ensure a successful home sale. From preparing your home for showings to effectively marketing your property, these tips will help you navigate the selling process with confidence and maximize your chances of attracting potential buyers.
If you are looking to sell your home in New Jersey, don’t let the process overwhelm you. At The Matus Law Group, our experienced New Jersey real estate lawyers are here to support you every step of the way. We can assist you with essential tasks such as pricing your property accurately, drafting and reviewing contracts, negotiating with potential buyers, and ensuring a smooth closing process. Contact us today at (732) 281-0060 to learn more about New Jersey real estate closing costs and take the first step towards a successful For Sale By Owner (FSBO) transaction.
1. Do some research to price your home correctly.
One of the biggest mistakes that sellers make is that they price their home either too high for the market conditions or too low—which means they are out some of the value of their home. You should try to find recent sales in your area of comparable homes to get an idea of what your home may sell for on the market. While your tax estimates can be helpful, they are sometimes higher than what your home is really worth. Title companies may be a good resource to get comparable sales numbers in your area.
2. Ensure your home is spotless for showings.
Buyers are expecting your home to be absolutely spotless when they walk through. They want furniture, but not a “lived-in” look. Be sure that everything is in its place and tidy. Keep in mind that potential buyers may want to look in closets and other storage areas too. It might be a good use of your funds to rent a storage unit for a short time while your home is for sale.
3. Make those small fixes.
If you have certain fixes that you have been delaying, now is the time to get them fixed. Touch up locations where your paint may have chipped or where you have water spots from old stains that have long been unaddressed. Buyers will look for these imperfections and may assume the worst from staining or other defects.
4. Advertise, advertise, advertise.
Today’s homebuyers are looking online for their homes. Picturesque photographs of your house are going to be absolutely crucial to getting potential buyers in the door. You can also set up open houses and do walkthroughs. Flyers, online listings, word of mouth, and even direct mail can all be great advertising tools.
5. Find a New Jersey real estate attorney you can trust.
Once you have a buyer, you need a real estate attorney who can help you create the paperwork you need to make the sale official. The real estate contract and documents that will transfer the title are far too important to do on your own.
|Tips to Make Selling Your Home Go Smoothly||Description|
|Research comparable sales||Find recent sales of comparable homes in your area to determine the correct price range for your home.|
|Ensure cleanliness||Make sure your home is spotless and well-maintained for showings to create a positive impression on potential buyers.|
|Address necessary fixes||Attend to any small repairs or touch-ups to improve the overall condition and appeal of your home.|
|Utilize effective advertising||Advertise your home extensively through various channels, including online listings, open houses, flyers, and word of mouth.|
|Hire a reliable real estate attorney||Engage a trusted real estate attorney to assist with the legal paperwork involved in finalizing the sale and transferring the title.|
What is the Exit Tax in New Jersey?
If you plan to sell your home in New Jersey and relocate to another state, it’s crucial to understand the concept commonly known as the exit tax in the state.
When residents of New Jersey sell their homes and get ready to relocate to another state, they must comply with the obligation of paying a standard tax rate on the profit they earn from the sale. Unlike the usual practice of paying state income tax when filing a tax return, sellers must pay this tax at the time of their move. It is crucial to emphasize that this does not constitute an extra tax exclusively targeting the sale of their homes. Instead, it functions as an advance payment of state taxes that sellers already owe, calculated based on the profit generated from the sale.
As per the law, sellers must make an initial payment of the state tax, which is determined by either withholding 8.97% of the profit or 2% of the selling price, whichever is the higher amount. Subsequently, this prepayment of tax is utilized as a credit to offset the seller’s ultimate state income tax obligation for the year in which the sale occurred. Even if there is no gain from the sale, the seller must still fulfill this tax payment requirement before leaving the state. However, when the year-end income tax return is filed, the state considers all of these factors and incorporates them accordingly.
It’s important for individuals planning to sell their homes in New Jersey and move out of state to consult with a New Jersey real estate lawyer. The Matus Law Group today can provide guidance and assistance with understanding and navigating the state’s exit tax regulations when selling a home and relocating to another state, ensuring compliance and a smooth transition. Schedule a consultation with us today.
Matus Law Group can help New Jersey home sellers with the actual transfer process. We can prepare your sales documents and even ensure that everything is recorded properly for the sale. Learn more by contacting our office at (732) 281-0060.