Best Commuter Towns in New Jersey Part 1 I Michelle Mumoli, Realtor©

Are you thinking of buying a home or investment in New Jersey but not sure what towns have the best commute to New York City.  This is series is for you!

When New Yorker's think about access to NYC they tend to only consider 5 boroughs. This series on New Jersey's best commuter towns looks at home types/styles and commute time to NYC

This year has been a tough one in general but real estate has soared in towns outside of New York City. Most workplaces turned completely virtual and the rest have minimized commutes into their Manhattan offices. The first thing I hear from New Yorkers looking for property in New Jersey is, “We can see that our money will get us much more space in New Jersey compared to the NYC Boroughs.”  I first implement the help of Google Maps with these clients because they may not know exactly where they want to live but need to be in Manhattan a few days a week or a few days per month and mapping the ideal commute is the first step to knowing how long you want that commute to be. The rest is a joint effort between my clients and myself.

 

Here is my guide to New Jersey’s best commuting towns:

 

1- Hoboken – The one square mile town on the Hudson River just west of midtown Manhattan, in Hudson County has it all. Boutiques and restaurants make this town one of the premier living destinations on New Jersey’s Gold Coast. Easy access to the PATH  on the 6th Ave line,  NJ Transit Bus  direct to Port Authority, and The Waterway Ferry, will have you in Manhattan in under 30 minutes.

 

Washington Street, Hoboken, New Jersey

 

 

2- Jersey City – Listed as one of the most diverse cities in the country, Jersey City, located in Hudson County, is comprised of six sections that have plenty of New York City commuting options. There is a huge variety of homes to chose from, from condos, to multi-family homes and even studio apartments. Downtown Jersey City and Journal Square are close to the PATH and can get you anywhere on the 6th Avenue line from Christopher Street to 33rd Street in about 30 minutes. Other options include privately run jitneys to Port Authority, NJ Transit Bus, The Waterway Ferry, and The Hudson-Bergen Lightrail, which connects to Hoboken, Exchange Place, runs up to Weehawken New Jersey and down to Bayonne New Jersey. (we’ll get to those towns in part 2)

 

Barrow Street, Van Vorst Park, Jersey City, NJ

 

 

 

3- Montclair  If you are looking for a walkable community with a lot of heart, look no further than Montclair New Jersey, located in Essex County. Mom and pop shops are abundant in this town, with ample, spacious homes, a myriad of restaurants to choose from and an easy commute to New York City via New Jersey Transit Train (a town jitney bus is available for transportation to the train station daily) gets you to New York Penn Station in under an 1 hour.

 

Entertainment District, Montclair, New Jersey

 

 

4- Madison – Known as the “Rose City” in honor of President James Madison, Madison New Jersey is located in Morris County. With a walkable main street comprised of mom and pop shops, gourmet restaurants and beautiful parks, this town has an astonishingly easy commute. An express line from Madison Station via New Jersey Transit Train to New York’s Penn Station, is about 1 hour.

 

Main Street, Madison, New Jersey

 

 

5 – Atlantic Highlands/Highlands – If the beach is more your scene and you want to feel like you are living the resort lifestyle, consider Atlantic Highlands located in Monmouth County. Amazing shopping, waterfront dining and of course the beach are readily available all year round. The Seastreak Ferry gets you to lower Manhattan’s Battery Park Terminal in 45 minutes.

 

Downtown Atlantic Highlands, New Jersey

 

 

6- Asbury Park – Labeled the “coolest place at the Jersey Shore” by Trip Advisor, Asbury Park, located in Monmouth County, is a historic resort town that has seen a revival in the past ten years like no other. With a year-round boardwalk and main street that are sure to please all ages and a great mix of Victorian homes as well as new construction condominiums, this beach town has the best of both worlds. Your commute via New Jersey Transit Train to Penn Station is under 2 hours.

 

Cookman Avenue, Asbury Park, New Jersey

 

 

Let us help you move or relocate to anywhere in New Jersey!

 

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Beach homes with easy access to NYC

Did you know?

Michelle Mumoli now works the Jersey Shore!

Comprised of Monmouth & Ocean Counties in New Jersey, these historic resort towns have seen an incredible revival in recent years.

Get to know our Jersey Shore….

Take a tour with Michelle Mumoli, broker-salesperson of The Mumoli Group at Triplemint.

 

 

Video courtesy of Monmouth Media House.

 

Want to see what’s available? Search Shore Properties

 

Call or message us to learn more about beach homes, new construction homes, luxury condominiums and so much more 917.268.8916


Thinking of selling your home? Now is the time

Supply and demand of home inventory in your neighborhood are important things to consider when selling a home.

Lots of buyers are out there looking for homes right now. Here's what you need to know as a seller.

The V shaped real estate market recovery in 2020 is continuing to be the most triumphant in our history. With interest rates the lowest in history and people moving to new areas they had not previously considered, bringing the market value of homes in many suburban and shore areas of New Jersey to historic highs.

In most markets throughout Hudson, Bergen, Morris, Essex & Monmouth Counties in New Jersey there still is low inventory of homes on the market with high  demand of buyers.

The recent National Association of Realtors (NAR), Existing Home Sales Report show total housing inventory is down 18.8% from one year ago. Inventory is well below what was available last year, and the houses that do come to the market are selling very quickly.

Sam Khater, Chief Economist at Freddie Mac notes:

“Simply put, new housing supply is not keeping up with rising demand. We estimate that the housing market is undersupplied by 3.3 million units, and the shortage is rising by about 300,000 units a year. More than half of all states have a housing shortage.”

There are many reasons why inventory is low; homeowners are staying in homes longer than in previous real estate market cycles, new construction inventory of homes cannot meet demands and more people are deciding to buy for the first time or add a second home/investment.

We have seen 2020 make purchasing homes for first time buyers a real possibility, it also created a need for homes in new areas of the country.

If you’re looking to sell your home, call me 917.268.8916. We’ll make sure your home is perfectly positioned to sell.

 

 

 

 


The Value of Owning vs Renting

There are important things to consider when moving, should you rent or buy a home?

Recent data from the Federal Reserve suggests that a homeowners net worth is almost 40 times greater than that of a renter. The reason being the last several years of mortgage interest rates have made the cost of buying a home more affordable than in the past 2 decades combined.

 

 

Every time you pay your mortgage, it’s like a forced savings account with built in equity. Equity is the keyword here, this gives you leverage. In that comes the freedom of wealth.

If you want to learn more about how to get started, check my buyers guide. Call me, Michelle Mumoli, your real estate expert. 917. 268. 8916


STAGING YOUR HOME FOR SALE: WHY IT'S CRUCIAL

Why staging your home for sale is crucial

If you are selling your home, hiring a real estate agent with an eye for design who offers staging your property is crucial for many reasons. You'll get the most eyes on your property but also you get the most offers on your property!

Have you ever seen photos of a home with cluttered cabinets, dingy floors and unmade beds? Do you wonder why those folks have bothered to sell their property at all? Well, you may not be seeing the full picture. Let’s be real, most real estate agents are part-timers, cold callers with no people skills or sales savvy with no eye for style or passion for design.

 

The first impression of a property is the thought that will linger in the minds of a potential buyer. As a seller you need to work with real estate agents that are experts at telling you how to make your home leave a positive and lasting impression in a buyers mind. Our experience when first walking into a seller home or finished development is getting asked “Tell us what we need to do, to make it look it’s very best.”  Artists have a natural ability to take a challenging problem and turn it into an attractive solution. Michelle Mumoli’s artist background has helped her work on design strategies with both sellers and buyers. From envisioning a space to creating creative solutions to staging with The Mumoli Group’s staging company.

 

Most buyers DO NOT WANT see a seller’s family on the walls, personal trinkets or care to know who a seller’s favorite sports teams are. Buyers like to look at spaces that display furniture as they would display their own furniture. They want to envision a space in a way that they would use it themselves and with clear, minimal photos that showcase the space itself. 

 

Staging increases the resale value of your home. Did you know that staged homes sell for an average 17% more than non-staged homes, and 95% of staged homes sell with less days on market (industry average 11 days). 

 

We run our own staging company at The Mumoli Group and offer a variety of staging options for your home. Call us today for a thorough market valuation and staging consultation.


What you think your home's value is VS what the market is willing to pay...

When you think about the value of your home, are you considering what the market conditions are? A great tip to consider is how many homes are for sale in your market that are similar to yours, REALLY SIMILAR, what have those homes sold for in the past 6 months.

The housing market behaves very similar to the consumer goods market. What is the thing that is most in demand at the current time and how much supply of it there is readily available.

It’s important to remember that the public creates the market (along with mortgage interest rates and many other political/social factors). In some areas right now, they are experiencing very high demand which has created a sellers market. In a sellers market, there is short supply of homes and a high demand of buyers, giving sellers leverage and this is where we see sales prices increase greatly from asking prices.

Other areas are going through a buyers market right now. Homes in buyers markets are in high supply, therefore giving buyers more leverage. Days on market for properties in these ares are also higher than those in sellers markets. Prices come down to meet the excess of supply.

Think about it like a specific popular commodity that everyone wants to buy, when in low supply, the market dictates the price and that price increases. When in high supply, the market value is lower.

 

Do you want to know your  home’s market value? Call me to get a comprehensive market valuation so you can rest easy. Michelle Mumoli, 917.268.8916


5 Reasons Selling Your Home on Your Own is a Mistake

5 Reasons Selling Your Home on Your Own is a Mistake

When you think about professionals and the services you pay those professionals to do, such as hair stylists/colorists, personal trainers, estate planners, financial planners, doctors etc. All professionals are professionals for a reason. 

 

 

Accredited professionals work countless hours on their state required learning to obtain licensing in their course of study, they gain knowledge from continuing education as is required and all that work helps them hone their craft. You’ve probably heard of the “10,000 hour rule”. Well it does indeed take about 10,000 hours of practicing something to truly understand all of its nuances.

1- SAFETY & Multiple Listing Services – As real estate agents we pay into devices & applications provided by our MLS to access to bluetooth lockboxes where your home keys are placed for accessing a property safely (only paying real estate agents have access to these) and third party showing systems. Both of these systems log in who has accessed the keys to your home. I once went to a property where the keys were not in that box and through the log I quickly called the last agent who showed it, of course they have forgotten to place the keys back, keys were back in a matter of moments! 

 

2- CIS & LEGAL DISCLOSURE FORMS – Do you know what you and your buyers should be signing to understand all legalities of showing your property? There need to be specific forms signed in order to have no legal implications on selling your home. An experienced real estate agent has these at the ready, for easy digital signature  because it’s standard.

 

3- MLS ACCESSIBILITY-  Are you a member of the MLS? Multiple Listing Services offer the most exposure to buying brokers. Let me be honest here, I’m honest with all of my clients and if you are reading this, I hope you are already one or become one shortly. Although our pre-market platform may have me bringing you a direct buyer, I actually want all of our cooperating buyer brokers in our MLS’s (I’m a member of 3 in Northern NJ) to be able to see and show your property to their pool of pre-approved and qualified buyers.  Of course there are flat fee and discount brokerages out there that can post your home on the market and let you do all the work, but imagine walking out of the doctors office with half your stitches? Not a comfortable spot to be in.

 

4- NEGOTIATIONS – Negotiating contract offers is akin to nothing else in the entire world. International business MBA’s  have told me personally, when I’m selling their homes, that they cannot negotiate how I negotiate, they could not even imagine it. That’s what a professional real estate agent with experience does. We get down to the core of what is most important for the seller and work tirelessly to make that happen. We know what questions to ask potential buyers and their agents, know what pre-approvals vs pre-qualifications look like and have a rapport with agents in the business. That’s what makes our negotiation skills completely different than in any other field of work. WE WORK FOR YOU! SO YOU CAN FOCUS ON YOUR OWN LINE OF WORK.  

 

5- SELLERS NET MORE WITH A REAL ESTATE AGENT – Yes, we get paid on commission and that commission comes from selling property. There has been a bizarre stigma placed on real estate agents, one which I choose not to discuss here. My reasons for getting into this career as a real estate agent were because of that stigma, I wanted to change the perception of a real estate agent. Over 10 years ago my parents were desperately trying to sell their home and their real estate agent would never answer calls, took terrible  photos and really made them feel like they were not a priority. A TRUE, PROFESSIONAL REAL ESTATE AGENT, I thought should never make anyone feel that way, after all, my parents were investors as well, they should be treated as if they were the only clients this particular agent had. I decided I would take this career on and do things differently. That I did, I answer all my clients questions, take every call, am transparent about the process, take professional quality photos/videos, use the best furniture to stage the homes I sell and take my clients through the journey of selling their home with excitement and joy.

 

Using a professional will net a seller more money from selling your home through them and that is an ecstatic feeling! 

 

Michelle Mumoli has the experience and knowledge needed to get home sold right. Let us help you.  Our testimonials and results speak for themselves.

 

Find out how we sell homes and how we can help you get the best price for your home today 917.268.8916.


Fall 2020 Housing Trends: What will we see in the housing market?

Fall 2020 Housing Trends: What will we see in the housing market?

2020 has been a crazy year for real estate and it’s not over yet! If you’re wondering about what we are expecting in housing trends for the second half of the year, check this out.

Since the global pandemic swept through the United States, consumer needs changed.

Fortunately, the housing market is doing better this year than it did last year, as of June 24, 2020 (when the survey had concluded), 49% of agents surveyed stated business has been growing despite it all. 

So, what can we expect in the upcoming months? What are the key features that buyers will be looking for in their next abode? Let’s take a look!

1. Diverse options for living spaces

People have spent months cooped up in their homes. Their travels have been limited, adhering to the stay-at-home and social distancing orders. Those who are looking for a new house now require spaces dedicated solely for home offices and home schooling, so they can continue to work (or learn) from home. Folks are going to look for dedicated home offices or even look for alternate options like converting a shed into a private workspace, for example.

2. Comfortable outdoor living spaces

Like with the previous feature, people want plenty of outdoor living spaces so they can enjoy some fresh air and get some exercise, since gyms are still closed in many areas. These outdoor spaces can include patios, decks and swimming pools. Some people are even willing to go the extra mile and install hot tubs, outdoor kitchen spaces, and install outdoor heaters for when the nights get colder. 

3. Mortgage rates are going to stay low – for now

Mortgage rates have been the lowest they’ve ever been, and it’s very likely that they’ll continue to stay this low (or drop even further) for the next foreseeable future.  Mortgage rates are predicted to stay low through the end of the year. So, if you’re considering buying a house in the near future, now is yout time to start looking!

4. Shopping for homes go virtual

Anything you want, you can find it and buy it online, whether it’s the latest fashion trends, a new appliance or even a new car. You can even buy houses online now! With home browsing websites a plenty such as Zillow, it’s expected that more buyers are going to use these websites to find their new home, with virtual tour options a plenty to view before walking through.

5. Suburban or rural neighborhoods

When you think of a city, you probably envision crowded sidewalks, packed subway cars, busy offices and germs. Lots and lots of germs. That’s one of the reasons why people are ditching the big city and are heading out to the suburbs – especially if they have the option to work from home permanently. Why subject yourself to such chaos when you can work from home on the patio and enjoy the fresh air? We would do it too!

The future of real estate and what homebuyers want is always changing. COVID-19 has changed many aspects of our lives, but one thing remains, life will go on and we will persevere. Our wants and needs may change in the process, but isn’t that the exciting part of looking toward the future? 

Looking to make your next move? Call us, we know real estate in New Jersey 917.268.8916


Buyers & Sellers: PART 2- What an experienced Realtor© wants you to know. Offer terms and negotiations to consider.

Buyers & Sellers: PART 2- What an experienced Realtor© wants you to know. Offer terms and negotiations to consider.

We start part 2 of the series with the psychology behind negotiations on homes going to highest and best. Low interest rates, the demand for better, bigger housing in the outer-lying areas of New York City has created a very strong sellers market. You need a strong Realtor© with negotiation knowledge and whom you trust, to get you the home you want, over all other buyers.

Buyers look at homes in terms of what they can afford, wanting the best deal. Sellers are really looking at their net at the close of the sale, that’s going to be the highest number they can get. These two worlds have to meet in the middle and your best bet as buyer and seller is to have your own experienced Realtor© be able to do this for you, because that’s what they do for a living. Both sides have the vested 200% fiduciary responsibility to their client, the buyer on one side and the seller on the other. Here’s what I take into consideration when starting the negotiation:

 

  1. Asking Price

As a professional Realtor© I know sales prices in areas all over Northern New Jersey, because I live here and it’s my job to know. I know when something is priced at market, under market and over market value. Asking price is very rarely the ultimate sales price. It will either go above, if priced at or under market value, or go below, if priced above market value. The bottom line is Zillow, Realtor.com, Trulia, DO NOT HAVE ACTUAL AND ACCURATE MARKET DATA, the Multiple Listing Service we, as members of the specific Boards of Realtors© in those areas HAVE THE ACTUAL AND ACCURATE MARKET DATA. We can go back and see what has sold in the past year, 6 months and even 3 months for the most up to date stats. LISTEN TO YOUR REALTOR© they do this for a living and can guide you as to what the trend is in that neighborhood in terms of pricing. When I get asked “It’s listed at $799,000, should we would go in at $650,000”, and I, as a professional, know that it’s worth the value, my question back to my buyers is, “How much do you really want this house?”. Coming in lower than asking for a home that is most likely worth $850,000 but is obviously priced to sell quickly, will NOT get you that home, it will make your offer to the selling agent seem like you are not serious and that I, as your representative, did not do my job to educate you on this specific market. Be realistic and don’t try to negotiate things by what you’ve seen on Zillow. If you truly cannot afford to buy a home for more than your preapproved $800,000 then we should not be looking in that price point. I always ask what your minimum and maximum budget is according to your lender because we need to take things into consideration like taxes, which can vary greatly throughout New Jersey, Bergen and Essex Counties can sometimes have homes with taxes over $20,000 per year and considering only $10,000 of that can be currently tax deductible, it can change your financials greatly if your home budget, like Linda’s was $1,200,000.00 You are basically adding that tax as additional fees a buyer incurs quarterly to their mortgage.

 

  1. Closing costs

As a buyer, aside from your down payment, there are closing costs, like attorney fees, title insurance etc that are basically added to your down payment, which you bring with you to closing. I always give a rough estimate to buyers of 2-3% of purchase price. With the first deposit of your down payment due shortly after attorney review concludes. In over bidding situations, a sellers concession, which can sometimes help with closing costs, is out the window. The reason being, there will be stronger offers on the table that will not be needing the seller to help with anything, so be prepared. There are options for buyers on homes that need work, like 203K home reno loans. I work with many lenders that help buyers obtain these and in those instances for lower down payment buyers, in homes that need the work, we can see these being accepted. A seller may not be interested in doing any repairs or renovations and therefore don’t mind paying into the buyers closing costs to make the deal happen.

 

  1. Closing date

This is something I discuss before submitting an offer on any property with the sellers agent. Does the seller need to move to another home, what’s their timeline, is this sale contingent on them being able to purchase something else? Do they prefer a higher down payment and lower upfront offer or do they want to know a buyer has enough liquidity on the back end to take on any repairs that may come up in an inspection? All of these questions are important to me because it can make the difference in getting an offer accepted.

Buyers competing with all cash offers need to figure out if they can waive the appraisal contingency as well as the inspection contingency.  This (and the legality of the New Jersey Statute of Frauds) is the reason we ask all of our buyers to get preapproved and present their offer in contract form to the seller side with that preapproval, along with Lead Paint Disclosures, COVID disclosures and Sellers Property Disclosures. This lets the seller know, the buyer is ready, willing and able to purchase this property.

 

  1. Home warranty

On new construction homes, there will most likely always be a home warranty added to the sale for a specific time period by the builder. On older homes, I always let buyers know about the PSEG Worry Free Plans (https://nj.pseg.com/worryfree/worryfreeprotectionplans)They cover a host of mechanicals and will keep them maintained as well.

 

  1. Sale-Leaseback

Sometimes the seller has not yet found a new home to purchase or place to live. They may rely on the proceeds from the closing of this home sale to purchase something else. In that case, we work some initial wording into the additional provisions of the offer saying something in reference to buyers flexible on closing or amenable to sale-leaseback. Attorneys can hone this verbiage in for both parties but essentially the seller would turn into the tenant and lease the premises for a specified period of time after the closing occurs at a rate the attorneys would work out. It’s important to note that a sale –leaseback can only occur for 3 months otherwise the lending terms change which looks like mortgage fraud.

 

  1. Home repairs

In the era of seller’s obtaining multiple bids on their homes. Buyers need to understand the true definition of “waiving a home inspection”. I often ask they speak with their attorney for full legal explanation but also because the words sound scary to a buyer relocating from a city coop or condo to a single or multiple family home. I explain it as simple as this: as a buyer you still need to do your due diligence and obtain a home inspection because a sellers disclosure may not always tell the full story of the home or may not be accessible. That report produced from the home inspection will let you know what the interior workings of the home really are from top to bottom. If you are up against many other buyers, some deciding to do away with anything that report details and buy the home in “as-is” condition, you have to be ready to make the offer competitive by doing the same, if that makes you feel comfortable after your conversation with your attorney.

 

  1. Appraisal contingency

Like the inspection contingency stated above, waiving the appraisal is another option that can help a buyer win their offer in the purchase of a home. An example I make is a home is asking $900,000. Multiple offers from buyers have the final sale number at $1,000,000. Comparable sales in the neighborhood from the past 6 months do not have any sales over $900,000. When it comes time for your appraisal from your lender, an appraisal which is an independent opinion of the property value, may not come in at $1,000,000. The buyer needs to understand that when they waive that appraisal, they will need to come up with the money at closing to make up for the difference.

 

 

Home purchases and sales are easy with Michelle Mumoli at The Mumoli Group, we do all things real estate. Call us to talk about how we can you help you 917.268.8916


Buyers & Sellers: PART 1- What an experienced Realtor© wants you to know. Offer terms and negotiations to consider.

Buyers & Sellers: PART 1- What an experienced Realtor© wants you to know. Offer terms and negotiations to consider.

We begin this two-part series with the psychology behind the demand for homes. COVID definitely accelerated the already trending sector of multigenerational home purchases and the urban to suburban move for buyers.  In this series, we'll take a look at the inception of the idea to purchase a home outside the city.

April 2020, NYC renters and condo/coop owners in large cities at the epicenter of COVID have some life changing realizations A) their office and workplace, the reason they live in the city, will not be reopening on a large scale. Their work from home options may have them traveling into said office once per week but the downsizing of the space will have them working from home indefinitely. B) Their children’s school has opted to stay virtual for the remainder of 2020 and potentially 2021. Leaving 2 working adults and a child in an 800 square foot apartment, in the middle of NYC, during a time of stay at home orders, with no outdoor space, no availability to spend time in other people’s homes, or visit nearby grandparents due to the risks. C) What if instead of staying in their now shrinking condo/coop or rented apartment for $5,000 per month, they decided to move? They can obviously sell this home or use their savings to put a down payment on a home that has all their needs met; large yard, 2 baths, 3 bedrooms. They even start to wonder, if it would be best to bring their family together into one home, filling the void for childcare and future eldercare all in one. In their minds, this home would be near a train station so they can still get into the city when they needed for work, but since it would not be a daily commute, one day of commuting an hour to and fro would not hurt. Their main motive for even thinking about this move: SPACE. For the monthly rent or current mortgage they have, they could own a large home with enough space to make everyone happy and create a sense a broader sense of home, maybe something they had only considered many years into the future.

I get the call. “Hi, My name is Lisa and we are looking at homes in New Jersey, we currently live in NYC and although we don’t know much about New Jersey, we would still need to stay close to train line to NYC, for the occasional commute in but not the daily.” I ask them about their needs: “Thanks for reaching out to me Lisa, I’m going to ask you a few questions to get a better sense as to how I can help you and educate you about the process.” Lisa divulges: “We have a child and are considering having another child, we realized we miss our family and would like to have my in-laws, move in with us, we also need 5 bedrooms, 3-4 bathrooms and a large yard for everyone to be able to go out and possibly even a pool for the summer. It should be relatively move-in ready, we don’t have the time to get into a construction project.” I ask about their timeline as well as their lease if there is any or current equity on their home now and I explain the buyers process in the state of New Jersey. After our conversation I immediately refer a few mortgage lenders I’ve build a rapport with throughout my years in the real estate business. A few hours later or the next day I check in with Linda: “We’re preapproved for $1.5 million but would like to keep it at the $1.2-1.3 million mark.” Me: “Okay have you looked into what towns you want to move to? Linda: “I do not know New Jersey very well, but I from looking online, it seems we can afford more home there than in say, Brooklyn or Long Island.” Me: “Let’s start with all towns along the NJ Transit Train line direct to Penn Station NY and then we’ll refine as we go.” Linda: “GREAT! EXCITED!”

I do what I do every time I’m looking for homes for my buyers, I do research, what is their budget truly getting them in one town vs another? Why are there no listings in a specific town at all in the past 3 weeks? What is the actual absorption rate in one town or the neighboring town?

These details are important because as I start to call seller agents, I experience the realization that the suburban markets are having their moment. “That home is available but we have 3 offers and are going to highest and best after this weekend’s open houses, where we expect more offers.” My favorites were coming soon listings where the seller agents would say to me “No, it’s not yet on the market, but we priced it to receive several offers, so we will be listing it on Thursday and the highest and best deadline is Monday at 12pm.” Seller’s markets are not my first rodeo.

In my second year as a licensed real estate agent, it was 2014/2015, Jersey City and Hoboken were starting to see an increase in new home constructions and renovations. Investors were buying land up throughout the city and every single home that hit the market throughout that time, went to highest and best. It really did not matter what condition it was in, or even if it had been gutted to the studs, the place I called home since 2003, was considered hot and I decided to get into home investment at the time as well.

My experience with my buyers during those years, helped me learn how to position them to win bids and how to negotiate terms with a seller’s agent before I even show the property.

My first sale, after all, was a multi-million dollar mixed-use building in the middle of Downtown Jersey City at the crest of a time where any investor who wanted one, could not get one. I negotiated terms for that sale for what seemed like a lifetime, with little guidance, lots of calls to attorneys for information on terminology I did not fully understand, a lot of reading contractual revisions and when it closed, 6 months later, I learned some of the most important lessons a real estate agent can pick up. The business of negotiations. It’s something that can be taught but in real life real estate transactions (NOT REALITY TV), negotiations do not take a split second.

Fast forward to Spring 2020, Linda, her family and I saw roughly 15 homes over 2 months, basically all new home listings in the areas they preferred were seen immediately when they came on the market. Linda would rent a car and drive in from the city while I met them at every property and took careful intake of what we were looking at, to help them in their decision. Twelve offers were lost to other buyers. 12! Why were 12 of those offers lost? I’ll explain in part 2. Stay tuned.

 

If you are thinking of buying real estate and already own a home, let’s chat about your options. Michelle Mumoli, 917.268.8916