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Ron Darby Broker co-owner of ERA Justin Realty, a real estate leader throughout Bergen County and serving Passaic, Essex and Hudson Counties shares their report on real estate signals to watch in your real estate transaction. The firm, celebrating its sixty-first year has generated thousands of real estate transactions since opening their doors in 1950.
Throughout the nation, buyers, sellers, Realtors and all those associated with real estate transactions are closely watching and nurturing each real estate transaction until it goes to closing.
Sellers should be alerted to watch closely as a qualified buyer begins to negotiate a contract. In today’s real estate market one cannot take a casual outlook that there may be several contracts to come after the current one. The current contract should be reviewed, considered, and countered with realization that there are other homes, possibly similar, that may also be of interest to the subject buyer. Of course, negotiation is meant to bring the highest and best offer for the seller, but it must be met with a sense of balance between the parties. Buyer’s remorse is one reason why a purchase may fail.
The federal tax credits that were available have ended and properly priced houses are those that are selling. To amplify positives about a purchase and sale, sellers should disclose any significant defect of the subject sale before the sale, as it will be determined during the home inspection process, giving the buyer reasons to want to renegotiate the contract. Knowing those details before a contract is finalized reduces that possibility. To have the transaction fall through, then put the house back on the market can be costly both in time lost, the seller’s expense in continuing to own the house and the possibility of a lower contract when resold; all not prudent.
Currently within the real estate market it is both a price war and beauty contest, meaning that the house should be in top condition because of the vast inventory of houses available and at pricing correct to the market. Stringent appraisals using specific comparable sales are also required on each sale that involves financing. Having sold the house in a price range to accomplish a favorable appraisal is important. Unless this happens, it can have a negative impact on the transaction. Negative impact on home prices with improper pricing can lead to more low appraisals. Included in required appraisal guidelines is a three month look back by appraisers at closed transactions.
Ron Darby, ERA Justin Broker co-owner stated, “Our ERA Justin Realtor professionals can assist all those planning a sale by providing a no cost, no obligation (CMA) comparative market analysis that will include similar houses currently on the market and expired listings that did not sell. Based on that criteria a pricing market range can be determined with the seller. Overpricing of real estate in this modifying real estate market disadvantages the seller with fewer showings, possible under priced offers to purchase and the real possibility of an under appraisal which can very often cancel the contract of purchase and sale.
There is a difference in real estate companies and our Realtor professionals continuing activity demonstrates that. We are selling houses. The ERA® network including ERA Justin Realty, a “Top-100” ERA firm has approximately 30,000 brokers and sales associates and approximately 2,600 offices throughout the United States and 45 other countries and territories. As of this writing, ERA Justin Realty is #72 nationwide.”
Darby concluded, “The entire ERA Justin Realty team of Realtor professionals can be reached at either of our two Rutherford offices at 118 Jackson Avenue and 57 Park Avenue. By office phone (201) 939-7500, (201) 438-0588 or (201) 438-SOLD. View 1000’s of homes at our winning websites at www.ERAJustin.com and www.ERAJustinRealty.com. Ask to see a copy of our publication, “Real Estate Results In Writing,” with nearly 800 testimonials from our satisfied buyers and sellers.”
