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Right now is a great time to sell your current house and move into a neighborhood you wouldn’t dream of affording two years ago.
“That home in a desirable community with great schools and services could be within your reach because of the economy,” notes Real Estate Attorney Brian Kappock.
Most of Kappock’s clients are in Bergen and Hudson Counties, literally across the Hudson River from Manhattan. And many who couldn’t afford to buy in upscale Bergen County towns now have the dollars to make that leap.
“Prices have come down for the sellers but that drop has also made communities that were untouchable two years ago affordable to families in smaller homes or renting, who are now looking to buy and whose income has increased over the past two years,” notes Kappock, a boutique real estate law firm with offices in Hackensack.
But homeowners planning to sell and upgrade also have to be reasonable, he notes. There’s a lot of housing inventory in the New York/New Jersey metro area and sellers have to be reasonable.
“First, your pricing has to be realistic,” notes Kappock. “Prices people were getting three to four years ago are long gone. See what comparable homes are going for in your area. If you don’t price it intelligently, then it will slip down the multiple list service in the first couple of weeks and you’ll lose your best opportunity to sell it.”
“Second, create some incentives for prospects. If it’s a coop or condo, pay their first year’s parking fee or a percentage of their closing costs or help them buy down their interest rate if they close by a certain date.”
“Third, be flexible. If your move out date doesn’t coincide with their move in date, offer to go to an extended stay hotel and put your possessions in storage. You’ll become the buyer’s best friend if you can go out of your way a little to help them.”
“Fourth, prepare your property so that it is absolutely marketable. Buyers are demanding that properties be in mint condition so they don’t have to put time and money into exterior and interior upgrades. Do your homework beforehand and make sure that the plumbing, electric, roof, siding or exterior paint job is up to snuff.”
With these tips in mind, the idea of moving to an area that seemed financially out of reach is now very realistic.