News/Blog

WINNING A BIDDING WAR: UNDERSTANDING THE POWER OF OFFER ESCALATION

Princeton Town Topics – Let’s Talk Real Estate – March 22, 2013

WINNING A BIDDING WAR: UNDERSTANDING THE POWER OF OFFER ESCALATION

An offer escalation is a strategy that homebuyers can use to increase their chances of winning a bidding war in a competitive real estate market. By including an offer escalation clause in their offer, buyers can state that they’re willing to increase their offer by a certain amount, up to a maximum limit, in the event that another buyer makes a higher offer.

For example, a buyer might offer $900,000 with an escalation clause that says they’re willing to increase their offer by $10,000 increments, up to a maximum of $999,000. If another buyer makes an offer of $960,000, the escalation clause would kick in, and the buyer’s offer would automatically increase to $970,000.

To make an offer escalation clause effective, it’s important to set a reasonable maximum limit and ensure that the offer is still within the budget. It’s also crucial to work with an experienced real estate agent who can guide through the process and help make informed decisions. Overall, an offer escalation clause can be a useful tool for homebuyers to stay ahead of the competition and win their dream home.

ADVANTAGES OF WORKING WITH A BUYER’S AGENT

Princeton Town Topics – Let’s Talk Real Estate – March 15, 2023

ADVANTAGES OF WORKING WITH A BUYER’S AGENT

Although it’s possible for a buyer to work with the listing agent when purchasing a home, there are advantages to working with a buyer’s agent.

Working with a buyer’s agent means that you have a real estate professional who has your interests in mind. A good buyer’s agent will help you throughout the real estate process, starting with finding homes that are best suited for your needs and goals.

A buyer’s agent will take the time to meet you and discuss the details of what type of home you’re looking for – including type of home, price range, and location. When your agent gets to know you and your interests, they can help you find houses or properties that tick off many of the boxes for you. Your buyer’s agent can find information for you on any home on the market listed in MLS.

Once you start the bidding process, the buyer’s agent will represent your interests during the contract and negotiations process. They can also help you find professionals that you may need during the transaction process.

START PREPPING FOR SPRING PLANTING

Princeton Town Topics – Let’s Talk Real Estate – March 8, 2023

START PREPPING FOR SPRING PLANTING

Spring is just a couple of weeks away, and although it’s too early to start planting, it is a good time to start prepping your garden for April or May planting. Here are a few of early spring gardening tasks to tackle over a couple of weekends.

1) Clear away yard debris left over from the winter. This includes any remaining dead leaves or branches that may be covering the ground around your yard, trees, shrubs and garden beds.

2) Add mulch to areas around trees and shrubs. Consider a mixture of compost and manure to add extra nutrients to the soil.

3) Start weeding now. If you get a head start on weeding, your plants won’t be competing with weeds for nutrients once the warm weather arrive.

4) Prep your soil. Winter tends to compact the soil, so it needs to be loosened before planting. Start by digging eight inches or so to loosen the top soil. You can also add compost or coffee grounds to your soil now.

5) Take inventory of your outdoor tools, containers, and garden hoses. Start repairing or replacing items before you start planting.

SPRING MARKETS ARE EXPECTED TO HEAT UP

Princeton Town Topics – Let’s Talk Real Estate – February 22, 2023

SPRING MARKETS ARE EXPECTED TO HEAT UP

The Spring real estate market in New Jersey is expected to heat up quickly, with buyers ready to move forward in most areas as mortgage rates are stabilizing.

The average 30-year fixed mortgage rate is hovering around 6.8%. While current rates are not as low as they’ve been in some recent years, the dip below 7% has prompted new interest from buyers as we head into the Spring home buying season.

Overall, home prices statewide rose by 2.4% in January, with a median selling price of $427,700, according to new data. In addition, inventories remain low across the state, as the number of homes for sale in New Jersey in January was down nearly 11% from last year. In much of Central New Jersey, including Mercer county, about one-third of homes are selling above asking price.

Buyer demand is expected to be robust in the coming months, especially in the most competitive markets, as sales are still being completed at a pretty rapid pace. In the most desirable areas with low inventories, we are already seeing the return of bidding wars.

TOP RENOVATIONS THAT ADD VALUE

Princeton Town Topics – Let’s Talk Real Estate – February 8, 2023

TOP RENOVATIONS THAT ADD VALUE

Whether you’re making updates or preparing to sell your home, it pays to know if your remodeling plans will also add value to your home. Here are some of the top projects that will upgrade your living spaces and bring some return on your investment.

1 – Kitchen renovation. Updating your kitchen is one of those sure-fire projects that will make your home more functional and beautiful while adding value. You don’t need to tear out cabinets or walls – a kitchen facelift with appliances, upgraded backsplash, granite countertops and new flooring will often yield a greater return on investment.

2 – Bathroom update. Upgrading bathroom plumbing, fixtures, and floors will provide a good return on investment. Adding another bathroom to a one bathroom home will add even more value for a resale.

3 – New flooring. New upgraded flooring anywhere in your home is another home improvement project that is appealing to buyers. Hardwood floors remain very desirable for living spaces, while tile floors are extremely popular for bathrooms.

4 – Upgraded HVAC. New heating and cooling systems will add value to your home and will also save on energy costs over time.

FREE TAX APPEAL SEMINAR

New Jersey taxpayers have the right to appeal their property taxes every single year. If you are a property owner and you are interested in finding out if you have a good case for appeal, our seminar will cover the process of filing a timely appeal and what’s needed for the application.

You’re invited to a FREE Workshop on understanding the residential Tax Appeal Process

Presented by Jennifer R. Jacobus, Esq.

Topics will include:
—–> How property Assessment Values are set
—–> To Appeal or Not Appeal
—–> The Appeal Process

Join us on Zoom!

Monday, February 6th at 6.30PM

Visit www.TaxAppealSeminar.com or call 609-577-2989 to register. We’ll send you a link upon registration as well as program materials.

News/Blog

Footer