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Months of Supply: The Only Thing You Need to Know When Trying To Sell or Buy A House

Hey everyone, Corey Skaggs here. With all the stats, facts, and numbers flying around in New Jersey’s whirlwind real estate market, it can feel a little overwhelming trying to make sense of it all. But did you know there’s just one number that can give you a clear picture of what’s happening in any given market, whether you’re buying or selling? It’s called “months of supply”. Let’s dive into what this magic number is and why it’s so crucial.

Understanding the Months of Supply

The key to unlocking the mysteries of any real estate market, crazy or calm, lies in understanding the Months of Supply. This figure is derived from an absorption report, which crunches current listings, recent sales, and the average number of homes sold per month. Sounds like a lot of math, but it boils down to one invaluable insight: How long the current supply of properties for sale would last if no new ones were to be added.

For example, if we have a 3.0 Months of Supply, it means if no new homes were listed starting today, it would take three months for all the existing homes to be sold. Imagine that—no more homes for sale in just three months!

Decoding the Number

But how do we interpret this number? If a 6.0 Months of Supply is considered balanced, where neither buyers nor sellers have the upper hand, anything below leans towards the seller’s advantage. Conversely, anything above 6 indicates a buyer’s market. Recently, we’ve seen numbers as low as 1.22, screaming that it’s a seller’s paradise with fierce competition and scarce inventory for New Jersey buyers.

Strategic Timing for Buyers and Sellers

For buyers in a competitive market like New Jersey, monitoring the Months of Supply can be your secret weapon. As the number creeps up, it signals easing competition, hinting it might be time to jump back into the fray.

Sellers, on the other hand, should also keep a close eye on this trend. Planning to sell in six or seven months? Regularly checking this number can guide you to possibly list sooner. If you notice it inching towards 6 or higher, it suggests the market might become tougher for sellers.

Why The Months of Supply Matters

In essence, the Month of Supply is a snapshot of the market’s health and momentum. It simplifies complex market dynamics into a single, understandable figure, guiding your buying or selling decisions with clearer insight and direction.

Ready to Talk Numbers?

If you’re in New Jersey and curious about the Months of Supply in your area, I’m here to help. For those outside NJ, I encourage you to ask your local real estate agent about this critical number. It’s a straightforward yet powerful tool to navigate the real estate market with confidence.

Want to dive deeper into real estate strategies or need specific insights for the New Jersey property market? Don’t hesitate to get in touch.

Happy house hunting or selling! Remember, in the world of real estate, knowledge is not just power—it’s profit!

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Home Staging: A Seller’s Guide for the New Jersey Market

The Art of Home Staging: A Seller’s Guide for the New Jersey Market - Corey Skaggs Real Estate Agent NJCorey Skaggs Real Estate NJ

Selling your home in New Jersey? Then you’ve got to hear about home staging – it’s like giving your home a quick makeover to wow potential buyers and maybe even get your place sold faster and for more money. Let me walk you through why staging your pad can make a huge difference, especially here in the competitive New Jersey market.

Is Home Staging Really Worth it?

Think about the last time you walked into a well-decorated model home or a fancy hotel room. Felt nice, right? That’s the feeling home staging aims to recreate. It’s all about showing off your home’s best features. And guess what? It works. Homes that look better not only sell quicker but often at a higher price. Here in New Jersey, where every little advantage counts, staging could be your ticket to a smooth sale.

Knowing Your Buyer

New Jersey is a melting pot, attracting all sorts of people looking for their slice of the American Dream. Whether it’s families looking for good schools or city commuters seeking a quiet retreat, understanding what buyers want can help you stage your home to appeal directly to their desires.

Home Staging 101

Staging isn’t just about fancy furniture; it’s about creating a mood. Here are some tried and true principles:

Declutter: Less is more. Too much stuff makes spaces feel smaller and distracts buyers from seeing the potential.

Depersonalize: You want buyers to imagine themselves in your home, which is hard to do with personal photos and keepsakes everywhere.

Light it Up: Bright homes look bigger and more welcoming. Open those curtains and let the light in!
Fix the Small Stuff: Leaky faucet? Squeaky door? Small fixes can make a big difference in how well your home shows.

Room-by-Room Strategies

Each room has a role to play. Make your living room inviting, your kitchen immaculate, and your bedrooms peaceful retreats. Remember, you’re not just selling a house; you’re selling the dream of a home.

DIY or Call the Home Staging Pros?

While some sellers have a knack for design, others might feel lost in a sea of paint swatches. If you’re in the latter camp, hiring a professional stager might be a good move. They can transform your space quickly and often with dramatic results. But if you’re watching the budget right now, there are plenty of simple staging tricks you can do yourself.

Check out my guide on how to best prepare your home for the sale.

Staging on a Shoestring

No need to break the bank. Something as simple as rearranging furniture or adding a few new throw pillows can freshen up a room. The key is to be resourceful and focus on changes that make the biggest impact. The scent of your home can also have a big impact on how it is perceived by potential buyers.

Showing Off Your Staged Home

Once your home is looking its best, make sure it shines online, too. Quality photos and virtual tours can help your listing stand out. And don’t forget to highlight your staging efforts in the property description!

Staging might seem like extra work, but in the bustling New Jersey market, it can give you the edge you need. Think of it as an investment in your home’s future, one that pays off in a quicker sale and possibly a higher selling price.

Ready to stage your home for success or need some advice on getting started? Reach out—I’m here to help make your selling journey as smooth and profitable as possible.

Thinking of selling your home in New Jersey? Let’s chat. Contact Corey Skaggs today for personalized advice and insights.

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Maximizing Your Home’s Value: Top Renovations with the Best ROI in New Jersey

Maximizing Your Home's Value: Top Renovations with the Best ROI in New Jersey - Corey Skaggs RealtyCorey Skaggs

If you’re thinking about selling your home in New Jersey or just looking to increase its value, you’ve probably wondered which renovations might give you the best bang for your buck. That’s where Return on Investment, or ROI, comes in. Simply put, ROI measures how much money you could get back from the money you spend on renovations when you sell your home. Not all upgrades are created equal, so I’m here to guide you through the top renovations in New Jersey that could help you maximize your home’s value.

By the way, if you want to know how much your home is worth right now, get your FREE Home Valuation Report here.

Understanding ROI in Home Renovations

ROI is a way to figure out whether the cash you’re putting into your home will pay off when it’s time to sell. In the real estate world, some upgrades can significantly increase your home’s value, while others might not make much of a difference. Factors like what’s popular in the market, what buyers in your area want, and the overall appeal of your neighborhood can influence your renovation’s ROI.

Top Renovations with the Best ROI in New Jersey

Let’s dive into the renovations that tend to pay off in our area:

1. Kitchen Remodels

Everyone loves a good kitchen. It’s often the heart of the home. In New Jersey, updating your kitchen can be a game-changer. Think about swapping out old countertops for quartz or installing energy-efficient appliances. These updates can make your kitchen more attractive to buyers and offer a solid return on your investment.

2. Bathroom Upgrades

Next to the kitchen, bathrooms are where you can see a significant ROI. Modernizing your bathroom with features like walk-in showers or contemporary fixtures can make your home stand out. Plus, they don’t always require a complete overhaul to make a big impact.

3. Energy-Efficient Additions

With more buyers looking for green and energy-saving features, adding things like solar panels or high-efficiency windows can not only save you money now but also increase your home’s appeal and value when it’s time to sell.

4. Exterior Improvements

First impressions matter. Enhancing your home’s curb appeal with new siding, a fresh front door, or a manicured landscape can attract more buyers and boost your selling price. Simple changes can make a big difference!

5. Additional Living Spaces

More space usually equals more value. Finishing a basement or adding a deck expands your living area and makes your home more appealing to buyers looking for that extra room.

Low-Cost Renovations with High Impact

Not ready to dive into a major renovation project? That’s completely understandable. There are plenty of smaller-scale updates that can breathe new life into your home, making it more appealing to potential buyers without requiring a hefty investment. Here are some ideas to consider:

  • A Fresh Coat of Paint: Never underestimate the power of paint. Choosing the right colors can transform a space, making it feel brighter, bigger, or more modern. Neutral colors like whites, grays, and beiges are universally appealing and can help potential buyers envision themselves in the space. Whether it’s refreshing the walls, painting over dated cabinets, or adding a pop of color to your front door, paint is a cost-effective way to make a significant impact.
  • New Hardware on Cabinets: Kitchen and bathroom cabinets can be revitalized by replacing old, worn-out hardware with new knobs and pulls. This small change can instantly modernize your cabinets without the need for a full replacement. With a variety of styles and finishes available, you can easily find hardware that complements your home’s aesthetic.
  • Updated Lighting Fixtures: Good lighting can change the mood of a room and make it more inviting. Replacing outdated fixtures with modern ones or adding more sources of light can brighten up your home and highlight its best features. Consider energy-efficient LED options that appeal to environmentally conscious buyers.
  • Enhance Your Curb Appeal: The exterior of your home is the first thing buyers see, so making a good impression is crucial. Simple landscaping, like trimming overgrown bushes, planting flowers, or laying down fresh mulch, can dramatically improve your home’s exterior appearance. Updating exterior light fixtures, house numbers, and the mailbox can also contribute to a more inviting entrance.
  • Declutter and Organize: A clutter-free home appears cleaner, larger, and more appealing. Taking the time to declutter and organize your space can make a huge difference in how potential buyers perceive your home. Consider donating items you no longer need, and use storage solutions to keep what remains tidy and out of sight.
  • Deep Clean: A deep clean can make your home sparkle and feel new. Pay special attention to high-traffic areas, kitchens, and bathrooms. Clean windows, carpets, and hard-to-reach places to make sure your home is shining on viewing day.

These updates, while relatively small in scale, can significantly enhance your home’s attractiveness to buyers, potentially leading to a quicker sale and a better selling price. Best of all, they can be achieved without a major financial outlay, making them ideal for sellers looking to optimize their home’s appeal with minimal investment.

Timing and Market Considerations

When to renovate is almost as important as what to renovate. The real estate market in New Jersey has its ups and downs, so it’s wise to think about when you’ll get the most bang for your buck. Chatting with a real estate pro (like me!) can help you time your renovations right.

Deciding on the best renovations for maximizing your home’s value can be tricky, but focusing on areas with the highest ROI is a smart start. Every home and market is different, so consider your specific situation and goals. And remember, I’m here to help you navigate these decisions, ensuring your home shines in the New Jersey market.

Ready to talk more about getting your home’s value to its peak with strategic renovations? Contact me today, and let’s make your home the best on the block!

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Home Preparation Guide for Selling Your Home in New Jersey

Home Preparation Guide for Selling Your Home in New Jersey - Corey Skaggs RealtyCorey Skaggs

If you’re considering selling your home in New Jersey, you’ve taken a great first step by seeking out how to prepare it for the market. A well-prepared home not only captivates potential buyers but can also significantly influence the speed and price at which your home sells. In this home preparation guide for selling your home, I’ll walk you through essential steps to ensure your home stands out, attract more buyers and sell faster.

Why Preparation Matters

First impressions are everything. In the bustling New Jersey real estate market, making your home stand out to potential buyers is key. A prepared home speaks volumes of its care and can significantly affect its appeal. Let’s dive into how you can make your home shine!

Step 1: Declutter and Depersonalize

Creating a welcoming space means allowing buyers to envision their own lives in your home. Start by decluttering; removing excess items can make rooms appear larger and more inviting. Depersonalizing is equally important; consider storing personal photos and memorabilia to create a neutral environment that buyers can imagine as their own.

Step 2: Deep Cleaning

A spotless home is a non-negotiable. From sparkling windows to dust-free surfaces, ensure every corner of your home is meticulously clean. Pay special attention to kitchens and bathrooms, as these areas are crucial to buyers. A deep clean not only showcases your home in its best light but also signals well-maintained property.

Step 3: Make Necessary Repairs

Small details can make a big difference. Addressing leaky faucets, squeaky doors, and chipped paint can enhance your home’s appeal. Consider a pre-sale home inspection to identify any major issues that could be deal-breakers for buyers. Making repairs before listing can streamline the sale process and improve your home’s value.

Step 4: Consider Professional Staging

Staging can transform your home, highlighting its strengths and potential. Whether you choose to hire a professional stager or apply DIY staging tips, the goal is to make each room inviting and functional. Remember, staging is about selling a lifestyle, not just a space.

Step 5: Enhance Curb Appeal

First impressions start from the curb. Simple enhancements like manicured lawns, fresh mulch, and colorful flowers can make a significant impact. Ensure your home’s exterior, including the front door and porch, is clean, painted, and welcoming. Curb appeal can be the deciding factor for a buyer to want to see more.

Step 6: Professional Photography

In today’s digital age, your home’s online listing is its first showing. Professional photography can showcase your home in the best light, emphasizing its features and appeal. High-quality photos can attract more buyers and generate more interest in your property.

Final Thoughts

Preparing your home for sale might seem like a daunting task, but it’s an investment in your property’s success on the market. Each step in this preparation guide for selling your home, from decluttering to professional photography, plays a crucial role in attracting potential buyers and securing the best possible sale price.

Ready to Sell Your New Jersey Home?

Ready to take the next step in your home selling journey? Let’s work together to prepare your home for sale, ensuring it captivates and resonates with potential buyers. Contact me, Corey Skaggs, for a personalized consultation and expert advice tailored to your home. Together, we can make your selling process less intimidating and more exciting!

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