7 min read Apr 29, 2024

7 Steps to Selling a House in New Jersey 2024

Editor
Edited By

Carol Coutinho

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Editor
Edited By

Carol Coutinho

Editor, Houzeo
About

Carol C. is a versatile editor, expertly refining real estate content with precision and creativity. When not exploring market trends, she is immersed in the enthralling world of the theatre.

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Want to sell your New Jersey house in 2024? You’re in luck. 53.7% of New Jersey homes sold above list price last month, with a median home price of $478,100. From Newton to Cape May, home prices have increased in several markets across the Garden State.

Skyrocketing home prices also mean you pay hefty commissions. New Jerseyans spend $28,686 in commissions on an average home. Buyer agent commissions are typically 2.5% to 3% and are not very negotiable.

It’s 2024! There are high-tech home-selling platforms, like Houzeo, that help skip the 3% listing agent commission almost entirely! And with technology, you’ll also have more access to information and be in control of your transaction.

7 Steps to Selling a House in New Jersey

While selling your house in New Jersey can be a complex process, we have listed down 7 simple steps for you to navigate through your real estate transaction:

Step 1: Price Your Home Correctly

The market price at which your home will be sold is called fair market value. You can calculate this yourself using real estate comps in your neighborhood.

If you need assistance pricing your home, you can opt for a Broker’s Price Opinion or a CMA Report. Remember to account for any known defects when pricing your home.

You can also opt for a home inspection to understand what property defect might lower your profit. It will cost between $325 and $425 in New Jersey. Based on the home inspection report, you can choose which repairs to make for a lucrative sale.

» Fair Market Value: Check how much you can sell your home for.

Step 2: Choose the Best Way to Sell Your Home in New Jersey

There are 4 options for you to sell your home. The time it takes and the amount you receive differ based on each option.

  1. Sell to an iBuyer or Cash Buyer: A cash buyer can make a cash offer instantly and help you sell your house fast in New Jersey. iBuyers have strict purchase criteria but can make cash offers as high as 80% of the Fair Market Value.
  2. List With a Discount Real Estate Broker: The best discount real estate brokers in New Jersey offer all the services that traditional Realtors do but at discounted rates. They usually charge 1.5% to 3% commissions to list your home.
  3. List With a Full-Service Realtor: We do not recommend a full-service agent as they can charge you nearly 5% to 6% of the closing cost. This will run into thousands of dollars.
  4. List Your Home on the MLS for a Flat Fee: New Jersey Flat Fee MLS companies get you listed fast, typically within 24 to 48 hours on your local MLS. This is your best chance to get top dollar for your house.

Step 3: Stage and List Your Home on the MLS

Staging a home to sell can help you get up to $40,000 over the listing price. Additionally, professional photos help you sell your home 32% faster. You can hire a home stager and a photographer to showcase your home’s best features.

Your next step is to list on the MLS in New Jersey. If you opt for a New Jersey Realtor, they charge a 2% to 3% commission. However, with Houzeo, you can sell your house for a flat fee and skip the commissions.

How to List on MLS With Houzeo?

5 Easy Steps to List on MLS with Houzeo as FSBO

Start Your MLS Listing NOW!

Step 4: Complete Your Listing Paperwork

The paperwork would mainly consist of the listing agreement and the New Jersey seller’s disclosure.

  • Listing Agreement: A listing agreement will be signed between you and your local MLS agent. It will allow them to list your property on your local New Jersey MLS.
  • New Jersey Seller’s Disclosure: A New Jersey seller’s disclosure is a standard checklist form. It allows you to disclose material defects and features of the property that may negatively affect the house’s value.

» Paperwork for Selling a House: Here is a list of documents you need when selling in New Jersey.

Step 5: Manage Showings

Once you list on the MLS, get ready for the offers to pour in. Traditionally, agents host open houses or arrange private showings. If you are selling your house in New Jersey by owner, you can use online tools to manage showings.

Step 6: Review and Negotiate Offers

The next step would be to compare the offers. Most house sellers go with the highest bid. But, here are additional factors you must consider before settling:

  • Is the buyer making a cash offer on your house?
  • Has the buyer applied for a mortgage? Are they pre-approved or pre-qualified?
  • Is the buyer willing to waive off some contingencies like home appraisal?
  • Are buyers offering to negotiate the closing costs?

Keep these questions in mind when comparing offers. As a FSBO seller, you can use offer management tools. With Houzeo Offers you can make counter offers, call for the best offer, and more.

» Highest and Best Offer: How to make the smart choice in multiple offer situations?

Step 7: Close the Sale and Celebrate

Traditionally, New Jersey title companies or real estate attorneys act as closing agents. As a guide, complete these milestones for a successful closing:

Pay Taxes and Closing Costs

You will need to pay the following taxes while selling your house:

  • Transfer Tax: Transfer tax is a one-time fee (generally costs less than 1%) you pay at the time of transferring ownership.
  • Property Tax: Property tax varies by county. It will be approximately 1% of the total home sale value. You can claim a rebate if you have paid your property tax a year in advance.

You and the buyer both pay separate closing costs. Seller closing costs in New Jersey consist of HOA, escrow, real estate attorney, and home warranty fees.

Sign Documents Needed to Close a Sale in New Jersey

It usually consists of signing the escrow and title documents. Additionally, you will sign the deed and the closing disclosure.

After signing all the documents, the new homeowner’s name is registered in the public record. The buyer signs a check or makes a wire transfer of the sale amount, and your home is sold.

Tips to Sell a Home in New Jersey in 2024

To ensure you sell your home faster, follow these tips to guarantee a smooth sale in 2024:

  1. Improve Curb Appeal: 97% of real estate professionals believe curb appeal is important to attract buyers. You can do this by mowing the lawn or painting the exterior.
  2. Use Advanced Tech Tools: Learn to manage the sale of your home using Showings Management and Offers Management tools. They will help you track your listing and stay updated on your home sale.
  3. Provide Seller Concessions: With the current high mortgage rates, home buyers are reluctant to purchase homes. As a house seller, you can offer seller concessions such as title insurance or HOA fees.

» Tips for Selling Your Home: Check these 9 powerful tricks to sell your home in New Jersey in 2024!

Bottom Line

Selling can be daunting, but this is the best time to sell a house in New Jersey. Summer is around the corner and home buyers are back in the market. Moreover, it is better to sell FSBO, as hiring a real estate agent will cost you a 3% commission.

If you are looking to save thousands in commissions, sell your house with Houzeo.com. Houzeo is a legit tech real estate platform that gives you access to tools only real estate agents have at an affordable flat fee.

Eager to Know More?

We’ve got you covered. Check out the following video to understand why Houzeo is one of the best for sale by owner websites in the U.S.

What is Houzeo?

An overview of what the platform is all about

Start Your MLS Listing NOW!

» Need More Clarity? Read these exclusive Houzeo reviews and learn why it is one of the best FSBO sites in America.

FAQ’s about Selling a House in New Jersey

What are typical closing costs for sellers in New Jersey?

Home sellers in New Jersey typically pay closing costs that include HOA fees, escrow fees, real estate attorney fees, and home warranty fees. They can come to about 6% of the final sale price.

How to sell a house in New Jersey in 2024?

List your home on the New Jersey MLS. With Houzeo, you get maximum exposure. Additionally, you should offer a competitive price and buyer agent commission to increase the chances of selling your home.

How to sell your home yourself?

You can sell your home yourself by listing it on the MLS. You can use a flat fee MLS listing service or a paid FSBO website.

» How to Sell a House By Owner in New Jersey: Here is how you can save thousands as a FSBO seller in New Jersey.

Can you sell a house while in probate in New Jersey?

Yes, you can sell a house in probate. You need to provide a Petition For Order authorizing the sale of real property, a copy of the sales contract, a broker letter, etc., in the court. On filing the documents, the court issues an order approving the sale.

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