25 min read Jul 22, 2022

Selling A House In New Jersey: Here’s What You NEED to Know

✍️ Editor’s Note: Houzeo is America’s most advanced home selling website. Houzeo covers all major New Jersey MLS’ to give you maximum exposure for the lowest flat fee when selling your house in New Jersey

» SAVE: Jersian’s HAVE LISTED $330 MILLION WORTH OF PROPERTIES ON HOUZEO.COM SO FAR. START YOUR FREE LISTING NOW!
Selling A House In New Jersey

Home values in the Garden State have increased by 15.18% from February 2021 to March 2022. This is the second year consecutively of double-digit growth. Real estate commissions also have reached record levels.

Most of the New Jersey housing market is a hot seller’s market. This guide summarizes key steps to selling your home in New Jersey.

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1. Best Time To Sell A House In New Jersey

Selling your house at the right time can fetch you the best possible deal. Spring and summer are the best seasons to sell a house in New Jersey. For example, selling your house in Toms River in August can fetch 6.69% more than the yearly average. Similarly, selling your hose in Princeton in July can help you earn 6.05% more.

2. Price Your Home Competitively

As a seller, pricing your property right is the most crucial step. It is also important to keep in mind that the price you list your home at determines the popularity of your listing and brings in foot traffic. The list price itself doesn’t determine what your sale price should be.

REMEMBER! The purpose of the LIST PRICE is to ATTRACT BUYERS to your listing. Your LIST PRICE is not your SALE PRICE!!!

What happens if you under-price or over-price your listing?

If you price it too lowIt is most likely that you will get multiple offers. You’ll likely go for “Highest & Best Offer” or counter the best offers to finalize the sale price with the buyer. And you will sell at market price
If you price it too highYou will get little traffic. It’ll make you drop the price, and you will sell at the market price

Real estate agents create what’s called a Comparative Market Analysis (CMA) to determine what’s an ideal listing price for a property. If you are opting for “for sale by owner” (FSBO) then you can easily create your CMA with Zillow and Redfin and understand how selling a house in New Jersey or any other state works.

» More: How to Price Your Home For Sale in 6 Steps

3. Options For Selling Your House In New Jersey

You have various pathways when it comes to selling your home in NJ. Selecting the right one at the right time can help you save thousands of dollars in your pocket.

Option 1: Sell Your Home For Sale By Owner

One way to bypass the hefty REALTOR commissions in the state of New Jersey is to sell your house For Sale By Owner (FSBO). It is a DIY approach with no listing agent involved. Sellers have maximum control over the entire process but have to handle all the paperwork with no oversight.

The idea of selling your home in NJ FSBO has its drawbacks. Though you save up on the commission money, you will have to handle everything – listing, marketing, negotiations, closings, etc. – on your own.

🚩 Key Downsides of Selling Your Home FSBO:

  • No MLS Exposure: MLS is the most important tool an agent has. Selling FSBO means limited exposure, so there will be less competition for your property. That will likely reduce the selling price. One study found that homes on the MLS sold for 17% more than homes, not on the MLS.
  • No Help If You Need It: If you need help with paperwork, inspections, negotiations, or closing, you’re on your own as an FSBO.

Option 2: List With A Traditional Full-Service Agent

You can always hire a full-service agent to help you sell your home. From listing to closing, the agent will help you with everything. But of course, you’ll be paying a full 2.7% to 3.5% buyer agent commission. And even if you find an unrepresented buyer, you’re still on the hook for the full commission.

🚩 Key Downsides of Listing With a Traditional Full-Service Agent:

  • Hefty Commissions Will Cost You Thousands: REALTOR commissions in New Jersey are 5.18% to 6%. That’s thousands of dollars of fees in commissions.
  • Limited Control Over Your Sale: Everything will go through an agent. That reduces the risk that you will do something wrong, but will also limit the control you have over your transaction. For almost everything, including if a counteroffer was submitted, the status of your closing, and how many showings you’ve had, you’ll have to reach out to your agent.
  • Slow & Manual Process: Agents do things manually. A simple price change is several steps – the agent has to talk to you over the phone, create a price amendment, get you to sign it, then they sign it, and only then can they update the price on the MLS.

Best Option: For Sale By Owner with a Flat Fee MLS Listing

The average REALTOR commission in New Jersey generally ranges between $180,00 to $25,000 (calculated based on the median price of the houses in NJ). Listing with a high-tech website like Houzeo.com saves you the listing agent commission. In addition, it gets you maximum exposure to the MLS and helps whenever you need it.

A Flat Fee MLS Listing Service Combines the Best of Both Worlds:

  • Save Thousands in Commission: Instead of paying a 5%-5.5% listing agent commission, you just pay a $349 listing fee.
  • Maximum Exposure: You get full exposure to the MLS, Zillow, Realtor.com, Redfin, and hundreds of other websites.
  • Help When You Need It: Services like Houzeo.com offer the “Contract to Close Coaching Package”. So if you need help during the transaction at any time, a licensed broker is there to help you sell!
  • Full Control Over Your Sale: You retain full control over when to sell and who to sell. Houzeo captures all leads and displays them on your dashboard. All offers and showings are summarized online, along with the buyer’s or their agent’s contact info. It doesn’t get easier.
  • Fast Listing & Changes: Houzeo is 100% online, and allows you to request changes instantly. Contracts are auto-generated, and turn-around times are fast!
  • A-la-carte Options: Need a yard sign, Showing Time, lockbox? You can purchase them easily from your Houzeo dashboard!

Best Flat Fee MLS Listing Company In New Jersey

🔥 BEST FLAT FEE MLS LISTING SERVICE

Houzeo.com

logo image
  • Listing Fee: $229 to $499
  • Available nationwide
  • 5 Stars 5/5

Houzeo provides an unbeatable combination of maximum savings, cutting-edge technology, and 5-star customer support.

💰 Save Thousands on Commission: Houzeo’s plans are typically a small flat fee. This will save you thousands. If your buyer is unrepresented, you save the buyer agent commission as well.

📣 Maximum Exposure: Listings get syndicated to the MLS, Zillow, Realtor.com, Redfin, Trulia, and hundreds of other websites. Houzeo also has nifty social media sharing tools. No other platform gives you this much exposure.

Fast Listing & Changes: Houzeo is 100% online. Listing is easy and changes are fast. So you can focus on what is most important – your sale.

⭐ 5-Star Customer Support: Home sellers across America have rated Houzeo 4.9 out of 5 stars on major review sites like Google and Trustpilot. There is comfort in the fact that when you call, there is a live person picking up the phone on the other line.

📱 Cutting-edge Technology: Houzeo is the most powerful real estate website. Its advanced features include:

  • IntelliList Listing Management System: Lets you manage your listing 100% online.
  • Houzeo Showings: Manage showing appointments online.
  • Houzeo Offers: All offers are summarized online. You can view and compare offers, or counter an offer. In a multiple-offer situation, you can also call for highest and best offers.
  • Buyer Search: Buyers can contact you directly on Houzeo.com instead of going through a real estate agent.
  • Houzeo Settlement Agent Platform: Guides you to your closing.

No other low cost real estate listing website comes close to offering such features.

👉 Our Take: Houzeo.com is our top pick because it delivers an unbeatable combination of savings, tech features, and service of any flat fee MLS listing service website we’ve reviewed.

»SAVE: Start your free listing on Houzeo.com today!

Pros

  • Nationwide coverage
  • Listings get syndicated to Zillow, Realtor.com, Trulia, Redfin, and 100s of other sites
  • Quick listing (within a day with concierge)
  • Savings on commissions
  • 100% online – easy listing, fast changes, online showings, and online offers
  • Mobile app availability

Houzeo has a 4.9 out of 5 rating on Google & Trustpilot 

Houzeo is available nationwide.

Option 3: Other Discount Real Estate Brokers

Apart from Flat Fee MLS Listing Companies, there are three other types of discount real estate brokers you can choose from.

Flat Rate Brokers

A Flat Rate is a fixed amount the seller pays the broker. Flat rate brokers are predominantly full-service brokers. They handle everything from listing to closing. These fees are fixed and do not change as per your home’s services or the selling price.

A flat rate is perfect for homes priced on the higher end. Let’s say your house is valued at $450,000 and you pick a flat-rate pricing model of a $3500 listing fee. If you opt for the traditional agent route, you would have to pay a REALTOR commission of around $27,000. 

Apart from the buyer agent commission, you will also be responsible for concessions, escrow fees, and warranties. 

Our Top Pick For Flat Rate Brokers

BEST FLAT RATE COMPANY IN New Jersey

Houwzer

Houwzer
  • Fees - $5000 excluding buyer's agent's commission

Houwzer is a flat rate fee company that provides all of the help needed in the process of selling a house. It charges flat fee of $5000 excluding buyer agents commission. It is best known for selling high value homes.

👌Perfect for High Value Homes: They charge $5000 which are less affordable to low value homes whereas high value home owners can afford the flat fee.

📢Exposure: Opting Houwzer means syndicating you property to 66 websites in addition to emails sent to the potential buyers in the geo location. They allow 25 professional HD photo uploads with 360 degree virtual tour of the house.

🤚Limited Agent Coverage: They provides limited real estate agents which could lead to quality issues as those limited realtors cater to a large number of customers.

» More: 9 Best Discount Real Estate Brokers & Companies

 

Pros

  • Affordable listing fee for high value homes
  • Professional photos with virtual tour video
  • Decent listing fee
  • Customer Support

Cons

  • Expensive for low-value homes
  • Quality compromised due to lesser number of agents
  • Minimal personalized support
  • Restricted coverage
  • Average technology

Houzwer has 4.5 out of 5 reviews on Yelp.

Houwzer covers only Florida, New Jersey, Maryland, Pennsylvania, Virginia, and Washington.

Low Commission Real Estate Agents

Low commission REALTORS or agents are discount brokers who work on a lower commission rather than the traditional 5-6% commission.

With the rise of the flat fee model and commission-based models, real estate commissions have been falling gradually. This makes low commission discount brokers more relevant to sellers nationwide.

For example, some of them offer full-service packages at 1 or 2% brokerage. This covers everything from listing to closing.

Our Top Pick For Low Commission REALTORS

ONE OF THE BEST LOW COMMISSION REALTOR

Redfin

Redfin
  • Listing Fee: 1.5% of sale price
  • Available in 80+ U.S. Markets
  • 4 Stars4 Stars 4/5

Redfin is one of the best low-commission real estate companies out there. 

💵 Save on commission fees: When you opt for Redfin over a traditional home-selling method, you can save up to 20% – 30% on the commission fees. Though, trying to provide their service 3x faster than the traditional method could limit their ability to provide you with personalized service.

✔️ Additional services: The discount realtor has a thorough listing agreement but it takes approximately 18 days to get a property listed on the MLS. With Redfin, you get add-on services like a professional photographer, MLS listing, open house schedule, yard sign, and much more.

👩‍💻 Good technology: It has one of the best technology among different discount real estate brokers. They have a powerful platform that is ideal for full-service brokerage. Redfin houses a fantastic user interface for sellers to make their job easier.

🔍 Explore more: Redfin Reviews: The Reality of 1% Fees, Pros & Alternatives

Pros

  • Strong technology
  • Thorough listing agreement
  • Detailed paperwork
  • Holisitic services
  • Rebate of 0.5% (in case of Full Service plan) if you buy and sell with them
  • Cash offer feature available
  • Full-service brokerage


Cons

  • Slow listing process
  • Average customer service
  • Limited agent selection

Redfin has an average rating of 3.9 out 5 on Consumer Affairs.

Redfin has a reach in 80+ Markets giving a nationwide coverage.

Virtual Full-Service Brokers

A virtual full-service broker does everything a traditional broker would do i.e. listing, marketing, pricing, negotiating, etc. The only difference is that a virtual full-service broker would do all of these online i.e. virtually.

Because of their cloud-based presence, they have many advantages. Such as lesser fees, discounted commissions, and much better management and marketing support. Many MLS listing companies like Houzeo, also provide full-service options that are 100% online.

Our Top Pick For Virtual Full-Service Brokers

Houzeo is the best virtual full-service provider in New Jersey that offers the following services to home sellers:

  • Online showings through Houzeo Showings
  • Mobile Application
  • Fast changes to your MLS listing
  • Listing syndicates to hundreds of other real estate websites, and a lot more

*We could not find any other reputable virtual full-service company in New Jersey.

👉 Explore: Houzeo Reviews: Home Selling made easier with Houzeo.com!

What If I Want To Sell My House Fast In NJ?

Due to some reasons, a seller may want to sell his/her house fast in New Jersey or any other state. Here’s what you can do in such cases:

Sell Your House As IsSelling a house as-is in New Jersey can help you save hundreds of dollars by bypassing the repairs. This also ensures that your house is sold fast.

Selling a house as is in NJ can be done via a real estate wholesaler as well. A wholesaler is an investor who buys your house in the existing condition and sells it for a higher profit.

» More: Selling A Home As Is: A Step-By-Step Guide For Sellers
Sell Your House For CashIf you want to sell your house fast in New Jersey then selling them to cash companies can be a very good option. They can offer you cash right away and ensure your house is sold quickly. There are various types of cash companies that can ensure that the deal is closed instantly.

» More: Reviews of 13 Best Cash Companies
Offer Your House To A FlipperFlippers in real estate are buyers that buy a property in its existing condition, repair it, and sell it at a higher price. Selling your house to a flipper will help you save time and dollars.

» More: How to Flip a House: An Introductory Guide For Beginners
    ✍️ Pro Tip: Consider selling your New Jersey home to an iBuyer

    iBuyers are companies that will buy your home for cash outright. They use technology to make an instant offer. This gives them an edge over the traditional cash companies. The price is decided with the help of their proprietary algorithm, recent real estate data, and their in-house experts. An iBuyer can offer and close the deal within 24 hours.

    »Explore: iBuyers Reviews: Selling Your House for Cash in 2022

4. Prepare and Market Your House For Sale in New Jersey

A clean and well-prepared home combined with the correct marketing strategy can help you attract a large number of buyers.

Get My House Ready

Whether it is New Jersey or any other state, you need to take care of certain things if you are thinking of selling your home without a REALTOR. Here is what you need to do:

Declutter & DepersonalizeMake sure you eliminate anything that may bring a feeling of personalization from your perspective i.e. you need to make the buyers imagine as if it is their home. This means removing your personal belongings before the showing.
Make RepairsIf your home requires any necessary repairs, make sure it is done before you start the process of selling.
Repaint NeutralYou can attract a higher number of customers when you paint your home with neutral colors.
Improve Curb AppealGo for clear landscape, fresh flowers, or exquisite paintings because the first impression is everything!
Implement stagingHire a professional who can help you with setting up your home like arranging furniture to make the home look spacious and tidy.
Update Heating and Cooling SystemsAlways remember to make repairs to both the heating as well as cooling systems in your house.

Ways To Market My Home in New Jersey

Almost 95% of home buyers search and review homes online. So, being online is the #1 priority for the sellers. A good online marketing strategy can make a difference in getting your house sold.

Here’s what you need to do if you are in for selling a house in NJ or any other state:

#Marketing TacticsDescription
1.List on the MLSHomes listed on the MLS sell faster and for 17% more. This doesn’t mean you need to hire a listing agent and pay that extra commission. You can work with discount real estate brokers to get MLS access. A Flat Fee MLS Company like Houzeo can be a very good option to list your home in New Jersey.

Houzeo will help you save the hefty REALTOR commission and get your property maximum exposure. All of this, just for a small flat fee!

✍️ Pro Tip: Research the best For Sale By Owner websites to sell your house FSBO
2.Get a Yard SignOpting for a yard sign can be a good investment when selling your home in New Jersey. It can help in attracting buyers from the neighborhood. On a crowded street, an attractive yard sign can drive the attention of potential buyers.

Houzeo’s yard sign can help you in this. Houzeo custom yard sign comes FREE with a selfie and it is available for $49 only!

✍️ Pro Tip: If you secure a buyer from a yard sign, chances are you’ll save on the buyer agent commission as well. In a nutshell, it is worth the $49 investment.

» More: The Importance Of FSBO Yard Signs
3.Share Your Listing on Social MediaShare your property listing on social media. This will include your contact info apart from the listing details. If you share your listing on Zillow or Redfin, all the leads your listing generates will be sold to buyer agents who’ll demand a competitive buyer agent commission. Houzeo, on the other hand, doesn’t sell your information or leads. All buyer leads see your contact info, so you might save on the buyer agent commission.

✍️ Pro Tip: If you secure a buyer from social sharing, chances are you’ll save on the buyer agent commission as well.
4Hire a professional photographerAs a seller, you can hire a professional photographer to create a portfolio of your house. Professional pictures can greatly impact the selling process by attracting more buyers.

✍️ Pro Tip: Professional photographer can collate a portfolio that otherwise may not be possible if you are taking up the job.

» More: Create Your Best Listing Photos
5Run adsWhen selling your home in New Jersey, running ads on print and social media can help you attract more buyers.

✍️ Pro Tip: Try to cover as many social media channels as possible to initiate ads for your listing.

With Houzeo, you can market your property to a large audience as it gets listed on the MLS and other real estate websites.

» More: Creative Ways To Market Your House For Sale

5. Manage Showings And Negotiations

Once you have prepared your house for sale in New Jersey, showing it to buyers is the next step.

How To Manage Showings When Selling A House In New Jersey?

Once your property is ready for showings, it is critical to manage the showings effectively. You can either opt for online showing tools or host an open house.

Online Showing Tools

Online showing tools provide home buyers and their agents with a frictionless way to request and schedule showings.

Houzeo Showings, a cutting-edge solution by Houzeo, helps buyers and buyer agents choose a particular showing slot as stated by the seller. The tool also provides features like rescheduling, updating, canceling, requesting, and more.

#FeatureDescription
1.Home Sellers Can Set Their Showing CalendarThe property must be shown to buyers and the buyer’s agent on their availability. This saves time for all the concerned parties.
2.Buyers & Buyer Agents Can Request & Reschedule ShowingsBuyers and buyers’ agents should be able to reschedule and cancel on an ad-hoc basis.
3.Buyers & Buyer Agents Can Provide Feedback on the ListingFeedback from buyers and buyer agents is critical for home sellers because it allows them to assess their property (priced too high, the backyard needs fencing, rooms need whitewashing, and more). Where the feedback is actionable, small remedies can go a long way in improving showings and attracting top dollar for your property.

🗓️ Houzeo Showings has all the required features and is available on the Houzeo mobile app!

Introducing the Houzeo Mobile App!

  • View your listing
  • Review and compare offers
  • Manage showings with Houzeo Showings
  • Counter an offer
  • NEW! Buyers can now search your property and save it in “Favorites”

Start Your FREE Listing NOW!

Hosting Open Houses

If your house is located in a hot seller’s market like Ventor City or Cap May then more buyers would be interested in buying them. In such cases hosting an open house would be more feasible.

    ✍️ Pro Tip: You might attract unrepresented buyers, saving you the entire buyer agent commission.

How To Negotiate Offers When I Want To Sell My Home In New Jersey?

Counteroffers and requesting the highest & the best offer are the two tools of negotiations when selling a house in New Jersey or any other state.

Most brokers or brokerage companies will give you complex forms to counter an offer, or to request the highest & best one. Houzeo has digitized these, so, you can counter or ask for the highest & best with just a few clicks!

#Advanced TacticWhen to UseHow to Use
1.Counter an OfferSingle or Multiple Offer SituationYour best offer is not just the highest one but is also competitive across several parameters: deposit, financing, inspection contingency, closing timeline, etc.

When you want to counter an offer, you can request any of the mentioned parameters updated as per your preferences.

▶️ Learn more: How to counter an offer on Houzeo
2.Request Highest & Best OffersMultiple Offer SituationIf you have multiple offers and a timeline by which you’d like to pick an offer, you can call for Highest & Best offer from all the interested parties.

▶️ Learn more: How to request Highest & Best offer on Houzeo

Also, negotiating offers means focusing on other factors like contingencies, concessions, responsibility, and more.

6. Documents Needed For Selling A Home In New Jersey

New Jersey state law mandates that the seller must abide by certain disclosure requirements, which is required by law. Below mentioned list of disclosures is mandatory,

Disclosures For Selling A Home In New Jersey

New Jersey Real Estate Disclosure FormThe New Jersey Real Estate Disclosure form is a checklist of all the things that need to be disclosed. This includes plumbing, water & sewage, heating & air Conditioning, deed restrictions, special designations, homeowners association/condominiums, and co-Ops, radon gas, etc.
Lead Paint DisclosureSpecifically for homes that were built before 1978. Federal law requires the seller to disclose any dangers related to lead-based paint.

» More: Seller Disclosure Requirements in New Jersey

Mandatory Documents For New Jersey Real Estate Transactions

Review these documents in brief and understand their provisions. Here are some of the key documents you’ll likely need when selling a house in New Jersey:

The DeedThis document enables the legal transfer of title from the seller to the buyer. Read this document carefully, verifying all details including the legal description of the property, the deed book, the deed book page, and the Property Identification Number (PIN), if any.
Statement of Closing CostsThis statement summarizes all the expenses involved in the transaction. This is prepared during the closing process by an attorney or the title company.
Title affidavitA notarized document that verifies that a seller is the owner of the house, there are no liens, and there is no simultaneous purchase deal.
New Jersey Residential Purchase AgreementThis document contains various information such as purchase amount, earnest money, inspection procedures, etc. It signifies the complexities involved in the overall transaction.
Bill of saleA sale receipt that includes seller and buyer’s information plus any other information relating to the sale.

Possible Additional Documents

The below table showcases some more documents that may require in selling your home in New Jersey:

Information on Loan PayoffIt is applicable only if you have a mortgage on your home. This document states the mortgage amount that has been paid and the mortgage amount due. This document is a must, even if you have paid the mortgage amount completely.
HOA formsIf the house is part of an HOA, the seller needs to give the buyer all the documentation on restrictions, fees, financials, and more.
Survey papersThe documentation defines the location and the dimensions of the property. This is important while selling a house without a REALTOR in New Jersey as well.
Home inspectionContains all the details about the inspection of the property.
Repairing proofWhile selling a home in New Jersey, if the seller has made repairs to the property before the sale, they need to furnish the relevant documentation.
Home warrantyContains coverage of the property, time span, and cost.
Power of attorneyIf the property is inherited, then the seller needs to furnish the details of the history and how the property was passed onto him/her.
Closing disclosureIt proves that the seller agreed to buyer concessions. The disclosure is provided to the lender.
Correction Statement In any case, if the documents are lost/misplaced or some other defect occurs then the correction statement obliges the buyer, seller, or lender to fix the documents.
Additional AffidavitsWhile closing in New Jersey, you may need additional affidavits like a name affidavit or an affidavit stating that you are not a foreign citizen. This will help you skip certain property taxes.

Bring TWO Forms of Official ID

There will be most likely a licensed notary involved in the closing process who’ll require you to swear on your identity. You would be required to furnish identity proof (like a passport, driving license, or any other authorized document) during the process. However, the closing process might require you to produce secondary identity proof.

7. Closing On Your New Jersey Home

The closing process in the state of New Jersey is handled either by a title company or an attorney. Your REALTOR and settlement agents usually handle the legalities.

Take Care of Title, Appraisal, And Inspection

TitleA lender is always protected by the Title Insurance Company. The title insurance provider will examine the title history of the property in the public record, to make sure you’ll have clear title to the property at the closing.
AppraisalA money/mortgage lender typically goes for a home appraisal to identify what is the appropriate value of a particular property. Based on the outcome by licensed appraisal agents, the lender decides the amount that should be part of the mortgage.

This is crucial while selling a house with or without a REALTOR in New Jersey (or any other state) as it keeps the buyer protected from unwanted sale prices. It’s hard to say for sure how much an appraisal will cost as it depends on where you are located and the characteristics of the property.
InspectionInspection is also part of the process where licensed individuals scan the property for any issues. If there are defects, re-negotiations might take place between the seller and the buyer. The inspection includes everything from property worth, neighborhood, parking space, and more.

Overall Cost Of Selling A House In New Jersey

It should be noted that REALTOR commission and sale price are not the only two things that are involved from a perspective of real estate transactions. In New Jersey, there are multiple fees involved while selling a house that should be known to a seller which is crucial for a sale. Here’s a list to get you acquainted:

The list will also help the seller in getting an answer to the question – How much will my house cost in New Jersey?

Realty Transfer FeeThe Realty Transfer Fee is paid by the seller which is 1% of the home sales.
Capital Gains New JerseyYou are required to pay a tax on the capital gain of the property. A capital gain is a difference between the amount for was bought and the amount for which the property is sold. The seller is responsible to pay capital gain tax.
Title InsuranceTitle insurance protects both parties that are the buyer and the seller if an important chain of title ownership is missed by the Title agent/company which could cause issues later. The premium is typically paid by the buyer and the seller depends on the understanding of both parties or else the seller has to bear the cost of title insurance. Title Insurance is calculated based on the NJ home sales price, and loan amount
Home WarrantyA seller may go for a home warranty if some components of the home (water heater, air conditioner, fans, etc.) require attention. This will benefit buyers in case a component of the home breaks down later. Home warranty costa approximately $219 – $1,843
Appraisal FeesAn appraiser is hired to determine the actual price of the property. The cost of the appraisal process depends on various factors such as property type, size, and location. It is usually paid by the buyer.

In New Jersey, the home appraisal cost is between $375 and $585.
Inspection FeesA general home inspection in New Jersey would cost between $300 and $500. Apart from this, various other inspections such as pest inspection, pool inspection, roof inspection, etc. are carried out.
Survey FeesThe survey property fees vary from place to place. For instance, in Cream Ridge it is approximately $544
Attorney FeesThe real estate attorney is in charge to prepare the deed and deliver to the new homeowner, the fee generally costs $500 depending on the level of service or the attorney’s experience. And usually, it also varies entirely on the amount of work and what type of home is being sold. The buyer and the seller usually split the attorney fees.
Other CostsOther fees could include Credit reports, Condominium Fees, Recording Fees, Cleaning services, Carpet Cleaning, and other Home Improvement Fees.

» More: What are the Seller Closing Costs in New Jersey?

Who Pays Closing Costs In New Jersey?

Various closing costs are involved when selling a house in New Jersey. Most of them are customarily paid by sellers whereas a few of them can be negotiated or paid by the buyer.

Closing CostsSeller/Buyer Responsibility
Agent CommissionSeller pays the real estate commission in New Jersey
Title InsuranceThe premium is typically paid by the buyer and the seller depends on the understanding of both parties or else the seller has to bear the cost of title insurance.
Survey FeesNegotiable between buyer and seller.
Home Warranty FeeNegotiable between buyer and seller.
Home Inspection FeeBuyers pay the home inspection fee.
Appraisal FeeUsually paid by the buyer.

How Much Are Closing Costs In New Jersey?

The amount of money you will spend on closings while selling your home in New Jersey depends on a lot of factors such as REALTORS commissions, fees & taxes, mortgage payoff, etc.

Sellers can calculate their closing costs using Houzeo’s Advanced Closing Cost Calculator for New Jersey. The calculations are based on the latest home prices in New Jersey and it gives you a very detailed estimate of all the costs involved in the transaction.

» More: Still wondering how to sell a house by an owner in New Jersey? List it on MLS FSBO

Final Word

Selling a house in New Jersey can be a little complicated, thus usually requires sellers to hire a REALTOR. But due to the hefty REALTOR commission, sellers are moving away from the traditional full-service pathway and trying to sell the property by themselves to save thousands on dollars spent on commission.

Many sellers are also opting for FSBO or DIY route. It does save a lot of dollars but limits exposure and increases sellers’ responsibilities many folds. So the next best choice is discount real estate brokers.

Among these brokers, Flat Fee MLS Listing Companies are the best choice. Flat Fee MLS Services like Houzeo allow sellers to control the selling process without compromising on the exposure. All of these at a small listing fee!

With Houzeo, you have the option to list your property as an owner and enable a smooth closing process. You do not have to worry about complexity as the platform is 100% online. It will help in listing your property on the MLS at a flat rate and take care of other tasks which otherwise would require manual intervention. Another big point is that due to platforms like Houzeo, the real estate agent commissions are declining. This is because of the promising Flat Fee MLS structure that companies are providing.

Check out some of the Houzeo reviews and how it has helped customers around the US.

Frequently Asked Questions

Do you need a lawyer to sell a house in NJ?

You need an attorney to sell a house in NJ. Attorney is the closing agent in this state.

How to sell a house by owner in NJ?

You can sell your house by the owner by opting for For Sale By Owner. But purely FSBO can limit the exposure to the property. This is where real estate tech companies like Houzeo can help. Houzeo offers various Flat Fee Mls Packages. Flat Fee MLS provides the ultimate marketing exposure with a hassle-free process. By far, Houzeo provides you all the services needed to sell you property in just one click, Head to the calculator and find yourselves savings worththousands of dollar!

Who pays closing costs buyer or seller in New Jersey?

In New Jersey, except agent's commission, most of the closing costs are negotiable between the seller and the buyer.

What are the tax on selling a property in New Jersey?

Capital gain tax is a must on sales of the property whereas there is no sales tax but you have to pay Realty transfer fees.

What’s the best way to market a house for sale in New Jersey?

There are various factors involved when it comes to marketing your house. According to a study using professional real estate photography can sell your house "https://www.prnewswire.com/news-releases/professional-real-estate-photography-sells-homes-32-faster-273534171.html" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">32% faster. Try to opt for professional photography when opting to market the best asset you own!

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New Jersey Selling a house

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