Sure, it’s cold out and we’re dealing with snow in North Jersey. It might not be a great time to climb up on the roof to fix loose shingles or get that patio project started; but if you’re thinking of putting your house on the market, it’s actually the perfect time to do so.

There are a few factors that make early 2021 prime time for residential real estate in our area: low inventory, low mortgage interest rates, and the pandemic-fueled desire for more space.

North Jersey has been dealing with tight residential housing inventory for a few years, making this a seller’s market.

The real estate market has only gotten tighter as urban dwellers are seeking out the suburbs, or homeowners are looking to “size up” due to remote working and remote schooling that make their current environments too small.

Historically low interest rates on mortgages are making home ownership more affordable than ever—and first-time buyers are discovering that the traditional 20% down payment is no longer a necessity.

When there’s less inventory on the market there is more competition among buyers and that typically means your home, if it is showing at its best, is likely to sell faster and at a higher price. There are highly motivated buyers waiting for their dream home and homeowners should contemplate listing their property at this time if it aligns favorably with their personal financial situation.

Although it is a seller’s market, pricing strategy is still crucial. Many homes in the northern New Jersey towns we work in often end up in a bidding war or sell over asking price—especially in Essex and Passaic counties—but a house must be priced right to attract buyers and generate offers. Having the home staged by a professional real estate stager will also help potential buyers envision themselves living there, so be sure to clear out the clutter, organize the space, and have the stager direct you regarding furnishings and accessories. Be sure to always keep walkways shoveled and de-iced.

Another reason this quarter is a great time to list your home is to get ahead of the usual spring listing rush. There’s less competition now and winter buyers who are braving the cold and snow (rather than sitting by the fire) are likely to be highly motivated.

If you’re thinking of selling your home and want some guidance, or you’re ready to list right away, the real estate professionals at CENTURY 21 Cedarcrest Realty are here to help. We are specialists in North Jersey real estate, and our Fine Homes & Estates division offers specialty marketing services for the area’s most upscale properties. For superior service in any season, contact us at 973-228-1050 to discuss your needs, as a home buyer or seller.

Big is always good, right? Well, not exactly in every case especially when it comes to properties. Buying a bigger house comes with many hidden costs and long term responsibilities.

It's suitable mostly for the people who simply want to expand their families. If you are buying big houses just for its attractive and lavish looks, wait and think again! Is it really worth it?

Buying bigger house doesn't only mean more space. Listed down are the reasons why you should avoid buying big houses.

Expensive at it's best

Larger home comes with higher price tags, higher maintenance cost, and high monthly premiums. Buying big home means-

High Property taxes  

Energy costs  

Repair costs  

Closing costs

Utility costs  

Renovation costs  

Furnishing costs

Congrats, all these add up very fast and are interlinked to each other.

It doesn't guarantee better investment

Real estate trends change rapidly. Gone were the days when people used to invest in large properties and considered it a sound investment. But now it can be a major loss. Trends changes with time and aren't good big homes.

So when you buy a big home, you also need to consider the resale value. Consulting North NJ Realtor and constant market trends will help you to get the right property.

Buy according to your fit, keep ego aside

The requirement depends from buyer to buyer. Mostly, we come across many buyers who buy big houses for social status, to impress friends and others. This is simply not a good reason to burn your money. Other factors that should be given more priority than ego in home buying decision are-

Location  

Financial solvency  

Lifestyle

Neighbors  

Environmental conditions  

Basic amenities and other requirements.

More space, less usable

Think functionality, not the sq. feet. If your extra space is wasted there is no point in owning a big house. Firstly, get your space requirements clear and utilization of space. When touring a property, think about how you can utilize the space. If the provided space in the property is not getting utilized then drop the plan to buy that property.

Big home means big responsibilities

" With great power come great responsibilities" - Uncle Ben (Spiderman) Yes, you got me! Maintaining and repairing larger homes is a big responsibility that you can't avoid. The problems are amplified with a bigger price tag. So before buying a bigger house think twice!