Sell my house fast in New Jersey

Whether you’re downsizing in the same town, retiring to the Jersey shore or planning to leave the Garden State for somewhere new, it’s a good time to sell a home in New Jersey. Data from New Jersey Realtors shows that the median sale price of a single-family home here in January was $505,000 — a healthy 12.2 percent increase over last year and well above the nationwide median — and that homes typically sold for 1.2 percent above their list price.

However, all that success takes time: Homes typically sat on the market for more than a month before finally going into contract. If you’re hoping to sell your house in New Jersey fast, or at least faster than that, read on.

How fast can you sell your home in New Jersey?

As of January, New Jersey homes spent about 42 days on the market before selling, according to Redfin data. But that’s just the time it took to go into contract — afterward, you’d have to wait even longer for your buyer’s mortgage to be approved before you could close. Things tend to move quicker in the summer, though, which is typically the best time to sell a house in New Jersey (and most other states, too). For example, Redfin’s data shows that homes spent just 31 days on the market in July and August.

Need to sell even faster?

If you can’t afford to be patient, there are ways to accelerate the process. Keep in mind, though, that time really is money in this situation — selling faster often means selling for a lower price. Look into these options if time is of the essence:

• Cash homebuyers: Compare companies that buy houses for cash in New Jersey, which range from national franchises to small local operations. These companies move with remarkable speed, typically closing the entire deal within just a few weeks or even less. And they usually buy homes as-is, making them a good option if the home is in poor condition. However, these outfits will likely offer a lower price than you could get on the open market.
• iBuyers: Similarly, offers from iBuyers will likely be lower than selling the traditional way. But the speed and convenience can be worth it if you need to move really fast. Opendoor, one of the industry’s biggest players, buys homes in northern New Jersey.
• Real estate agents: You can still sell faster if you use an agent — you just need to be upfront with them about your need for speed. A skilled agent who knows your corner of the New Jersey market well will be able to price your home to move, and knows when to make concessions or other ways to be flexible in order to keep things moving at a good pace.

Selling your home fast for fair market value

Hiring an experienced local real estate agent, while not as fast as a cash-homebuying company, is the best way to maximize the profits from your home sale. These licensed professionals know the ins and outs of selling a home in the Garden State and can advise you on pricing, marketing, negotiating and more.

Here are some other things to consider before putting your home up for sale.

• How should you price your listing? Your real estate agent can help you with the most important decision of selling a home: setting the asking price. How much is your house worth? Your agent will look at neighborhood comps to figure out your home’s market value and price it appropriately.
• Is it worth upgrading before you sell? Probably not — most major home renovations do not recoup their full value when it’s time to sell. Plus, hiring a contractor and dealing with ongoing supply-chain delays can take significantly longer than you expect. Rather than thinking about big upgrades, it’s smart to consider quick improvements that can boost the value of your home without breaking the bank.
• What should you repair before selling? You’ll probably want to address anything obvious that a prospective buyer might notice. Consider any issues that have annoyed you as an owner — a perpetually leaky faucet or a cracked floorboard, for example. You might also consider getting a pre-listing inspection, which can help you get in front of any problems that the buyer’s inspection might uncover.
• Should you pay to stage your home? Will a house-hunter be able to picture themselves living in the home, or is it full of personal items and quirks that make it obviously yours? Talk to your agent about whether it might be worth paying a pro to stage your home. Think of it as a professional makeover that provides a move-in-ready look to appeal to buyers.
• Should you sell as-is? If you opt to list your New Jersey home in as-is condition, you are broadcasting a simple message to buyers: You won’t be making any repairs. This can move the process along much more quickly, as you avoid back-and-forth negotiations about what needs fixing and what doesn’t, but it can also turn buyers off, so consult your agent.
• What do you need to disclose to the buyer? Every home seller in New Jersey needs to fill out a property condition disclosure statement, which details any potential defects with the home. From the age of the HVAC system to past termite damage, this document covers just about everything a buyer should know. Additionally, if your home is part of a homeowners association, be prepared to hand over documents about the association’s bylaws and financial health.

Closing day

Even if you stand to make a nice profit, selling a house costs money. If you’re still paying off a mortgage on your house in New Jersey, part of the proceeds from the sale will immediately go to settle up that debt. Then, you will need to pay the real estate agents’ commissions, which typically total 5 to 6 percent of the home’s sale price. So, if you sell your place for the median price of $505,000, you will pay up to $30,000 in Realtor fees.

You’ll also have to factor in closing costs in New Jersey. These may include:

• Transfer taxes: New Jersey sellers pay a 1 percent real estate transfer tax, a fee to switch ownership of the property to the buyer. So, if you sell your place for $500,000, you will need to give the state $5,000.
• Seller concessions: The buyer may request concessions during the negotiation process, for example asking you to cover the cost of a needed repair. It’s up to you whether you are willing to budge here, but this is very common and often helps move the sale along more quickly.
• Attorney fees: New Jersey does not legally require sellers to hire a lawyer, but a real estate attorney’s expertise is still worth paying for. Real estate contracts are complicated, and there’s a lot of money at stake, so you want to make sure your interests are protected.
• Capital gains tax: If your home’s value has risen significantly, you might be taxed on the profit when you sell it. It all depends on your marital and tax status, how long you owned the home, whether it was your primary residence and the exact amount of net profits — it’s best to consult a tax professional here.
• Title insurance: This cost often falls to the seller, but in New Jersey, sellers are in luck: The buyer typically pays for title insurance in this state.

Find a trusted real estate agent

You don’t have to figure it all out by yourself. An experienced local real estate agent can educate you on the trends that will impact your listing, determine your home’s fair market value and help you sell for the highest price possible. If you’re really in a rush to sell, it’s worth considering a cash-homebuyer or iBuyer as well.

FAQs

• How fast are homes selling in New Jersey?

  As of January 2024, New Jersey homes spent around 42 days on the market before selling, according to Redfin data. Selling to a cash homebuyer or iBuyer can speed that timeline up significantly, but in exchange you will likely sacrifice some profits.
  

• Can a real estate agent help me sell my house fast?

  Yes, an agent can help you sell your house quickly because they understand competitive pricing strategies and can market your home with speed in mind. However, if time is of the utmost importance, the fastest route is to sell to an iBuyer or cash homebuying company.