How to Negotiate like a Real Estate Pro

Most real estate brokers fall into one of three categories when it comes to negotiations. Some are unaware or nervous. Others are savvy and prepared. And the rest land somewhere in between. To become a confident negotiator with successful outcomes, equip yourself with the following tools.

• Determine your deal points
  Prioritize which terms are most important to your client and which are less so. Is it price or a specific deadline? Updated appliances? Identify where you would like to be in each priority area—and put that in writing to support meeting those points.
  
  
• Ask about the other side's deal points
  By asking the other side to explain their deal points, you can find ways to work within a framework that will address their concerns, find solutions to their problems, and achieve their goals. You're bound to find bargaining chips that you can give up to get a concession of value.
  
  
• Collect and leverage data
  The person armed with the most amount of information is more likely to win the negotiation. That's why forward-thinking real estate brokers focus on key data to inform an offer, including:
  • Recent sales of comparable homes
  • A property's location
  • Lot size
  • Neighborhood
  • Current market supply and time
  • Taxes
  • Homeowner association fees
  • Seller's point of view

Adding these practical tools to your arsenal can boost your negotiating confidence and support successful outcomes for you, your team, and your clients. At JJ Elek, you'll be a part of a team that sets you up for success. Contact us if you're interested in taking your career to the next level.

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Ready to buy or sell? Whether you are moving across the street or across the country our agents have years of experience and are ready to help.

Call Today!! (732) 634-9100

https://www.jjelekrealty.com/

#jjelekrealty 

Existing Homes versus New Construction: What's Best for You?

In today's red-hot real estate market, more and more people are searching for homes in New Jersey. As you begin your home-buying journey, it's important to know what type of construction suits your unique situation — a resale or newly built home. Let's break down some of the benefits and drawbacks of each.

3 Pros of Buying an Existing Home

1. Established neighborhood
   For many homebuyers, local amenities, school districts, and a sense of community are key. When you buy an existing home, you're joining a neighborhood with schools, parks, shopping, and commuter routes already in place. In newer communities, many of those amenities have yet to be built.
2. Lower-priced options
   Existing homes tend to be less expensive than new construction. According to recent estimates, the median sales price of an existing US home in fall of 2021 was $354,000 versus $400,000 for a brand-new home. Add inflation and material shortages into the mix, and these differences are likely to persist into the near future.

3.Architectural details and history
Older homes are more likely to offer aesthetic details that would be difficult and expensive to replicate. Many older properties also have great stories behind them, which you become part of when you move in.

The Drawbacks of Existing Homes

Outdated floor plans
Barring extensive remodeling, you're unlikely to find modern floor plans in existing homes. The kitchens, bedrooms, and living rooms may not match the style you're seeking.

Potential for more repairs and maintenance
Unplanned repairs to roofing, heating systems, and appliances can have you spending money where you didn't expect to.

Energy inefficient
Older houses may be poorly insulated and rely on environmentally unfriendly resources like oil for heat.

3 Pros of Buying New Construction

1. Modern and customizable floor plans
   If you're buying a new construction that's already complete, there's a good chance the layout will be more modern, with wide-open floor plans. If you're going for a custom-built home, you can work with the contractor to create a layout that works for your life.
2. Lower maintenance
   With brand-new appliances, roofing, and HVAC systems, newly built homes usually require less maintenance. That means you can better predict monthly costs. Plus, newer homes often come with builder warranties that protect elements of the house for years before you need to address any major repairs.
   
   3. Smart and safe
   Newer homes often integrate "smart" technology components allowing you to automate internet, cable, speakers, and alarm systems. And new homes often use low- and zero-VOC (volatile organic compound) building materials, improving indoor air quality.

The Drawbacks of New Construction

Higher costs
New construction is typically more expensive than a resale home. For example, the median sale of an existing home in the US jumped to nearly $391,200 in April 2022, while a brand-new home topped $450,600 that same month.

Delays
If you're signing up for a home during the construction phase or building a custom home, it could take several months longer to move in compared with an existing property. This will vary by market and builder, so consider budgeting time for potential delays. If the construction is complete, this won't be an issue.

Lackluster landscaping
The area where the earth has been cleared to make way for new construction can feel stark and exposed with a newly constructed home. This is because it takes years for landscaping to grow and bring natural life to the property.

Still Deciding What's Right for You? Let JJ Elek help.

JJ Elek agents have years of experience with existing homes and new construction in the NJ market. We're ready to help you find exactly what you're looking for. Contact us today.

____________________________________________________________________________________________________________________________________

Ready to buy or sell? Whether you are moving across the street or across the country our agents have years of experience and are ready to help.

Call Today!! (732) 634-9100

https://www.jjelekrealty.com/

#jjelekrealty 

Tips & Advice to Downsize Your Home

Moving into a new house can be bittersweet. You may be excited for the change but sad to leave a home so full of memories. Downsizing can be even more of a challenge because a smaller place won't provide the space you need for all your current possessions.

The truth is, spending the time and effort downsizing and decluttering can have a very positive impact on your life. Here's how you start the process successfully (and without feeling like you're letting go of a memory).

Your Downsizing Plan

Whether you're downsizing or simply want to clear out some clutter, it can be a challenge without a plan. Of course you'll want to keep the most meaningful pieces, but holding onto too many things can become a clutter problem in itself. Here are some tips to declutter and downsize, without sacrificing your meaningful belongings.

Make room for minimalism

Downsizing doesn't have to mean getting rid of every single unused item you own. It's perfectly fine to keep some special pieces, within reason. Be a little ruthless by setting some kind of limit while decluttering sentimental items. Does it really have as much meaning or usefulness as you think it does?

Ask yourself why you're saving it

As you dive through boxes and storage, ask yourself why you want to hold onto a particular item. Does it remind you of a special moment? Is it for your kids when they're adults? Is there a sense of obligation making you feel like you have to keep it? We all have different reactions to sentimental items, so be honest about the motivation behind wanting to keep them.

Take photos

Once you've narrowed down your limit of saved items, take photos of things you'd like to remember, but don't necessarily need to keep. Whether it's a kid's trophy or an old costume, this is a simple and meaningful way to preserve the memories associated with them.

Repurpose

Instead of storing sentimental items, find ways to use or repurpose them. For example, if you're downsizing for retirement, instead of buying new generic décor, display memorable pieces that are meaningful to you. Then you can enjoy and appreciate them every day.

Remember, all the effort that goes into downsizing and decluttering ends up giving you more space and freedom to enjoy. Don't be hard on yourself. It's a journey, and even small steps mean you're making progress.

Contact us at JJ Elek for more tips on downsizing your home.

How to Find Your Dream Home in Today's Market

Finding your dream home is a big undertaking—one that can easily take months or years depending on what you're looking for. While the process can seem daunting at first, especially in today's competitive housing market, you can find the right home with the right planning. Rather than go it alone, we've broken down some of the steps for you here to get you started.

Make a list
Instead of haphazardly visiting open houses or browsing online, sit down and make a list of your needs and wants—which are two very different things. For instance, you may want a pool, but could technically live without it. You may need at least two bedrooms if you have children.

Be flexible
Understand that your needs and wants will probably change as you learn more about your housing options. Proximity to the city may start off as a priority, for example, but once you see the size of the homes available in your price range, you may decide a longer drive is bearable. Unless you have an unlimited budget, plan on making compromises along the way.

Know your finances
In New Jersey's hot housing market, getting your finances in order is a must. Determine your budget and how much wiggle room you have in order to keep your must-haves clearly in view.

Pick your preferred home style
Once you have the basics figured out, decide what features you want in a house. Do you want to live in a townhouse, condo or single-family house? How many stories and bedrooms do you want? Do you plan on spending time in an outdoor space? Knowing before you go can help narrow down your options.

Document your visits
When it's time to take your home tour, compare the features against the checklist you made. Do you need to re-evaluate any of your must-haves? Consider anything you may have left off of your list or anything you'd like to add.

Work with a JJ Elek Real Estate Agent

Once you know what you're looking for in a dream home, you'll be ready to find the right agent to partner with for your search. JJ Elek agents have years of experience in the NJ market and are ready to help you find exactly what you're looking for. Contact us today.

Should You Stage Your House to Sell It?

When you decide to list your house for sale, you may wonder whether or not to stage it. How much does staging cost? How do you do it right? Will it increase buyer interest? Let's take a closer look at the process.

What is home staging?

Home staging is the art of decorating your house to appeal to potential homebuyers. It allows potential buyers to envision themselves living in your home, which could increase the number of offers and size of the offers you get. Staging has many benefits that can lead to a successful sale without having to pay the many costs of a full redesign. Your best bet is to hire a professional stager who knows the elements of design and what appeals to buyers in your area.

Will staging help your home sell?

According to the International Association of Home Staging Professionals (IAHSP), an investment in home staging is always less than a price reduction or lower starting price. It's a proven, up-front investment to help get the highest rate of return on the sale of a property. In fact, it can net 5-20% more in the sale, according to statistics tracked by IAHSP and National Association of Realtors.

How much does it cost to stage a house?

Home staging costs around $1,500 on average but can range anywhere from $600 to $4,000. The pricing depends on the location, size, and list price of the property, as well as the number of rooms being staged, the type of furniture and decor, the duration of the initial staging agreement, and whether or not the property is vacant. The 2022 Home Staging industry statistics showed that $3,250 is the average investment for staging a vacant property.

Here's a breakdown of the costs you're likely to see:

• Initial consultation: From $150 to $600 and typically takes about two hours

• Room-by-room staging: The individual cost of staging a room is about $500 to $600

• Price per hour: Ranges from $25 to $150

• Price per project: Most stagers provide an estimate for the project after your design consultation, ranging from $800 to $1,000

• Furniture rental: For vacant homes or as needed, rentals can cost anywhere from $500 to $600 per room, adding up to $2,000 a month

• Maintenance projects: Costs for things like light fixtures, refinishing, hiring a cleaning service, or painting will range depending on your needs

Is home staging worth the price?

When it comes to staging your home to sell, the cost of staging is usually worth it. There are plenty of affordable ways to get the jobs done and the experts at JJ Elek realty can help. Contact one of our agents at 732-634-9100 for more information.

Step-by-Step Guide to Creating a Virtual Home Tour

The COVID-19 economy has drastically increased consumer demand for virtual home tours. Using 360-degree and 3D tour technology, you can deliver an immersive experience to view potential homes while limiting in-person contact.

And it's not as complicated as you might think. This step-by-step guide includes everything from the equipment to the execution needed to set up a successful virtual home tour.

1. Use the best equipment and technology

Anyone who's doing any volume of home sales should invest in a 360-degree camera. You can capture and turn thousands of square feet into a dynamic home tour in less than 20 minutes. Most models cost between $250 and $500. Whichever 360-degree camera you use, you'll also want to purchase a tripod or monopod, an extra battery, and a battery-charging station. You'll also need to download a smartphone app or invest in a hosting platform to store, edit, and share your photos. There are hundreds of 360-degree tour providers and hosting platforms, including Giraffe360, and EyeSpy360, Immoviewer, Matterport, Ricoh360 Tours, and Box Brownie. Choose one that allows you to upload and store your photos as you take them, and you're ahead of the game.

2. Organize and set up a photo shoot

Before you take any pictures, plan your shoot, preferably during the daytime.

• Take your photos just like you would walk through the property, starting with the exterior.
• Place your camera on a tripod or monopod, and take one photo from the street, one in the front yard, and one in the backyard.
• Before taking interior shots, open all doors and turn on all lights. Open blinds and curtains unless the view detracts from the shot.
• Place the tripod in the center of each room at eye height set at eye height, above furniture and countertops.
• Navigate through the house, taking as many photos as possible to give a sense of the flow — one photo per room, or two or three for larger rooms.

3. Create the tour from walkthrough to exit

Many editing programs, including Box Brownie and Immoviewer, will put your photos in the right sequence as they upload, as long as you've taken them following the floorplan. If you have the editing skills to stitch the images together yourself, you can use Adobe Lightroom and Photoshop, available as a monthly online subscription.

4. Publish and market your virtual home tour

Once the images and 3D model have been created, it's time to share it. MLSs, platforms like Realtor.com, and social media are key places to publish your virtual home tour. You can share the link on Facebook, and even embed it in email campaigns and text messages

Moving forward as an agent, it's vital to make sure to make virtual home tours a part of your process. At JJ Elek, we empower our team with cutting-edge technology, education, and 100% administrative support for successful marketing campaigns. This makes all the difference.