Carmela Pereira
Real Estate Professional
Realty Executives Elite Homes
I am proud to announce that my listing at 2084 Drake Ct Mahwah has closed. We received multiple offers, and an all-cash offer which became the winning offer. We had some ups and downs, and twists and turns, but finally we have closure. With this sale, it is now the highest comp in Franklin Crossings for a 3 BR/2.1 BA townhome. Congrats to the seller who is also a friend...best wishes on your new adventures down south!
decks and patio, 1 car garage. Updated 3 BR/3 BA move-in condition townhome. 2 Master Bedrooms w/Master Baths, modern Eat-in-Kitchen, Living/Dining Room w/wood-burning fireplace, 2 outdoor decks and patio, 1 car garage. Ground floor room can be used as a large 3rd bedroom or Den/Family Room w/full bath. Walking distance to direct shuttle bus to NYC, houses of worship, shopping and major highways. Special assessment of $1451.23 currently being paid by the owner.
Southwest Passaic (known as Passaic Park) is a residential and institutional center of Orthodox Judaism, with 25-30 minyanim on Shabbos, and 1,300 families, as well as being home to numerous yeshivas, schools and other institutions. There are also kosher food and shopping establishments. Passaic Park takes its name from Third Ward Park. This area is also noted for its large mansions and homes of various architectural styles, especially Victorian and Tudor. Several condominium and cooperative apartment complexes are also located here including: Carlton Tower (at 22 stories, the city's tallest structure[34]), Presidential Towers, and Barry Gardens (which are all located within walking distance of each other near a stretch of Passaic Avenue between Lafayette Avenue and Green Court).
For more details about this property, click here.
Stop by my Open House Sunday from 12-3 and preview this beautiful 4 BR Colonial with many updates. Walking distance to NYC bus, close to shopping, restaurants, and schools. A must see! Move-in condition!
For more info and photos: http://www.denvillerealestatelistings.com/listing/mlsid/87/propertyid/3200911/
CMAs are generated from multiple listing service software and vary greatly depending on the search fields that are input by the real estate professional. Each quantifier makes the search increasingly specific - type of home (detached vs. attached), zip code, number of bedrooms, baths and living areas, square footage, and numerous other search criteria.
The result is a report that tells you which homes have recently sold, their selling prices, how long they were on the market and other information. The CMA will also tell you about homes in competition with yours that are similar in size, price, amenities, and location.
As many fields of information as there are, some criteria simply isn't available in a CMA. If the MLS has a field for "water views," you'll know. But if not, you'll have to learn more in the remarks section that is filled in by the listing agent. There you might find "great views" or "lake views." But who's to say what makes a great view?
CMA results may vary even between identical homes. One property may simply offer better drive-up appeal or is in better condition than the other. One may be updated or staged more attractively. Those differences can be reflected in the sales price.
When you're looking at properties that sold, you can also learn how long the home took to sell. This is where a real estate professional who is a neighborhood specialist can be invaluable. He or she may seen these homes while they were being marketed and can tell you if they were in condition similar to yours.
One thing a CMA can't tell you is why a seller agreed to take less for their home or why a buyer paid over market for another home. Family problems, corporate relocations and other reasons all play a role. If the sale was quick, the seller was likely highly motivated to take the first offer. If it didn't sell quickly, the seller may have overpriced the home.
For these reasons, CMAs are not home valuations. They are simply tools to use alongside your real estate professional's knowledge of the market. Your real estate professional will suggest a pricing strategy for you based on the CMA, but the asking price will be up to you.
Last, a CMA is only as good as the most current information. Ask your real estate professional to keep you abreast of the market with new sold and listings information.
Any time the market changes, it’s time to change strategies. During a buyer’s market, buyers have the upper hand and can make more demands to sellers over their homes’ price and condition. During a sellers’ market, buyers concede the upper hand to sellers and are more willing to accept higher prices and terms.
When homes are in short supply, buyers don’t have the luxury of taking their time, teasing sellers with lowball offers, demanding that every little thing be fixed, and shopping for homes with multiple real estate agents. Do these five steps instead.
Make a good first impression. Not only do you need to impress sellers, you need to impress real estate agents. Hire one agent and let him or her profile your needs to the marketplace. Be specific about your must-haves so you don’t waste your agent’s and your time viewing homes that lack what you want most. When you find the home you want, send the seller a letter along with your offer outlining why you love the home.
Get preapproved by a lender. Not only will you know how much home you can buy, you’ll be ready to make an offer quickly. Your real estate agent can include the fact that you’re financially preapproved by your lender in with the offer, which will carry weight with the seller.
Shop within your price range. In a seller’s market, it’s wise to shop for homes within or slightly below your price range. This will give you more room to make full-price offers or above in case the home you want is in a bidding war with other buyers. You’ll be able to pay your own closing costs. Trying to buy a home out of your reach during a seller’s market will only cause you and your agent frustration.
Be flexible. No home is perfect. To get more home for your money, you might shop for an older home that needs renovation. Try to look past ugly wallpaper and stained carpet and visualize the home with more attractive finishes. You may be able to get more living space in an established neighborhood than with a newer home that is priced higher for similar square footage.
Be ready. Be ready to see a new listing at a moment’s notice. Be ready to make an offer when you believe this is the right home for your household. Once a seller has accepted your offer, proceed as if you’re in a normal market. Set a reasonable closing date that accommodates the seller as much as possible. Confirm the offer with your lender. Schedule the inspections you’ll need and don’t nitpick the seller over small things.
Whether you’re in a buyer’s market or a seller’s market, you should feel good about the home you choose, the deal you make, and the courteous way you treated all parties to the transaction.
