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But this compensation does not influence the information we publish, or the reviews that you see on ...
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DenisTangneyJr/Getty Images August 11, 2022 Michele Petry is a senior editor for Bankrate, leading the site’s real estate content.
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Daniel Kumar 5 minutes ago
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The Bankrate promise
Founded in 1976, Bankrate has a long track record of h...
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Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our c...
Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make.
Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions.
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Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
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Madison Singh 14 minutes ago
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While we strive to provide a wide range offers, Bankrate does not include information about every fi...
We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site.
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Mia Anderson 4 minutes ago
While we strive to provide a wide range offers, Bankrate does not include information about every fi...
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Ryan Garcia 2 minutes ago
However, it’s not quite as simple as posting your home online and waiting for crowds of buyers to ...
While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. 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 in New Jersey. shows that the median sale price of a single-family home here is $460,000 — a healthy 9 percent increase over 2021 — and the typical home goes for 3.5 percent above its asking price.
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Jack Thompson 21 minutes ago
However, it’s not quite as simple as posting your home online and waiting for crowds of buyers to ...
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Harper Kim 29 minutes ago
What if you find a dream home before your current home sells? Can you afford to pay two mortgages at...
However, it’s not quite as simple as posting your home online and waiting for crowds of buyers to show up at the door with blank checks. Read on for the tips and tricks you need to know to sell a house in New Jersey.
Are you ready to sell
It’s a great time to sell your house in New Jersey, but that comes with tough news on the other side of the equation: It’s not as great of a time to buy a new one. So if you’re trying to , you’ll need to think about a range of scenarios that could complicate your situation.
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Zoe Mueller 38 minutes ago
What if you find a dream home before your current home sells? Can you afford to pay two mortgages at...
What if you find a dream home before your current home sells? Can you afford to pay two mortgages at the same time?
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David Cohen 9 minutes ago
How much do you need to budget for the in your new city? Should you budget to put your belongings in...
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James Smith 34 minutes ago
Think about your local market, your personal finances and your plans for the future to make sure now...
How much do you need to budget for the in your new city? Should you budget to put your belongings in storage? Do rising mortgage rates mean you might want to until things settle down?
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Joseph Kim 35 minutes ago
Think about your local market, your personal finances and your plans for the future to make sure now...
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Emma Wilson 57 minutes ago
Most major home renovations do not recoup their full value when it’s time to sell. Plus, hiring a ...
Think about your local market, your personal finances and your plans for the future to make sure now is the right time.
Preparing to sell
Once you’ve determined that you’re ready to move forward with moving out, it’s time to think about three big questions. 1 Is it worth upgrading your home before you sell
Probably not.
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Ethan Thomas 64 minutes ago
Most major home renovations do not recoup their full value when it’s time to sell. Plus, hiring a ...
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Lucas Martinez 82 minutes ago
And don’t forget that upgrades and renovations are a matter of personal taste; you might absolutel...
Most major home renovations do not recoup their full value when it’s time to sell. Plus, hiring a contractor and navigating a continuing supply-chain crisis means that might take significantly longer than you expect. In the meantime, you might be missing out on buyers who would snap up your home in its current condition.
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William Brown 20 minutes ago
And don’t forget that upgrades and renovations are a matter of personal taste; you might absolutel...
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James Smith 5 minutes ago
2 What should you repair before selling your home
Repair anything obvious that you would ...
And don’t forget that upgrades and renovations are a matter of personal taste; you might absolutely love that new tile backsplash, but a prospective buyer might not. Rather than thinking about big upgrades, it’s smart to consider without breaking the bank.
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Alexander Wang 3 minutes ago
2 What should you repair before selling your home
Repair anything obvious that you would ...
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Kevin Wang 23 minutes ago
You might also consider getting a , which is a way to get in front of any problems that the buyer’...
2 What should you repair before selling your home
Repair anything obvious that you would want to be fixed before committing to buy a home. Consider any issues that have annoyed you as an owner — a perpetually leaky faucet or a cracked floorboard, for example — and address them before prospective buyers start touring the property.
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Hannah Kim 27 minutes ago
You might also consider getting a , which is a way to get in front of any problems that the buyer’...
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Nathan Chen 34 minutes ago
But you might consider shelling out a small amount to . Think of staging as a professional makeover ...
You might also consider getting a , which is a way to get in front of any problems that the buyer’s inspection might uncover.
3 Should you pay to stage your home
You don’t have to invest in major repairs or upgrades before you list a property.
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Grace Liu 1 minutes ago
But you might consider shelling out a small amount to . Think of staging as a professional makeover ...
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Chloe Santos 10 minutes ago
Regardless of days on market, consider that waiting too long could put you in a bad position to sell...
But you might consider shelling out a small amount to . Think of staging as a professional makeover that aims to give your house a move-in-ready look that will appeal to buyers.
When is the best time to sell a house in New Jersey
Summer tends to be the in New Jersey. Homes typically spend the shortest in the summer months, according to Redfin — just 32 days in June of 2022 versus 50 days in February.
Regardless of days on market, consider that waiting too long could put you in a bad position to sell in certain parts of New Jersey. A study from , a real estate data firm, pointed to potential valuation declines in several New Jersey counties closest to New York City, including Bergen and Essex. So, don’t let the headlines of record-high prices fool you into a false sense of security.
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David Cohen 130 minutes ago
Finding a local New Jersey real estate agent
You don’t have to figure it all out by yours...
Finding a local New Jersey real estate agent
You don’t have to figure it all out by yourself. Instead, you should to help educate you on the trends that will impact your listing. While some sellers are tempted to try to do it all on their own, the reality is that paying is often a worthwhile expense.
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Madison Singh 75 minutes ago
The most recent data from the National Association of Realtors shows that agent-assisted sales close...
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Julia Zhang 13 minutes ago
If your agent is acting as a dual agent, they must notify you, and you will need to sign off with yo...
The most recent data from the National Association of Realtors shows that agent-assisted sales closed for around 18 percent more than sales. It’s important to note that in New Jersey, your agent (or an agent from their same brokerage firm) could also be representing the buyer who wants your house. That might sound a bit odd, but it’s legal in the state, and it’s called .
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Victoria Lopez 86 minutes ago
If your agent is acting as a dual agent, they must notify you, and you will need to sign off with yo...
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Madison Singh 86 minutes ago
To help you decide, look at to see what other, similar homes have sold for recently.
Documen...
If your agent is acting as a dual agent, they must notify you, and you will need to sign off with your approval.
Price your home competitively
Your real estate agent can help you with the most important decision of selling a home in New Jersey, or anywhere: setting the asking price. Pricing is an art — you don’t want to set it so high that you don’t attract a buyer, but you don’t want to go so low that you miss out on major profit potential.
To help you decide, look at to see what other, similar homes have sold for recently.
Documents and disclosures in New Jersey
Every seller in New Jersey needs to fill out a , which is a six-page form designed to help buyers understand any potential defects with the home. From the age of the HVAC system to past , this document covers just about everything a buyer should know before shelling out a large chunk of money for a property.
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Nathan Chen 33 minutes ago
Additionally, if your home is part of a homeowners association, be prepared to hand over documents a...
Additionally, if your home is part of a homeowners association, be prepared to hand over documents about the association’s financial health.
Need to sell fast Consider these alternatives
If you can’t afford to be patient, there are ways to accelerate the sale of your New Jersey home.
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Amelia Singh 48 minutes ago
Keep in mind, though, that time really is money in this situation — selling faster often means sel...
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Liam Wilson 32 minutes ago
Their offers will likely be lower than getting bids from multiple traditional buyers, but the speed ...
Keep in mind, though, that time really is money in this situation — selling faster often means selling for a lower price.
iBuyers
Companies like Knock and Opendoor are , which means they will make instant online offers to buy your home.
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Brandon Kumar 17 minutes ago
Their offers will likely be lower than getting bids from multiple traditional buyers, but the speed ...
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Sophie Martin 60 minutes ago
But they typically fix up a home and then flip it for a profit, so you will likely get a lower price...
Their offers will likely be lower than getting bids from multiple traditional buyers, but the speed — offers can take less than 24 hours — might be worth it if you need to move really fast.
Sell for cash
You can also compare . Rather than wait for a buyer to get formally approved for financing, many real estate investment firms have deep pockets that lead to fast closings.
But they typically fix up a home and then flip it for a profit, so you will likely get a lower price than you could on the open market.
Sell as-is
If you opt to list your New Jersey home you are broadcasting a simple message to all buyers: You aren’t going to make any repairs, and you aren’t going to negotiate.
It’s a quick way of avoiding many of the things that can create .
Add curb appeal
A home that makes a good first impression is more likely to garner a closer look from buyers. So power wash your driveway, spruce up the landscaping, paint the fence — there are plenty of ways to without spending a lot of money on a big project.
Closing a home sale in New Jersey
At the closing table, real estate agents, lender representatives and attorneys will handle all the closing paperwork and hand off the keys to the buyer.
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Jack Thompson 39 minutes ago
But, you should have a complete understanding of what you will need to pay.
Cost of selling a ho...
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Sophie Martin 102 minutes ago
Then, you will need to pay the commission for your real estate agent and the buyer’s agent — typ...
But, you should have a complete understanding of what you will need to pay.
Cost of selling a home in New Jersey
Even if you stand to make a nice profit, . 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.
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Joseph Kim 6 minutes ago
Then, you will need to pay the commission for your real estate agent and the buyer’s agent — typ...
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Chloe Santos 28 minutes ago
Seller s closing costs
You’re selling your house, which means you have to get all your st...
Then, you will need to pay the commission for your real estate agent and the buyer’s agent — typically around 3 percent to each of them. So, if you sell your place for $500,000, you will likely pay $30,000 in . In addition to those fees, be sure to plan for the other costs involved in selling a home here.
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Nathan Chen 4 minutes ago
Seller s closing costs
You’re selling your house, which means you have to get all your st...
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William Brown 7 minutes ago
Transfer taxes: New Jersey sellers pay a 1 percent , a fee to switch ownership of the property to th...
Seller s closing costs
You’re selling your house, which means you have to get all your stuff out of it. So in addition to the usual closing costs, outlined below, don’t forget to budget for a as well. Title insurance: Typically this cost falls to the seller, but in New Jersey, sellers are in luck: The buyer pays for title insurance in this state.
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Luna Park 190 minutes ago
Transfer taxes: New Jersey sellers pay a 1 percent , a fee to switch ownership of the property to th...
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Julia Zhang 195 minutes ago
(Sales over $1 million may incur an additional 1 percent fee, but that one is imposed on the buyer.)...
Transfer taxes: New Jersey sellers pay a 1 percent , a fee to switch ownership of the property to the buyer. So, if you sell your place for $900,000, you will need to give the state $9,000.
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Ryan Garcia 16 minutes ago
(Sales over $1 million may incur an additional 1 percent fee, but that one is imposed on the buyer.)...
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Henry Schmidt 78 minutes ago
Attorney fees: New Jersey does not legally require sellers to hire a lawyer, but it’s still worth ...
(Sales over $1 million may incur an additional 1 percent fee, but that one is imposed on the buyer.) Seller concessions: The buyer may request concessions if the home inspection uncovers some issues. However, it’s up to you whether you are willing to budge here. These concessions eat into your profit, so think about whether a buyer would actually walk away from the deal if you say no.
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Oliver Taylor 16 minutes ago
Attorney fees: New Jersey does not legally require sellers to hire a lawyer, but it’s still worth ...
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Isaac Schmidt 11 minutes ago
Take the first step
Ready to get started? Interview a few local real estate agents, and don...
Attorney fees: New Jersey does not legally require sellers to hire a lawyer, but it’s still worth paying for. A real estate attorney can provide a great deal of reassurance when sifting through complicated contracts and disclosure statements.
Take the first step
Ready to get started? Interview a few local real estate agents, and don’t be shy about .
How will each approach selling your house in New Jersey? You’ll need to sign a contract with the Realtor you choose, so make sure you feel good about how they will price your property and what they will do to attract buyers.
FAQs
What do you need to sell your home in New Jersey
Besides a , ensuring that you do in fact have the right to sell, the most important condition to satisfy is completing the seller’s property condition disclosure statement.
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Noah Davis 105 minutes ago
This is required by state law on all home sales in New Jersey.
Do you need a lawyer to sell...
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Nathan Chen 100 minutes ago
However, selling a home is a complex process that involves large amounts of money and a range of pos...
This is required by state law on all home sales in New Jersey.
Do you need a lawyer to sell your house in New Jersey
No, the state does not require that home sellers hire an attorney to handle the sale.
However, selling a home is a complex process that involves large amounts of money and a range of possible liabilities. It’s wise to think about paying a lawyer to guide you through the process anyway.
What taxes do you pay when you sell your house in New Jersey
All sellers pay a 1 percent real estate transfer tax on the sale to cover the costs of transferring ownership to the buyer.
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Harper Kim 52 minutes ago
So, if you sell your home for $700,000, your transfer tax is $7,000. If you are moving out of New Je...
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James Smith 20 minutes ago
However, if the home served as your primary residence and you have netted less than $250,000 in prof...
So, if you sell your home for $700,000, your transfer tax is $7,000. If you are moving out of New Jersey, you may also need to pay what is often referred to as an “.” It’s essentially a pre-payment of taxes on capital gains from the sale of the home.
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Thomas Anderson 37 minutes ago
However, if the home served as your primary residence and you have netted less than $250,000 in prof...
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Oliver Taylor 16 minutes ago
You will likely receive an offer within 24 hours. If you want to attract interest from individual bu...
However, if the home served as your primary residence and you have netted less than $250,000 in profit (or $500,000 if you’re married and filing jointly), you will likely be able to recoup this cost when you file your taxes.
How fast can you sell your home in New Jersey
If time is of the essence, the fastest route is to sell to an iBuyer.
You will likely receive an offer within 24 hours. If you want to attract interest from individual buyers on the open market, be prepared to wait a bit longer. Single-family homes are averaging 34 days on the market right now, according to .
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Brandon Kumar 186 minutes ago
And you may have to wait even longer in certain areas. For example, in Hackensack, where home prices...
And you may have to wait even longer in certain areas. For example, in Hackensack, where home prices have been surging recently, shows that the average home takes 68 days to sell.
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Isaac Schmidt 12 minutes ago
Who pays for the title policy in New Jersey
In most states, the seller is responsible...
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Grace Liu 43 minutes ago
What are the closing costs for a seller in New Jersey
In 2021, the average closing co...
Who pays for the title policy in New Jersey
In most states, the seller is responsible for this cost. But in New Jersey, the buyer usually pays for the title fees.
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Scarlett Brown 107 minutes ago
What are the closing costs for a seller in New Jersey
In 2021, the average closing co...
What are the closing costs for a seller in New Jersey
In 2021, the average closing costs in New Jersey added up to $7,915, according to . This works out to around 1.7 percent of the sale price of a home.
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Thomas Anderson 34 minutes ago
However, sellers don’t bear this amount alone. Buyers shoulder a big portion of these closing cost...
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Luna Park 4 minutes ago
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However, sellers don’t bear this amount alone. Buyers shoulder a big portion of these closing costs as well. SHARE: Michele Petry is a senior editor for Bankrate, leading the site’s real estate content.
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Emma Wilson 77 minutes ago
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Selling A House In New Jersey Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home pur...
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The offers that appear on this site are from companies that compensate us...