Written by Doug Radford, President of Realty Executives New Jersey

With home prices and interest rates elevated, would be first time home buyers are asking themselves if continuing to rent makes more sense than purchasing. Here are five potential benefits of home ownership over renting in 2024:

Equity Buildup: As you make mortgage payments, you build equity in your home. This can be seen as a form of forced savings, contributing to your overall net worth.

Stability and Predictable Payments: Fixed-rate mortgages provide stability with consistent monthly payments, allowing homeowners to better budget for the long term. Renters, on the other hand, often face rent increases over time.

Tax Advantages: Homeowners may benefit from tax deductions, such as mortgage interest and property tax deductions. These deductions can result in potential tax savings compared to renting.

Appreciation: Over the last 50 years, home values have appreciated 5% annually, on average, leading to potential financial gains when homeowners decide to sell. Renters do not benefit from property appreciation.

Personalization and Control: Homeownership allows individuals to personalize their living space, make modifications, and have greater control over their property. Renters, on the contrary, are often limited in making significant changes to the property.

Choosing to purchase a home over renting in 2024 offers numerous financial and lifestyle advantages. Homeownership not only provides a pathway to build equity and accumulate wealth through potential property appreciation but also ensures stability with predictable mortgage payments. For those waiting for interest rates to come down, keep in mind that increases in home prices may very well offset any decline in interest rates. Don’t wait, buy your first home now!

Written by Doug Radford, President of Realty Executives New Jersey

When sellers are interviewing Realtors to represent them in the sale of their home, a critical question that they should be asking is; "How are you making use of technology to enhance the marketing of my home?" Many "old school" Realtors are reluctant to embrace today's technology and therefore not offering sellers the advantages that the current technology tools provide. Just because a Realtor has been in the business for years, this does not guarantee that they are providing the greatest marketing exposure on their listings.  Today's marketing tools have brought about enhancements that all Realtors should be embracing, and mastering, to gain numerous benefits, not only for their own efficiency and business growth, but more importantly for the benefits that technology provides their clients.

Everyone will agree that maximizing exposure on a listing will result in a quicker sale and a higher price for the seller. At Realty Executives, we recognize the importance of being on the cutting edge of technology and have been the first New Jersey brokerage to implement many of these valuable tools to the benefit of our clients and agents. We were the first brokerage 20 years ago, and continue to offer virtual tours on every listing that our company markets. Allowing buyers to virtually walk through a home and determine if it meets their needs, has proven to be an enormous benefit to both our buyer and our seller clients.

Today, we are not only able to tell a seller what the value of their home is, utilizing today's technology allows our agents to tell a seller how many buyers there are in the current market at various price points. This is extremely important to the sellers in pricing their home correctly and maximizing the price they obtain on their home.

Today, Realty Executives is one of the only real estate companies that utilizes artificial intelligence to market all of our clients homes, targeting buyers based upon their online behavior and geographic location. If an individual goes to a real estate company, mortgage company or moving company website, there is a much higher likelihood that they are a potential buyer. Utilizing artificial intelligence, we target these individuals with specific marketing material to maximize the exposure of our clients homes. We also recognize that there is a high likelihood that the buyer for our clients homes currently lives locally and wants to stay local. For this reason, we also utilize artificial intelligence to do geographic target marketing on all our listings to identify potential local buyers. Technology enables our agents to understand client preferences and needs, tailoring their services and providing a more satisfying and memorable experience.

By embracing today’s technology and utilizing digital marketing strategies, our agents reach a broader audience, showcase properties more effectively, and stay ahead in a competitive market, ultimately benefiting their clients by maximizing property exposure. Our artificial intelligence marketing analyzes client preferences, search history, and interactions to provide personalized property recommendations. Technology has enabled our Realtors to personalize interactions with their clients. This personalization not only enhances the client experience and fosters client loyalty,  but also increases the likelihood of closing more transactions through referrals and repeat business.

On November 1st, Pam Vreeland, a local Sparta Realtor® with Realty Executives Exceptional, Realtors® was named Realtor® Of The Year. The award was announced at Farmstead Golf & Country Club during the annual breakfast meeting of the Sussex County Association of Realtors®.

The criteria for selecting the Realtor® Of The Year includes the Realtor® who exemplifies: Realtor® spirit, local, state and national Association of Realtors® involvement, business accomplishments, community service involvement & humanitarian services.

Upon presenting the award to Pam, Association President Sandra Gardner pointed out that Realtor® spirit is a Realtor® with high principles to the regulations of the Realtors® code of ethics, someone who is highly respected by the general public as well as their peers, and someone who continues to educate themselves in their practice.

Realtor® spirit is more than just a set of values, it is a way of life. Pam is the perfect example of what Realtor® spirit is, dedication to the furtherance of good real estate practice, completing an advanced real estate leadership course, mentoring new Realtors®, along with always giving a helping hand or offering advice to those in need. Over the years Pam has dedicated countless hours to the Sussex County Association of Realtors®, serving on its board of directors, involved with numerous committees, bringing new ideas, and always giving a helping hand where needed” stated Gardner.

As far as community involvement, Pam has assisted with applying for grants, fundraising for the National Alliance on Mental Illness, and assisted with blood drives. She has dedicated many years to the Lake Mohawk Preservation Foundation and served as a trustee. Two years ago Pam and her husband Mark bought a farm where they work with Aeroflex Equine Therapy, which rents part of the farm to offer therapy through animals for mental health, trauma, autism & special needs.

Recently, Pam became the President of the Sussex County Habitat For Humanity where she works hard promoting its mission of partnering with people in our community to help them build or improve a place they can call home.

Pam will be honored at the Realtors® Triple Play Convention in Atlantic City on December 5th for her accomplishments. Pam can be reached at 201-317-9883 or by calling the Realty Executives branch office at 973-729-7141.

Doug Radford, Regional Developer, Realty Executives New Jersey Region

When it comes to selling your home, hiring the right Realtor® can make all the difference in achieving a successful and stress-free sale. A good Realtor® can provide you with valuable guidance, support, and expertise throughout the entire process. However, not all Realtors® are created equal, and it's essential to ask the right questions before hiring one. In this blog, I’ll discuss the most important questions that every home seller should ask their Realtor® to ensure they are making an informed decision and getting the best possible representation.

Here are a few questions that a home seller should ask before hiring a Realtor®:

What experience do you have in the real estate industry?
It is essential to know the level of experience a Realtor® has in the industry to ensure that they are qualified to handle the sale of your home. Ask how long they have been in the industry, how many homes they have sold locally, and their success rate in closing deals.

What is your marketing strategy for selling my home?
A good Realtor® should have a solid marketing plan that will help your home stand out in the market. Ask about their approach to advertising and how they plan to market your property to potential buyers. This should include things like online listings, professional photography, open houses, and social media campaigns. And do you have a marketing support team to design and properly place the ads.

Who will be handling the inquiries that come in on my home?
With the right marketing plan, buyers will be inquiring about your home. You want to be sure that the brokerage your Realtor® works for gives all online and call in inquiries directly to your listing agent. Many companies give all inquiries to brand new licensees who do not have the experience to properly sell your home. Noone knows your home better and has more motivation to get your home sold than your listing agent.

What is your commission rate?
Realtors typically earn a commission of 5-6% on the sale of a home, so it's important to know how much you'll be paying before you sign any agreements. Ask about their commission rate and if there are any additional fees you should be aware of. Remember that the best Realtors® will get you the highest and best price for your home. If they can’t negotiate a fair commission for themselves, they probably won’t be a good negotiator for you.

How will you communicate with me throughout the process?
Selling a home can be a complicated and stressful process, so it's important to have a Realtor® who will keep you informed and up-to-date throughout the process. Ask about their communication style and how often they will provide updates on the status of your sale. If you call your Realtor® and they do not pick up or their voicemail is full, this could be an indication of things to come.

Can you provide references from past clients?
Finally, it's important to get feedback from past clients to help you make an informed decision. Ask for references from previous clients and contact them to learn about their experience working with the Realtor®. This will give you valuable insights into their professionalism, communication skills, and success in selling homes.

In conclusion, selling your home is a significant transaction that requires careful consideration and attention to detail. Choosing the right Realtor® can make all the difference in achieving a successful sale and maximizing your return on investment. By asking these five key questions, you can gain a better understanding of a Realtor's qualifications, experience, and approach to selling homes. Ultimately, the right Realtor® will work tirelessly to ensure that you get the best possible outcome and have a positive selling experience

If you’re planning to buy a home this year, you might have heard that pre-approval is a necessary step to take before starting out on your journey. But why is that? And is it still important in today’s shifting market?

The truth is, getting a pre-approval letter from your lender is critical, and when it comes to your home search, it can be a game changer in so many ways.

To better understand why, it’s important to know what pre-approval is. Freddie Mac defines the process like this:

“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. The lender you work with will provide you with a pre-approval letter, which is an official document that states the maximum amount they are willing to lend you, . . .”

Put simply, pre-approval from a lender helps you understand your true price range and how much money you can borrow for your loan. That can make it easier when you set out to search for homes. And since you’ll know what you’re approved for, it’ll also help once it’s time to submit an offer on the home of your dreams.

Another added benefit is that pre-approval lets the seller know you’re qualified to buy their house. Paul Centopani, Editor for the Mortgage Reports, explains:

“. . . most sellers won’t even consider an offer unless the buyer is pre-approved at the right price point. Sellers and their agents want to know you’re ready and able to finance your offer amount. So you’ll want to have your preapproval teed up as soon as you’re serious about bidding on a home you like.”

Every advantage you can gain as a buyer is crucial in a market that’s constantly changing. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals, such as a real estate advisor and trusted lender, on your side. They’ll help make sure you’re ready to put your best foot forward.

Bottom Line
Getting pre-approved for a mortgage helps you better understand what you can borrow and shows sellers you’re serious about purchasing their home. Connect with a local real estate professional so you have the tools you need to succeed as a homebuyer in today’s shifting market.

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