Home Buying in Wayne>Question Details

John Brown, Both Buyer and Seller in Wayne, NJ

Will I be able to sell my house (about $300 K, ZIP 07405) and buy one in Wayne ($400 K range) in this market before the new school year starts?

Asked by John Brown, Wayne, NJ Sat Apr 27, 2013

Help the community by answering this question:


If your home is not listed currently, then there is no guarantee besides the industry averages. Homes in Butler, if priced correctly, should move reasonably quickly in this spring market.
However, 60 days is the usual closing for most contracts with mortgages. If you list now and get a contract by the end of June, you could enter into a contract sometime in June and close by the end of August. It's a bit tight but can work well if the buyer for your home tightens up their mortgage commitment date. You probably won't be able to get an offer accepted on your own purchase until you can lift the "contingency" on your own sale which means your buyer has their mortgage commitment. If you don't get a contract on your home until June that means your buyer won't have their mortgage commitment until the end of July.
The only way you can move things along is pricing your home at or slightly under market value to ensure a speedy contract. It doesn't matter where you price your home actually because it will more than likely sell at the same price. It just takes longer to get there when your home is priced incorrectly or at the top of the retail range for your home. You don't really have time to test the market in this case. However, this spring is a great to to BUY a home because of low interest rates and still relatively low prices. This may not be the case by next year. You will make it up on the purchasing end so don't worrying about selling high and buying low. Just price correctly.

I just listed a beautiful home in Wayne just above your price range. However, homes are not flying off the shelf there. I used to live in Butler BEFORE it became built up with amenities. Now it's a great place to get a home of value. It is very attractive to first-time homebuyers--you have the perfect price range. There are so many amenities in place there now.

Good luck.
Sandra Bolcar
Broker Associate
0 votes Thank Flag Link Sun Apr 28, 2013
You can absolutely find a lovely home in your price range. I would suggest you start your search soon. If you need any help in finding a home that suits your needs, I will be happy to work with you.
0 votes Thank Flag Link Sun Apr 28, 2013
you have plenty of time but you have to market your home the right way
0 votes Thank Flag Link Sun Apr 28, 2013
Terrie O'Connor Realtors is in 07405 , too. We would be glad to look at your property and help you with your move. Karen Hoffman -Realtor and Jane DeVincentis-Realtor C- 973-820-5053 or 973-670-1053
0 votes Thank Flag Link Sun Apr 28, 2013
Seems likely, although there are no guarantees. I would be happy to show you a market comparison to enable you to make an informed decision. I did a quick CMA and found the new Active listings were approx 40 days average days on the market, the Under contract average was 41 days, and the Sold average was 10 days (on the market) That would mean it was under contract quickly. These were all in your price range.

Although I reviewed the last 6 months, it is really necessary to know the number of bedrooms, baths, etc, the condition, any current renovations or how new. Also style, especially whether a townhouse since there are a large number of 2-3 bedroom townhouses in Montville.

The other part is searching, finding, negotiating and closing on your new home in the same time frame. You would want to begin that pretty much immediately after listing and starting to market your first home for sale. You can include a clause in any offer to purchase that makes it contingent on the closing of your house for sale. If you do receive multiple offers, and do have the home Under Contract when you make your offer, it seems pretty likely the time frame should work.

Mercure Volt
Elite Realtors of NJ

0 votes Thank Flag Link Sat Apr 27, 2013
no reason why not . The hottest part of the market recently has been the $300,000 to $450,000 that caters for the young and first time homebuyers. If the house you are selling is in good shape, updated in the right areas and priced right then it should sell quickly and you may even get multiple offers which usually means getting at least your asking price.
BUT it has to be priced right. With sites like Trulia the homebuyer is far more sophisticated in terms of assessing value.
You have 4 months to do it and it should not be too difficult
0 votes Thank Flag Link Sat Apr 27, 2013
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