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SELLERS OF REAL ESTATE – BEWARE OF SUBSTITUTION

Edward Monti_2092Lo

What is the Principle of Substitution?  In a nutshell it is the premise that people would prefer to spend less on a similar product.  Sellers, your home is a product, make no mistake about it.  The goal is to market it correctly for sale.  That means making sure it has curb appeal.  First impressions really do count.  Secondly making sure the inside is clean, uncluttered and windows are Windex clean.

Thirdly, pricing your home correctly is essential.  Here is where wisdom comes in.  The Principal of Substitution means that an average buyer will weigh value based on structure similarities in similar areas.  For example a 4 bedroom, 2 ½  bath Colonial with a two car garage and no basement listed in Howell for $475,000 versus a similar described home listed at $425,000 will more than likely be the victim of the Principal of Substitution.  The lower priced home will attract more interest thus increasing the likelihood that it will sell quickly at or above list.

Sellers should consult with their Realtors and do their due diligence.  Check the net.  Research what similar houses are listed for and what they actually sold for.  Be aware of changes in market conditions by reading real estate blogs and news articles.  In some cases pricing the home a little below market value will draw more interest and result in a bidding war resulting in a higher than list sales price.

Pricing significantly higher than what a bank will appraise the home at is likely to result in financing troubles for buyers.  Beware of buyers who come in at significantly higher price, they may be unscrupulously trying to lure you into a deal they know the bank will not finance because the offer will be so far above what the bank’s appraisal will be.  Read my blog Wolf in Sheep’s clothing. 

 

 

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REAL ESTATE

EMPLOYMENT FOR VETERANS

GOD BLESS AMERICA AND OUR VETERANS

GOD BLESS AMERICA AND OUR VETERANS

Today we commemorate the great sacrifices our men and women of the armed forces throughout the years have made and are still making for our country.  All too often these vets returning home have a difficult time finding jobs.  One of the up and coming careers for Vets (and really anyone who is a self-starter and in need of a new career or extra income) is a Real Estate Sales Person or Broker.  Certain requirements are waived for vets.  The following information is excerpted from the PSI pamphlet for New Jersey:

  

Disabled Veterans

Candidates who are citizens of New Jersey and have

certification of a disability from the Veterans Administration

and have been honorably discharged from the United States

Military may qualify for a waiver of the $200.00 broker’s

license fee or the $100.00 salesperson’s license fee.**

Submit the following to the Licensing Services Bureau-Real

Estate:

1. PSI passing score report completed in its entirety

2. Sagem Morpho Universal Form, and payment receipt

Fee in the amount of $60.00 for salesperson’s license

or

3. $70.00 for broker’s license (no personal checks)

4. Certificate of Disability issued by the Veterans

Adminstration

5. Certificate of Honorable Discharge (DD-214)

Candidates should contact the NJREC at (609) 292-7272 Ext:

50137 for detail/instructions regarding education or

experience waiver requirements for Disabled Veterans, and to

obtain a Certificate of Examination Eligibility.

 

I would like to invite anyone and especially Veterans who are in need of employment to e-mail me.  I will respond with a full packet of information for them to advise them on my experiences and make a formal introduction to my broker for full or part time employment in New Jersey.  No strings attached, no fees, it is free.  I will respond to any inquiries and be happy to share my experiences with everyone regardless of location.  I am in New Jersey but a variety of experiences is always helpful when researching a new career path.

 

E-mail me at – emonti@outlook.com

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