Kearny, NJ Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

How to sell a house in New Jersey? ›

New Jersey homes sold in less than a month, making it fifth in the nation for fastest- selling homes, according to Realtor.com. The data showed that homes sold in about 30 days in June, about two days slower than in May. Only Rhode Island, Connecticut, Illinois, Massachusetts, and Ohio had homes that sold faster.

You can list your New Jersey home without a Realtor on cash marketplaces like Houzeo.com and Sundae. You can get multiple cash offers, some up to 100% of the Fair Market Value. Additionally, you can offer your properties to iBuyers. They make instant cash offers of up to 80% of FMV.

Wondering if you need a realtor to buy a house in New Jersey? You're not required to use a realtor to purchase a home, but it's highly recommended. Buying a home without a realtor can be difficult and risky since there are legal, financial, and logistical intricacies involved in the process.

The New Jersey exit tax requires you to withhold either 8.97 percent of the profit/capital gain you make on the sale of your home or 2 percent of the total sale price: whichever is higher.

In New Jersey, as in most states, it's common for both the buyer and seller to have their own closing costs during a home sale. It's typical for sellers to pay for the real estate agent commissions, transfer fees relating to the sale of the home, and (in some cases) their own attorney fees.

Sellers can net thousands of dollars more if they sell during the peak months of May, June and April compared to the three slowest months of the year, October, November and December, according to a 2023 report by ATTOM Data Solutions.

Bottom Line: The Best and Worst Month To Sell a Home

June is usually the best month to sell a house. It's when you're most likely to reach the most potential buyers and get a price above market value. As a result, on average nationwide, June has one of the highest median sale prices and the most sales overall.

List your house on a Thursday to increase the chances of your home selling more quickly and for more money. Homes listed on a Thursday typically go pending faster than any other day of the week, all other things being equal. The difference is notable in a market where homes are typically selling in seven days.

Unlike some states, New Jersey does not require that sellers involve a lawyer in the house-selling transaction. However, both the buyer and the seller have the option of engaging an attorney to review the purchase agreement before it becomes final.

Do I need a CO to sell my house in NJ? ›

Certificates of occupancy are not required in New Jersey for all sales. A “temporary certificate of occupancy” may be granted for a set time period to accomplish necessary repairs. A “certificate of transfer title” is sometimes used to transfer ownership where a property fails the municipal inspection.

A licensed real estate agent or company can earn more money, access more deals, earn more commissions, increase business knowledge, and expand contact networks. A real estate agent has an average salary of $94,335 per year in NJ. Here are the most frequently asked questions (FAQs) about NJ real estate.

Unlike some states, New Jersey does not require that sellers involve a lawyer in the house-selling transaction. However, both the buyer and the seller have the option of engaging an attorney to review the purchase agreement before it becomes final.

Selling a house “as is” in New Jersey means that, as a seller, you are not intending to make any repairs or updates to the property and, to the extent that any defects exist in the property, you will not fix those defects prior to closing on the property and the buyer will purchase the property with those defects.

Another capital gains tax strategy is known as a 1031 exchange. Through a 1031 exchange, a real estate owner sells an investment property in exchange for a property that's valued at an equal or higher amount. This enables the investor to put off paying capital gains tax on profit from the sale.

If you sell a house or property in one year or less after owning it, the short-term capital gains is taxed as ordinary income, which could be as high as 37 percent. Long-term capital gains for properties you owned for over a year are taxed at 0 percent, 15 percent or 20 percent depending on your income tax bracket.