Local Events • October 8, 2022

Bike MS NYC 2022

by Scott Gleason

Bike MS BYC 2022 - Scott Gleason - Westfield

It’s that time of year again. Team Guys and Dolls is saddling up to raise money for the National Multiple Sclerosis Society. Bike MS NYC 2022 takes place on October 23rd. And we need your help to reach our goal of $5000 before race day.

Bike MS NYC 2022

Why We Do This

For over 20 years, Team Guys and Dolls have been participating in Bike MS NYC events. We lovingly started out in support of my wonderful sister-in-law Diane. She fought a brave battle with MS for many, many years. We wanted to help her and many others like her who utilize special programs and equipment to perform the day-to-day tasks that many able-bodied people take for granted. Unfortunately, Diane ultimately lost her life to COVID in 2020. So, this year, we ride in her memory and to support others living with MS.

About the Ride

I do this ride for two reasons. First and foremost because of my sister-in-law (obviously). But I also ride because this is the only opportunity to bicycle through Manhattan without any motor traffic whatsoever. Along the 30-mile route, we get to experience Battery Park, the George Washington Bridge, the Brooklyn Bridge, and other iconic NYC landmarks from a vantage point no one else gets to see them. It truly is a ritual I have looked forward to each and every year. If you want to join us, feel free to contact me. We train regularly right up until the day of the ride.

Help Me Reach My Goal

This year, I set myself a huge fundraising goal to honor our dear Diane. But you guys have been so generous in the past. I know that you can help me reach that goal. To donate, please visit the Guys and Dolls Bike MS NYC fundraiser page here. You may choose the one-time donation option or opt for a monthly donation instead.

No donation is too small. Everything helps and goes to a great cause. So, please donate today. Thank you!

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Local Events • October 1, 2022

AddamsFest 2022 – Haunt Your House Decorating Contest

by Scott Gleason

Downtown Westfield fills up with live music during the summer, thanks to the Sweet Sounds Music Festival. Now, fall is in the air. And October in Westfield means only one thing: AddamsFest! This year, organizers practically filled up the entire month with great events. Which one are you looking forward to the most?

AddamsFest 2022

Haunt Your House Decorating Contest

Dozens of Westfield homeowners participate in this contest each year. While only three homeowners win an actual cash prize, anybody who sees these displays considers themselves a winner, too. If you want to participate, there are five spots open (as of the writing of this post). Visit the AddamsFest website to register. But even if you don’t register your home for the contest, you can still participate. Organizers need your help in determining the winner. All you need to do is go to AddamsFest.com beginning on Friday, October 9th for a list of homes to visit. Once you see each one, make a note of your favorites. Then, come back to the website to log your vote. The houses with the most votes win. Judging ends on October 30th.

Addams Family House on Mindowaskin Pond

Throughout the month of October, a special treat awaits those who visit Mindowaskin Pond. You will see the Addams Family home floating out on the pond. In addition to the floating house, the bandstand lights up in Halloween-colored lights specifically for AddamsFest all month long.

Wicked Windows of Westfield

When you stroll through the Downtown Westfield area, take a moment to admire the merchant windows specially decorated for this month-long event. They’re creepy and they’re kooky. Mysterious and spooky. They’re all together ooky. And a ton of fun to see.

Addams-Inspired Murals

The Central Avenue Mural Gallery showcases several Addams-inspired murals throughout October. Take a walk through the Central Avenue underpass to view these incredible pieces inspired by this famous family anytime this month.

Lantern Cemetary Tours

Another fun thing to do is to take a lantern tour at the Presbyterian Church burial grounds. They run every 10 minutes starting at 5 pm. While technically free to attend, they do ask for a $5 donation per person or $10 per family. Sign up your friends and family for this special treat online here.

Addams Family Fun Day

From 10 am to 5 pm on Sunday, October 16th, Quimby Street transforms into an Addams Family wonderland. Only foot traffic will be allowed on Quimby during the event. Meet Addams Family’s famous cast of characters. Carve out a pumpkin or two. Watch live performances. Listen to (family-friendly) spooky stories. And try your hand at dozens of Addams Family-inspired activities.

Rocky Horror Picture Show

So this is not technically related to anything Charles Addams. But it may be safe to assume that the Addams Family may have provided at least some of the inspiration for this irreverent cult classic. It plays for one night only (October 22nd) at the Cranford Theater. Get your tickets today.

Chatting With Charlie

On Thursday, October 27th, visit the Center for Creativity at the Rialto. A special screening of a 1981 PBS interview with none other than Charles Addams himself plays at 7 pm on the big screen. Afterward, guests enjoy light refreshments while taking a tour of exhibits at the center. Tickets cost $15 per person and will only be available for purchase at the AddamsFest website.

Family Movie Night at the Rialto

For more family-friendly viewing, come to the Rialto on October 29th. The film has yet to be announced. Check the AddamsFest website as screening day creeps closer to find out what this year’s Halloween classic selection they plan on showing.

Unfortunately, tickets for Morticia & Gomez’s Masquerade Ball and Charlie’s Ale Garden have already sold out. Better luck next year. But as you can see, there are still plenty of other fun activities in store for this year’s AddamFest event. See you there!

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Home Buyers • September 23, 2022

When Is It OK to Waive Contingencies?

by Scott Gleason

Last week, I talked about common contingencies to ask for when buying a home. I recommend including these in your typical sales contract. However, there are times when it is OK to waive contingencies. This works in a buyer’s favor when they wish to stand out among other buyers. And even though the Westfield area real estate market appears to be starting to level out a bit, it still favors the seller. So, keep these situations in mind when crafting your offer.

When Is It OK to Waive Contingencies?

Finance Contingency

If you need to borrow money to finance your new Westfield area home, you might want to include a finance contingency (aka “mortgage contingency”). This allows you a specified amount of time to complete the loan process. But, if you pay for your home in cash, this is one contingency you can feel confident waiving.

Inspection Contingency

For most real estate transactions, I recommend including an inspection contingency (aka “due diligence contingency”), even on a newly constructed home. However, when looking at a shared structure (like this Downtown Westfield condo), you might be able to skip it. Just check with the homeowner’s association to see what parts of the structure they cover for repairs (such as the roof, foundation, etc.) and which areas the homeowner is responsible for before you submit your offer. If you have any questions, talk to your REALTOR® or the HOA.

Right-to-Possess Contingency

Many buyers desire to move in as soon as they sign their closing paperwork. But if you can afford to wait a little while, you might want to waive your right-to-possess contingency. This works well if the seller needs a little time to find a new place to move into. It not only relieves a bit of stress for the seller, but it also makes your offer stand out from any others.

Home Sale Contingency

The final scenario where you might want to waive contingencies involves your home sale. Actually, there are two ways this may work. First, sell your home and move into a temporary rental before looking for a new place. Then, there is no home sale to worry about. Or, second (if you can afford it), consider carrying two mortgages temporarily until you sell your first home. If you cannot afford the two mortgages or if you need to sell your first home in order to fund the second, then you definitely need to add the home sale contingency. Otherwise, you run the risk of losing your earnest money deposit.

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Market Reports • September 22, 2022

September 2022 Market Update

by Scott Gleason

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Home Buyers • September 16, 2022

Common Contingencies to Ask for When Buying a Home

by Scott Gleason

Just like much of the rest of the country, the Westfield real estate market appears to be transitioning from a hot seller’s market to a more balanced one. We see fewer and fewer bidding wars nowadays. In turn, buyers now seem more comfortable asking for certain conditions (aka contingencies) than they have in a while. Even so, buyers need to temper just how many of these conditions they include in their offer. Otherwise, the seller may decide to refuse it. However, there are a few common contingencies that buyers can feel comfortable including as part of the sale.

Common Contingencies to Ask for When Buying a Home

Home Inspection Contingency

While not legally required for most New Jersey home sales, I always suggest that buyers put this contingency in the sales contract…even with new construction. You need to know what condition your property is in before you invest so much money in it. Some more serious issues may lie beneath what a simple layman’s walk-through would show. An inspection typically costs between $300 and $400. This must be paid by the buyer once the inspection is done. Inspectors visually inspect the foundation, roof, electrical system, air conditioning system, and plumbing. If they find areas of concern, you may need to hire other inspectors who specialize in those specific areas for further investigation at an additional cost.

Financing Contingency

Unless you pay for your entire home purchase in cash, you may want to include a financing contingency in your sales contract. Pre-approval helps reduce the chances of your financing falling through. However, this contingency protects your Earnest Money Deposit in case your lender denies your loan.

Appraisal Contingency

Whenever you finance a home purchase, the lender requires an appraisal. So, another one of the common contingencies to include in your sales contract is the appraisal contingency. If the home does not appraise for what you need to borrow, your lender will not approve the loan. When that happens, you have three choices. One, renegotiate the sales price. Two, come up with the difference out of your own pocket. Or three, walk away.

Home Sale Contingency

Finally, if you need to sell your current home in order to fund your next one, add the home sale contingency to your contract. One way to avoid this issue is to sell your current home before looking for a new one. Yes, that means moving twice (once into a short-term rental and then again when you find your next home). But it also sets you above other buyers that may have to sell their homes first.

The fewer contingencies you include in your offer, the better. It makes for a smoother real estate transaction. And that’s what sellers appreciate even more than the price. When you decide you want to buy a new Westfield area home, contact me.

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Selling Your Home • September 9, 2022

How the Capital Gains Tax Affects Home Sellers

by Scott Gleason

You sold your Westfield area home this year. You also earned a nice profit from your sale. Congratulations! But, come April 15th, you may end up owing some money because of what you made from your home sale. That is called the Capital Gains Tax. However, there are a few ways you can reduce and sometimes even eliminate this tax.

How the Capital Gains Tax Affects Home Sellers

What are Capital Gains?

First of all, it helps to know what capital gains mean. In real estate, the difference between what you paid for your luxury NJ home when you initially bought it and what you received when you sold it is called “capital gains”. For example, you paid $800,000 for your property a few years ago. You sold it for $1,350,000 this year. you received $550,000 in capital gains. Uncle Sam considers this income, therefore, taxable.

How to Reduce Your Capital Gains Tax

Fortunately, the government also put conditions in place that help reduce your capital gains tax. If you used your home as your primary residence for at least two of the previous five years, you may claim an exemption. For married couples who file jointly, the first $500,000 in capital gains may be claimed tax-free. For individuals or married persons filing separately, the first $250,000 in capital gains may be claimed tax-free. So, using the example above, married couples filing jointly only pay tax on the $50,000 not covered by the exemption ($550,000 capital gains – $500,000 exemption = $50,000). For individuals and married couples filing separately, you pay taxes on the $300,000 not included in the exemption. If you bought your home less than two years before you sold it, you might be able to claim a partial exemption. Discuss this with your accountant or tax preparer before you file.

Reducing your capital gains also reduces your capital gains tax. Gather all the receipts for expenses incurred when updating, renovating, or repairing your home during the time you owned it. Also, anything you paid to get it ready for sale may also be deducted from your capital gains (paint, repairs, landscaping, etc.). Just make sure you keep your receipts to prove these expenses.

When Does the Full Exemption Not Apply?

You should also know what stops you from being able to claim a full exemption. First, if the property you sold was not your primary residence. Next, you lived in it for less than two of the previous five years. Also, if you claimed the exemption on another property during the two years before you sold your current property. If you utilized a 1031 exchange on a property at any time in the five years before your current sale. Finally, if you pay an expatriate tax.

Again, congratulations on selling your Westfield area home and earning a profit. Nothing is certain except death and taxes. So, be smart with your money. Know your tax responsibility now so you do not get surprised when you file next year. If you have any questions, discuss them with your tax person before you file.

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Home Buyers • September 2, 2022

Your Guide to a Home Appraisal

by Scott Gleason

You found your dream Westfield area home. Now it is time to cross all your “T’s” and dot all your “I’s” before it becomes all your own. And one of the first items on your closing checklist is the home appraisal. So, what exactly is that?

Your Guide to a Home Appraisal

The home appraisal is essentially a value assessment of a home and property. It is conducted by a certified third party and is used to determine whether the home is priced appropriately. It is also one of the “hidden fees” every buyer needs to be aware of when purchasing their home. According to Manta.com, Westfield area home buyers should expect to pay $363 on average for their appraisal.

During a home appraisal, the appraiser conducts a complete visual inspection of both the interior and exterior of the home. He or she factors in a variety of things, including the home’s floor plan functionality, condition, location, school district, fixtures, lot size, and more. An upward adjustment is generally made if the home has a deck, a view, or a large yard. The appraiser will also compare the property to several similar ones that were sold within the last six months (or less) in the area.

The final report must include a street map showing the property in question as well as the other comparable properties, photographs of the interior and exterior, an explanation of how they calculated the square footage, market sales data, and public land records, among other things.

After completion, the lender uses the information found in the home appraisal to ensure that the property is worth the amount they are investing. This is a safeguard for the lender as the home acts as collateral for the mortgage. If the buyer defaults on the mortgage and goes into foreclosure, the lender generally sells the home to recover the money borrowed.

Lenders do not approve mortgage loans for more than their appraised value. If your appraisal comes back below the agreed sales price, you must then make a decision about how to proceed with the sale. First, you might try to negotiate with the seller to lower the price. Second, you could come up with the difference between the appraised value and the sale price out of your own pocket. (However, keep in mind that this is in addition to your down payment and closing costs.) Or you may want to go with a third option…walk away. Talk to your REALTOR® to determine your best course of action.

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Home Buyers • August 27, 2022

Hidden Fees to Be Aware of When Purchasing a Home

by Scott Gleason

Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, do not forget there will be costs associated with your purchase in addition to the price of your luxury NJ home. Here are five “hidden fees” to keep in mind as you begin to budget.

Hidden Fees to Be Aware of When Purchasing a Home

Home Inspection

This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate the price and repairs. According to HomeYou, Westfield area home buyers can expect to pay between $344 and $419 for a standard home inspection.

Title Services

Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.

Appraisal Fee

Before getting a loan, you will likely be required to get an appraisal to determine your home’s estimated value. This will be conducted by a third-party company. According to Manta.com, can expect to pay between $280 to $476. Typically, Westfield area home buyers pay an average of $363.

HOA Fees

Another one of the “hidden fees” linked with a home purchase is HOA fees. Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. These fees vary from neighborhood to neighborhood.

Taxes

The taxes each buyer pays at the closing table differ. But it is not uncommon for it to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Market Reports • August 25, 2022

August 2022 Market Update

by Scott Gleason

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Home Buyers • August 19, 2022

What to Negotiate When Buying a House

by Scott Gleason

Whether you are a first-time homebuyer or a seasoned veteran, the negotiation part of a real estate transaction can be a little daunting and stressful. However, it is necessary to ensure you are getting the best possible deal for your money. So, what should you negotiate when buying a house?

What to Negotiate When Buying a House

Closing Costs

Your closing costs are determined by a variety of factors. According to New Jersey Lenders Corp., you can expect them to be between 2% and 3% of the purchase price. Ask the seller to cover some or all of the closing costs upfront or request a closing credit that can be used to make specific updates and fixes to the home.

Inspection and Closing Timing

Buyer offers that include a quick inspection and close timeline are often more attractive to sellers who have been going through the process for far too long. Just ensure you allow yourself ample time to get your financing in place and complete proper, thorough inspections.

Home Warranty

Sellers will often agree to pay the premium on the home warranty at closing and then hand it off to the new homeowner. In turn, the new homeowner is then responsible for the deductible on any future claims.

Repairs

Your inspection may uncover small or large repairs needed to bring the home up to standard. You can negotiate to have these items fixed before closing or ask for a price reduction to cover the costs.

Furnishings

Love how the seller has furnished and decorated the home? Buyers often negotiate keeping couches, fixtures, landscaping items, patio furniture, appliances, and more. And many sellers agree, wanting to make the home more appealing.

Much of the Westfield area of New Jersey continues to experience a seller’s market. Keep this in mind before you ask for contingencies. Even so, contingencies are part of negotiations when buying a house. You need an experienced REALTOR® on your side who knows the local luxury NJ homes market. Contact me when you are ready to start looking for your next home.

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Bike MS NYC 2022

AddamsFest 2022 – Haunt Your House Decorating Contest

When Is It OK to Waive Contingencies?

September 2022 Market Update

Common Contingencies to Ask for When Buying a Home

How the Capital Gains Tax Affects Home Sellers

Your Guide to a Home Appraisal

Hidden Fees to Be Aware of When Purchasing a Home

August 2022 Market Update

What to Negotiate When Buying a House

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