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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 •
December 17, 2022
What’s the Difference Between Pre-Qualification and Pre-Approval?
Most of the headlines lately talk about how the market has turned in the buyer’s favor. Well, that may be true in other areas of the country but not in the Westfield real estate market. Sellers still have the upper hand here. In fact, a five-bed/one-and-a-half bath Westfield property just sold recently for $36,000 over asking after just 20 days on the market. So, if you plan on buying a home in the Westfield area, you need to get your financing in order first. Should you get a pre-approval letter or will a pre-qualification work? What’s the difference?
What’s the Difference Between Pre-Qualification and Pre-Approval?
Pre-Qualification
First of all, pre-qualification only takes a matter of minutes. Your lender asks you about your income, your debt, and if you have any assets. Then, they take that information and estimate how much you can afford to spend. In a day or two, the lender sends you an official pre-qualification letter. However, they do not run a credit report. That can have a huge impact on whether or not they approve you for the loan and how much of an interest rate they charge. Therefore, pre-qualification really acts as more of a reference point for your price range rather than an actual approval.
Pre-Approval
Pre-approval on the other hand takes much longer. First, you fill out a mortgage application. Then, they pull your credit report. After that, you provide proof of income and assets (W2s, paycheck stubs, bank statements, tax documents, etc). They also verify employment. Once they perform their due diligence, the lender lets you know whether or not you are a good candidate for loan approval and for how much.
Most Westfield area sellers ask that buyers submit a pre-approval letter with their offer. In fact, they may not even consider an offer without one. But keep in mind that pre-approval does not equal final approval. You need to avoid making any major changes during the escrow process (buying a new car or furniture, opening up credit cards, changing jobs). Otherwise, you may find yourself denied a mortgage loan.
Between pre-qualification and pre-approval, I always suggest you get pre-approved. If possible, you may want to ask your lender about pre-underwriting. That is just the next step before final approval. It not only strengthens your offer in the seller’s eyes, but it also shortens your escrow time. That allows you to close on your new home even faster.
Westfield Area Y Men’s Club Christmas Tree Lot
Finally, I just wanted to say “thank you” to everyone who came to our Christmas tree lot. We sold out early again this year. You guys are amazing. We’ll see you again next year. Merry Christmas to you all!
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Local Events •
December 9, 2022
Westfield Winter Wonderland 2022
Brrr. The weather outside is frightful. But the holidays are so delightful. If you want to celebrate the season with the family, make Westfield Winter Wonderland 2022 your destination of choice.
What: Westfield Winter Wonderland 2022
Where: Foundation Park
When: December 18th, 12 pm to 4 pm
Westfield Winter Wonderland 2022
City officials transform Foundation Park into a Westfield Winter Wonderland on Sunday, December 18th. Let the kids warm up and get that excited energy out at Bouncy House Park. Watch magician Peter Juris perform two separate shows inside Acting Out Studios. And take a photo with Santa at Just a Soul Photography. Lots of fun for the entire family!
Menorah Lighting
The first day of Hanukkah also falls on December 18th this year. To celebrate, Rabbi Block officially lights the first candle of the 2022 menorah. If you want to watch, head over to the North Ave Train Station after you visit Westfield Winter Wonderland. He lights the menorah at 4:30 pm.
Westfield Christmas Trees for Sale
Yes. The Westfield Area Y Men’s Club Christmas Tree Lot is still open for business. Unfortunately, we had to shut down on Tuesday due to rain. But we are back up and running again. We still have a few trees left. However, you need to get here this weekend. I’m not sure how much longer supplies will last. Remember, if you see me, say “hello”.
Toys for Tots Westfield
Finally, the Westfield Police Department accepts new, unwrapped toys for their 2022 Toys for Tots campaign through December 14th. Just drop your donations off in the Toys for Tots bins located inside the police department lobby during normal business hours. Can’t make it to the office? That’s OK. You can also visit their Amazon website and purchase gifts directly from their wishlist. For answers to your questions, please contact Dominick Sandelli at (908) 789-6040. Thank you and happy holidays!
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Home Buyers •
December 6, 2022
Homeowners Insurance vs Home Warranty
When purchasing a new luxury NJ home, it is important to do in-depth research on all facets of the home buying process. One thing you’ll need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on homeowners insurance versus home warranty below to educate yourself on your options.
Homeowners Insurance vs Home Warranty
Homeowners Insurance
Homeowners insurance pays for any accidental damages and loss that are caused by fire, lightning strikes, windstorms, and hail. However, damage from earthquakes and floods is typically not covered. It also covers the replacement of personal property in case of theft or damage and liability if a person were to get injured in your home or on your property. According to V Home Insurance, the average cost of a homeowners insurance policy for a Westfield NJ home runs about $1664 per year. The bank usually asks you to obtain a policy before they issue your mortgage. Make sure to keep in mind that each type of coverage in the policy is subject to a limit and, in most cases, you will have to pay a deductible.
Home Warranty
A home warranty is designed to cover the cost of repairs and replacements of larger appliances and crucial systems in your home that may fail or break due to age and wear and tear. This includes but isn’t limited to HVAC, electrical, or plumbing components, kitchen appliances, and your washer and dryer. With a home warranty, you are required to pay premiums year-round, even if you do not use it. Plus, it won’t cover damages if appliances were not maintained properly or if the damage is from a fire or other disaster. According to Forbes Home, homeowners pay an average of $50 to $60 per month for a typical home warranty. Additionally, the warranty companies charge a fee whenever you call them out for service.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Local Events •
November 26, 2022
Westfield Area Tree Lighting Ceremonies 2022
Now that Thanksgiving is over, it is time to focus on the next big holiday: Christmas! But we cannot forget about Hanukkah (which begins on December 18th) or Kwanzaa (which runs from December 26th to January 1st). A couple of Westfield area tree lighting ceremonies take place over the next week to celebrate all of these holidays.
Westfield Area Tree Lighting Ceremonies 2022
Westfield Tree Lighting
Come to the North Ave Train Station tonight (November 26th) for fun and festivities. Beginning at 5 pm, nosh on cookies while listening to the DJ play classic holiday music. Our local fire department escorts Santa on one of their trucks at 5:30 pm. Once on stage, he promises to take pictures with the kids until 6 pm. At that time, the tree officially lights up.
However, before the Westfield tree lighting ceremony takes place, please come to the Westfield Area Y Men’s Club Christmas tree lot. Today marks the first day of business for our lot this year. That means that you have all of the inventory available to choose from right now. We tend to sell out of our entire stock pretty early on in the season. So, if you want a nice tree for your home this holiday season, today is a great day to get one. The lot opens at 9 am and closes at 6 pm. Look for me and say “hi” while you’re there.
Scotch Plains Tree Lighting
Next weekend, Scotch Plains officially lights up its tree for the holidays. Festivities begin at 1 pm at Augustine Village Green on Sunday, December 4th. Come drink hot chocolate, grab a bite to eat from one of the food trucks, take a horse-drawn carriage ride, and visit the petting zoo. Enjoy a live performance by members of Theatrical Artists Prep at 1:45 pm. Get your photo taken with Santa starting at 2:30 pm. And stick around for the grand finale…the tree lighting…at 5 pm.
Toys for Tots Westfield
The Westfield Police Department is currently accepting donations of new unwrapped toys for local boys and girls whose families face financial hardships this year. Simply drop off your donations in the marked bins located in their lobby at any time, day or night, before December 14th, 2022. If you would prefer, click on the Amazon Wish List they put together and have your items shipped directly to the WPD. Quick, easy, and efficient. Thank you.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Market Reports •
November 22, 2022
November 2022 Market Update
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
Local Events •
November 18, 2022
Westfield Area Y Men’s Club Christmas Tree Lot 2022
First, sit down for a huge Thanksgiving dinner with your loved ones. Then, tackle those Black Friday sales. But on Saturday, make plans to visit the Westfield Area Y Men’s Club Christmas Tree Lot to get started on your Christmas decorations.
- What: Westfield Area Y Men’s Club Christmas Tree Lot 2022
- Where: Field Across from Stop & Shop on Elm St
- When: 9 am to 6 pm Sat & Sun, 5 pm to 9 pm Mon through Fri starting November 26th (while supplies last)
Westfield Area Y Men’s Club Christmas Tree Lot 2022
For more than 70 years now, the Westfield Area Y Men’s Club has hosted a Christmas Tree Lot for the community. And I am proud to say that I have been personally involved for many, many years now. In fact, the Christmas Tree Lot is our biggest fundraiser for the year. Every single penny raised from the sales gets donated to local charities and other non-profit organizations.
We offer the classic Douglas fir as well as the more fragrant Balsam firs. We even have the Fralsam fir which combines the best characteristics of a Fraser and a Balsam. In addition to trees, the Men’s Club sells beautiful wreaths and tree stands. But if you want to impress your friends and family with one of these beauties this year, you need to come to the Christmas Tree Lot early. We always sell out pretty quickly. See you there!
Volunteers Needed
Our tree shipment arrives from Pennsylvania and Canada on Friday, November 25th. We could really use some help unloading the trailers and setting up the lot so we can open up for business the next day. If you are interested in volunteering your time, please email me.
Westfield United by Light
Just a reminder. Westfield United by Light takes place on Sunday, November 27th. It may be too late to buy the Westfield United Fund’s candle kits. But, you can still show your support. All you need to do is create your own luminarias along your driveway and the sidewalk in front of your Westfield home. And, if you can spare a few dollars, please donate to the WUF online.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Local Events •
November 11, 2022
Westfield United by Light 2022
For most people, Thanksgiving means sitting down with your loved ones over a wonderful meal and sharing the blessings they received throughout the year. Unfortunately, not everyone feels the same way. Statistics show that one in five adults suffers from a mental illness. So, chances are good that you know of someone with a mental illness. The National Alliance on Mental Illness stated that 64% of people with mental health issues report that the stress of the holidays made them feel even worse. Instead of hiding these afflictions in the dark, we need to bring them out into the open. Westfield United by Light wants to provide a safe space for people to discuss their issues.
Westfield United by Light 2022
On Sunday, November 27th, the Westfield United Fund invites the public to join their United by Light event. They would love to see driveways and curbs outside of Westfield residences lit up with candles. The WUF sold special candle kits that included paper bags, candles, cups, and sand. At this time, though, they are all out of their kits. However, you can still participate by creating your own luminarias and setting them out on the 27th.
Money raised from those candle kit sales helps the WUF fund its crisis hotlines, grief support, and counseling programs. They also contribute to counseling programs provided by Jewish Family Services and our own YMCA. If you missed out on buying a candle kit, please consider donating to the WUF online here. Check with your employer to see if they offer matching donations as well.
If you or someone you know suffers from a mental illness, please consider participating in Westfield United by Light 2022. Let’s de-stigmatize mental health issues by showing our support. Thank you.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Home Buyers •
November 1, 2022
Top Tips for House Hunting Online
Hunting for a new luxury NJ home online is a great place to start your search. In fact, a National Association of REALTORS® study found that 90% of home buyers use the internet to look for homes at some point during their home search. However, this should not be your “end all be all” to house hunting. Good listing agents are excellent at highlighting the best features of a home. But keep in mind that there may be more to it than meets the eye. To make the most of your time and efforts and gather a well-rounded picture when house-hunting online, keep the following three things in mind.
Top Tips for House Hunting Online
Stay Up to Date
When you start your search, make sure you find a site that pulls up-to-date listings directly from the multiple listing service (MLS) where real estate agents actively post their most current homes for sale. Many online resources update less often or fail to remove listings that are off the market. This makes it more difficult to sort through the clutter.
Pictures Can be Deceiving
Real estate photographers are experts at showing a home in the best possible light. Many pros use tools and strategies to boost appeal, such as a fisheye lens to make areas look larger and creative editing to make colors and textures really pop. Often, though, listings will not contain photos of unappealing parts of the home, like small closets or outdated bathrooms. That’s where my final tip factors into the house-hunting equation.
See It to Believe It
Once you find what appears to be your dream Westfield area home online, call up your experienced local real estate agent and schedule a showing. You want to take the opportunity to vet the home in person and explore every part of it before beginning the offer process. Your real estate agent will help you cover all your bases and will ask questions that you may not have thought of.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
