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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 •
August 19, 2022
What to Negotiate When Buying a House
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
Local Events •
August 12, 2022
New Westfield Artist Alley Submissions Now Accepted
Westfield loves the arts in all of their forms. Visit any one of the dozens of galleries in the downtown area to see artwork of all kinds (paintings, pottery, photography, etc.). Sweet Sounds Downtown offers four different live concerts every Tuesday through the end of August. And right now, the Westfield Public Arts Commission is accepting submissions from local artists to create an Artist Alley right in the heart of downtown Westfield.
New Westfield Artist Alley
The WPAC wants to create a permanent public installation in downtown Westfield. But they need talented artists to submit their ideas. Westfield’s brand new Artist Alley will be set up on the side of the old Rialto theatre connecting Broad St. to the parking lot. They wish to see both 2D and 3D works of art (mosaics and wall sculptures) added to the wall. Each artist will be recognized for their individual work.
Anyone interested in participating in Artist Alley may email their full-color submissions to the WPAC. All submissions must be received by the end of the day on August 22nd to be considered.
New Life at the Old Rialto Theatre
The Rialto, a local landmark since 1922, closed its doors rather suddenly back in 2019. After much dispute between the owners, it reopened late last year as the Center for Creativity at the Rialto. Here, they wish to foster creativity in literature, film, live performances, and art. They also want to preserve a bit of Westfield’s past by keeping the Rialto building alive and well for future generations to enjoy.
Less than 20 towns in the entire state have kept old movie palaces like the Rialto alive. One of those towns just happens to be our very own Westfield. Support the arts and history by supporting public installations like Artist Alley. Thank you.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Home Buyers •
July 29, 2022
Escalation Clause: Help for the Home Buyer in a Competitive Market
Many buyers wonder if they should wait a little bit before actively searching for their next property. Price reductions all over the country leave buyers wondering if the market already reached its peak. If prices are on the decline, it may seem logical to wait. But in hot areas like Westfield, Scotch Plains, Cranford, and many of the surrounding areas, sellers still rule the market. So, you may find yourself in a bidding war with other buyers for a property. That means that you need to make your offer stand out. How? An escalation clause could be just the ticket to capturing a seller’s attention.
How an Escalation Clause Can Help a Buyer Make Their Offer Stick
What is an Escalation Clause?
In a regular offer, the buyer agrees to pay X dollars for the home in question. When they include an escalation clause, they propose paying an additional dollar amount over another seller’s higher offer up to a definitive amount. For example, the seller lists the price at $600,000. You put in an offer for $610,000. Your REALTOR® did their due diligence and knows that another offer is already on the table. While the seller’s agent may not disclose how the current highest offer is, they do say it is higher than that. So, you include an escalator that says you are willing to pay $5,000 more than the highest offer up to $625,000. The other offer is $615,000. Then, your new offer automatically goes to $620,000. The seller accepts your offer with the escalator and escrow opens up.
When Should You Include It in Your Offer?
An escalation clause should only be used when you are fairly certain you may find yourself in a bidding war. However, doing so lets the seller know exactly how much you are willing to pay for their home. That leaves you a bit vulnerable when it comes to negotiating. The seller may even decide to counter the escalator with a higher price, knowing how high you are willing to go.
Always discuss this option with your REALTOR® before submitting your offer to the seller. They can use their resources to find out whether this is a good idea or not.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Selling Your Home •
July 22, 2022
Home Appraisal: Does Extra Clean Add Extra Value?
Whenever a buyer finances their purchase with a mortgage loan, the lender requires a home appraisal. If the property’s appraised value falls below the agreed-upon price, your sale may fall through. So, as the seller, you want to make sure your property is in tip-top shape before the appraiser comes through. Once you get into the escrow phase of the sale, you need to go through your home once again to ensure it looks great for the appraiser. That includes cleaning it until everything sparkles.
Home Appraisal: Does Extra Clean Add Extra Value?
Bottom line? No, cleanliness technically does not affect your appraised value. However, a spotless home creates a mindset with the appraiser similar to the one it creates with a buyer. Starting off with a positive impression never hurts. Plus, it makes the appraiser (even subconsciously) think that the homeowner kept up with the property’s maintenance.
Put in the Elbow Grease
Always, always, always clean both the interior and exterior of your property before a home appraisal. That means cleaning windows, deep cleaning carpet, mopping floors, scrubbing countertops, etc. Clear the clutter. Put away toys and clothes. Make the beds. Take out the trash. Touch up paint where needed. You make an appraiser’s job easier by allowing clear access to all areas of your home. By making their job easier, it puts them in a better frame of mind. While this should not affect your home’s value, we do tend to see higher numbers for cleaner homes.
List Your Updates/Upgrades
During a home appraisal, the homeowner and/or their representative are allowed to be present. But hovering over the appraiser may agitate them. You do not want that to happen. However, you can make it easier for the appraiser by providing a list of all updates/upgrades you performed on your property, especially those that are not easily seen. That includes upgrades/repairs to the plumbing, roof, irrigation, or HVAC system.
The Way to an Appraiser’s Heart…
…is through their stomach? Well, not really. Nevertheless, providing a nice snack and beverage can only help. When they grab for a cookie and a cold bottle of water, make sure to provide them with a list of comps in the neighborhood. Yes. Running comps is part of the appraisal process. Yet, some recent comps may not show up. Your REALTOR® can make sure to print off the most up-to-date list just before the scheduled home appraisal so that it is handy. Again, this makes the appraiser’s job a little easier.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Home Buyers •
July 15, 2022
Home Buying Tips to Finalize a Sale Now
Today’s home buyers must navigate a crazy market. In the Westfield area (including Scotch Plains, Mountainside, Cranford, and the surrounding area), the marketplace strongly favors the seller. Low inventory and rising interest rates made many buyers re-evaluate their home buying budgets. If you want to finalize a sale before interest rates go up again, you may want to consider implementing these home buying tips right away.
Home Buying Tips to Finalize a Sale Now
Hire a Great REALTOR®
How do you know your REALTOR® is great? Find one with plenty of experience in the local market you want to make your home.
There is No Such Thing as a Stupid Question
Also, there is no such thing as asking too many questions. Whether your REALTOR® or your lender, anytime a question pops in your head about the home buying process, talk to them. An informed home buyer is a successful home buyer. Plus, this helps set you up to put in an offer right away when you find the perfect Westfield area home. And in a seller’s market, you have no time to spare.
Pre-Approval is Key
When you submit your offer letter, you need to include a pre-approval letter with it. Otherwise, sellers may not even bother looking at your offer. Pre-qualification is not enough anymore. Better yet, get your loan to the pre-underwriting stage, if possible. That is when your loan has gone through all of the steps except the final approval. At that point, all you need is an address, a sale price, and an appraisal that meets the lender’s requirements to finalize the financial portion of your home sale. The pre-approval process takes time. So, the sooner you start it, the better. I suggest doing this before you even start looking at homes.
Narrow Your Focus
First, determine which features your home absolutely must have. Then, ask your REALTOR® if these realistically fit within your budget and communities of interest. If you cannot find a home that fits these criteria, you might want to re-evaluate it. But the more you focus only on properties that fit within your “must” list, the less distracted you become on other homes.
Make a Strong First Impression
Finally, make sure you submit a strong first offer. A low-ball offer not only insults a seller but might stop them from even countering it. If you find yourself in a bidding war, setting your “best and final” offer on the table eliminates the back and forth of negotiating. Sometimes, this means the highest price. Sometimes it means a larger down payment and earnest money deposit. Other times, the seller may have a specific time frame they need to close in. Your REALTOR® can use their expertise and influence to dig up the information you need to craft your best offer possible to make a deal happen now.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Local Events •
July 8, 2022
Sweet Sounds Downtown Westfield Music Festival 2022
Every summer, downtown Westfield fills up with the sweet, sweet sounds of live music. This summer proves no exception. Last week, the Sweet Sounds Downtown Westfield Music Festival 2022 kicked off with some classic Jazz, Big Band music, and a rock cover band called the Drop the Needle Trio. But that was only the beginning of a whole summer of fantastic concerts to scintillate your eardrums and bring a smile to your lips.
What: Sweet Sounds Downtown Westfield Music Festival 2022
Where: Four locations around Downtown Westfield
When: Every Tuesday from 7 am to 9 pm throughout July & August
Cost: Free
Contact: Westfield Town Hall (908) 789-4040 or via email
Sweet Sounds Downtown Westfield Music Festival 2022
The Sweet Sounds Downtown Westfield Music Festival takes place around the downtown area every Tuesday from 7 pm to 9 pm throughout July and August. In the past, three different acts were performed on three different stages around downtown Westfield. But organizers wanted to bring a little extra harmony this year. So, they included a fourth stage.
- Stage A – Central Ave Stage (137 Central Ave)
- Stage B – Quimby St/Elm St Stage (125 Quimby St)
- Stage C – Foundation Park Stage (439 South Ave W)
- Stage D – Evalyn Dunn Gallery Annex (331 W Broad St)
In case it rains on a random Tuesday in July or August, that week’s concerts will be performed on Wednesday of that week instead. So, do a little shopping, grab a bite to eat, and take in a free live concert for dessert during the Sweet Sounds Downtown Westfield Music Festival.
Sweet Sounds Line-Up
July 12th: (A) Carrie Jackson (Jazz), (B) Big Bruce & The Messengers (Motown/R&B), (C) Radio Star (rock music)
July 19th: (A) Bradford Hayes (Jazz), (B) Glenn Alexander & Shadowland (Jazz Rock), (C) Valencia Music School (Rock)
July 26th: (A) The Joe Taino Group (Latin Jazz), (B) Kolor Blynd Band (R&B), (C) Free Speech (Jazz)
August 2nd: (A) Don Braden/Karl Latham Big Fun(k) (Jazz), (B) The Wag (Rock), (C) Higher Ground (Rock)
August 9th: (A) Charlie Apicella & Iron City (Jazz), (B) Thos Shipley (Jazz vocals), (C) Better Late (Rock)
August 16th: (A) Gordon James (Jazz), (B) Soul Seduction (R&B), (C) Little Secret (Americana)
August 23rd: (A) Mauricio de Souza (Latin Jazz), (B) Elena & Boo Demolition String Band (Country/Bluegrass), (C) NJ Workshop for the Arts (Jazz/Rock)
August 30th: (A) BD Lenz All-Stars (Funk/Motown), (B) Nikki Briar & The Sweet Briar Band (Country), (C) Save Mary (Rock)
Stage D Every Tuesday – NJ Youth Symphony
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Market Reports •
June 17, 2022
June 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
Selling Your Home •
May 22, 2022
How “Days on Market” May Affect Your Home Sale
Most homebuyers look at the size of a property, its location, and the price right away. But, some buyers (as well as their REALTORS®) also look at how long the property has been on the market. Why? Newer listings get the most traffic. When it sits on the market for a while, buyers begin wondering what is wrong with it. Also, they believe the seller might be more willing to entertain a lower offer. Find out how the days on market can affect your home sale and what you can do to change it.
How “Days on Market” May Affect Your Home Sale
What are “Days on Market”?
“Days on market” (or DOM) are the number of days from when a property gets listed to when it enters a “pending” status. The average DOM varies from city to city. According to Redfin, Madison homes saw an average of 26 DOM in April 2022 while Short Hills homes spent 12 days on the market before changing over to pending. Lower DOM brings in the most interest. As the DOM grows longer, interest wanes. So, what do you do to bring back buyers’ interest?
Breathing Life Into a Stale Listing
Review Feedback – Whenever your home is shown (either through an open house or a private viewing), your agent should ask for feedback from the potential buyer and/or their representative. From this feedback, you can find out what overall impression your home gives. In turn, this provides a base from which you can build your property back up for future potential buyers.
Take it Off the Market Temporarily – Many areas allow you to withdraw your property from the market and resubmit it after a specific period of time as a new listing (typically about 30 days). In essence, this “resets” your DOM. Use your downtime to make necessary updates/repairs to freshen it up. Sometimes, this may be something as simple as a new coat of paint or trimming the landscape. Other times, you might need to replace all the flooring or renovate an area or two of the home.
Lower Your Price – A majority of the time, simply lowering the price (even slightly) triggers a reassessment of the property by buyers. It also opens your home up to a new tier of buyers that may have considered your property out of their price range before. However, consider this. If you take your home off the market and make some updates, you might be able to list it at your original asking price. Talk to your REALTOR® to determine which areas to invest your money in to bring about the best result.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Selling Your Home •
May 13, 2022
The Real Estate Agent’s Role in a Home Sale
Real estate shows like “Flip or Flop”, “Good Bones”, and “Unsellable Homes” make it appear easy to sell your home. All you need is a little paint and polish and buyers practically beat down your door, right? Not so fast. It takes a little more finesse and a lot more experience for the typical homeowner to sell their home. And that is where hiring a real estate agent comes into place.
The Real Estate Agent’s Role in a Home Sale
Setting the List Price
First of all, a good REALTOR® knows how to determine a proper list price. Why is this important? Because if you price it too high, it may turn buyers off. Even in a seller’s market, homes still need to be priced appropriately for the market. If you cannot get buyers through the door, your home will simply just sit there. Then, you will need to lower your list price to bring interest to your listing. This only delays finding a buyer and may even net you less than you would have received if you priced it properly to begin with.
How does a real estate agent decide the right list price? By conducting a comparative market analysis. They look at recently sold homes in your neighborhood. Then, they focus on the ones that are most comparable to yours in age, size, and amenities. In addition, they use their experience in the local market to come up with the amount that will bring you the most buyers and the best sale price.
Preparing Your Home for the Market
Another area where a REALTOR® comes in handy is getting your Westfield area home ready for the market. This includes staging your home and making any necessary repairs. They also know which areas you should focus your efforts on and which areas do not need attention at all. For example, always make sure your curb appeal is on point. But perhaps the slightly older appliances in the kitchen can remain or the paint on the walls is a perfectly acceptable color. After all, many home buyers replace appliances soon after they move in. And others may decide to paint the walls after their belongings are in the space. However, if the appliances are severely outdated or the paint color is too severe, you might want to change those up anyway.
Marketing Your Home
Selling a home takes time. With your busy life, do you really have time to hire a photographer, make flyers, host open houses, conduct private showings, make sure to blast it all over social media, and be present at inspections and/or the appraisal? Plus, real estate agents have access to the MLS which sends your listing into the hands of thousands of other real estate agents with buyers looking for a home just like yours.
Vetting Buyers
Finally, a real estate agent vets buyers for you. It is not enough to get buyers through the door. You want qualified buyers looking at your Westfield area home. Since an agent does not make any money unless the property sells, it works in their best interest as well as yours to eliminate the unqualified buyers.
When you are ready to list your home on the market, contact me. I can help you get it ready to list, market it for you, and get it sold as quickly as possible.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
