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Scott Gleason scott@luxuryhomesnj.com
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Many real estate markets across the country are in the midst of a seller’s market. Westfield is no exception. Recently, Ryan Hartman with Inside Real Estate interviewed RE/MAX Select’s very own Rob Lyszczarz about how to get your home offer accepted in a crowded seller’s market.
Many people are leaving the City to settle in the suburbs like Westfield. (We did make the Top 10 List of Best Suburbs to Live in NJ.) Historically low interest rates helped spur buyer demand. Unfortunately, the supply of available housing cannot keep up with demand. In turn, that means multiple offers for many homes. Thus, we are deeply entrenched in a seller’s market. If you want your home offer accepted, you need to understand how your local market currently operates.
Every buyer envisions exactly what their dream home should look like. But, throw out your laundry list of “wants”. Narrow that down to three to five “must-haves”. Think about the size (square footage as well as the number of beds/baths), location, school district (if you have kids), etc. If you know what you absolutely cannot live without ahead of time, it will save you time, hassle, and heartbreak in the long run. Also, be willing to compromise on some things in order to make your homeownership dream a reality.
Always, always get pre-approved as soon as possible. This lowers your stress as well as increases your offer’s attractiveness to the seller. In fact, Rob suggests that you get two pre-approval letters instead of just one. Why? When putting less money down, sellers may believe you are less qualified. Two letters show the seller that they should take your home offer seriously. That means obtaining pre-approval from your lender for a conventional as well as FHA loan for example.
Discuss negotiation strategy with your REALTOR®. Make sure you present a realistic home offer to the seller. Everyone likes to get a deal. But, if you lowball the seller, you could very well lose out in a multi-bidder situation.
Tighten up time frames for things like inspections and financing. Sellers want to sell their homes as quickly as possible. So, the easier you make it, the more attractive your home offer looks. Waive contingencies whenever possible. Otherwise, limit them to the bare minimum (inspection, appraisal, financing). Think about increasing your earnest money deposit. Be flexible with the closing date. Defer to the seller’s timeframe.
Finally, having the right agent on your side makes all the difference in your outcome. Find someone with experience in the market. They must have good negotiation skills. Make sure they are willing to reach out to the seller’s agent to gather intel that will help boost your offer to the top of the pile. You also want someone who advocates for you. Make sure that they will communicate with you as much as you want in the way you want.
I highly recommend that you take an hour out of your day to listen to what Rob has to say. It can only help you when you go to look for a new Westfield home. Then, contact me to start your search.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Governor Murphy recently announced that the state will begin Phase 2 of the reopening process. That means allowing in-house dining at local restaurants as well as opening up non-essential businesses to the public again. Even so, he suggested that businesses continue to adhere to social distancing guidelines as outlined by the CDC. As a result, expect to see a few changes to Quimby Street in the weeks ahead.
Downtown Westfield Corporation conducted a survey of residents recently asking participants what they thought of transitioning some downtown streets to “pedestrian only” temporarily. An overwhelming 81% of the 2000 people questioned said that this would make them more likely to patronize downtown businesses.
You spoke. They listened. To start, expect Quimby Street to shut down to automotive traffic on Friday, June 19th and continued until late Sunday, June 21st. They expect this to continue through the 4th of July weekend. If this works out well, they may extend this transition through the entire summer. Expect to see dining tables and store displays spilling out onto the sidewalk from restaurants and boutiques along Quimby Street over the next few weekends. This allows each business to accommodate more customers while still maintaining that six-foot social distance.
Aidan Murphy, a fifth-grade Westfield resident, turned a drawing into a charity drive. His parents took his drawing of a handshake with the word “prevail” under it and turned it into T-shirts for sale. They donate all proceeds for the shirt directly to the Westfield Food Pantry. Visit the Westfield NJ Police Department’s Facebook page to see what the T-shirt looks like. He donated $300 from the first batch of T-shirt sales to them to give to the food pantry on June 9th. They took a picture with him and posted it on their page at the time. If you’d like to support his efforts, the T-shirts cost just $20 each. Email Aidan’s mom, Kerry, to put in your request.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes/MAX Select, Luxury Homes
Tomorrow, we enter the final month of the year. And the City of Cranford wants to make sure to end 2018 with a bang. They’ve scheduled tons of great holiday events over the next few weeks. Since I’m sure you won’t want to miss anything, I’ve put together this list of upcoming 2018 holiday fun in Cranford. Which ones will you be participating in?
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Visit four beautiful Cranford homes decked out in all of their holiday finery this Sunday, December 2nd on the Holidays House Tour. For just $25 per person, take a self-guided tour of these properties. Inside each home, volunteers share details about the property’s history while guests dine on light refreshments. As a courtesy to the homeowners and for your comfort, please wear low-heeled shoes. This event is open to anyone aged 12 or older. The homeowners also ask that no photos be taken of the homes while you visit either. Purchase tickets before Sunday by visiting the Holidays House Tour Eventbrite website. Then, pick up your tickets and guide book at the Hanson House (38 Springfield Ave) on Sunday beginning at 10:30 am. The homes on the tour open their doors at noon. If you wait until the day of the event to purchase your tickets, it will cost you $5 more per person.
The first day of Hanukkah takes place this Sunday, December 2nd. On December 5th, all faiths are welcome to watch as the Cranford menorah is lit up for this season. The menorah is located on Springfield Ave, directly across from the municipal building. Guests receive free refreshments and traditional Chanukah gelt as well.
‘Tis the season of giving. One way to be a part of the holiday fun in Cranford is to donate to the Cranford Santa Toy Drive. Simply drop off your new, unwrapped toys at the Cranford Fire Station on Springfield between 5 pm and 9 pm next Wednesday (December 5th) or between 9 am and 1 pm next Saturday (December 8th). All gifts collected will be delivered to our underprivileged families on December 14th and 16th. If you would like to register to receive a gift, please sign up online here. Contact the Cranford Jaycees if you have any questions about the toy drive.
Make this Christmas one to remember. Sign your child up for Breakfast with Santa at the Garlic Rose Bistro. Santa Claus agreed to take time out of his busy schedule to fly in from the North Pole and sit down for a personal meet and greet with all the good boys and girls that come to have breakfast with him on December 8th. But you must make a reservation in order to get in. Spots fill up quickly. So, make sure to contact Garlic Rose today at (908) 276-5749.
For more holiday fun in Cranford, bring your child to the Cranford Post Office anytime between now and December 18th. Drop off their letters to Santa in the specially marked mailbox right inside the post office’s entrance. Make sure your letter includes a return address. Santa sees you when you’re sleeping. He knows when you’re awake. But let’s make it easier for him to send a letter back to your child by including your home address.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
Now is a busy time in the Westfield luxury real estate market. Sometimes, sellers receive several offers at one time. This is definitely a nice problem to have. When evaluating an offer, other options besides money factor into accepting or rejecting it.
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Most real estate transactions include contingencies of one sort or another. Typical contingencies include a home inspection, clearing the title, appraisal, financing, and sale of the buyer’s current home. When evaluating an offer, one with fewer contingencies attached looks more attractive, even if the offer comes in lower. Unless they offer substantially more than the list price, a buyer with a laundry list of requests might not be worth the hassle.
With all-cash offers, you avoid certain contingencies (like the financing contingency). This shortens the escrow period and limits the chance of the deal falling through. Also, you don’t have to wait for the buyer’s home to sell. Likewise for financing. They still may require an inspection or appraisal. And most buyers want the title to clear first. A slightly lower all-cash offer may appear more attractive to you than a higher offer waiting to be approved for a loan. This especially holds true when you need to sell quickly (new job starting up out of state, for example).
Most buyers require a mortgage loan to purchase a property. When evaluating an offer, see if they have their financing in place right now. If they’re waiting for approval or haven’t even started the loan process yet, you might want to move on to a buyer whose offer includes an approval letter.
Another consideration when evaluating an offer is how long of an escrow the buyer wants. If you have a short time frame to work with before you need to move, a 15-30 day escrow sounds appealing. On the other hand, you might still be looking for another Westfield home to move into. In that case, accept an offer with a longer escrow. Take the offer that works best for your specific situation.
Finally, look at their Earnest Money Deposit (or “good faith deposit”). This is the money that the buyer puts down to show that they are serious about their offer. The amount varies (usually about 1-3% of the purchase price). Typically, the title company holds it in a special account. It then gets applied to the buyer’s down payment when a deal is reached. However, if the buyer backs out for any reason not specified in the sales agreement, the seller keeps the Earnest Money Deposit for themselves.
Take your time evaluating an offer. Always discuss each and every offer you receive with your Westfield REALTOR®. Use their knowledge of the real estate market to help you decide which offer to accept and which to reject.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes