Westfield Buyer Tips Archives - Page 3 of 4

Home Buying Myths You Should Just Ignore

December 28, 2020 by Scott Gleason

Are you considering purchasing a Westfield home in the new year? Do you think you need to put 20% down in order to qualify? That is absolutely not the case. Some programs allow you to purchase a property with as little as 3.5% down (or less). But that is just one of several home buying myths that stops people from buying a new home. What are the others?

Do you think you need to have a 20% downpayment to purchase a Westfield property? Ignore that and these other home buying myths.

Home Buying Myths You Should Just Ignore

Zero Debt

Student loan debt lands among the top reasons why undergrads delay purchasing a property. Even if you paid off your student loan, thousands of people believe they must pay off all of their debt before they could qualify for a home loan. Not true. While extensive debt might hurt your chances of loan approval, lenders like to see that you manage your debt properly. So, a debt load of 36% or less puts you in a sweet spot with lenders.

Excellent Credit

Unless you buy a Westfield home with cash, you need a decent FICO score to qualify for a home loan. But another one of the home buying myths to ignore is the need for an excellent credit score. An 800 score might land you the very best interest rates, but some buyers qualify with scores in the low 600s. Some programs even allow credit scores below 600. But you will most likely end up paying a much higher interest rate for those. First, get your credit into the best shape possible. Then, talk to your lender about which program fits your needs.

You Can Only Use a 30-Year Conventional Loan

Another one of the home buying myths to ignore is that a 30-year conventional loan is the only way to go. Nothing could be farther from the truth. Approximately three-quarters of home buyers today utilize FHA loans. The 30-year fixed-rate FHA loan locks you into one interest rate for the life of your loan. If you can afford a higher monthly payment, you might want to consider a 15 or 20-year fixed-rate loan. Other loans include a VA loan (zero down for active and retired military), USDA loans (rural properties), or a jumbo loan (for loans over $822,375 in 2021).

Established in Your Career

Long-time employment with the same company is not a necessity before you qualify for a home loan either. Lenders like to see steady employment with a decent salary (among other things). That could mean as little as a couple of years in your industry. Transferring from one company to another but staying in the same position should not work against you.

Primary Residences Only

Finally, another one of the home buying myths you should ignore is that you only buy a Westfield home that you intend to use as your primary residence. Some buyers that can afford it choose to rent a place near their work and purchase a property as an investment instead. AirBnB, vrbo, and even just as a long-term rental might provide a better investment than a primary residence. Discuss your options with your tax consultant and/or lender before determining which route to take.

Gingerbread House Contest

If you have not cast your vote in the Westfield Gingerbread House Contest, you need to hurry. Online voting closes this Thursday, December 31st, 2020. Visit the City’s website here to cast your vote for the Iconic Westfield Building, Westfield 300, Under 12 Kids Only, and Best in Show categories. Officials announce the winner on Friday, January 1st.

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

Virtually Tour Your Next Neighborhood While Sheltering in Place

April 24, 2020 by Scott Gleason

The way we buy and sell houses has changed over the last few weeks. In the past, open houses and private tours allowed buyers the opportunity to physically see a property. New restrictions make that impossible at this time. While some buyers might try to wait for their chance to “buy the dip” if that happens in a few months, others might want to take advantage of current low interest rates to buy now. Virtual online tours allow you to check out an available Westfield home for sale while you shelter in place. But did you know that you can virtually tour your next neighborhood, too?

There are a few ways you can virtually tour your next Westfield neighborhood while securely sheltering in place before you buy a new home.

Virtually Tour New Neighborhoods From Home

Google Street View

Today’s technology makes social distancing a little easier. It also makes buying a Westfield home during a pandemic a little easier, too. Virtually tour any Westfield neighborhood by utilizing Google Street View to take a virtual walk around town. Simply visit Google Maps on your computer or smartphone. Type in the address of the home you’re interested in. When you do, it should offer you a street view of the address. From there, click on the arrows to move you along the street in whichever direction you wish to go.

Social Media

Many neighborhoods use social media to keep residents apprised of hyper-local news and information they might find interesting and helpful. Search Twitter, Facebook, and Instagram for these groups.

Neighborhood Data Websites

Another way to virtually tour a new neighborhood is by visiting data websites. City-Data, Area Vibes, Great Schools, and even Yelp provide helpful information about the neighborhoods you might be interested in moving into. And those are just a few of the many available online resources at your fingertips.

Review Other Listings

How does this help? You can see what architectural styles are available in your neighborhood of choice. You’ll also see the age of the homes in your new neighborhood. Are they mid-century ranch homes, traditional, colonial? New construction or older? This helps give you a good feel for the community.

Talk to Your Agent

Finally, another way to check out a new neighborhood without ever leaving your home is by talking to your agent. Arrange a time to Facetime with them while they drive the neighborhood for you. Or ask them to take a video of the neighborhood while they’re out sometime. Also, a simple question/answer session about the specific area you’re interested in might help paint a picture for you.

If you are interested in purchasing a home in any Westfield area community, contact me right away. I’ll help in any way I can.

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

Finding the Right Real Estate Agent

February 28, 2020 by Scott Gleason

Whether buying or selling a Westfield home, you need someone on your side who knows the local market. Navigating a real estate transaction can feel daunting sometimes. With your busy schedule, who has the time? Where do you start? To find the right real estate agent, keep the following tips in mind.

Finding the Right Real Estate Agent

Take Your Time

First of all, take your time. This will probably be the biggest transaction you are a part of in your life. Therefore, you need to find someone who knows the business. Do you know anyone who bought or sold a house recently? Ask them who they used and if they were satisfied with the experience. Would they use them again? Word of mouth provides some of the best recommendations possible. Make sure to get the agent’s name and contact info.

Interview Several Agents

Next, take that list of agents you compiled and set up interviews with each. Look for someone that you feel comfortable with. Some key questions to ask include:

How long have you worked in the Westfield real estate market?
How many homes do you currently have in escrow?
What was your hardest purchase/sale you were a part of? How did you resolve any issues?
How often can I contact you? Which method do you prefer? Text, cell, personal meeting?
Can I talk to some of your past clients?

Check Their License

Once you decide on which real estate agent you wish to hire, check that their license is current and valid. How? Visit the New Jersey Department of Banking & Insurance website. You need their name and license number to perform a search. It’s simple and it’s free. This is a step many homeowners skip. Unfortunately, that could have dire consequences. So, take a moment to perform this quick search for your peace of mind.

Talk to Past Clients

Finally, talk to recent clients of the agent you choose. Ask them how they felt about their experience with the agent. Was the agent available when needed? How were their communication skills? Would the client work with them again? Good reviews usually mean good news. Bad reviews mean “move along”.

When you’re ready to put your Westfield home on the market or want to search for your next property, contact me. I’d be happy to help you in any capacity necessary.

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

What to Avoid When Buying a Westfield Home

July 14, 2017 by Scott Gleason

According to CoreLogic, an information an analytics company, approximately 37% of all US homes sales in January 2017 were paid in cash. Cash buyers avoid private mortgage insurance, interest and some closing costs. Cash purchases tend to go much quicker. Sellers typically find an “all cash” offer more attractive because they don’t have to worry about financing falling through. However, mortgages sometimes make more financial sense. If you end up financing a home’s purchase, you need to know what to avoid when buying a Westfield home.

What to Avoid When Buying a Westfield Home

Click here for an instant “No Strings Attached” valuation of your home.

Waiting to Secure Financing – When buying a Westfield home, the very first step you need to make is securing your financing. This takes the most time. Being pre-qualified isn’t the same as being approved, either. Many Sellers want to see an actual approval letter along with your offer. Otherwise, they might move on to the next Buyer in line. You don’t want to find the perfect Westfield home just to lose it because you can’t get financed for it.

Using an Unreliable Mortgage Company – Beware of fake or disreputable mortgage companies when buying a Westfield home. Talk to your friends, family and Westfield REALTOR@ for recommendations. A Seller may reject your offer simply based on the mortgage company you use if it is of a questionable nature. So, this is an important factor to keep in mind.

Lowballing – We all enjoy a good bargain. However, submitting a lowball offer might insult a Seller. If you live in a Seller’s market, this could be detrimental to buying your dream home. Some Westfield luxury homes have been selling for more than their list price. If you come in too low, the Seller won’t even entertain your offer to begin with. Discuss an appropriate price with your REALTOR@ before submitting your offer.

Purchasing Big Ticket Items While in Escrow – I can’t stress this enough. While in escrow, do not buy any big ticket items, especially on credit. That Westifeld home is not yours until the final paperwork is signed and the keys are in your hands. A new home might require new furnishings, drapes, carpet, appliances, etc. You’re excited and can’t wait to get started. But purchasing these before you close on your home changes your financial profile and might affect your credit score. I’ve seen escrows fall through because of this. Don’t let it happen to you. Be patient. You’ll have time to do all of this after your escrow closes.

Bike MS NYC 2017 – Team Guys & Dolls

Finally, I wanted to remind you about Bike MS NYC 2017. Do you love to ride? Join Team Guys & Dolls as they participate in the Bike MS NYC 2017 this October. There is still plenty of time to train with us. If you can’t join the team, please consider supporting us with a donation. Help us reach our goal of raising $5000 for the Multiple Sclerosis Society. Visit the Team Guys & Dolls Bike MS NYC 2017 page here for more info on joining the team or making a donation. Thank you.

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

Westfield Buyer Tip: Creating a Backup Offer

June 23, 2017 by Scott Gleason

You’ve found the perfect Westfield luxury home. But there’s a “sale pending” sign out front. Just because a sale is pending doesn’t necessarily mean that it is sold. Things happen. Sales fall through for all sorts of reasons. My Westfield Buyer tip to you is to make a backup offer. Worst case? The original deal goes through and you’re no worse off than you were before. Best case? You’re the next in line if the original sale falls through. But how do you go about creating a backup offer?

Westfield Buyer Tip: Creating a Backup Offer

Get Your Money in Order

Click here for an instant “No Strings Attached” valuation of your home.

My first Westfield Buyer tip for creating a backup offer is to make sure your financing is in place. If paying cash, the money must be available right away. However, if you decide to finance the purchase of your Westfield home, talk to a mortgage company today. Start the application process so you can include your approval letter with your backup offer.

Be Willing to Be Flexible

My next Westfield BuyertTip for creating a backup offer is to stay flexible. Keep contingencies to a minimum. Maybe that squeaky door isn’t a big deal. Perhaps you can add a fresh coat of paint yourself. What if the Sellers need a little time for a vacation, holiday or urgent family matter before they can move out? It will be worth the wait to ensure your backup deal becomes a full on sale.

Add a Personal Touch

Never underestimate the power of a letter. Sometimes, it’s the little things that matter most to a Seller when considering an offer. Do you have kids? Tell them how much you look forward to raising your family in a home that you can tell is full of so much love. Do you like to cook? Talk about the dinners, family gatherings, summer barbecues and birthday parties you envision hosting in that fantastic kitchen. Whatever part of this Westfield home speaks to you the most, tell the Seller about it. It could turn the tide in your favor if the original sale falls through.

Stay in Touch

Finally, out of sight/out of mind. My last and probably most important Westfield Buyer tip when it comes to creating a backup offer is to stay in touch. Let your Westfield REALTOR@ know that you expect them to keep in contact with the Seller’s agent. If the initial deal does fall through, you want the Seller to know that you are ready and willing to step in right away.

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