Westfield Buyer Tips Archives - Page 4 of 4

Monday marked the official start to spring. Traditionally, this is the busy time in Westfield real estate. With the spring Westfield housing market ahead, you might want to ready yourself for some serious competition. Sellers are ready. But are you?

Prepare for Competition in the Spring Westfield Housing Market

For many Westfield Buyers, spring time means it’s time to buy. Competition is fierce in the spring Westfield housing market. You need to be ready to take action when you find the home you want. The Federal Reserve just issued a 1/4% bump in their benchmark rate last week. Usually, bank rates quickly begin to rise as well. Financial experts predict at least two more increases by year’s end. So, if you want to buy a Westfield home, now would be a good time.

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First, you need to find a Westfield area REALTOR@ with extended experience in the specific communities in which you are interested. Talk to your friends, family and neighbors about who they have used in the past. Interview two or three of your top choices. Discuss what you are looking for in a home, the price range you are interested in and how they will communicate with you (email, text, in person, etc). It may take a few interviews to find the individual that fits well with your needs.

Next, get your funding in place. If you need to finance your next Westfield home, talk to the bank right away. This typically takes up the most time in a real estate transaction. The sooner you start, the better. It also allows you to lock in a mortgage rate today. That can be helpful if rates do go up in the next few months.

Finally, stay focused. Technology gives us many ways to become distracted. Pay attention to deadlines. A missed deadline can delay closure on your next property. Talk to your REALTOR@ any time you have a question. They are there to help you.

Bike MS NYC – Team Guys & Dolls Wants You!

Don’t forget: Team Guys & Dolls is looking for a few good men, women, boys and girls to join us at the Bike MS NYC event this October. You must be 12 years old or older to participate. Currently, it only costs $35 per rider to register. However, the closer we get to the October 22nd ride day, the more it will cost. Commit now and you’ll have plenty of time to prepare before the big day. To sign up, please visit our official Team Guys & Dolls Bike MS web page here. I look forward to riding with you.

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

While the weather outside gets colder, Westfield real estate remains hot. Experts believe Buyers seek out Westfield homes because of the easy commute to New York. Families, in particular, love the excellent school system here. New construction in the Westfield luxury home market continues to thrive. One aspect of the home buying process that Buyers often forget about are the closing costs. However, there are things you can do to keep these costs to a minimum. Read on to learn how to reduce your closing costs when buying your next Westfield home.

How to Reduce Your Closing Costs

Closing costs consist of loan origination fees, title insurance, underwriting fees, title search fees, appraisal fees, surveys and discount points among other fees. These costs must be paid at the close of your Westfield home’s sale. And, these costs are completely separate from your down payment. They typically total in the thousands. Luckily, there are a few ways you can reduce these costs.

Close at the End of the Month

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One of the easiest ways to reduce your closing costs is by scheduling to close at the end of the month. Why does this matter? It saves you money on any prorated costs, such as taxes, interest and HOA fees. The less time until the end of the month means that there are less days that need to be prorated before your first payment is due. This sounds small but can easily save you hundreds if not thousands of dollars in closing costs.

Ask the Seller to Pay

It’s just that easy. Most loans allow the Seller to grant as much as 6% of the sale price of their Westfield home towards the Buyer’s closing costs. In turn, they receive a tax deduction. You pay less out-of-pocket expenses to own your new home. Keep in mind that, in order for this to be enticing to the Seller, you might have to pay list price or close to it.

Bank Loyalty Programs

Are you getting your mortgage loan through your regular bank? Some banks offer loyalty programs to their customers. Talk to a representative to see if they offer reduced fees or any closing cost credits. Either of these help reduce your closing costs overall.

Military or Union Member Benefits

Finally, are you a former or current member of the military? Do you belong to a union? You may be entitled to benefits that help reduce your closing costs. For example, a VA loan restricts what closing costs the veteran has to pay. Military.com provides information on different types of loans and programs available to military members on their website. Many unions offer programs to assist with home buying as well. Talk to your union rep for more information.

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