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
RE/MAX SelectLuxury Homes for Sale in Westfield
January 2021 Market Update
What Westfield Buyers Can Expect From a Home Appraisal
You decided to make 2021 the year that you set aside any home-buying myths you previously believed in and purchased a new property in the Westfield area. Congratulations! Part of your house-buying process more likely than not includes a home appraisal. Alleviate some of the stress of buying a house by learning why this is needed and where it fits in with your journey to homeownership.
What to Expect from a Home Appraisal
What is It?
Basically, an appraisal is the valuation of a property provided by an unbiased, third-party licensed appraiser. Unless you pay all cash for your new Westfield house, you need to secure financing for it. To do so, your lender will require a home appraisal. Your mortgage company wants to make sure that the property’s value comes in at or above the amount of money you wish to borrow from them. This only takes place after signing a sales contract but before final loan approval.
How Do Appraisers Determine a Home’s Value?
Typically, an appraiser uses a standard form called a Uniform Residential Appraisal Report. This form directs them to describe the specifics of the property in question (size, shape, view, zoning). It also asks about the type of utilities, foundation, gutter, and siding. Appraisers look at the general condition of the property and how the interior amenities fit in with other properties in the neighborhood. While not an actual home inspector, they may note potential issues they see (such as water damage or pest problems). They turn their completed evaluation in to the lender when done.
What Happens Next?
If the property’s appraised value comes in at or above the agreed sale price, your lender continues working through your home loan application. But if it does not, you have three options. First, you can use this information to negotiate a lower sale price. Second, you can come up with the difference between the sale price and the appraised value as part of your down payment. Or third, you can walk away. If your sales agreement includes an appraisal contingency, you walk away with your Earnest Money Deposit as well.
Who Pays for It?
This falls under the buyer’s responsibility. Your lender orders the home appraisal. In turn, they charge you a fee for the appraisal. Most of the time, it runs a few hundred dollars.
Finding a Westfield home you love and putting in an offer is just the first step in the journey to homeownership. This process tends to become stressful to many people. Knowing what to expect helps ease that stress a bit. When you decide you want to start your Westfield home search, contact me.
Home Seller Resolutions for 2021
I hope everyone welcomed in the New Year in their own fun yet safe way. Westfield came in at #1 on Coldwell Banker’s “Top Places to Live in New Jersey” last October. (It was #9 on Niche.com’s 2020 list.) But that comes as no surprise to anyone who lives here. With buyer demand rising, homeowners might want to put their properties on the market soon. As the new year begins, consider these home seller resolutions to make your house ready for a buyer in 2021.
Home Seller Resolutions for 2021
Get Rid of the Clutter
One of the first (and possibly easiest) home seller resolutions to tackle is to declutter your Westfield home. Just because the holidays ended does not mean that charities do not need your help anymore. Go through your house room by room and start boxing/bagging up clothing, linens, appliances, toys, books, etc. that you no longer need or use. Then, donate these items to the local Goodwill, Salvation Army, or women’s shelter. Toss anything beyond repair into the trash.
Catch Up on Home Maintenance Projects
Next, a home seller needs to make sure their Westfield home is in tip-top shape to net the best sale price. This includes new paint where needed, replacing broken or missing roofing, repairing broken fixtures, and checking for leaky pipes. Even something as small as a wobbly mailbox or squeaky door hinges should be addressed before you place your property on the market.
Increase Your Curb Appeal
The outside of your Westfield home offers buyers their very first impression. So, make it a good one. Even while social distancing, a home seller can add curb appeal by simply trimming shrubbery and trees, clearing off the driveway and walkways, and keeping trash bins, tools, and toys tucked out of sight. As the weather warms up, regular weeding and lawn maintenance will be necessary to keep things neat and tidy.
Home Buying Myths You Should Just Ignore
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?
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.
Westfield Santa Claus Lane Drive Through
Christmas Day is exactly one week from today. For all of you procrastinators out there, that means just six more shopping days. While you run around ticking off names on your Christmas list, please consider visiting the Stop & Shop to participate in their food drive. It takes place through December 24th. If you plan on shopping in the downtown area this Tuesday afternoon, include the kids on your trip and visit the Westfield Santa Claus Lane drive through.
What: Westfield Santa Claus Lane Drive Through
Where: South Ave Train Station
When: Tuesday, December 22nd, from 3 pm to 5 pm
Contact: Downtown Westfield Corp (908) 789-9444
Westfield Santa Claus Lane Drive Through
Santa is always busy this time of year. But he wanted to take a moment to visit with all the good little boys and girls in the neighborhood. Since the global pandemic continues to raise health concerns, this year’s Westfield Santa Claus Lane will be a drive-through affair.
Santa plans on bringing one of his four-legged friends with him to the South Ave Train Station between 3 pm and 5 pm on Tuesday, December 22nd. To make sure Santa doesn’t make Mrs. Claus or the elves sick, he asks that you stay in your car while you drive through and wave to him. But you must register in order to reserve a time slot.
Reservations Required
To see Santa, you must pre-register online. Choose your 15 minute time slot. No matter how many people you plan on bringing with you, only register for one. Each registration includes everyone in your vehicle. Please wear a mask since someone will be checking your registration and handing out candy canes before you enter Santa Claus Lane.
Free Gift Wrapping Downtown
We all lead busy lives, especially during the holidays. Take gift wrapping off your “to do” list when you shop at any Downtown Westfield business. Take all of the items you purchase there to the Downtown Westfield Welcome Center. They are open from 10 am to 6 pm every single day between now and Christmas Eve. The staff there adds lovely wrapping paper and pretty bows to each and every one of your gifts absolutely free of charge. It is their way of say “Merry Christmas”.
Westfield Holiday Food Drive at the Stop & Shop
With Christmas just a couple of weeks away, we edge closer and closer to closing the chapter on 2020. For some, it cannot come soon enough. So many people struggle with food insecurity in a “normal” year. But in 2020, the global pandemic hit millions of US families even harder. To combat these issues, the Stop & Shop hosts their annual Westfield holiday food drive…with a couple of tweaks.
What: Westfield Holiday Food Drive
Where: Stop & Shop (219 Elm St)
When: Now through Christmas
Contact: Stop & Shop (908) 232-1292
Westfield Holiday Food Drive
In years past, the Stop & Shop began their food drive before Thanksgiving. For just $10, people purchased boxes filled with all the trimmings necessary to enjoy a traditional Thanksgiving meal. These boxes then went to the charity that the donor chose. This year, supply issues meant no Thanksgiving food drive. However, they simply moved their focus off of Thanksgiving and on to Christmas with their Westfield Holiday Food Drive.
The boxes still cost $10 each. But they now contain non-perishable food items that all go to Westfield’s Holy Trinity Roman Catholic Church for their food pantry. If you wish to donate, just visit the Stop & Shop anytime between now and Christmas. Then, add a small $10 donation per bag to help struggling families enjoy a good meal this Christmas.
Westfield Y’s Men’s Christmas Tree Lot
I am so pleased to announce that the Westfield Area Y Men’s Club Christmas tree lot sold out their entire inventory of trees already. We want to thank everyone who came out and bought their tree from us. We are extremely grateful for your patronage. We promise that the money raised will be put to good use in the upcoming year. Merry Christmas to you all.
Westfield Holiday Light Contest 2020
Westfield hosts their annual Westfield Holiday Light Contest starting next weekend. Sign up today! Registration deadline is Dec. 9th.
What: Westfield Holiday Light Contest 2020
Where: All Westfield Neighborhoods
When: December 12th to 19th, after dusk
Registration Deadline: December 9th
Contact: Town of Westfield (908) 789-4040
Westfield Holiday Light Contest 2020
Does your family go all out with their holiday decorations each year? Let’s end 2020 on a high note by showing off your Westfield home’s best Christmas look. The contest is open for free to all residents. Simply visit the Westfield Recreation Department website to register. Registration closes at 11:59 pm on Wednesday, December 9th. Once you finish decorating, email a photo of your home to Lauren with the Town of Westfield. Entries must be received by 4 pm on December 11th. You choose which category you wish to compete in.
The public decides the winner of this contest. Each Westfield home in the contest receives a yard sign that includes their category. Residents go online to vote for their favorites. Only one vote allowed in each category. Lights and animations must go live by dusk between December 12th and December 20th to allow for judging to take place. Winners will be announced on December 22nd. The winner in each category receives a $75 voucher to shop at one of our downtown businesses. Good luck!
Award Categories:
- Be the Light (most use of lights, including motion lights and music)
- Deck the Halls (traditional white lights only display)
- Hanukkah Lights (lights and inflatables allowed)
- It’s a Wonderful Life (businesses only)
- North Pole (most creative lawn display with inflatables and characters)
December 2020 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
RE/MAX SelectLuxury Homes for Sale in Westfield
Westfield Y’s Men’s Christmas Tree Lot 2020
[UPDATE: The trees are sold out! Thank you to everyone who supported us this year.]
I hope everyone enjoyed a safe yet fun time at Thanksgiving this year. Even celebrating the holidays changed thanks to COVID-19 concerns. Hopefully, that changes soon with positive news of several vaccines on the horizon. However, we still need to keep health at the top of mind at this time of year. I certainly hope that your plans include the Westfield Y’s Men’s Christmas Tree Lot. It opens tomorrow, November 28th.
What: Westfield Y’s Men’s Christmas Tree Lot 2020
Where: 204 Elm St, Westfield, NJ
When: Sat., Nov. 28th to Wed., Dec. 23rd (or when inventory runs out, whichever comes first), 5 pm to 9 pm Mon. thru Fri., 9 am to 6 pm Sat. & Sun.
Westfield Y’s Men’s Christmas Tree Lot 2020
2020 marks the 73rd year that the Westfield Y Men’s Club Christmas Tree Lot has been in business. I may not have been there for the first tree lot, but I have happily been a part of tree sales for several years now. The money raised from the sales of Christmas trees benefits local children’s groups and programs hosted by the Westfield Area Y.
Trees & More
Volunteers from local school and Westfield Area Y programs help us trim and load trees at the lot each year. Choose from Fraser Firs, Balsams, and a hybrid of both called the Fralsam. These trees shipped directly from New Hampshire and Vermont. Our volunteers trim the bottom of each tree to allow for better water absorption. This helps keep your tree fresh longer. For a small additional fee, we can tack on a stand to your tree so all you have to do when you get home is decorate it. While our most popular trees tend to be six to eight feet in height, we also offer tabletop trees (around three to four feet tall), garlands, and decorated and undecorated wreaths.
I volunteer my time as much as possible while the tree lot remains in businesses each season. So, make sure you say “hi” if you see me while you’re there. Merry Christmas!
Westfield Gingerbread House Contest for 2020
Two years ago, Westfield held its very first gingerbread house competition. In its third year, the 2020 Westfield Gingerbread House Contest promises bigger and better prizes for the winners. But organizers implore contestants to think outside the typical “gingerbread house” idea for entries.
What: Westfield Gingerbread House Contest 2020
Where: Savory & Spice (138 E Broad St)
When: November 30th to December 3rd
Westfield Gingerbread House Contest 2020
When organizers say “house”, they really mean “get creative”. They want to see your interpretation of buildings or iconic locations in and around Westfield. This year, they included the Westfield 300 category as a nod to the city’s 300th anniversary. You are not limited to gingerbread alone. You just need to make sure that you use only edible materials in your display. Candy. Frosting. Licorice rope. Whatever allows you to create your vision works as long as it is edible.
How to Enter
Visit the City of Westfield’s Gingerbread House Display and Competition page here before November 25th. Choose a building or location in Westfield that you want to immortalize in gingerbread. All displays should be no larger than 2 ft by 2 ft in size. Assemble it. Then drop it off at Savory Spice between November 30th and December 3rd. When you drop it off, make sure you include an index card with your name, email address, phone number, and the category in which you want to be considered. It helps if you include the name of the building/location you are immortalizing as well.
Categories
Organizers plan on awarding prizes to winners in the following categories:
- Iconic Building
- Kids Only (ages 12 and under)
- Westfield 300
- Best in Show
Good luck to all.
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