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Home Seller Tax Deductions

April 1, 2022 by Scott Gleason

Do you always find yourself scrambling at the last minute to file your taxes? You only have 17 days until this year’s April 18th filing deadline. But do not worry. This year, you might feel fortunate to have procrastinated. Why? Well, if you sold a Westfield area home last year, you still have time to claim these home seller tax deductions.

If you waited until the last minute to file your taxes for 2022 AND you sold a Westfield area home last year, it is not too late to claim these tax deductions.

Home Seller Tax Deductions

Costs Associated With the Actual Home Sale

Click here for an instant "No Strings Attached" valuation of your home.Staging fees, escrow fees, agent commissions, etc. You paid somebody to spruce up your curb appeal. Maybe you performed a home inspection before you listed to avoid any unpleasant surprises during escrow. Any money you spent on these and anything else associated with the actual sale of your Westfield area home may be tax-deductible.

Improvements/Repairs

Perhaps your property needed some updating to compete with other properties on the market. Maybe you needed to add a fresh coat of paint to appeal to a wider market. You finally oiled those squeaky hinges and repaired the holes in the wall before you listed your home for sale. As long as these were done within 90 days of your closing date (not your listing date), you can claim these expenses on your taxes.

Property Taxes

You always pay your property taxes on time. In fact, many times, you paid them well in advance. Fortunately for you, you may deduct up to $10,000 of the property taxes paid during the year you sold your home.

Interest On Your Mortgage

Another one of the tax deductions home sellers get to claim is their mortgage interest. The mortgage interest you paid for the year up until the time you sold your home can be deducted from your taxes. There are limits to the amount of interest you can deduct, though. Your tax preparer will be to tell you what they are before you file.

Capital Gains Exemption

Finally, let’s talk about capital gains. The difference between what you paid for a property and what you sold it for is called capital gains (provided you sell it for more than you paid for it). The IRS considers this income. Therefore, they apply a tax to it. However, the first $250,000 of capital gains for individuals and $500,000 for married couples are exempt from the capital gains tax. So, if you and your spouse bought your Westfield home for $250,000 and sold it for $550,000, you do not owe any capital gains. If you were the sole owner under the same scenario, you only pay capital gains on $50,000. The first $250,000 is exempt. Also, keep in mind that many of your selling expenses chip away at your capital gains. In turn, this lowers the amount subject to a capital gains tax.

I do not profess to be an expert on taxes in any way. Always talk to your tax preparer about any possible tax deductions before you file. The IRS also provides a guide on tax deductions for selling your home if you need any further help.

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

Filed Under: Home Selling Tips Tagged With: home seller tax deductions, home selling tips, tax deductions, westfield real estate, what tax deductions can home sellers claim on their taxes

Staging Strategies for Your Westfield Area Home

March 25, 2022 by Scott Gleason

Staging your Westfield area home is all about putting the best foot forward for potential buyers. By highlighting its most desirable features, you can draw more interest to your home and leave a lasting impression that is sure to help you sell it more quickly. Here’s what you should keep in mind as you prepare for your next open house or viewing!

Staged homes sell faster and for more money than unstaged ones. So, use these simple staging strategies when selling your luxury NJ home.

Staging Strategies for Your Westfield Area Home

Help Them Visualize Your Home as Their Own

Search Westfield luxury homes for saleMake it easier for buyers to imagine themselves making your Westfield area house their home by removing personal memorabilia, knick-knacks, and photos. Instead, replace them with simple décor, such as paintings, nature images, and plants.

Think Sleek Instead of Comfy

Modern-day buyers are leaning toward modern, crisp, clean interiors over comfy, homey looks. When staging your Westfield area home, keep a minimalist mindset and incorporate bright colors with metal accents.

Deep Clean the Small Spaces

It’s obvious to say you should clean your home before viewing, but don’t forget to cover your bases by deep cleaning the small spots. Take time to scrub porous areas like grout that may hold on to stains and baseboards where small pet hairs and dust love to cling.

Spruce Up Your Landscaping

Another important component of your staging strategies is your curb appeal. The first impression your Westfield area home gives to potential buyers is its exterior. Ensure you have a freshly mowed lawn, neat hedges and shrubbery, bright flowers, and a clean driveway.

Set the Mood

A home is so much more than just the way it looks. So you need to appeal to the other senses. Prior to having potential buyers over, set the mood by burning delicious-smelling candles and selecting an upbeat, happy soundtrack to play in the background. Avoid overpowering, flowering scents. Instead, opt for lighter fragrances to avoid irritating someone’s allergies.

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

Filed Under: Home Selling Tips, Scotts NJ Blog Tagged With: home selling tips, home staging, how to stage your home to sell, luxury homes nj, staging strategies, westfield real estate

Westfield Area Cities Make Top 20 Best Places to Live in NJ List

March 18, 2022 by Scott Gleason

What do Short Hills, Westfield, Summit, and Chatham Township all have in common? Great schools. Great homes. Awesome people. Oh, and they all made Niche.com’s 2022 Top 20 Best Places to Live in New Jersey List. How did Niche.com determine their rankings and what made these Westfield area cities so special? I’m glad you asked.

No surprise here. Four Westfield area cities landed among the top 20 of Niche.com's Best Places to Live in New Jersey list for 2022.

Westfield Area Cities Named Among Top 20 Best Places to Live in NJ

How Niche.com Determined Rankings

Click here for an instant "No Strings Attached" valuation of your home.Niche.com gathers data from various sources, such as the US Census, the Bureau of Labor and Statistics, the Tax Foundation, the FBI Uniform Crime Report, local surveys, and more. Then, they sort this information into 15 separate categories. Cost of living and higher education rate receive the most weight (12.5% each) while the shortest commute makes up 2% of each city’s overall grade.

Short Hills (#12) came in tops among the four cities in the Westfield area on this list. It also landed on top of the Best Places to Live in Essex County list. Westfield itself followed closely behind at #13. Niche.com ranked it #1 of the Best Places to Live in Union County. Summit hit the #18 spot in the entire state but #2 in Union County. Chatham Township closed out the state’s rankings at #20 and landed in the #2 spot for Morris County, following right behind Mountain Lakes. All four cities received an overall “A+” rating from Niche.com’s panel. Short HIlls also filled the top spot for Best Public Schools in New Jersey. Westfield’s public schools, nightlife, jobs, recreation, and family-friendly atmosphere received “A” grades all around.

Westfield is no stranger to Niche.com’s “Best” lists. They have consistently ranked in the top 20 “Best of New Jersey” lists for several years, including the Best Suburbs to Live in New Jersey in 2020 and the Best Places to Live in New Jersey in 2019. In fact, this year’s placement of #13 on the state’s overall list is an improvement on the #15 spot they ranked in 2021.

Our Westfield area market is seeing a lot of buyer interest right now. So, if you wish to put your home on the market anytime soon, please contact me right away.

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

Filed Under: Westfield News Tagged With: best places to live in new jersey, westfield area cities, westfield news, westfield real estate

March 2022 MARKET UPDATE

March 15, 2022 by Scott Gleason


Curious about your home’s value?

Please click below for the market update of interest to you:

Click for Chatham listings & sales

Click for Cranford listings & sales

Click for Fanwood listings & sales

Click for Garwood listings & sales

Click for Madison listings & sales

Click for Millburn listings & sales

Click for Mountainside listings & sales

Click for Scotch Plains listings & sales

Click for Short Hills listings & sales

Click for Summit listings & sales

Click for Watchung listings & sales

Click for Warren listings & sales

See below for Westfield listings by Grade School:

Franklin

Jefferson

McKinley

Tamaques

Washington

Wilson

Scott Gleason scott@luxuryhomesnj.com

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

Filed Under: Westfield New Jersey Real Estate Tagged With: Luxury Homes in Westfield NJ, luxury westfield homes for sale, Westfield homes for sale, westfield luxury homes, Westfield NJ Luxury Homes, Westfield NJ market update, westfield real estate

Westfield Area Blood Drives in March 2022

March 11, 2022 by Scott Gleason

COVID-19. An aging population. Fewer donors. Fewer donation sites. All of these things contributed to our current nationwide blood shortage. But you can help change things. Over the next couple of weeks, make an appointment to donate blood at one of two Westfield area blood drives.

In March 2022, two different Westfield area blood drives are going on: one in Westfield and the other in Cranford. You could be a literal life-saver by signing up to donate at either one today.

Westfield Area Blood Drives – March 2022

Westfield Blood Drive

Click here for an instant "No Strings Attached" valuation of your home.The Westfield blood drive takes place from 2 pm to 8 pm on Wednesday, March 16th at Holy Trinity Greek Orthodox Church on Gallows Hill Rd. You may schedule a donation time by visiting the New York Blood Center’s website here. As of the writing of this post, several appointment times remain available.

Cranford Blood Drive

The Cranford Blood Drive takes place from 1 pm to 7 pm on Sunday, March 20th at the Cranford VFW on South Ave East. While walk-ins are welcome, you are strongly encouraged to reserve an appointment time. This helps to keep social distancing in effect. To schedule your donation time, please visit the New York Blood Center’s website here.

Facts About Blood Donations

The American Red Cross reports that someone in the United States needs either blood platelets or plasma every two seconds. Type O-negative remains the most sought-after blood type due to its ability to thrive with any other blood type. Type AB plasma also works with all blood types. Both of these are in extremely short supply. However, donors of all types are welcome. After receipt of a donation, it gets processed and tested. Once broken down into its various components (platelets, plasma, and red blood cells), it gets labeled and stored for use where needed. Finally, it gets transported to hospitals that need it.

Please help save the lives of others. Sign up for one of the Westfield area blood drives today. Thank you.

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

Filed Under: Cranford Events, Westfield News Tagged With: cranford blood drive, westfield area blood drives, westfield blood drive, westfield real estate, where to donate blood in cranford, where to give blood in westfield

How to Hurt Your Home Sale

March 4, 2022 by Scott Gleason

We live in a seller’s market here in the Westfield area. Even so, you still need to prep your home to show off its best features. Most buyers look for a “move-in ready” home rather than a fixer-upper. In fact, sellers benefit from a pre-list inspection. So, you might want to consider hiring an inspector to come to your home before you put it on the market. But even if you decide not to do that, keep these home sale “don’ts” in mind to capture the attention of as many potential buyers as possible. Plus, you’ll get your home sold in a shorter time frame for more money.

Be careful when preparing your Westfield area home to sell. Otherwise, you might do more harm than good. Find out what can hurt your home sale with this "do not do" list.

How to Hurt Your Home Sale

Take Your Own Photos

Click here for an instant "No Strings Attached" valuation of your home.No matter how great of a camera your cell phone provides, leave the photo-taking to the professionals. Most real estate agents work with a professional photographer. They may even include this with their services. A professional photographer knows the right angles and lighting to use to showcase a property properly. Unprofessional photos stand out like a sore thumb against the pros. Since the majority of home buyers start their search online, you need your photos to entice them to come to see the property in person.

Ignore the Kitchen

They say the kitchen is the heart of the home. It also helps sell your house. So, if you want to hurt your home sale, ignore it. However, if you want an offer, invest in updating your outdated kitchen. No money in the budget for a major overhaul? At least stage it by clearing off the countertops, cleaning it from top to bottom, and getting rid of any “artwork” on the fridge.

Forget to Stage Your Bathrooms

Yes. Buyers want to see bathrooms as well as the bedrooms, kitchen, and other living spaces in your photos. But do not forget to stage them first. Again, get rid of everything on the countertop. Clean the mirror, floor, window, and shower until they gleam. Add fluffy towels and rugs for a spa-like feel. And, for goodness sakes, close those seat covers.

Neglect Your Outdoor Space

Whether it is your curb appeal or your backyard, always make sure that your outdoor space looks just as good as your indoor space. Touch up or repaint as necessary. Mow the yard. Trim the bushes. Weed the garden. Store away toys and tools. Keep trash bins out of sight. If the outside looks rundown and unkempt, it makes buyers wonder what other things the seller has not taken care of inside. The last thing you want to do is sow a seed of doube in a potential buyer’s mind. That will definitely hurt your home sale.

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

Filed Under: Scotts NJ Blog, Westfield Seller Tips Tagged With: home sale, home selling tips, luxury nj homes, tips for selling a home, westfield area real estate, what not to do when selling your home

Cranford Fire and Ice 2022

February 25, 2022 by Scott Gleason

We have definitely experienced a lot of “ice” lately. But, if you want to shake off the winter chill with a little heat, come to the Cranford Fire and Ice event this weekend. It’s free. It’s fun. And it’s something the entire family can enjoy.

Add a little warmth to our chilly winter weather with fire breathers, a hot wings contest, and more at the Cranford Fire and Ice 2022 event in downtown Cranford this weekend.

What: Cranford Fire and Ice 2022
Where: Downtown Cranford
When: Saturday, February 26th, 12 pm to 4 pm (rain date: February 27th)

Cranford Fire and Ice 2022

Click here for an instant "No Strings Attached" valuation of your home.Our winter chill definitely helps the ice carvers create amazing sculptures. Watch them in action at the Cranford Hotel, the Cranford gazebo, and the River & Rail Cantina. Warm up by watching live fire-breathers perform at the Eastman Clock Plaza. Then, go get your face painted for free at the Thirsty Turtle. While traveling around to see these fabulous sights, make sure to stop at any (or all) of the 15 participating restaurants listed below to try their wings. Then, go to Eastman Clock Plaza before 4 pm to vote for your favorites. The winner will be crowned “King of the Wing” for 2022.

Participating “King of the Wing” Locations

  • Ani Ramen (109 Walnut Ave)
  • Cranford Station House (7 North Ave E)
  • Craven BBQ (22 Eastman St)
  • Mr. J’s Deli (15 Walnut Ave)
  • Old City Cafe (20 N Union Ave)
  • Pizzeria Bel Giardino (103 Miln St)
  • River & Rail Cantina (230 South Ave E)
  • Rustic Mill (109 North Ave W)
  • Sapore di Italia (101 N Union Ave)
  • Sonny G’s (2 South Ave W)
  • Sub-Ology (17 North Ave W)
  • Thirsty Turtle (1-7 South Ave E)
  • Urban Burger (13 Eastman St)
  • Venue 104 (104 N Union)
  • Vinny’s Pizza (28 Eastman St)

Final Days of Cranford Storywalk

Do not forget. This is the last weekend that the Cranford Storywalk celebrating Black History Month will take place. It ends on Monday, February 28th. So, if you have not yet seen it, make it happen before, during, or after the Fire and Ice event. Trust me. You’re going to love it.

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

Filed Under: Cranford Events Tagged With: cranford events, cranford fire and ice, cranford real estate, free cranford events, things to do in cranford

February 2022 Market Update

February 23, 2022 by Scott Gleason


Curious about your home’s value?

Please click below for the market update of interest to you:

Chatham

Fanwood

Cranford

Garwood

Madison

Millburn

Mountainside

Scotch Plains

Short Hills

Summit

Watchung

Warren

Westfield by Grade School:

Franklin

Jefferson

McKinley

Tamaques

Washington

Wilson

Scott Gleason scott@luxuryhomesnj.com

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

Filed Under: Westfield New Jersey Real Estate Tagged With: Luxury Homes in Westfield NJ, luxury westfield homes for sale, Westfield homes for sale, westfield luxury homes, Westfield NJ Luxury Homes, Westfield NJ market update, westfield real estate

Cranford Shopping: $22 on the 22nd

February 18, 2022 by Scott Gleason

Many companies experienced significant hardships over the past two years due to the pandemic. Local businesses found it particularly rough to weather the storm. The rallying cry “shop local” has never been as crucial as it is right now. To support local Cranford shopping, everyone is encouraged to visit downtown Cranford businesses on February 22nd. It could nab you a prize at one of them.

Spend $22 on February 22nd while doing some local Cranford shopping and/or dining and you just might win a fabulous prize from one of our local businesses.

What: $22 on the 22nd
Where: Downtown Cranford
When: Tuesday, February 22nd, 2022

Cranford Shopping: $22 on the 22nd

Search Westfield luxury homes for saleAll that Downtown Cranford asks is that you go out on Tuesday, February 22nd. Get your nails done. Pick up a gift for someone special (including one for yourself). Drop off your dry cleaning. Meet someone for lunch. Whatever you decide to do, just make sure you keep your receipts. Then, visit CafeTeasia between 5 pm and 7 pm. A free bubble tea awaits the first 25 guests to show up. But, really, the tea is well worth the price you pay if you happen to be guest #26 or higher. Show your receipts for the day to be entered into the raffle for a $100 gift card and other prizes. Must be present to win.

Cranford High Clothing Drive

Don’t forget. Bring your gently used clothing, accessories, linens, and stuffed animals to the Cranford Community Center this Saturday, February 19th. Drop your items off in the parking lot between the community center and the library between 9 am and 12:30 pm. The Cranford High clothing drive helps raise money for the school’s swim team as well as the local community.

Cranford Storywalk

Finally, if you have not done so yet, walk around Downtown Cranford anytime in February for the Cranford Storywalk. Celebrate Black History Month with a special “reading” of children’s author Lesa Cline’s “Overground Railroad”. This makes a great addition to the $22 on the 22nd. But if you do not make it on the 22nd, you have until February 28th to enjoy this story walk and learn something, too.

FEATURED LISTING

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

Filed Under: Cranford Events, Scotts NJ Blog Tagged With: cranford real estate, cranford shopping, cranford shopping events, things to do in cranford

Cranford High Clothing Drive 2022

February 11, 2022 by Scott Gleason

We support our own whenever we can, however we can. For the Cranford High School swim team, that means raising money for themselves and helping out the community at the same time. To that effect, they ask the public to help them by coming to their Cranford High Clothing Drive 2022 next weekend.

Bring your gently used clothing, linens, and accessories to the Cranford High Clothing Drive 2022 on Feb 19th to benefit the swim team as well as our local community.

What: Cranford High Clothing Drive 2022
Where: Cranford Community Center (220 Walnut Ave)
When: Saturday, February 19th from 9 am to 12:30 pm
Contact: Friends of Cranford Swimming (908) 347-0827

Cranford High Clothing Drive 2022

Click here for an instant "No Strings Attached" valuation of your home.Please bring your gently used items to the parking lot between the Cranford Community Center and the library on Walnut Ave between 9 am and 12:30 pm on Saturday, February 19th. Members of the CHS swim team will be on hand to collect clothing, shoes, bedding, bath towels, bedding, belts, purses, and stuffed animals. Unfortunately, they cannot accept pillows, toys, books, appliances, furniture, or other household items. Once the collection ends, the team takes these items to sell at consignment shops or distribution to local second-hand shops.

Money raised from this clothing drive helps the swim team fund their away meets and other team expenses for the upcoming year. So, please look through your clothes and linen closets. Pick out the items you no longer need. Then, bring them to the Cranford High Clothing Drive on February 19th.

Cranford Storywalk Celebrates Black History Month

Remember. When shopping downtown, pay attention to the windows of the shops along your way. Until the end of the month, participating shops feature pages of the children’s book “Overground Railroad” in honor of Black History Month for Cranford’s Storywalk. Start at Yumpanadas and work your way to the end of the story at Milan’s Hair & Makeup Studio. It’s a fun way for you and your family to enjoy a stroll downtown while learning about an important part of our nation’s history.

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

Filed Under: Cranford Events Tagged With: cranford charity, cranford events, cranford high clothing drive, cranford high school, cranford high school swim team, cranford real estate

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Scott Gleason

Luxury Homes for Sale in Westfield, New Jersey

Coldwell Banker Realty - East

Westfield Area Luxury Homes

209 Central Avenue
Westfield, NJ 07090
908-233-5555 Office
908-698-2630 Mobile/Direct
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Scott Gleason

Coldwell Banker - East

Luxury Homes for Sale

in Westfield, New Jersey

908-233-5555 Office
908-698-2630 Mobile/Direct

Send an Email to Scott

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