Scott's NJ Blog - Luxury Homes/Top Towns

How to Fall Out of Escrow on Your Westfield Area Home

March 12, 2021 by Scott Gleason

Glo Downtown appears to be a smashing success. Have you made it there yet? You have until March 21st to give them a go. So, there is still time to hop aboard. Try the self-guided Westfield Chocolate Tour after you finish playing. It makes a tasty end to an afternoon or evening of see-saw fun. Are you in the market for a Westfield home? Once you find one, you must present an offer to the seller. Then, once a seller accepts, you enter escrow. After that…you wait. Sometimes, deals fall out of escrow through no fault of your own. Other times, you might unknowingly jeopardize the deal. What can you do to make sure you do not hurt your chances of reaching the finish line?

Entering escrow is one thing. Completing it is another thing altogether. Learn how not to fall out of escrow by following these simple rules when buying a Westfield home.

How to Fall Out of Escrow

Get Pre-Qualified Instead of Pre-Approved

Last month, I wrote about the difference between pre-qualification and pre-approval on a mortgage loan. Lenders pre-qualify a buyer based on a quick analysis of income vs debt load. This only offers you a potential loan amount. A pre-approval delves deeper into your credit score, credit history, verification of income, etc. Many sellers avoid even entertaining an offer without a pre-approval letter backing it up. Start the pre-approval process as early as possible. But even a pre-approved loan does not guarantee final approval. You may still fall out of escrow.

Paying Too Much

Another way to fall out of escrow is if you offer to pay over the appraised value on a Westfield area home. If you must secure a mortgage loan to purchase your property, the lender requires that an appraisal be performed. They do not approve loans above the appraised value. To avoid falling out of escrow, the seller needs to come down on price (not likely) or the buyer must come to the table with more money down. Discuss this with your Westfield REALTOR® before you present your offer. They can help you determine your best course of action.

Too Much Too Soon

Finally, timing is everything. Yes, it is understandable that you are excited about the idea of a new home. You might already be dreaming about the new furniture, flooring, or other accoutrements you want to see in your new living space. However, even a pre-approved mortgage loan can fall out of escrow. A change in your debt load or credit score affects your chances of closing on a property. Leave the plastic at home. Do not open new credit accounts (that includes new car leases/purchases, store credit accounts, or personal credit cards). Once you sign your final paperwork and receive the keys to your new home, then you can start shopping.

Scott Gleason, CRS at RE/MAX Select, Luxury Homes

Westfield Chocolate Tour is Part of Glo Downtown Experience

March 5, 2021 by Scott Gleason

Westfield is positively buzzing about Glo Downtown. The excitement is palpable. Who knew that see-saws could be this exciting? Part of the “Glo experience” includes a weekend Westfield Chocolate Tour that starts today (March 5th). Sounds like things just got even better (and tastier) in Downtown Westfield.

What: Westfield Chocolate Tour
When: Fridays, Saturdays & Sundays March 5th to 21st
Where: Downtown Westfield Businesses
Cost: Free to Tour, $2 samples available at every stop
Contact: Downtown Westfield Corporation (908) 789-9444 or via email

Westfield Chocolate Tour

While waiting for your turn at the Impulse Seesaws, take a self-guided chocolate tour in the downtown area. Start off with a chocolate croissant or muffin at Manhattan Bagel. Sip on a hot chocolate at Old Havana. Or try the frozen hot chocolate (yes, it tastes exactly as it sounds) at Rock ‘n Joe’s. For the more adventurous taste buds, visit RoosterSpin for their take on a fudge-covered Korean corn dog. Then, pick up a bottle of Meletti Ciocolatto at Nos Vino (a dessert wine at its finest). Finish things off with a fudgy brownie, chocolate-dipped strawberries, or a chocolate ice cream cone sundae at Bovello’s, The Chocolate Bar, or Kings Bowl, respectively. Those are only a few of the 17 shops you will find along your Westfield Chocolate Tour.

Westfield Shops on the Tour

The following shops in Downtown Westfield will be stops on the tour each weekend:

Ahrre’s Coffee Roastery
Bovella’s Pastry Shop
Bridgette’s Irish Cottage
Brunella Portuguese Coffee & Deli
The Chocolate Bar
Cinnaholic
Cold Stone Creamery
FroYo
Kilwins
Kings Bowl Cafe
Manhattan Bagel
Nos Vino
Old Havana Cafe & Restaurant
Ono Bowls
Patricia & Paul
Rock ‘n Joe
Rooster Spin

Many of these locations offer $2 samples of their wares. But you may also purchase a full-size version of the things you like most. Pick up several desserts along the way to take home for later. You never have a bad day when chocolate is involved.

Scott Gleason, CRS at RE/MAX Select, Luxury Homes

March 2021 Market Update

March 2, 2021 by Scott Gleason

Curious about your home’s value?

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

Fanw o od

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

RE/MAX SelectLuxury Homes for Sale in Westfield

Glo Downtown Illuminates Westfield in March

February 26, 2021 by Scott Gleason

We tend to focus more on math and sciences when it comes to education. Sometimes, we forget how important art is to a child’s development. It also enhances everybody’s life overall. Art exists to trigger a response. So, when art sparks a fond childhood memory, you know your day is only going to get better. Glo Downtown wants to be that spark when they illuminate downtown Westfield throughout March.

Relive some of your fondest childhood memories. From March 5th to the 21st, Glo Downtown illuminates downtown Westfield with 15 jumbo seesaws that light up and make sound when in use at the North Ave Train Station.

What: Glo Downtown
Where: North Ave Train Station
When: March 5th to 21st, 9 am to 9 pm
Admission: FREE
Contact: Downtown Westfield Corp (908) 789-9444 or via email

Impulse Seesaw Origins

The brainchild of two Harvard alumni, Impulse seesaws invites public interaction that harkens back to the childhood days on the playground. A series of 15 huge seesaws inhabit the North Ave Train Station. Each seesaw accommodates up to 4 people (two on each end). Once aboard, the up and down motion lights up the seesaw and creates sound.

Over the past several years, this public art installation has traveled the world over. It started in Montreal and then moved across the pond to England before moving on to Australia. Eventually, it made its way back to the US with stops in major cities like New York City, Boston, Detroit, and Scottsdale.

Glo Downtown Westfield

Maintain your social distance while still enjoying the outdoors at Glo Downtown Westfield. Be a part of the opening ceremony on Thursday, March 4th at 5:30 pm. But, if you cannot make it for that, come back anytime between 9 am and 9 pm from the 5th to the 21st. Other activities centered around the seesaws throughout the month include a chocolate tour each weekend and a pizza challenge on the 13th and 14th. Sign up for professional photos taken at this public art installation. Several downtown shops and restaurants offer special deals throughout Glo’s duration as well. Downtown Westfield just got even more interesting.

Scott Gleason, CRS at RE/MAX Select, Luxury Homes

Westfield Makes Top 10 List of Best Suburbs to Live in NJ

February 19, 2021 by Scott Gleason

Niche.com collects data on various cities all over the country. They compile this data in different “best of” lists. In 2020, they put Westfield in the top 10 of their Best Suburbs to Live in New Jersey list. (It is a little too early in the year to be releasing their 2021 list.) That actually moved us up a spot from our 2019 rankings. But that really does not surprise anyone who lives here.

Niche.com put Westfield in the #6 spot of its 2020 Top 10 Best Suburbs to Live in New Jersey, moving it up one spot from 2019.

Westfield Ranked in Top 10 Best Suburbs to Live in NJ

How Niche.com Determines Rankings

The folks at Niche.com base each city’s ranking on 15 separate categories. These include the cost of living, education, housing, public schools, and diversity among other things. They pull data from a variety of sources, including the US Census Bureau, FBI, US Department of Education, and local surveys. Each category equals a percentage of the overall score.

Why Westfield Made the Grade

While our cost of living may be higher than some other cities in New Jersey, we excel in just about every other category Niche.com judged us in. Our excellent public school system, community health and access to healthcare, and our family-friendly community set us in the “A+” category. Meanwhile, our abundance of outdoor activities, our economic growth, high employment rate, and an array of restaurants, bars, and entertainment options achieved “A” status as well. Our low crime rate, diverse population, and short commute times were all given a “B” grade.

With a population of just under 30,000, Westfield residents enjoy the close-knit community that a small town provides. Fortunately, its location allows an easy commute to NYC and everything that the city has to offer (both for work and play). Niche.com also ranked it #9 out of 637 other cities on its 2020 Best Places to Live in New Jersey list. And it made the #14 spot on its 2020 Best Suburbs to Raise a Family in New Jersey list.

Scott Gleason, CRS at RE/MAX Select, Luxury Homes

Pre-Qualified vs Pre-Approved When Buying a Home

February 11, 2021 by Scott Gleason

With the winter weather blustering outside, many people may choose to stay inside this weekend. If you desire to purchase a Westfield home in the near future, you might want to choose to start looking at available homes for sale. Another task on your home buying “to do” list should be to get your funding in line before you physically start to look at properties. This entails either getting pre-approved or pre-qualified. But these are two very different things. Which option should you choose?

When buying a Westfield home, you should get pre-approved for a loan before starting your search so that you present a strong offer to the seller when you find the home you like.

Pre-Qualified vs Pre-Approved

Pre-Qualification

The pre-qualification process takes much less time than the pre-approval process. First, you sit down with your lender. (Avoid one of the common mistakes buyers make by interviewing several lenders before deciding on the one you want to use.) Then, you provide the lender with a list of your assets, income, and debt. After that, they look everything over and provide you with an estimate of the maximum amount you qualify for based on those parameters. This takes a couple of days. However, it does not guarantee you a loan. So, while a pre-qualification is helpful when submitting an offer, it is not as sound as a pre-approval letter.

Pre-Approval

Unlike the pre-qualification process, pre-approval takes a bit longer. The lender goes more in-depth with their research into your financial background. You still provide a list of your debts, assets, and income. However, they also pull your credit report and require you to provide proof of income tax returns, bank statements, paycheck stubs, etc.). Furthermore, you must tell your lender how much you plan on putting down for the loan. At the end of this process, your lender supplies you with a conditional commitment for a loan amount. Then, you may look at Westfield homes for sale either at that amount or below it. This helps keep you focused only on homes you know your loan will cover. When you do find a home you like, let your lender know how much you are paying for the home and they can provide you with a pre-approval letter to submit with your offer.

Even though getting pre-approved takes longer, it lends more credence to an offer than a pre-qualification letter. Also, it cuts down your escrow time when you get this done early on in the process. You stand a much better chance of a seller accepting your offer if you get pre-approved first. So, get started on this step of the home-buying process as soon as possible to make the path to home ownership a little easier.

Scott Gleason, CRS at RE/MAX Select, Luxury Homes

February 2021 Market Update

February 1, 2021 by Scott Gleason

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

Common Mistakes Home Buyers Make

January 29, 2021 by Scott Gleason

When buying a Westfield area home, knowing what not to do is just as important as knowing what you should do. For example, ignore home buying myths (like you cannot have any debt whatsoever and your credit must be excellent or forget about ever being approved for a loan). Fortunately, lenders offer several different loan options for buyers to choose from. And avoid these common mistakes home buyers make to help ensure a smooth transaction.

Common Mistakes Home Buyers Make

Waiting to Hire an Agent

Hiring a qualified Westfield REALTOR® that you trust should be one of the very first steps you take when buying a home. Feel free to go online to see what is available in the area. But make sure an agent accompanies you to any viewings. Last year, many buyers and sellers opted for virtual viewings instead of in-person tours. Sometimes, that meant allowing your representative to act as your eyes and ears at the property while you Facetimed with them. So, you want to make sure you hire someone you trust. And make sure you are honest with your agent about your budget so that they keep you focused only on houses that fit those parameters.

Meeting With Just One Lender

Your finances need to be in order before you start househunting in the Westfield real estate market. Unfortunately, one of the most common mistakes home buyers make is to meet with just one lender. To be pre-approved for a loan, you fill out a lot of paperwork. The idea of doing that multiple times can be a bit daunting. However, you might miss out on a great rate if you stick to just one lender.

Start with your bank’s mortgage division first. Then, ask your friends, family, neighbors, and co-workers for a recommendation. Finally, your agent may be able to recommend a lender. Meet with at least three different lenders, obtain quotes from each, and then look over all the information before deciding which one to use. If that sounds too overwhelming, consider working with a mortgage broker. They work on your behalf to seek out the best offers from various lenders in the area. Think of them like Google…but better.

Waiting for the “Perfect House”

I hate to break it to you but the “perfect house” does not exist. Even when you build from the ground up, you may end up having to make compromises. Avoid this common mistake home buyers make by creating a concrete list of “musts” and “wants”. You must have at least three bedrooms and an office. On the other hand, you want a pool but it is not a dealbreaker if there is not one. Let your agent know your specifications so that they only show you the properties that fit your requirements.

Forgetting About Closing Costs

Many buyers focus on the downpayment. Unfortunately, another one of the common mistakes home buyers make is to forget about the closing costs. These can run anywhere from 2% to 7% of the purchase price. In New Jersey, buyers usually pay between 2% to 3%. After the seller accepts your offer, your lender should provide you with a closing cost estimate to avoid any surprises.

Making Major Purchases Before Closing

Yes, your lender pre-approved you for your loan before you started looking at Westfield houses. However, towards the end of escrow, they run your credit one more time to make sure that nothing has changed since they initially approved you. Yet another one of the common mistakes home buyers make is to purchase big-ticket items before their final close. That includes new furniture or buying a car. All of this affects both your debt-to-income ratio and your credit score. If either one (or both) change, you run the risk of a higher interest rate on your mortgage loan. Or, even worse, the lender may decline your loan altogether. Hold off on making any major purchases or even opening up new lines of credit until after you sign on the dotted line and receive the keys to your new place.

Scott Gleason, CRS at RE/MAX Select, Luxury Homes

Smart Ways to Use Your Home Equity

January 22, 2021 by Scott Gleason

You bought a Westfield home two or three years ago. Its value increased quite a bit since then. The difference between what you owe and your property’s value is called “equity”. You can use this equity in a myriad of ways: a vacation, a wedding, a new car. But to make the best use of your home equity, you should either use it to buy a new home or borrow against it to pay off debt or remodel/update to further increase the value of your property.

The smartest ways to use your Westfield home equity are to either buy a new property or pay off/down your debt to free up money to invest elsewhere.

Smart Ways to Use Your Home Equity

New Home Purchase

Starting a new family? Need a larger home? Downsizing after the kids flew the nest? Ready to retire and want to simplify your lifestyle? Are you simply ready for a change? Then it is time to buy a new Westfield home. When you sell your current home, roll over your home equity into the purchase of a new property. The higher the down payment, the less you pay on your new mortgage. Or, if you receive enough equity, pay for a new property in cash.

Borrow Against It

There are three ways to borrow against the equity in your home: a home equity loan, a HELOC (home equity line of credit) or a cash-out refinance. A home equity loan is like a second mortgage. You borrow a specific amount that gets paid out in even amounts over a specified time period.

A HELOC acts more like a credit card, with your Westfield home used as collateral. Your lender approves you for a certain amount. You use however much of it that you need. That can be several smaller amounts or one large sum. As long as it totals less than your “limit”, you may borrow against it. For the draw period (five to 10 years), you may pay only interest if you want. After that, your payment jumps up to include principal as well as interest.

With a cash-out refinance, you may borrow up to 90% of your home’s value (depending on your credit score). Lenders never allow a 100% cash-out refinance. This pays off your original home loan and gives you the difference in cash to use as you wish. So, if you owe $200,000 on your Westfield home but it’s worth $500,000, you can refinance as much as $450,000 with excellent credit. That gives you $250,000 in cash (minus expenses) at the end of the refinance. A lower score means a lower percentage allowed. Keep in mind, though, that the new loan will be a higher amount than your original loan. That means a higher monthly payment.

Talk to your financial advisor to determine which option works best with your particular situation.

Scott Gleason, CRS at RE/MAX Select, Luxury Homes

Christmas Tree Disposal Info for Westfield Residents

January 15, 2021 by Scott Gleason

First of all, let me thank everyone who purchased their trees and garlands this year from the Westfield Area Y’s Men’s Christmas Tree Lot. The response we received was tremendous. We sold out of our entire stock well before Christmas Day. All money raised from the lot helps us with our community programs throughout the year. So, we greatly appreciate the public’s patronage. Speaking of Christmas trees, the City recently released their Westfield Christmas tree disposal information to help residents know where to take their trees now that the holidays are over.

Unfortunately, Westfield curbside pickup does not include Christmas tree disposal. But the City allows free drop off at the Conservation Center every Saturday during January.

Christmas Tree Disposal in Westfield

Unfortunately, curbside service does not include Christmas tree disposal. However, they do allow free drop off of all trees, Hanukkah bushes, leaves, and other recyclable materials at the Westfield Conservation Center (1300 Lamberts Mill Rd). Every Saturday in January (from 9 am to 3 pm), residents may take these items to the center for free disposal. Make sure to remove any decorations (tinsel, lights, ribbons, etc.) and the tree stand before dropping it off. This free service is only available to Westfield residents during January. Contact the Conservation Center at (908) 789-4100 for further information.

Also, as a quick reminder, 2021 brings us a new recycling service contract with Grand Sanitation. This may affect curbside recycling service for some Westfield residents. For more information, please visit the City of Westfield’s website here.

COVID Rules at the Conservation Center

The Westfield Conservation Center operates under the CDC’s COVID-19 guidelines. They observe all social distancing protocols. Be aware that this may create longer than usual lines when dropping off your recyclables. Please remain patient. The staff works as quickly as possible to move people through while watching out for the health and safety of the public. Wear a mask when interacting with center staff. And, if you feel sick, stay home. Feel free to come back when you feel better. We are all in this together.

Scott Gleason, CRS at RE/MAX Select, Luxury Homes