New Year, New Market For Millburn-Short Hills Home Sellers!

Believe it or not, 2012 is upon us! It's time to think about your plans for the upcoming year and take steps in the right direction. If you are thinking of selling your Millburn-Short Hills home during 2012, you may want to place it on the market soon! There are advantages in being a winter home seller, and I'll share what they are.

There are fewer homes on the market in January, so your home has a better chance of grabbing attention among serious buyers. With less competition, you won't be in a race to the bottom on price against homes with similar features. There are also fewer distressed properties to contend with this time of year.

Buyers who have been watching the market may be looking for a home like yours! But they won't wait forever. If you wait until spring to sell, they may find something else.

Corporate relocations are very active during the first quarter of the year. Relocation buyers are generally well-qualified and very motivated!

Home buyers who have mortgages pre-approved need to act before their financing offer expires. With interest rates very low at the moment, savvy shoppers are getting pre-approved now.

If you are concerned about moving while school is in session, keep in mind that the date of occupancy can be negotiated. Depending on the needs of buyers and sellers, sometimes an arrangement can be worked out to avoid disruption. You usually have one month between your accepted offer and the final closing. By the time all is said and done, you may need to negotiate occupancy for only a month or two. If you have concerns in this area, I can explain how it works in more detail.

As your Millburn-Short Hills real estate agent, I know our market quite well, and I understand what buyers are seeking among different price levels. If you are considering selling your home, give me a call and we'll talk about your needs. I'll be happy to give you information about the Millburn-Short Hills real estate market and plan for a successful sale.

Wishing you a happy and prosperous New Year,

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Giving & Receiving Down Payment Gifts for a Millburn-Short Hills Home

It's often said that we have a buyer's market today, but in some ways it may be a lender's market. Banks have been very choosy about who qualifies for a mortgage, and for Millburn-Short Hills homebuyers, coming up with the down payment can pose a challenge.

Giving money to a close family member for the purchase of a home, with no strings attached, may either come naturally or seem counter-intuitive, depending on your views. If you are thinking of granting a monetary gift towards home ownership, here's a few things to consider first:

• Would you offer this same amount of money as a gift, if it were for any other purpose?
• Is your family member ready to take on the full responsibilities of home ownership?
• Will the amount of the gift cause any tax implications?
• Are you providing the gift out in good spirit, or out of a sense of obligation?

Having the means to help your family is a wonderful thing. But if making a cash gift could leave you in a lurch, or you have doubts about this being the appropriate time, then step back and evaluate the situation. Talk it over. There are also other ways to help, such as co-signing, or helping with furnishings, appliances and moving expenses.

If you are on the receiving end of a down payment gift, be sure to know the lender's documentation requirements. A notarized letter may be required, as well as proof of the funds transfer between accounts.

Depending on the type of mortgage loan you are seeking, the amount of gift you can use may vary. For example, if your loan is being structured for the secondary market with Freddie Mac, you may need to come up with at least 5% of the down payment using your own funds. 

If your loan is being backed by Fannie Mae, then all of your down payment can come from a gift. FHA loans also allow the entire down payment to come from a gift.

In all cases, covering the down payment is only one aspect of satisfying the loan criteria. Your credit score and debt to income ratio would still need to pass muster. 

As your Millburn-Short Hills real estate agent, I provide information like this as a part of my service to clients and the community. I can also tell you that there are many good opportunities for home ownership in the Millburn-Short Hills real estate market. Our location and quality of life continue to attract new buyers to our area. 

If you need help with your Millburn-Short Hills home search, or you are thinking of selling your Millburn-Short Hills home, I will be there to help you. I am truly passionate about what I do, and I would enjoy talking to you about your real estate needs. You are always welcome to contact me with your questions.

Wishing you all the best this holiday season,

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Figure Out Your Financial Strategy Before Moving In To Your Millburn-Short Hills Home!

Beginning the search for a brand new home in the Millburn-Short Hills area is always an exciting time. Whether you’re a first-time homebuyer or have more experience with the buyer process, looking for a home is always brand-new territory. With the ever-changing conditions of the Millburn-Short Hills real estate market, it can be tricky to figure out what kind of properties are in your range financially at any given time. That is where a financial strategy comes in.

Before you even begin your home search or hire your Millburn-Short Hills real estate agent, you need to make sure that you have a plan for the financial aspect of the transaction. Purchasing a home is a rather large investment, so if there is any time to start planning your finances, this would be it. As an expert in the Millburn-Short Hills real estate industry, I have worked with several lenders and know exactly what financial documents need to be in order before a successful home sale. My many years of experience as an agent have allowed me to help several home buyers create a financial strategy of their own. Here are some tips and strategies that will help you figure out your budget BEFORE you start your Millburn-Short Hills home search:

•    Ask yourself these questions: How long do I plan to live in this house? Where do I see myself in five or ten years? Do I have to or want to make home improvements? Do I want to keep cash on hand for other investments? Can I take financial risks? Do I want to be debt free?

Is your head spinning yet? These questions might seem difficult to answer, but they’re also imperative to figuring out your loan options and financial philosophy. They force you to consider your long-term future and plan your finances accordingly. A house isn’t just something you can easily return after you buy it; it’s a large investment that you will want to maintain for a long time. It’s imperative that you know the answers to these questions before continuing your search for the perfect Millburn-Short Hills home.

•    Use mortgage calculators. It’s important to figure out your month-to-month costs for various mortgages before settling on the right mortgage loan and picking the right price point for your home. It also helps you figure out how much you’d have to pay in various scenarios.

•    Shop around for the best rates. Don’t accept the very first loan offer you get. Go to a few different lenders and see what the best rates are. You need to figure out the best deal for your financial situation and your family, so explore a few different options before settling on one.

•    Lower rate or higher rate? Are you willing to pay for points to get a low interest rate, or would you rather keep closing costs down by taking a higher rate? This is a key decision that needs to be made for your mortgage loan, so consider it carefully.

•    Create your perfect loan. Be a little flexible. Combine features of different loans to create one that you are most comfortable with. It’s also important to have a loan that still allows you to accomplish your long-term financial goals, so do your research, consult an industry expert and figure out which options best fit your situation.

•    Don’t forget about your other costs! Many times, Millburn-Short Hills homebuyers get so caught up in what the mortgage will be that they forget to factor in their other costs! Don’t forget about your homeowner’s association fees, property taxes and insurance coverage when embarking on your home search. Believe it or not, the costs of these items can take you from one price point to another, so make sure to factor them in to keep your search limited to affordable properties.

•    Ask about alternative loan terms. Everyone has a unique financial situation, and as a result, there are many unique loan options to fit each situation. Ask about lesser-known loans, such as 20-year options. These loans do exist, they’re just not as publicized by lenders. Don’t be afraid to ask your lender for some alternatives. This could help you to find the best possible loan for your situation.

If you’re overwhelmed by having to consider all of this information, don’t be! As an experienced Millburn-Short Hills real estate agent, I have become knowledgeable in several aspects of home financing, and I also have relationships with several local lenders that can help you figure out your next loan. Using this information to build a financial strategy will help you avoid financial difficulties and unforeseen costs when you begin the search for your Millburn-Short Hills home.

If you have any questions about what you need to buy a home in the Millburn-Short Hills area, or you want the name of a lender in the area, don’t hesitate to contact me! I’m available to help you at any time you need me, and I’d love to answer your questions. I hope to hear from you soon!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Enjoy Amazing Holiday Performances in Millburn This Holiday Season!

For some reason, the holiday season seems to bring on an influx of theatrical performances. Whether it’s a musical masterpiece or theatrical production, the weeks between Thanksgiving and New Years Day seems to be the time when the arts are in their prime. The area of Millburn-Short Hills, NJ is no exception. Whether you go to a local production or find one in a surrounding town, there is no shortage of artistic performances to be found in the Millburn-Short Hills community. We’d like to think that these performances add to the excitement surrounding the holiday season.

As your Millburn-Short Hills real estate agent, I like to keep up with what is happening around town, and during this time of year, that means seeing what orchestral concerts and musical performances are happening in the area. My job goes above and beyond buying and selling houses. I feel that it is also important to become an expert on everything related to the Millburn-Short Hills area. This helps me serve my clients better and give newcomers the full picture of the area.

For some in the area, this may be the first holiday season they are celebrating in Millburn-Short Hills. In the interest of being the community resource, and to let you know of fun goings-on around town, I thought I’d tell you about some of the amazing performances happening around the area this month. Whether your prefer classical music, holiday stories or charity benefits, there is bound to be something going on around town in December that will put you in the holiday spirit!

White Christmas
The Paper Mill Playhouse, Millburn, NJ
December 7th-14th, 7:00pm
It’s a holiday classic: Two famous song-and-dance men stage a show at a snow-covered inn in Vermont, and they end up falling in love with two sisters under the mistletoe. This staged production of a classic Bing Crosby and Danny Kaye film is bound to put you in the holiday spirit! Laughter, plot twists, brilliant musical numbers and unforgettable lyrics make this a story that is perfect for you and your family to enjoy this time of year. Tickets start at $25. Go to the Paper Mill Playhouse website to order yours today!

MHS Winter Chorus and Orchestra Concert
Millburn High School, Millburn, NJ
December 15th, 7:30pm
This event is not only free and open to the public, but it’s also a great way to show support for the arts in our public schools! The Millburn High School chorus and orchestra will be putting on a holiday concert featuring some of your favorite songs. Not only will you get to see many other members of the community come together and show their support for local students, but the beautiful singing and breathtaking musical numbers will put you in the mood for holiday dinners and gift exchanges. Besides, you can’t beat a free show!

Girls Night Out Benefit Soiree
290 S. Livingston Ave, Livingston, NJ
December 15th, 5:00pm-8:00pm
Cocktails, hors d’oeuvres and complimentary treatments are promised at this amazing Girls Night Out event at Cosmetic Laser MD in Livingston. The proceeds will benefit St. Jude’s Children’s Hospital. Even if you’re not interested in some of the free treatments, you can enjoy cocktails and appetizers! The $10 entrance fee will buy you 10 raffle tickets, so you also have the opportunity to win some great prizes. Not only will you get to celebrate such a great cause with some of your friends, but you can also win some great prizes that you could give away as holiday gifts!

Whether you prefer charity events or musical production, the Millburn-Short Hills area has a lot to offer during the holiday season! There’s something about this time of year that tends to bring the community together, so as your Millburn-Short Hills real estate and community resource, I make sure to keep my eyes and ears open and inform you about the latest events happening around the area.

If you’re new to the Millburn-Short Hills community and would like some more information about the area, don’t hesitate to contact me! I like to make myself available not just as your Millburn-Short Hills real estate agent, but also as your community expert. Feel free to ask me questions any time. I hope to hear from you soon!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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