Thursday, May 30, 2013

Home Features Most Preferred By Millburn-Short Hills Homebuyers

As a Millburn-Short Hills home seller, you want to stand out to potential homebuyers as much as possible, and to satisfy their list of desires. Also, you need to know what the value of your home is, and what to list it for. Certain home features will make buyers more inclined to pay more.

As your New Jersey real estate agent, I can help you with this! I know what homes in the Millburn-Short Hills area are listing for and selling for, and I know what home features and upgrades can bump up your asking price. We can determine all of this when we work together.

As a preview, the National Association of Realtors just released their 2013 Home Features Survey, showing which features homebuyers cared about most and were willing to pay more for. Here is a summary of the results:
  • Out of all 31 home features mentioned on the survey, the most important feature to homebuyers was a home with central air conditioning. Sixty-five percent of buyers considered this very important.
  • In the kitchen, buyers most preferred new appliances and eat-in kitchens. In fact, 69 percent of buyers who did not buy a home with new appliances said they’d be willing to pay up to $1,840 more for this feature! After those two features, granite countertops and stainless steel appliances were preferred.
  • The rooms that had the highest dollar value, as in buyers were willing to pay more for, were basements and in-law suites.
  • Almost half of buyers prefer a home with a laundry room. Of those that found it at least somewhat important to have one, 89 percent did buy a home with a laundry room.
  • Other home features that interested homebuyers were fireplaces, which 57 percent of buyers purchased a house with, and garages, which 78 percent chose a house with.
  • After the fact, if they could change anything about the home they purchased, the majority of buyers said they would have wanted more or larger closets and more storage.
To view this report in its entirety, click here

As a Millburn-Short Hills home seller, what does all this mean to you? Obviously, unless you want to go through a major remodeling overhaul, some of these features are out of your control. But what you could do is install central air conditioning, update your kitchen appliances, add an island or table to your kitchen with seating, and show off all available storage space.

Need help staging your Millburn-Short Hills home or selling your home in the New Jersey real estate market? Contact me! I’m always here to help.

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Thursday, May 23, 2013

Why to Buy a Millburn-Short Hills Home Now!


If you keep up with current real estate news, you know that most of it is about how great conditions are for home sellers right now. Home prices are rising, home sales are rising, homes are selling at record speeds, competition is low, sellers have negotiating power and buyers are eager. But as a Millburn-Short Hills homebuyer, it’s important that you know now is the time to buy, too.

Why are homebuyers so eager to buy right now? For the same reasons that I’m about to share with you for why to buy a New Jersey home now! While prime conditions and historically low home prices have come and gone, as the housing industry continues to recover, housing will become more expensive. That’s why you shouldn’t wait.

Here’s a rundown on why you should buy a North New Jersey home now:
  • Mortgage rates are still near historic lows. This is the top reason to buy now. Rates continued to drop in early spring, but for the last couple weeks, they rose. Real estate experts predict that as home prices and sales continue to increase, which they’re expected to do, mortgage rates will rise too. The days of historically low rates are probably over. So the longer you wait, the higher they’ll be.
  • Home prices are rising. The latest prediction is that they’ll appreciate by 5.4 percent in the remainder of 2013. If this is true, by next year at this time, homebuyers will be spending $10,000 more on a $200,000 home, $15,000 more on a $300,000 home, and so forth. You can view a chart explaining all of this here. If you buy now, you’ll be saving yourself a lot of money!
  • With home affordability still high, homeownership is a better deal than renting right now. A recent report showed that after you live in your Millburn-Short Hills home for two to four years, you’ll be better off financially than if you were spending your money on rent. So as long as you plan on staying in a home for a few years, it’s a financially sound investment to buy!
Because housing inventory is low and New Jersey homebuyers are getting caught in bidding wars for the house they want, some buyers are choosing to wait until more houses go on the market. But when that happens, prices and mortgage rates will also be up.

Decide how much you can spend on a house, get pre-approvedfor a mortgage and contact me! Together, we can negotiate with Millburn-Short Hills home sellers until you find the home of your dreams that is also in your budget. Do it now, and you’ll save lots of money in the long run. Talk to you soon!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Thursday, May 16, 2013

Millburn, NJ Business Feature: Paper Mill Playhouse!

Paper Mill Playhouse
Are you new to the Millburn or Short Hills area? The housing recovery is making it easier for Americans to relocate, so many new residents have made their way to this area! As a Millburn real estate agent, I want to make sure you’re enjoying your hometown as much as possible! If you are new and aren’t sure what there is to do around here, let me introduce Paper Mill Playhouse.

Paper Mill Playhouse is one of Millburn, NJ’s premier attractions. It’s a not-for-profit theater with 1,200 seats, bringing Broadway to your backyard, so to speak! The schedule is always changing, with Broadway performances and plays just for kids. Everyone will find something that sounds interesting to them.

When you get hungry, you can stop into the Carriage House Bistro & Bar at Paper Mill Playhouse. It’s open Thursday through Sunday for dinner and Sunday brunch. The bar remains open after each performance, and once in a while, they host a special dinner occasion.

Want to check out Paper Mill Playhouse? Here are upcoming events to mark in your calendar:
  • Live Jazz Night takes place every Friday night at the Carriage House Bistro & Bar, from 6 to 9 p.m. This is ideal for workers who’d like to kick back, relax and begin their weekends immediately. It doesn’t cost anything to attend and drink specials are available all night!
  • A Five-Course Wine & Food Tasting Adventure is scheduled for May 22 at the Carriage House Bistro & Bar. This fancy dinner experience is sure to break up your workweek nicely! It’ll include the tasting of five wines, a five-course dinner menu and live piano music. It cost $100 per person and reservations are strongly suggested.
  • The Little Mermaid at Paper Mill Playhouse will arrive and take place from May 29 to June 30. This ageless story is about a young mermaid who falls in love with a human and goes above and beyond to find a way to be with him, despite their circumstances. Whether you’ve seen the Disney classic or not, this Broadway rendition will touch your heart!
  • Seussical is coming up June 8 at Paper Mill Playhouse. Every kid loves Dr. Seuss books, so when the storybook characters come to life, even better! This performance is geared toward children ages four and up. They’ll love the musical adventure by Broadway veterans, where they get to see Horton the Elephant, Gertrude McFuzz, and of course, the Cat in the Hat.
Check out Paper Mill Playhouse and get to know local business in the Millburn, NJ area. When you’re ready to buy a Millburn home or sell your Millburn home, contact me!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Friday, May 10, 2013

First-Time Home Buyers Declare Good Schools a Priority

New Jersey home sellers are always interested in how to get top dollar for their homes. While there are a number of ways you can accomplish this, there is one element of your home you cannot change: the location. Just how important is it? The answer may rest in buyer survey results shared by Doorsteps.

The analysis of first-time home buyer surveys revealed what these buyers were most likely, and least likely, to compromise on when it came to buying a home. They are surprisingly willing to compromise on things like the size of the home they want, and the price they will pay.

But when they do not want to compromise, one issue seemed to outweigh the rest of the concerns: good schools. First-time home buyers ranked closeness to schools and school quality as their least negotiable items.

This is good news for Millburn-Short Hills home sellers, as Millburn High School placed 69th in the nation according to Newsweek's 2013 school quality evaluations.  Millburn High also placed among the 2013 gold-ranked high schools identified by US News & World Report. The school is well-respected for the academic proficiencies of its students as well as the caliber of its faculty.

While not all home buyers have school-age children, good schools are always an important consideration as they affect the desirability of a neighborhood, and therefore affect the resale value of a home. Millburn High School's excellent reputation helps draw first-time buyers as well as repeat home buyers to our area.

Back to the surveys, it should be noted that first-time home buyers also value living in proximity to family and friends, though schools are the primary concern. Home sellers cannot control every hot button a home buyer may have, but as long as buyers are getting their priorities met in regards to schools and location, other details may be open to compromise! This is where the art of negotiation comes in, and I will certainly help you!

As your experienced real estate professional, I'm happy to help home buyers and home sellers in the  Millburn-Short Hills, Livingston, and Summit area! Contact me for the latest market information and for expert real estate guidance!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Thursday, May 2, 2013

5 Tips for Choosing Your New Neighborhood!


On the average, home buyers plan to live in their new residence for at least 5 years, and a good number of them remain in the home for 7 years or more. When you are buying a home in New Jersey, selecting your new neighborhood is as important as choosing the house!

To make the process easier, I have some tips to share from Relocation.com, along with some advice of my own:

1. Observe the neighborhood during different times of the day and night. Take a look at the traffic. Some residential streets will be busier than others. Listen to the noise levels. Pay attention to how well homes are kept up. Watching the day-to-day activity will tell you a lot about the neighborhood comfort level.

2. Check the reputation of the local schools. Even if you do not have children, the perception of local school quality affects the desirability of the neighborhood - and therefore affects resale value. I have information for Millburn-Short Hills, Livingston and Summit schools - just ask!

3. Look for local amenities that match your lifestyle. Do you dine out frequently? Are you an avid shopper? Or do you prefer to spend time outdoors at local parks? Do you need a dog-friendly neighborhood? Also keep neighborhood homeowner associations in mind, and check the restrictive covenants. I can help you with obtaining this information.

4. Look into area crime rates. There are no crime-free utopias in this day and age, but it pays to be aware of crime statistics and know what goes on. There is a host of online information available, through registered offender sites and other crime trackers. You can also find dispatch reports in hometown newspapers.

5. Find out the distance to medical care and other everyday living concerns. How far is it to the nearest clinic and pharmacy? Is there a grocery store, bank and post office nearby? Also consider the distance to fire protection and police services.

These are just a few ideas to get you started! When you are looking for the ideal Millburn-Short Hills or Summit home and neighborhood, I will be your guide to the market! I have the latest information about home prices, neighborhoods, schools and more - everything to help you find the best home for your needs!  

Contact me today, and let my 18 years of experience be your home buying advantage!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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