Home Improvements That Pay Off for Millburn-Short Hills Home Sellers

The latest Cost vs. Value report has some eye-opening facts about how your home upgrades translate into dollars! This information is good to know if you are thinking of selling your Millburn-Short Hills or Summit, NJ home now or somewhere down the road. The report finds that exterior projects pay off the best! Here are the highlights!

1. Steel exterior door replacement is the project expected to return the most money, with an estimated 85.6% of costs recouped upon resale. This is also the least expensive project in the report, costing little more than $1,100 on average.

2. Updating your home's exterior siding can return 71% of costs. Different types of siding offer varying degrees of return; fiber cement siding returns 79.3% of costs. Vinyl siding returns 72.9% to your wallet.

3. Replacing old, beat-up garage doors improve curb appeal and also pay you back pretty well. If you go with a mid-range or upscale garage door replacement, you can expect to recover about 75% of your costs.

4. As far as interior projects go, kitchen remodeling remains the number one interior project for return on the money. The rule of thumb here is to keep it sensible. A minor kitchen remodeling project has an average national cost of $19,000 and will return about 75.4% of costs to your wallet.

What is the least bang for the buck? Per the national averages, a home office offers the least return for the money, at only 44%. Even though working from home has become more common, this type of feature appeals to a smaller percentage of home buyers. 

If you are preparing to sell your Millburn-Short Hills home, you should obtain a comparative market analysis to find out your home's price range in today's market before you make major improvements. I will provide you with a net sheet to show your estimated proceeds after the home sale. I will counsel you on what improvements are most likely to benefit your home sale and your bottom line!

As your Millburn-Short Hills real estate professional, I will provide the expert guidance you need for a successful home sale! Contact me today, and let my 18 years of experience be your market advantage!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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6 Tips for Selling Your Vintage Millburn-Short Hills Home!

Selling an older home is sometimes challenging, but vintage homes in good condition can be among the most sought-after properties by home buyers.

One reason? Location. Vintage homes can offer great neighborhoods and excellent "walkability" to schools, public transportation and local amenities.

Vintage homes also offer a sense of history and architectural charm not found in newly-built homes. Some would argue that vintage homes were built with hardier materials and a better eye for craftsmanship than the newer homes today. This, however, is a debate based on personal preference only. Each Millburn-Short Hills home is unique and can have its' own host of issues. And because vintage homes can have issues, I have helpful tips from Money Magazine to share with you, with some thoughts of my own added:

1. Don't try to make your vintage home something it isn't. Remodeling too much could destroy the very charm and features home buyers are hoping to find. In your zeal to freshen up the walls, don't paint over the original wood trim, baseboards, ect.

2. If you are putting repair money into your vintage home, focus on the major areas that concern home buyers. Things like the roof, the foundation, the electrical system and the furnace should be in good condition.

3. If there is an area of concern, don't spend money you don't have, on the blind expectation you'll recover it from the sale. Talk to me first to find out the current market value of your vintage home. It may be more feasible to place it on the market as-is, with disclosures, and let the right buyer find a diamond in the rough.

4. If you have some cracks and chips in your plaster walls, a home restoration contractor can usually repair these using special washers and a plaster-like trim coat. Pre-fab wallboard is another option, but it is more expensive and can mean the loss of the original wood trim.

5. Wood floors can be less charming when they're squeaky! Fortunately, an experienced woodworker can usually fix this by installing micro-head screws to stop the boards from rubbing together.

6. If your vintage home has old, drafty windows, have a restoration carpenter examine them before you replace them. It's sometimes possible to clean and seal old windows and install new hardware, to give them good-as-new performance at a fraction of the replacement cost.

Preserving the character and charm of your vintage Millburn-Short Hills home can help you find the right buyer! If you need help finding reputable contractors, let me know. I have a wide network of home service professionals in the area and I may know just the person!

Before you begin repairs, start with a comparative market analysis to find out your home's price range in today's market. My 18 years of experience will give you the professional guidance you can trust!

Contact me today!


Elaine Pruzon
Coldwell Banker Residential Brokerage
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7 Reasons to Get Your Millburn-Short Hills Home on the Market Now!

Could the months of January and February 2013 be the new "peak season" for home sellers in Millburn-Short Hills, Livingston and Summit, NJ? Yes! Here are 7 reasons why you should place your home on the market now!

1. Homes are selling faster! The absorption rate for Union, Essex and Morris/Somerset counties combined is at 5.52 months of supply! This is a 33% drop in home inventory from January 2012!

In the most popular towns within the above counties, home inventory currently stands at only 3.39 months of supply! We have a seller's market in most areas!  
                                                                    
 2. The economy is stronger! The S&P stock index is 6% from its all-time high! Employment has improved around the country, and consumer sentiment has also improved.

3. The tax changes resulting from the first half of "Fiscal Cliff" budget talks have proved to be modest, keeping the Bush-era tax cuts in place for most taxpayers. 

4. Mortgage interest rates are at all-time lows, with 30-year fixed rate mortgages available under 4% for well-qualified borrowers. 15-year mortgage rates are also incredibly low, making it feasible for home buyers to plan for mortgage-free living!

5. Home builder positive sentiment is at a 5-year high!

6. Our local home inventories are at a 7-year low! There are more buyers than homes!

7. We are having a mild winter, and home buyers are looking at homes for sale now!

If you are thinking of selling your Millburn-Short Hills or Summit, NJ home, don't fall for the gimmicks of "discount" brokers. As the #1 agent in the Millburn-Short Hills market from 2010-2012, I know how to sell your home for the best possible price, while covering all the details to ensure a smooth transaction!

Curious about your home value, or getting ready to sell? We will begin with a comparative market analysis to find out your home's price range in today's market. I will also provide a net sheet to estimate your sales proceeds after the customary expenses, so you know your position. These services are all part of my professional listing presentation, which I offer for free, with no obligations and no pressure!

As your Millburn-Short Hills real estate professional, I will provide expert guidance for a successful home sale. Real estate is a four-season business - I can help you sell your home in Essex and Union County any time of year, in any market!

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

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Think Long-Term When Buying Your Millburn-Short Hills Home!

A new study by the National Association of Home Builders show that Americans plan to stay in their homes for an average of 13 years!

To break it down, first-time home buyers plan to spend 11 years in their home before selling, and move-up buyers plan to spend an average of 15 years in their home. Overall, the study points to less frequent moves for American families.

There is debate about the effect of the recent recession on the study. When the real estate market was in decline, it was certainly more difficult to sell a home, and the overall economy was not conducive to relocation activity. But is there more to the story?

Let's look at another study by the U.S. Census and HUD. According to the 2011 American Housing Survey, 20% of home buyers chose their home location based on convenience to their employment.

That means a full 80% of buyers choose their home location for reasons of lifestyle or convenience to other factors, such as proximity to schools, recreation, or nearness to family. In other words, one could draw the conclusion that the desirability of an area is more important to home buyers long-term than the particular amenities and square footage of the home.

There are other emerging trends in home ownership that are lengthening periods of residency:

1. Adult children staying at home for longer periods
2. Homes being shared with aging parents
3. Telecommuting - working from home

How long are you likely to stay in your Millburn-Short Hills or Summit home? This is a personal question you should explore as you look at homes for sale. Consider your immediate needs, your budget, and the long-term needs of your family. Think about strategies like 15-year mortgages, which could enable you to live mortgage-free in the future! Also look at several NJ neighborhoods and the local amenities available.

Tell me what you're looking for, and I will help you find the best home to match your needs! As your Millburn-Short Hills real estate professional, I can help you buy a wonderful home that you will enjoy for years to come. Contact me today, and let my 18 years of experience be your market advantage!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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5 Easy Ways to Catch Home Buyer Attention in Millburn-Short Hills NJ!

It's a New Year! If selling your Millburn-Short Hills or Summit, NJ home is one of your goals for 2013, I can help! In fact, I have 5 tips for attracting home buyer attention that you can put to use right away. I'll get to those in a moment!

First, I want to let you know that before you spend money on home updates, you should obtain a comparative market analysis to find out your home's price range in today's market.

You should also obtain a net sheet that estimates your proceeds after expenses are subtracted from the sale. This is all part of a listing presentation, which I offer for free, and with no obligations.

Even if you are not ready to sell this instant, getting this data now helps you make wise decisions about where to spend money on updates - or if you should spend money at all. Having some idea of your home's competitive position on the market gives you a starting point. When you are ready to sell, we will update the CMA and the net sheet before you determine a listing price.

Whether you are thinking of selling or your home is already on the market, here are some inexpensive ways you can draw home buyer attention!

1. Look at your home objectively. Take exterior and interior photos, and imagine a buyer looking at these photos online. What stands out, for better or worse? If you see clutter, garbage cans and overgrown shrubs, start by removing these negative impressions.

2. Exterior details are the first thing your buyer will notice. Look at your exterior lighting, mailbox, house number, front door, welcome mat, ect. They should be in good condition and be attractive accents. A handsome front door with gleaming hardware makes a great statement. Worn-out storm doors should be replaced.

3. Kitchen updates provide the most return for the money. You can make simple changes to update the appearance, such as painting cabinets and drawers and installing new handles. De-clutter counter tops and cabinets. Over-stocked kitchens look smaller than they really are.

4. Make room in your closets and storage areas so that buyers can see open space. If you're full to the brim, buyers may assume your home lacks adequate storage space. You may need to store some belongings at the home of a friend or relative, or temporarily rent a storage unit.

5. Add interior details for color, vibrancy and a sense of "new."  Seasonal, silk floral arrangements or fresh flowers brighten any table. Set the dining room table as if welcoming guests. Each room should have a focal point, and you can flip through home decor magazines for great ideas. Display new guest towels in washrooms, add new accent rugs to the floor.

These are just a few ideas to get you started. I will be happy to provide suggestions specific to your home!
 
As your Millburn-Short Hills real estate professional, I will provide the expert guidance you need for a successful home sale. Real estate is a four-season business - I can help you sell your home in Essex and Union County any time of year, in any market!  

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

Elaine Pruzon
Coldwell Banker Residential Brokerage
Visit My Website
See My Listings
Become My Fan on Facebook
Follow Me on Twitter
Add Me to Your Circle