Local Business Feature: The Mall at Short Hills

Complements of The Mall at Short Hills

When buying a Millburn-Short Hills home, or relocating to the Short Hills, NJ area, it’s important that you get to know the local businesses. As a Millburn-Short Hills real estate agent, I’m a strong supporter of local business! Businesses are what drive our local economy, and owners of local businesses are often local residents. It feels great to support them.

Plus, when you live in Millburn or Short Hills, you want convenience! So today, I’d like to feature The Mall at Short Hills, which is really a collection of a bunch of local businesses and stores! This mall encompasses 150 upscale specialty stores and restaurants. While many of the stores are big-name chains, such as Bloomingdale’s and Saks Fifth Avenue, over 40 locally owned boutiques also reside here.

The entire mall has Wi-Fi, so if you need to get some work done outside of your home or office, you can relax in the Grand Court seating area, complete with a glass flower wall and an entertainment lounge. Or, you could cozy up in a quaint café or a full-service restaurant.

Looking to get social? The Mall at Short Hills has special events and activities happening daily. Here are some of the upcoming events to look forward to:

• Bring the kids to Childsplayspot tomorrow, Aug. 16, for their Glitter Tattoo Body Art event! This takes place from 1 to 3 p.m. Each child can choose a glitter tattoo from the collection, and a staff member will safely apply it.

• Have somewhere to go this weekend? Look fabulous by visiting Saks Fifth Avenue Aug. 17-19 for a relaxing facial, followed by an expert makeup application. This takes place each day from 11 a.m. to 5 p.m. by appointment only, so be sure to call!

• Ready to decorate your Millburn-Short Hills home for fall? Pottery Barn will get you prepared on Aug. 18 by sharing with you the new textile and accessories for a rich fall palette. Plus, you’ll learn all the insider tips on how to take your summer décor to autumn décor. This begins at 10 a.m.

• Also on Aug. 18, head to Williams-Sonoma for a complimentary technique class about cooking with wine. A class expert will teach you how to incorporate wine into sweet and savory dishes, which wines to use and how much, and so much more. Call the store to register!

Aside from these events, there are lots of back-to-school specials throughout the mall, along with more facials and makeovers, trunk shows, game demonstrations, reading events and more.

As you can see, The Mall at Short Hills is one great reason to browse the Millburn-Short Hills real estate market! There are lots of local businesses to enjoy in the Millburn and Short Hills areas. Need help? Have questions? Contact me, your New Jersey real estate agent!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Which New Jersey Home Flaws to Address, Ignore

As your Millburn-Short Hills real estate agent, I’m here to help you through the home-buying process in Millburn, Short Hills, Summit, Livingston and surrounding areas! At this time, the Millburn-Short Hills real estate market is full of eager buyers, but low housing inventory, so you might be tempted to buy a flawed home. I’m here to caution you.

Even with bidding wars and quick home sales, it’s important that you have a home inspection and create a closing agreement that is fair to you as the North Jersey homebuyer. It’s also important that you’re aware of the flaws your potential home has, and you know when to address them and when to ignore them.

Here are housing flaws that you can ignore and still go through with the closing:

• Old or unappealing wallpaper
• Old, dirty or chipped paint
• Doors
• Closets
• Cabinets
• Fixtures
• Carpeting
• Furniture placement

These are all cosmetic flaws that you can easily change as the homebuyer. Once you move in, you can repaint the walls or hire a professional to do it. With fixtures and doors, you can easily switch these out with a trip to the hardware store. These are all quick, inexpensive changes.

On the contrary, here are home flaws that you should address:

• Outdated furnaces
• Air conditioners
• Electrical outlets
• Outdated appliances
• Mold and mildew
• Water damage
• Foundation issues

These are all home flaws that are either expensive to fix or a serious concern. This is why it is so vital that you have an inspection done before closing! With these, you have the option of requesting that the home seller fix an expensive issue, or that the cost of the home be lowered to make up for it.

As a Millburn-Short Hills real estate agent, the last thing I want is for you to regret your home-buying decision down the road. That’s why it’s important to know what issues are major and need to be addressed, and what issues are minor and can easily and inexpensively be fixed by you.

Does the home-buying process seem overwhelming to you? I can tell you that it’s doable! If you qualify for a mortgage and want to buy a Millburn area home, do not let fear stop you from doing so. Home prices and mortgage rates are both expected to continue rising, but both are still low by historical standards. Now is still the ideal time to buy, before it gets more expensive!

Scared of bidding wars and competition from other North Jersey homebuyers? That’s what I’m here for. As your Millburn-Short Hills real estate agent, I’m on your side, and I’ll be there for every step of the process. Contact me with questions or to start searching for the perfect North Jersey home for you!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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5 Questions Every New Jersey Homebuyer Should Consider!

As your Millburn-Short Hills real estate agent, I’m here to help you buy a Millburn-Short Hills home! With rising home prices and mortgage rates, and relatively low housing inventory, it’s safe to say that it’s more of a seller’s market than a buyer’s market right now. Still, Millburn homebuyers are eager to buy before prices and rates rise more.

Because of low inventory, Millburn-Short Hills homebuyers might opt to rush into a closing in fear of losing a deal. While it is possible that another buyer will snatch up the home before you, it’s still important to make sure that the North Jersey home is right for you!

As your North Jersey real estate agent, it’s my job to inform you that there is more involved to choosing a house than the number of rooms it has, and the inspection. You have to make sure the home fits in with your lifestyle needs, it’s in your price range, and it’ll resell for a good amount.

Here are five questions that Realtor Magazine recommends every buyer consider, which I full agree with:

1. How’s the noise? The home might look great, but is it on a flight path? Near railroad tracks or a busy road? By a hospital with ambulances or fire trucks roaring by? Loud neighbors? You might want to visit the neighborhood at different times of the day and see what the surrounding environment is like.
2. Are there easements or encroachments on the property? An easement would allow others to use a portion of your property for a specific purpose, so as the homeowner of that property, you’d definitely want to know that before buying!
3. Is the house up to code? If the current home sellers did some major renovation projects on the house before listing, and didn’t get a permit first, there might be fines that you’ll then be responsible for.
4. What are the districts? If you have kids, you’ll definitely want to check the school ratings, but even if you don’t have kids, the school system could affect the value of the home. Also check to see if you’re in a library, park or police district. These could all affect fees and taxes that you pay.
5. What are the local rules? Homeowner association rules vary, so you’ll want to find out what those are before moving in. Also, if you’re relocating, check the rules by the city and county, to see what you’re allowed and not allowed to do as homeowner in that area.

As your Millburn-Short Hills real estate agent, I can help you out with these! While you’re shopping the New Jersey real estate market for the perfect home, I can help you find answers and save you time. Just don’t go rushing into a closing without really knowing what you’re getting yourself into. You’ll be happy you took the time to find these answers in the long run!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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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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How the "Fiscal Cliff" Could Affect Home Buyers in Millburn-Short Hills

If you have plans to buy a Millburn-Short Hills, NJ home in the upcoming year, you may be a bit concerned about the "fiscal cliff" debate that has been going on in Washington D.C.  While there is still hope for a compromise between lawmakers, if there is no deal before January 1st, 2013, a ream of automatic tax increases and Federal budget cuts will occur.

These could affect home buyers in Millburn-Short Hills and  Summit, NJ in several ways. Most immediately, payroll tax withholding will go up, which will affect wage earners across the board. Next, your income tax filing in 2014, for the tax year 2013, could result in fewer deductions and a potentially higher tax bracket. These changes won't directly prevent you from buying a home, but it could mean changes to your budget.

I'm sharing this infographic from Bankrate.com, which explains the impact of the fiscal cliff to individual taxpayers.

It should also be mentioned that if you sell your Millburn-Short Hills home any changes to capital gains tax rates will not change the allowed exemptions. For example, if you have lived in the home at least 2 out of the past 5 years, the first $250,000 in profit is exempt for single filers. If you are married filling jointly, that exemption becomes $500,000. So far, nothing in the budget debate affects this.

Naturally, all this information could change if a new Federal budget deal is approved in the upcoming weeks. In the meantime, this gives you a basic guideline so you can discuss any concerns you may have with your professional tax preparer.

As your Millburn-Short Hills real estate professional, I can help you buy or sell a home no matter the market conditions! Contact me today, and let my 18 years of experience be your market advantage!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Questions to ask while buying Millburn-Short Hills real estate

Buying Millburn-Short Hills real estate is probably a big event in your life. If you are investing a larger sum of money compared to what you usually spend, you definitely want to make sure you ask the right questions so as to avoid problems later. Asking questions while buying Millburn-Short Hills real estate can also help ensure the entire buying process goes smoothly. Here are questions to ask the seller while you're shopping for Millburn-Short Hills real estate:

How old is the house? The roof? The electric? The plumbing?

Knowing the answer to these questions will help you estimate how soon you will need to invest in major repairs. This is important for budgeting and could also factor into the negotiation process.

What is the square footage of each room and the entire house?

Knowing numbers related to size will help you compare and contrast different houses you're interested in. Different layouts, paint colors, and furniture arrangements can make a room feel larger or smaller than it actually is in reality. Numbers, however, don't lie.

How much do utilities cost on average? In summer? In winter?

This will help you with budgeting. Heating costs, for example, can vary wildly even for similar-sized houses based on how well a house is insulated, what type of windows there are, and other factors. Ask up front so you aren't faced with a major surprise once winter rolls around.

Have you had any pest problems, or treated for pests?

This includes termites, mice, cockroaches, ants, and more. If you do buy the house, you want to know what pest prevention maintenance is necessary and what to keep an eye out for in order to avoid problems.

What problems have you had living here?

Of course you can't be certain that the seller is telling you the truth, but it is worth asking what problems they have had while living there. Perhaps the basement has flooded, or there is a nuisance neighbor on the block. There are many things you can find out from doing research. You can find out the crime rate of the area, local transportation information, school district information including test scores, and prices the house has been bought and sold for over the years. The things that aren't public record, however, you might still be able to find out if you just ask.

Hopefully these questions will help you become as informed as possible as you shop for Millburn-Short Hills real estate. If you have any questions about buying a home, or would like to enlist me as your professional, do not hesitate to contact me!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Tips for finding your Millburn-Short Hills home

You know you want to move into a Millburn-Short Hills home, but aren't sure where to start.  There are many things to take into consideration.  Do you want a condominium or single family home?  Which neighborhood is the best for you?  What style of home best suits your needs?  The options can be overwhelming!  Here are tips that can help make your home search easier to handle.

Calculate your budget
Calculating a budget before starting your home search is a good idea.  There is no point in looking at homes that are not in your price range--that will only set you up for disappointment.  When figuring out a budget, take into consideration how much money you have to put for a down payment and how much you can afford for monthly payments.  Don't figure to also figure in regular home maintenance and property taxes.  Your budget should be something you can make comfortably, not something you can only handle if everything goes perfectly.

Pick the towns and neighborhoods you'll consider
Narrowing down your choice by neighborhood will help a lot and keep you from feeling torn after you find the "perfect" house that just isn't located in a place you like.  Each location has its pros and cons, so think carefully about what is most important to you.  For example, maybe you are only willing to move somewhere that falls within a 30-mile radius of your work or is within a certain school district.

Determine the house type you want
Do you want a single family home, or would you prefer a multi-family home such as a condo?  The answer to this will depend quite a bit on your stage in life and your lifestyle.  Seniors and young professionals, for example, often prefer condos because it saves them the trouble of lawn care and many issues of home maintenance.

Make a list of home necessities
Write a short list of necessities for the home you want.  This isn't a wish list--it's a list of "must haves" and you will only consider homes that meet your criteria.  Maybe your ideal home must have three bedrooms, a backyard, and space for a dishwasher.  This will save you time.  If you know you are not willing to live somewhere that has less than three bedrooms, you won't waste time looking at homes that will never work for you.

Hopefully these tips help put you on the right track as you search for that ideal Millburn-Short Hills home.  If you want the help of a professional, do not hesitate to contact me.  Have a good week!


Elaine Pruzon
Coldwell Banker Residential Brokerage
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Cleaning up your credit before buying in Millburn-Short Hills, NJ

One of the very first steps in home buying is cleaning up your credit.  Without good credit, you won't qualify for a good loan.  Without a good loan, you might not be able to buy the house of your dreams.  Cleaning up your credit before finding the home you want to buy is the way to go.  That way you can figure out an accurate budget and there won't be any last-minute surprises or obstacles when closing on a home.  Here on tips on cleaning up your credit before buying a home in Millburn-Short Hills, NJ:

Order a credit report and correct any mistakes
Everyone is entitled to free credit reports from the three major credit agencies on an annual basis.  Click here to request yours.  Once you've received the reports, comb them for any inaccuracies.  Even something small such as an old credit limit on a card can affect your score.  Remember, you may also request to have anything over seven years old removed from your report.  That includes late fees, cards you've closed, and accounts that went to collections.

Pay off anything in collections
Having something in collections hurts your credit score big time.  Pay off any outstanding debts you have immediately.  Call and try to negotiate paying a lower price if you pay immediately, in full.  Sometimes creditors will remove the debt for half of its worth if they are worried they won't get any payment otherwise.  Shortly after paying off outstanding debts, obtain your credit reports again and make sure they have been updated.

Ask for an increased credit limit
An increased credit limit will give you a better debt-to-credit ratio and that is taken into consideration when developing your credit score.  Basically, you want to have much more credit available to you than what you are currently using.  Call current credit card companies and ask for an increased limit.  Don't put more debt on the credit card, however, because then your ratio will stay the same!

Practice good habits now
If your credit history has some blemishes that you can't remove yet because they aren't over seven years old, just relax and do the best you can now.  Pay all of your overdue accounts and bring them up to date so they are current as soon as possible.  From now on, make sure to pay every bill on time.  A credit history that has some rocky parts, but shows improvement in recent months can still be used to obtain a loan.

Hopefully these tips will help you clean up your credit score so you can get the mortgage and the Millburn-Short Hills, NJ house that you want!  If you have any questions whatsoever about local real estate or the community, please do not hesitate to contact me.

Elaine Pruzon
Coldwell Banker Residential Brokerage
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April fun in Millburn-Short Hills, NJ

I love being your Millburn-Short Hills real estate agent because it gives me a chance to keep up on all of the fun things going on in our area.  There are a lot of them!  Here is a sampling of April events coming up in the Millburn-Short Hills, NJ area:

The Arc of Essex County 5K run/2 mile walk

This annual run/walk will be a blast for participants and their friends and family alike.  Each participant receives a t-shirt.  There will be food and music on-site and an awards ceremony for the top three in each category after the event.  The event benefits The Arc, an organization that helps those with developmental disorders.  Visit The Arc's website for more information.

When:  Saturday, April 14th, 2012, 8:15 am sign-up, 10 am run
Where:  473 Wachtung Ave., Bloomfield, NJ

Swamptails

"Cocktails for lovers of the environment and NJ's great swamp."  This is a great way to gear up for Earth Day.  Eat appetizers and drink special "swamp cocktails" all in support of the Great Swamp Watershed Association.  Prizes will also be given out.  Click here to download the flyer.  It costs $20 at the door to get in.

When:  Wednesday, April 18th, 2012, 5:30 - 7:30 pm
Where:  67 Morris Street, Morristown, NJ


Bloomfest at Branch Brook Park


Enjoy this event in New Jersey's "pinkest" park.  This Japanese-themed event will feature dancing, drumming, Samurai swords, a tea ceremony, bonsai trees, calligraphy, and more.  Best of all?  It's free!  Click here to download the flyer with a complete schedule.

When:  Sunday, April 22nd, 2012, 11 am - 5 pm
Where: Branch Brook Park, 115 Clifton Avenue, Newark, NJ

I hope you found this useful and I'd love for you to leave a comment or contact me with feedback.  Of course I'm always available if you're looking to buy a Millburn-Short Hills home as well.  Have a great week!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Tips for buying your Millburn-Short Hills home

I enjoy being your Millburn-Short Hills, NJ Realtor and helping your home-buying process go as smoothly as possible.  That's why I'm sharing these home buying tips today.  There is a lot to know when buying a home, and it can be intimidating if it's your first time.  I've helped many people buy Millburn-Short Hills real estate, and hopefully I can help you too!

As the real estate market and economy improve, more and more people across the United States are looking to buy homes.  Recent reports have indicated that it is a great time to buy, for many reasons.  Mortgage rates are at all all-time low.  Housing prices are on the rise, making real estate a good investment.  Buying is actually cheaper than renting, in many cases.  This means there are many more first-time home buyers in the market than there have been in recent years.  There are a few tips that can help ensure buyers are aware and prepared for everything involved in home-buying.


Really do your research on the area
Sometimes first-time buyers get so caught up in the amenities of the house itself, or looking for a good deal, that they don't stop and ask serious questions about the location.  What will your (and your spouse's) commute time be?  If you have (or are planning to have) children, is the school district one you'll be happy with?  How close are the nearby schools--would your child have to take a bus, be dropped off, or walk?  How do property taxes here compare to other places you've looked?  Is the house near grocery stores, restaurants, shops, parks, gyms, the library, etc.?  Is this somewhere you can see yourself living five or more years from now?


Outline all of your costs
A mistake many first-time home buyers make is not knowing the full cost of buying a home.  It will be more than the settled-upon purchase price of the house.  Within the paperwork should be a "Buyer Cost Sheet," which should be looked at closely and taken into consideration of the buyer's budget.  This sheet will be given to you by your lender or possibly your realtor and should include everything you'll be paying for, such as inspection and appraisal fees, transfer fees, closing costs, and more.  Some of these fees could be paid by the seller, but that would depend on what happens during negotiations.

Get a disclosure statement
State laws vary, but in general, sellers are required to disclose information about the property to you.  Because houses are sold "as-is," you want all of the information you can get so as to avoid unexpected costs later.  Realtors have detailed disclosure forms with a variety of questions.  You'll want to know if the house you're consider floods during heavy rains, for example, or if the foundation has a crack that has been covered.

If you're serious about home buying, you'll want to do more research than this, but hopefully it provides a good start!  Please contact me about buying your first Millburn-Short Hills home so we can talk about specific details and what is best in your situation.

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Enhance Your Curb Appeal in Millburn-Short Hills!

Spring is in the air…I can feel it. That means that favorable weather is in our future and that makes for the perfect time to spruce up our front yards (and back!) for a new look that makes your home stand out. Whether you are in the position to sell your home, or you are just looking for new ways to keep the appearance of your home in Millburn-Short Hills looking clean and fresh, these tips will help you accomplish just that without breaking the bank.

Landscaping: While many of us love full gardens filled with gorgeous plants and flowers, they can become a problem if we let them get out of control. For ultimate curb appeal, make sure that you are keeping the hedges trimmed, the flowerbed well-kempt and the lawn mowed. The goal is to be pretty while not overwhelming the walkway. If this is sounding a bit pricey, container plants placed by the front door or hung from the porches’ ceiling will create a fun and inviting look. These simple enhancements create an enjoyable Sunday afternoon and don’t cost a thing.

Paint: A good paint job can go a long way. You may have encountered this when buying your first home or after changing some of the colors in your current home. Paint can turn something dull and gray into something bright and full of life. Consider this when thinking of ways to boost your home’s curb appeal. Even if you are happy with your exterior’s current hue, changing it up can give your home a whole new personality and is sure to turn heads.

Pressure Wash: Take a walk around your home and carefully examine the siding. If you see any mildew, dirt or grime, it may be time to consider pressure washing. Using a pressure washer will flawlessly remove unwanted mud or other marks and stains found on your home’s siding. A presser washer can also be applied to porches and decks, where outdoor exposure can take its toll.

Clean Windows and Gutters: Even from a distance dirty gutters and windows can be noticed. To enhance your home’s curb appeal, make sure that you are keeping up with these two items. While it can be a task that is more tedious and time consuming, it’s necessary for a sparkling home.

Quick Money Savers:

-Outdoor lighting: Hardware stores and home goods stores often times have outdoor light fixtures on sale for as little as $20-$30 each.

-Walkway Lighting: Lighting up and down the sides of your driveway or sidewalk leading to the front door can do wonders for curb appeal. They will make your home stand out from afar after dark and provide guidance for evening and nighttime visitors.

Getting any ideas yet? For more tips and tricks on how to enhance your curb appeal in Millburn-Short Hills, contact me and I’d be happy to help! I’d also love to assist you in your next home purchase or home sale.

Elaine Pruzon
Coldwell Banker Residential Brokerage
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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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What Buyers Look For in a Millburn-Short Hills Home

In today’s housing market, home buyers want it all. With affordable prices and mortgage rates at their lowest in years, today’s Millburn-Short Hills home buyers are looking for the best deals and steals.  Home buyers know they can get more for their money, and expect their potential homes to have all of the best amenities and then some. Patios, porches, decks or outdoor rooms are a big plus in today’s home search, along with first-rate appliances and high-dollar counter-tops.

As a Millburn-Short Hills real estate agent, I have the benefit of hearing all of my clients wants and needs when it comes to buying a home, and have the inside scoop on how sellers are preparing their homes to sell. Before you list your Millburn-Short Hills home, there are a variety of curb appeal and interior enhancements to consider. If you are searching for a home in Millburn-Short Hills, compile a list of features you would like your new home to have. 

Before we jump the gun, here’s what today’s home buyers are looking for.

Homes in Good Condition: It’s no secret that a home in tip-top condition is more appealing than a home that needs some TLC. It’s also a fact that homes in good condition sell quicker. Many buyers demand a home that is well-maintained and eludes limited upgrades. Buyers don’t want an unknown expense looming over their heads, which is why they would rather spend the money for a home that’s move-in ready, rather than pay now for the house and more later for the fix-ups. While buyers have the funds to buy they may not have the funds to improve.

A Bargain: In this housing market buyers can get a lot more bang for their buck. They are also more focused on negotiating and drawing limits when it comes to price. A big part of real estate is strategy, and in today’s market, the buyers are catching on. If you’re selling your home and are hoping to sell at a fair price, it’s important to eliminate any obstacles that are in the way. That means updating, cleaning, staging and repairing are of upmost importance in selling a Millburn-Short Hills home.

Outdoor Living Space: What’s better than a relaxing warm night on your screened in porch in Millburn-Short Hills? When searching for a home, it’s quite appealing to find one that has an inviting outdoor living area. When a home already has this feature, it makes the home more competitive within the market. If a home doesn’t have it, but has room for expansion, that can be a perk as well.

A Touch of Luxury: It’s a fact. Buyers like luxury. In other words, they enjoy amenities that give off the feeling of “living large.” A popular feature that meets these criteria in high-end homes is coffee bars in the master bedroom. Imagine that! Your own private coffee shop in your personal space that brews your favorite blends 24/7. In less-expensive homes, updated features and high-dollar finishes are on the top of the list. For example, granite counter tops and stainless steel appliances in the kitchen or marble flooring in the bathrooms and laundry areas. If you’re not ready to make these somewhat larger enhancements, consider adding barstools to your counter space in the kitchen or recreational areas. It’s an inviting idea when buyers walk into a home and can imagine hosting a dinner party or get-together. 

While you may not be able to find all of these features in your home search (or if you’re selling you may not be able to provide them all) it’s important to consider your wants and needs before buying a home, equally as important to prepare your home for a competitive market if you are selling. For more advice on how best to prepare your Millburn-Short Hills home and for more information on beginning your home search, don’t hesitate to contact me! As your Millburn-Short Hills real estate resource, I am dedicated to guiding you through every step of the process.

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Four Things To Keep in Mind During Your Millburn-Short Hills Home Search!

My years of experience as a Millburn-Short Hills real estate agent have taught me many things, but one important lesson I’ve learned is that no matter how seasoned the homebuyer, mistakes can still be made. Oftentimes, people get so caught up in the excitement of buying a home that they forget to keep a rational head during the house hunting process. The rush of finding a brand-new property outweighs practicality in many instances.

I consider it a priority on my end to make sure that anyone who is searching for a Millburn-Short Hills home doesn’t simply fall for “love at first sight.” There are many elements that are important when house-hunting, and while it’s easy to let your emotions get the best of you, it’s also important to remember something: you actually have to live in the home you buy for a long time. As silly as it sounds, you would be surprised how many people who are searching for a home on the Millburn-Short Hills real estate market forget that buying property is a commitment.

With this thought in mind, I thought I’d pass on some things you should definitely keep in mind during your Millburn-Short Hills home search. If you remember these four things throughout your home buying process, I can safely say that there is a much better chance of you being happy with your property in the long-term, as opposed to having that awful feeling commonly known as “buyer’s remorse.”

Location, location, location. You hear it all the time. Location matters when buying a home. There are several questions you should ask yourself when picking your next neighborhood. For example, what will your job commute be like? How are the school districts in the area? Is this neighborhood safe? Is it great for raising a family? Remember, even if you don’t have children yet or don’t think you’ll mind a long commute, you have to think long-term. If you’re planning on starting a family, or think you’ll get sick of the commute after a few months, it might be time to look for a neighborhood that better suits your needs.

Figure out which home features are your “deal-breakers.” Believe it or not, sometimes, in the excitement of searching for a new home, many Millburn-Short Hills homebuyers forget to think about their lifestyle and needs. They see a home that they love in theory, but don’t think about how practical it is to live there. It’s important to remember that while you want to live in a home you love, you also want to find a home that will be appropriate for your lifestyle and what you see for yourself in the long run. Do you have pets? Find a home with a yard for them to play in. Will your family be growing in the near future? Make sure you get a home with an extra bedroom or two. Is there sufficient storage space? How much remodeling will need to be done on the home before it is “move-in ready?” These are all important factors you have to consider if you’re going to be a happy homeowner in the long run.

Don’t forget to ask questions. Even if you hire a very qualified real estate agent to handle all of your negotiations for you, it’s still important to know exactly what’s going on during your transaction. Don’t be afraid to ask the seller questions about the home or your real estate agent for more information about the area. The more questions you ask throughout the transaction, the less you will have to stress out about once you move in. It’s important to know what you’re getting yourself in to before the move happens.

Make sure you scrutinize. Don’t forget, you’re moving in to a new home. You have every right to scrutinize it before agreeing to buy it and to ask the seller to make any needed repairs or fix any damages. If you need some guidance in this department, talk to your real estate agent. They will look out for your best interest and help you give the house a final walk-through in which you pay attention to every detail. Remember, while you want to buy a home as soon as you can, you also want to make sure that you’re looking out for yourself. Don’t neglect the final walk-through and make sure you have your eyes open.

If you keep these four key elements in mind during your hunt for a home in the Millburn-Short Hills area, you are far more likely to be a long-term, happy homeowner. The most important thing to remember is this: don’t let your emotions be your primary guiding factor! You want to give your heart some say, but you need to remember to use your head. It’s important to be practical and make sure your new home will fulfill your long-term needs.

If you have any questions about buying a home in Millburn-Short Hills, or if you want to see some of the beautiful homes available on the local real estate market, don’t hesitate to contact me! I’d be happy to help you however I can. I hope to hear from you soon!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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