Local Business Spotlight: Reeves-Reed Arboretum!

Complements of Reeves-Reed Arboretum

With summer winding down and fall right around the corner, it’s important to remember the places that are fun to visit year-round in New Jersey! So today, as your New Jersey real estate agent, I’d like to shine a spotlight on the Reeves-Reed Arboretum in Summit, NJ.

Listed on the National and State Registers of Historic Places, this arboretum displays design trends of landscape architects from the late 19th and 20th centuries. There is lots of history here, as each exhibit was added at different times throughout the past couple centuries.

The arboretum is made up of five-and-a-half acres of formal gardens, each representing design trends from the early 20th century. Some favorite exhibits include the Wisner House, the Keller Azalea Garden , the Rose Garden and the Rock Garden. You can stroll down the trails, take a group or self-guided tour, or just sit and relax on the benches.

Nature isn’t all you’ll find at the arboretum! There is the interactive exhibit called ‘Elements’, which works the six elements of stone, metal, wood, light, ice and water into the setting. There are 30 site-specific installations, using materials unique to the grounds, and some even contributed from Hurricane Sandy! This is definitely a sight to see.

The arboretum also hosts numerous events year-round, which makes it a great destination, no matter what time of year you’d like to go! They have classes on Wednesday afternoons for kids ages three to five. Each week, they create a different art project with a different theme. The arboretum also host concerts, such as the Wells Fargo Jazz for Teens Alumni Concert coming up on Sept. 11.

Annual events occur year-round as well, with ‘Celebrate Fall’ being the next one to look forward to, happening on Oct. 27 this year. There are all sorts of educational sessions too, for children, youth and teens, scouts and school groups, and adult lectures, trips and workshops.

Numerous volunteer opportunities are also available at the arboretum, which is a great way for residents who just relocated to Summit, NJ to meet new people! Currently, the volunteers meet at the Louise B. Roehm Greenhouse on Saturday mornings from 9 a.m. to noon.

The arboretum is open daily from dawn to dusk. It’s free, but there is a nonmember suggested donation of $5. Still, that’s a great price for spending an afternoon in a beautiful, serene setting!

As a Summit real estate agent, it’s important to me that you become familiar with local businesses and attractions after buying a Summit home. By keeping up with my local business spotlight blogs, you can feel a bit more familiar with the town that you're moving to.

Whether it’s Summit, Millburn, Short Hills or one of the many other towns I work in, there is something for everyone! When you’re ready to relocate, contact me. Together, we can figure out where the best location is for you to live!

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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Declutter Your North Jersey Home For a Healthier, Calmer Life!

Anyone who has gone through the home-selling process before knows how stressful it can be if you start out with a cluttered, unorganized home. Likewise, moving can be a real hassle if you have an overabundance of stuff. As your Millburn-Short Hills real estate agent, I’d like to help you out!

As it turns out, clutter in the home has been scientifically proven to raise your stress levels year-round, according to HGTV. This is true of all homeowners, whether buying, selling, or just staying put. However, if you work toward a more organized, clutter-free home now, moving and staging your home to sell will be much easier down the road!

Here are some of the tips HGTV offers for living a healthier, calmer life in a more organized home:

• Spend 15 minutes each day or night tidying up your home. This could be anything from straightening out throw pillows to wiping down kitchen countertops or washing and putting away the dishes. Create a time slot for this everyday so you keep up in a doable fashion!

• If you don’t have a home office, create a small nook with a floating shelf and a small cabinet. This can be your “command center” for writing bills, taking phone messages, keeping a calendar, printing and storing files. That way, everything is organized in one place.

• Stick with the basics in the kitchen. You don’t need all the latest and greatest gadgets and tools to be taking up space on your counters or in your cabinets. In fact, spend one day emptying the drawers and cabinets, and only put back what you use on a regular basis.

• Use a shoe organizer in the bathroom. Hang it on a cabinet or closet door so that everything you need is easily accessible but not strewn on the counter or thrown into the cabinet. From nail polish, makeup and razors, to hair spray, curling irons and brushes, everything will have its own little nook!

• Use bins in your closets and label what’s in each one. It’ll add storage space while still keeping things organized and categorized. You can use these bins for anything, from pajamas, bathing suits and workout clothes, to toys, shoes and books.

For more clutter-free cleaning tips, read the entire HGTV article here.

By incorporating these small changes into your household and everyday living habits, hopefully you’ll find yourself calmer and more organized at home and in life! And when you’re ready to sell your North Jersey home, or move to a new home, the job will be much easier.

Need help selling your Millburn-Short Hills home or buying aNorth Jersey home? Contact me!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Downtown Summit's Events & Attractions!

Are you familiar with Downtown Summit, New Jersey? Whether you live in Summit, or you’re from the surrounding Millburn or Short Hills areas, there is plenty for you to enjoy! As your Millburn-Short Hills real estate agent, allow me to introduce you to some of the current and upcoming attractions.

1. The Third Annual Festival of Fine Arts & Crafts is this Saturday in Downtown Summit! This special event takes place from 10 a.m. to 5 p.m. along Beechwood Road, Union Place and Springfield Avenue, with over 75 artisans! Shop among local artists and crafters while enjoying live entertainment. From paintings and woodcarvings, to homemade quilts and jewelry made from recycled silverware, you’ll be sure to find something that impresses you. Are you new to the North Jersey area? Start decorating your home with original arts and crafts while meetings other local residents!!
2. Next weekend, June 27 through June 29, you can come out to Downtown Summit for Super Sidewalk Sale Days! Local businesses will bring some of their merchandise out onto the sidewalks for you to browse through, so you can easily stroll from one business to another and check out the bargains. At the same time, you can enjoy the fresh summer air.
3. Beginning June 27, check out Summit, NJ’s brand-new Greenmarket! It opens June 27 and continues every Thursday through Sept. 12, from 3 to 8 p.m. on Beechwood Road. There will be 13 local farmers and purveyors present, including Little Big Farm, WoodsEdge Wools Farm, Brownie Points Bakery, Pickle Licious, Z Food Farm and so many more. Save a trip to the supermarket while supporting local businesses!
4. If you can’t make it to the new Greenmarket, don’t forget about the Summit Farmers Market, celebrating its 20th season this year! The market opened on May 12 and runs every Sunday until Nov. 24. From 8 a.m. to 1 p.m., you can purchase produce from two organic farms and five other New Jersey farms. Apart from produce, an array of other goods is available, such as gourmet nuts and fruits, pizza, bakery goods and so much more.

Aside from all these specialty events, Summit, NJ also features permanent attractions for you to enjoy year-round. These include Clearview Beacon Hill Theatre, Reeves-Reed Arboretum, Summit Playhouse, Visual Arts Center of NJ and more! Check out Downtown Summit’s website for full details.

You’ve got all of Summit’s shopping and dining options, too. So really, the opportunities for an enjoyable day or evening are endless! If you’re new to the Summit, NJ area, be sure to check out Downtown Summit and all that it has to offer.

Want to buy a North Jersey home? Contact me! As a Millburn-Short Hills real estate agent, I’d be happy to help!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Mortgage Loan Approval Tips For Millburn-Short Hills Homebuyers

Are you gearing up to buy a Millburn-Short Hills home? Smart move! Mortgage rates rose again this week, almost reaching 4 percent. This is still relatively low, but they aren’t going back down anytime soon. The sooner you buy, the less money you’ll spend!

As your Millburn-Short Hills real estate agent, I want you to receive the best mortgage rate you can. Did you know that the rate you receive depends on your credit, debt and other factors? The better off your financial situation is, the more likely a lender will give you a loan and a lower interest rate.

So as a Millburn-Short Hills homebuyer, what can you do to ensure that mortgage lenders are happy to help you? Here are some financial areas to work on:

• Credit score. The higher the score, the better, and if it’s below 700, you might have a hard time getting approved for a loan. To improve your score, the best thing you can do is start paying off debt and paying bills on time. It takes three to six months to improve the score, so find out what your credit score is and get to work as soon as possible!
• Debt. This directly affects your credit score and what lenders think of you. The more debt you have, the less likely they’ll be to give you more of it through a mortgage loan. Start paying off credit cards, loans, your car and anything else you can lower. If you’re close to paying off the debt, you’ll have better luck with lenders.
• Income. Lenders will check to see that you have a secure job with steady income. Have old tax returns ready to bring in, along with W-2 forms, pay stubs, bank statements and whatever else they may ask for. If you’re thinking about changing jobs, you might want to wait until after you purchase a home.
• Down payment. The more money you have to put down on a Millburn-Short Hills home, the better. That means the lender doesn’t have to lend you as much. If you don’t have much saved right now, start making lifestyle changes that will allow you to save every penny you can from now until when you’re ready to buy.

It’s important to remember that even if you have some debt or a small down payment amount, there are still options. Contact me, your Millburn-Short Hills real estate agent! I’d be happy to answer any questions that I can, or turn you to someone who can. When you’re ready to buy, contact me!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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5 Upcoming Events In & Around Millburn, NJ!

Did you just buy a Millburn home? Have you lived in the Millburn-Short Hills area your whole life? Either way, summer is a great time to leave the comfort of your home and socialize with other local residents at local events! Warm weather brings markets, festivals and annual traditions that you won’t want to miss. As your Millburn-Short Hills real estate agent, I’d like to fill you in on what’s coming up!

Mark your calendars for these five upcoming events around the Millburn-Short Hills area. If you attend one, leave a comment and let me know how it was! When you’re ready to buy a Millburn home or sell a Millburn home, contact me. I’ll be ready for you!

1. The Millburn Farmer’s Market starts back up this week! The first day of the 2013 season is tomorrow, June 7, from 8 a.m. to 2 p.m. at Town Hall on Essex Street. It’ll run every Friday at that time until Oct. 25. Local farmers will be present with fresh, seasonal fruits and vegetables. USDA certified organic products will also be available. Want to start eating healthier? The market makes it convenient and easy to do so! 
2. On Saturday, take a drive to Primrose Farm in Morristown for the first organized public event since the site opened! Between 10 a.m. June 8 and 10 a.m. June 9, you can capture a photo of nature that holds “The Essence of Primrose.” Professional photographers will be present between 10 a.m. and 2 p.m. Saturday to offer tips. Submit your photo to see if you win the photo contest! 
3. Not sure how to keep your kids busy this summer? Visit New Horizons Day Camp’s Open House on Saturday from 1 to 3 p.m.! New Horizons is located in West Orange and accepts children entering kindergarten through 9th grade. While kindergarten and first graders are in a traditional camp program, kids in grades two through nine can choose their own schedule from a plethora of activities!
4. Mark your calendars for the Millburn Sidewalk Sale and Stroll on June 13, 14 and 15! Downtown Millburn will be bustling with local residents during this annual event, so it’s a great time to meet new people if you just moved to Millburn. Local business will bring bargain items and new merchandise out onto the sidewalks for a casual, festive atmosphere. 
5. Love to run? Want to shape up for summer? Start training for the 34th Annual President’s Night Race in Millburn, NJ on Monday, June 17! This 5K is open to people of all ages and usually attracts around 1,500 runners. The race begins at 8 p.m. and starts and finishes at Charlie Brown’s Restaurant parking lot. Call Sneaker Factory in Millburn at 973-376-6094 for details and to register!

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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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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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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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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Should New Jersey Home Buyers Wait?

If you are looking to buy a Millburn-Short Hills home in 2013, you may be wondering if you should buy now while home prices and mortgage rates are reasonable - or wait, and see what may be available a few months down the road.

Here are my thoughts on our New Jersey real estate conditions, and how they impact first-time home buyers.

We are seeing a lot of variety! Overall, home prices are up from a year ago, and the list-to-sales ratios show that prices are firming. Yet the amount of time a home spends on the market can be a short as 10 days or as long as several months. You can get an idea of how local markets like Livingston, Chatham, and Summit are faring by looking at my Market Statistics page. Free! Take a peek.

Meanwhile, New Jersey has some shadow inventory to work through. Some of these distressed homes may experience foreclosure. Others may conclude a short sale before reaching foreclosure, which is less damaging to surrounding home values. Inman News reports that shadow inventory nationwide is down 28% from its peak, but New Jersey, Florida, New York, California and Illinois have the lion's share of this market.

Anywhere there are foreclosures, home prices dip; but not all delinquent mortgages translate into foreclosure. Short sales are accounting for a greater share of our distressed market. Since short sales are based on fair market value, and the homes are in better condition than foreclosures, they do not harm area home values. It would be inaccurate to assume that having a distressed inventory means automatic price retreats. However, home price appreciation will likely be gradual this year, as we have seen over the past 12 months.

The gamble that first-time home buyers make in waiting, is twofold: home prices may rise, and mortgage interest rates may rise. Gradual increases in both have been predicted by economists. A one-two punch of increases will impact mortgage qualification for those who are just within bounds, and make home buying more expensive for all concerned.

Bottom line: you can't predict the market, but you can base your decisions on the facts you have today. You can also use my professional guidance to help you find the best opportunities in New Jersey real estate! I will be happy to share the newest home listings and latest price trends for the neighborhoods you'd like to call home. Contact me today, and let my experience work for you!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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New Credit Scoring Model Could Help New Jersey Home Buyers

Most New Jersey home buyers are familiar with FICO - the traditional credit scoring model that is used by lenders to determine borrowing risk. While FICO has dominated the credit scoring market for the past 20 years, the new VantageScore model is gaining momentum. Here is what it could mean for New Jersey home buyers!

Per a recent CNN Money article, VantageScore is now used by 4 of the 5 top mortgage lenders in the country. VantageScore is also used by:

7 of the top 10 financial institutions
6 of the top 10 credit card issuers
4 of the top 10 car loan companies

VantageScores have been around for a few years, but have been somewhat confusing to consumers because the numerical range has been different than FICO. However, the 3.0 version of VantageScore solves this. In the future, both VantageScore and FICO will follow a credit score range of 300 to 850. The higher the number, the better the score

There are a few other differences in the scoring models that could benefit home buyers and other credit applicants. VantageScores consider rent payments, utility bill payments and public records in their computations. This will provide credit scores for consumers with little or no borrowing history who fall through the cracks with FICO.

And because VantageScore was developed by the "big three" credit reporting agencies, the logistics in scoring are more uniform. Some variety in score between one bureau and other is normal, since not all lenders report to all bureaus.VantageScore claims to "lift" consumer credit scores in general because there are fewer variances in score tabulation.

Another big plus of VantageScore: collection accounts will not hurt your score if the balances are zero.

In other respects, the two scoring models are very similar - and neither one is going to tell you exactly how they come up with your score. Nor is your lender likely to tell you in advance which credit score company they will use in their lending decision. It's possible that lenders may use both FICO and VantageScore for a more complete picture of creditworthiness.

Understanding how credit scores work can help you get approved for a mortgage and help you save thousands of dollars in interest charges. No matter the scoring model used, the same basics of good credit apply: pay your monthly bills on time, and keep your credit use to a minimum!

As your real estate professional, I'm happy to share consumer information that benefits the residents of Millburn-Short Hills, Livingston, and Summit. Please feel welcome to pass this information along! 

When you have questions about New Jersey real estate, I will be here to help you! Just give me a call!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Property Inspections and Your Millburn-Short Hills Home Purchase

A recent article by Inman News states that property condition is among the top concerns of home buyers. This is understandable in light of the number of foreclosures and short sales that remain on the market. Deferred maintenance can be an issue with any home, in any type of sale.

For these reasons, home inspections are playing a larger role in today's home buying process!

While home inspections are not required when you purchase your Millburn-Short Hills home, they are highly recommended. However, you should understand what a home inspection is, and know what it will accomplish for you.

The first thing to keep in mind is that home inspections are a visual examination of the property condition. Nothing is taken apart; no warranties are issued.

Home inspections in the State of New Jersey are regulated. Home inspectors are required to meet education and experience criteria before receiving a license. You should always screen your home inspectors to make sure they hold an active license. I can also refer you to several home inspectors in our area, but the choice of inspector is yours.

Next, the definition of a home inspection, according to the State of New Jersey Division of Consumer  Affairs, is as follows:

A home inspection is a visual, functional, non-invasive inspection conducted for a fee. It is performed without moving personal property, furniture, equipment, plants, soil, snow, ice or debris. It examines the readily accessible elements of a residential building in order to report the condition of:

• structural components
• exterior components
• roofing system
• plumbing system
• electrical system
• heating system
• cooling system
• interior components
• insulation components
• ventilation system
• fireplaces and solid fuel burning appliances

Home inspections are paid for by the home buyer. Again, they are optional but highly recommended. The cost of a home inspection varies; it can run anywhere from $250 to $400.You will want to be present during the inspection, if possible. In any case you will receive a written report of the inspector's findings.

Last but not least, remember that no home is completely perfect! The inspection will help determine if there are any obvious flaws that need attention. You will then have the opportunity to negotiate any repair issues - or, to exit the deal, if you have made the proper contingencies in your purchase offer. I will help you with this!

As your Millburn-Short Hills real estate professional, I will provide you with expert assistance throughout  the home buying process! I will be your professional guide during the home search, negotiations and the closing! 

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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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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See My Listings
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