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• Outdated furnaces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• Outdated appliances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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Negotiating tips for buying a Millburn-Short Hills home

You've found a Millburn-Short Hills home you want to make an offer on. Congratulations! These four tips will help your negotiation process go more smoothly. Negotiating can be difficult, especially if you haven't done it before. You want to pay as low of a price as possible, while the seller wants you to pay as much as possible. Check out these tips for negotiating a price for your Millburn-Short Hills home today:

Don't offer too little

The initial offer you make frames the whole negotiation. You want to go lower than the highest amount you're willing to pay, of course, but you don't want to go so low that it backfires. Low balling can anger a seller to the point where they are irritated by you or, at worst, refuse to negotiate further.

Get to know the seller

Find out as much as you can about the seller and the property. Why are they selling? Do they still live there, or have they already moved out? How long has the house been on the market? Have their been any other offers yet, and if so, how come they didn't pan out? This information will give you an idea of how urgently the seller wants to sell and, by extension, how much they will be willing to negotiate.

Make it personal

Sellers often make the mistake of letting their emotions get involved in their home sale. You can use this to your benefit! A seller has a lot of memories and emotions attached to the home. They want to know that it will be in good hands. Send the seller a letter telling a little bit about yourself and everyone who will live in the house. Outline why the house is a perfect fit for you. The idea might sound strange, but it can help!

Get everything in writing

Do not forget to get every little thing in writing. Will the dishwasher stay with the house? What about the washer and dryer? If yes, that needs to be in your contract. Will they clean up the scrap pile out back before you move in? Make it official. You definitely want a professional to help you with this part.

Hopefully these tips help make your negotiation process on your Millburn-Short Hills home go more smoothly. If you have any other questions, or would like to enlist me as your professional help, do not hesitate to ask.

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Millburn-Short Hills Real Estate: What should you bid?

Have you settled on a piece of Millburn-Short Hills real estate you'd like to make a bid on?  Congratulations!  The hardest part of finding a home is behind you, but making a bid still requires a bit of skill.  You don't want to  bid so low that the seller is insulted and refuses to negotiate with you, but you also don't want to end up bidding too high and paying more than necessary.  Here are tips on how to figure out the perfect amount to bid:

Research comparable houses
This one is obvious, but important.  Are you buying a twenty-year-old, two-bedroom ranch house with an attached garage and a small, fenced-in yard?  Then comb recent home sales in the area and see what twenty-year-old, two-bedroom ranch houses with attached garages and small, fenced-in yards went for in recent months.  Do not compare apples and oranges, i.e., a newly-built home with one that's been around for sixty years or a mid-sized townhouse with a large Victorian.  Also, compare what they homes sold for against what they were listed for to get an idea of how low you can reasonably bid.

Consider the neighborhood
The exact home in two different neighborhoods will often sell for two different prices.  Do your research.  Has this neighborhood have a higher than average noise level?  If so, you can definitely bring that up during negotiation as a reason for wanting to pay a lower price.  The same goes for any factor that can be considered a detriment such as planned local construction and crime rates.

Figure out the seller's position
Once you've researched similar houses and the neighborhood you should have a clear range of what you will end up paying for the home.  Figuring out the seller's position can help you decide how low you can bid from within that range.  Has the house been on the market for a long time, or was it just put up last week?  Does anyone live in it, or has the seller already purchased and moved into another home?  The more urgently they want it sold, the lower you can bid.

Bidding on Millburn-Short Hills real estate (or any real estate, for that matter) can be a difficult process.  I highly recommend consulting a professional.  If you have any questions about buying or selling a home in the area, please feel free to contact me.

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Closing on your Millburn-Short Hills home

You've done your research, you've saved up a chunk of money for a down payment, you've been approved for a mortgage, you've gone to what feels like a thousand open houses and you've finally found "the one"--the perfect home for you in Millburn-Short Hills, NJ.  Congratulations!  But guess what?  There's still more to do!

Ask a lot of questions

Remember in elementary school when the teacher would say "There is no such thing as a stupid question?"  It's true.  Everything should be perfectly clear in your mind.  If you are uncertain about anything related to how the process is working, do not feel embarrassed to ask someone.  Call your real estate agent or call your loan officer.  Make sure all details are perfectly clear in your mind so there are no surprises later.

Go on a very thorough walk-through

Many clients are so excited about their new house at this point that they rush the walk-through.  Big mistake!  You don't want to miss anything in the heat of the moment.  Feel free to bring your home inspector back for the walk-through.  If you do not bring an inspector, make sure you have the inspector's report from before and check everything carefully to make sure all repairs were made.  Turn lights and appliances on and off in each room to ensure that they are working.  If something is not in accordance with the agreement, say something immediately.  You will have to decide if it is minor enough that you'll fix it yourself, or if it necessitates working out new terms with the seller.

Review the loan documents in advance


Ask your lender or attorney if you may review the loan documents in advance.  This will help ensure that you understand everything happening and will not be caught off guard at the last minute.  Many people just sign documents on the spot without reading them thoroughly so they can get the keys.  That's a legal contract--you want to make sure you know exactly what it says before you put your name on it.

These are just a few tips for home buyers that I hope you found helpful.  I have more information for Millburn-Short Hills home buyers on my blog.  If you have any further questions about buying (or selling) in Millburn-Short Hills, NJ, please do not hesitate to contact me.  Happy buying!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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See My Listings
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