Homes for sale in NJ: Preparing for a bidding wars in Nutley New Jersey

Bidding wars in Nutley are back, Nutley Real Estate and Multiple offer

Bidding wars in New Jersey are back! yes the old oh there is another offer on the table is becoming more normal amongst home buyers in New Jersey here is how you can prepare for a bidding war on a new home in Nutley.

Bidding war on homes in Nutley

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    Homes for sale in NJ: The Best Time To Buy A House in Nutley

    The Best Time To Buy A House in Nutley is The Winter, You can get a great deal on a home in Nutley during the winter months
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      Why is the Nutley Real Estate market doing better than others?

      Nutley is a town 9 miles outside of New York City, A suburban feel that boasts fine restaurants and pubs everything from Italian and Indian food you can get within minutes from each other, the best part is it is located minutes from NYC transportation, shopping, major highways and more. Nutley has a fabulous Park system that spreads through out the 3 square miles of the town. Home of Annie Oakley and Martha Stewart Nutley most of all is a great town to raise a family! some new things going on with the town are A new Italian Restaurant Luces is moving into the old Terazzas Space and Hoffman LaRoche is in the process of transforming the former Nutley Headquarters, Some new development will be taking place on Kingsland St and Centre st, the town is ever transforming itself to meet the residents demands, take a moment below to see the Nutley Real Estate stats and see how Nutley would be a great town to start exploring. Read More

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        Are you Ready To Buy A New Home in Clifton NJ?

        Are You Ready to Buy a Home?

        Your parents did it. Your friends are doing it. But how do you know if you’re ready to buy a home in Clifton NJ ? The decision to become a homeowner is a personal one that must be based on your life situation and finances. Ask yourself these six questions to determine if you’re real estate-ready.

        1. Can I afford it?

        first-time-homebuyers-300x194.jpgHomeownership brings with it many new expenses. Beyond your mortgage, you’ll be paying for insurance, utilities and taxes, not to mention maintenance costs and perhaps homeowner’s association fees. If you don’t already have a budget, start one. It will help you manage your money, your spending and help you understand how much you can afford for a home.

        2. Do I have money for a down payment for a home in Clifton?

        Most conventional lenders require a down payment of 5 percent to 20 percent of the home’s price. The U.S. Census Bureau reports the median price of new homes sold in March 2014 was $290,000; 20 percent of that amount is $58,000. Less than 20 percent down will require that you take out private mortgage insurance (PMI), which protects the lender against default. PMI rates vary, but monthly premiums can range from $30 to $70 for every $100,000 borrowed. VA loans, available to consumers who have served or are presently serving in the U.S. military, require no down payment. Additionally, low-income borrowers with credit scores of at least 580 may qualify for an FHA loan (insured by the Federal Housing Administration) with a down payment of 3.5 percent.

        3. Do I have a reliable source of income?

        If there are murmurs of layoffs at your company or you’re thinking you might want to quit your job, where will your mortgage payment come from? Make sure you have a steady source of income.

        4. How’s my credit?

        Everyone has a credit score, also known as a FICO score (Fair Isaac & Company), which can range from 300 to 850. If your credit score is below 620, you’ll likely have a tough time getting a loan. If you do obtain a loan, it will probably require a higher down payment and a higher interest rate. If your credit score isn’t great, you should take some time to repair your credit and raise your credit score.

        5. Am I planning to stay put for the next three to five years?

        Real estate transaction costs are high enough that, unless you’re in a thriving real estate market, you’ll likely lose money if you don’t stay in your home for at least three to five years. Research your breakeven point, which is the amount of time that buying makes more sense than renting.

        6. Am I ready for some DIY projects?

        Owning a home in Clifton means maintenance, such as mowing the lawn or making minor repairs. Do you have the time, skills and interest to maintain the property? Or, can you afford to hire someone to handle these tasks?

        Summary

        Once you have examined your financial health and decided you are ready for homeownership, take the time to choose your advisers wisely and enjoy the hunt.

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          Just Listed in Nutley (Spring Garden Section)

          Great Opportunity To Own This Fantastic Colonial W/ All The Upgrades! In Ground Pool with Sun Room and Very Private Back Yard, Great for Entertaining, Full Finished Basement w Home Warranty! This home has everything a home owner could want, very well maintained home in a very desirable area of Nutley, Paver Driveway with Landscaped Lawn and Property, Heated In Ground Pool with Heated Sun Room and Deck for Entertaining, The home boasts a full finished basement with Jacuzzi Tub and Stall Shower great for extended visitors, wood floors with fire place and central air. 4 Large bedrooms with a finished basement

          Nutley Home For Sale

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            7 Steps to Take Before You Buy a Home in Nutley

            Most potential home buyers are a smidge daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.

            1. Decide how much home you can afford

            Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.

            2. Develop your home wish list

            Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.

            3. Select where you want to live

            Make a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities.

            4. Start saving

            Have you saved enough money to qualify for a mortgage and cover your downpayment? Ideally, you should have 20% of the purchase price set aside for a downpayment, but some lenders allow as little as 5% down. A small downpayment preserves your savings for emergencies.

            However, the lower your downpayment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your downpayment size can also influence your interest rate and the type of loan you can get.

            Finally, if your downpayment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and downpayment assistance programs for first-time buyers.

            5. Ask about all the costs before you sign

            A downpayment is just one homebuying cost. Your REALTOR® can tell you what other costs buyers commonly pay in your area—including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.

            6. Get your credit in order

            A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. Most require a minimum credit score of 620 for a home mortgage.

            You’re entitled to free copies of your credit reports annually from the major credit bureaus: Equifax, Experian, and TransUnion. Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.

            7. Get prequalified

            Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.

            If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.

            Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest

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              Waiting to buy a house in Nutley NJ ? It’ll cost you

              Buying A Home in Nutley

              Timing is everything when it comes to a lot of things – baking a soufflé, fertilizing your lawn, and buying a home. Not so sure about that last one? With interest rates going up and housing prices on the rise, you may think that it might not be the best time to purchase a home or even refinance the one you’ve got. But experts disagree.

              “It is a big deal to buy a house. But if you do your homework and have the right documentation ready, this could be a great time to buy a home for many reasons,” says Jay Plum, executive vice president of Huntington National Bank, in Cincinnati, Ohio.

              Read on for the five major reasons why mortgage experts believe that there is no better time than the present to get that dream house you’ve always wanted.

              Reason #1: Interest rates won’t stay this low forever

              “A reason to look now into buying a home or refinancing is because these rates won’t stay [put] forever. That’s what rates do – they go up,” says Plum.

              In fact, the interest rate for a 30-year fixed mortgage is expected to go up to 5 percent by the fourth quarter of this year and 5.3 percent by the end of 2015, according to a recent forecast by the Mortgage Bankers Association (MBA).

              Why are rates rising? Well, one huge factor is that the feds will start raising rates about six months after they stop buying mortgage bonds, which is projected to happen sometime in 2015, says Plum.

              “[Rates] probably won’t start shooting up quickly. But a quarter of a point on an interest rate can mean about $100 more each month on [a homeowner’s] loan. For a lot of families, that can make a big difference,” he says.

              Reason #2: Credit score requirements are lowering

              Is your credit score lower than you’d like to admit? Well, good news: Credit score requirements for borrowers taking out mortgages are easing.

              In March, credit scores on purchase mortgages stood at 755, down from 761 in the previous year, according to data from Ellie Mae, a mortgage-software provider. Credit scores for FHA loans dropped even lower to 684, compared to 696 a year earlier.

              What brought on this change? The 2014 market is expected to be a more purchase-focused market, says Vickee Adams, vice president of external communications for Wells Fargo Home Lending.

              “Having a broader credit score range will serve to attract more borrowers into the market,” she explains.

              But why is there a need to attract more borrowers? Well, the demand for refinancing has dropped considerably. Refinance applications are about 70 percent slower than a year ago and are expected to continue to decline, according to a statement by the MBA in April 2014. As a result, banks are trying to find ways to boost lending to homeowners, including lowering credit score minimums.

              Reason #3: Spring and summer are the best times to buy a home

              It has been a brutal winter, and people who wanted to sell their house just didn’t want to bother with all the snow and cold weather, says Lawrence Yun, chief economist for the National Association of Realtors in Washington, D.C. The same goes for people wanting to buy a home – they just stayed put, he adds.

              “Many people who were forced to delay putting their house up for sale are doing so now. But spring has always been an important time in the real estate business,” Yun says. In fact, warmer seasons like spring and summer have always been a popular time to buy a home.

              People think about moving during summer vacation, because their kids will be out of school then, which helps makes things easier, says Yun. Buying a new home in the summer gives families enough time for the closing and moving before school starts again.

              No kids? Summer is still a popular time to sell or buy even for people without children. And it’s not just because the weather is nicer.

              “People just know that there are more listings coming in the spring and more buyers,” Yun says. “But from a buyer’s perspective, there will be more competition from other buyers.”

              Reason #4: Buying is still cheaper than renting

              Buying a house is a significant purchase, but in most parts of the country, it’s cheaper than renting. If that seems counterintuitive, let’s look at recent research by Trulia, an online residential real estate site for home buyers, sellers, renters and real estate professionals.

              According to Trulia, homeownership compared to renting continues to be the less expensive way to live in all of the 100 largest metro areas researched. The study compared the costs of renting and owning assuming homebuyers get a 4.5 percent mortgage rate on a 30-year fixed term loan with 20 percent down.

              So why should people buy a home now? The gap is getting smaller between the two choices because of rising mortgage rates and home prices, says Jed Kolko, Trulia’s chief economist and author of the report.

              “Now, at a 30-year fixed rate of 4.5 percent, buying is 38 percent cheaper than renting nationally, versus being 44 percent cheaper one year ago,” Kolko says in the report. “Some markets might tip in favor of renting this year as prices continue to rise faster than rents, and if – as most economists expect – mortgage rates rise, due both to the strengthening of the economy and Fed tapering.”

              However, the percentage is different in every housing market. In Honolulu, buying is only 5 percent cheaper than renting, while in Detroit, buying is 65 percent cheaper than renting.

              Reason #5: Home values are still competitive

              Are you looking for a bungalow with a white picket fence, a modern metropolitan penthouse, or a cabin in the woods? Well, it might be time to buy your dream abode before prices go too high.

              The good news is that that the prices of homes have gone up but haven’t skyrocketed, so they’re still within reach of many buyers. The median existing home price for all housing types in February 2014 was $189,000, which is up 9.1 percent from last February, according to recent press release by the National Association of Realtors (NRA).

              Plus, the housing inventory rose 6.4 percent to 2 million existing homes available for sale, reports the association. So there are more homes to choose from during your search depending on where you live.

              “Property values are still very competitive in most markets, but there is a tremendous amount of competition by buyers,” Plum says. “If you are looking at buying a home, be prepared to offer quickly, and get preapproved by a lender which will make things go easier.”

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                Roche markets 5 buildings on Nutley campus, razing the rest

                Roche in Nutley

                A representative marketing the sprawling Roche campus that straddles Nutley and Clifton is “pretty confident” the property will be sold to a developer before the end of the year.

                Tom Stanton, managing director at Jones Lang LaSalle, the real estate firm marketing the property, said the pharmaceutical giant’s former home has drawn interest from more than 30 groups, but he declined to say which developers are close to considering a deal.

                JLL hopes to sell the 116-acre campus as a single parcel.

                Roche, which moved last year after more than eight decades on the site, has been razing many of the buildings. According to Stanton, only five of about 40 buildings will be left when demolition is scheduled to completed this winter. Read More

                 

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                  Selling your home fast in Nutley

                  Most of the rules for selling a home in Nutley  are the same, no matter what time of year you put it on the market. There are a few special rules for certain seasons, though. As we enter the summer, keep these ideas in mind for maximizing your warm-weather selling success:

                  Water like you mean it

                  There are a lot of great ways to conserve water for cost saving benefits. While your house is listed for sale, though, it isn’t the time to pinch pennies. If you skimp on watering in the summer, buyers won’t appreciate your frugality, they’ll just see a less-than-stellar lawn. Keep your yard looking like a professional maintains it (or hire a pro to do so for a little while). Your bank account will be much happier with the higher sale price that it brings.

                  Keep Cool

                  Home buyers in Nutley are often very emotional when making purchase choices. They just get a certain “feeling” in a home and decide that it’s the right one for them. There are few things that make buyers more uncomfortable than sweating their way through a stuffy, hot home in the summer, and they usually rush through the tour to escape the heat. Your job is to extend that showing, so keep your air conditioning trained at a comfortable temperature, or leave some windows open for a breeze if it can be done securely. Leaving out some bottled water for potential buyers can’t hurt, either. Never discount the value of a buyer feeling comfortable.

                  Be flexible with your schedule

                  With summer comes the end of the school calendar, lots of vacation time, and much later sunsets. Home buyers’ showing patterns will become more varied. While you can rely on winter showings being early weekday evenings or on the weekends, buyers in the summer are often available all week long, and into the late evenings. The spring rush of buyers usually slows a bit during early summer.  Having your home ready to show at a moment’s notice, and being flexible with showing times, is essential to allowing more buyers into your home and getting the most exposure possible for your Nutley Home. Being accommodating for a short period of time can reap great rewards long-term.

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                    Homes in Nutley Are Selling How Fast?

                    Yep, Homes in Nutley are selling in 1 Day! in some occassions, my listing at 120 Conover Rd in Nutley was on the market for one day with multiple offers! The Real Estate Market in Nutley New Jersey is White Hot these days when you see a good property at a good price in town you have to jump on it.

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