A Few Reasons Why That Extra Bedroom Might Be Worth It

Buying A home in NutleySo you are looking at buying a home in Nutley NJ, but you are wondering whether or not it is worth it to pay a little extra for a home with one more bedroom in Nutley.

It’s a tough decision to make, especially when balancing other factors such as location and the other features of the home. However, having one more bedroom than you think you need could end up being a good thing for a number of reasons.

Expanding Family in Nutley

Perhaps you only planned on having two children, but a third one might come along as an unplanned surprise… will you have enough room for everyone in your new Nutley Home?

One of your children’s friends might have a bad home situation and need a place to crash for a while. One of your elderly parents might need to live with you for a while in Nutley.

There are many situations when the family living under your roof might expand, (even if it’s just having guests over the weekend) so make sure that you have the space to accommodate.

A Home Office in Nutley

If you are working from home or have your own business in Nutley, a private space in the home to work can be worth its weight in gold. It’s really difficult to be productive when you are trying to work at the kitchen table with the rest of the family buzzing around you, so turn your extra bedroom into a home office.

Rental Income in Nutley

An extra bedroom might be a great source of income, especially if it can be turned into a basement or attic suite. As long as you don’t mind the responsibility of being a landlord, you could rent out the room to a tenant in Nutley and let their rent help you cover the mortgage payment.

Resale Value in Nutley

Buying a slightly larger house in Nutley with one more bedroom means that the home will be easier to sell in the future. This is especially true if all of the other homes in the area have similar amounts of bedrooms.

These are just a few reasons why an extra room can really come in handy. If you want to know more about home buying, you can contact me your trusted real estate professional.

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    Nutley FSBO Home Buyers Look to Agents for Safety

    Nutley For Sale By OwnersAccording to the National Association of Realtors, last year there was a 14% decline in the number of For Sale By Owner (FSBO) properties. Despite that decline, FSBO properties are still available in Nutley – and in an inventory-challenged market, you might find one of them is a pretty tempting buying opportunity.

    But here is where caution is warrented — and where you may be amply rewarded by seeking a Nutley buyer’s agent to represent you. There’s more than one reason why:

    FSBO owners may, er, hide things

    It can be tempting for FSBO sellers to cover up problems that would have been picked up if a seller’s agent had been involved. By using an experienced buyer’s agent, you stand a much better chance of identifying those common problems. A qualified inspector (your agent will recommend a good one) can help you spot the more well-hidden ones.

    FSBO properties usually cost more!

    Statistics bear it out: it’s estimated that FSBO properties can cost 10 to 20% more than those listed via real estate agents. Owners in Nutley just tend to overestimate their property’s worth and selling potential. And without the counsel and guidance of a real estate professional, sellers usually establish a stronger emotional attachment to their first listing price. The presence of your buyer’s agent (with a notebook full of comps) is sure to power up your negotiating stance!

    Legal issues

    One of the main reasons to team with an agent is the plethora of legal issues that are interwoven with residential real estate sale transactions. By using an agent, you stand to identify any contractual mishaps before they are executed — and well before costly repercussions materialize. Since many owners who take the FSBO route in town are usually short when it comes to real estate transactional expertise, there may be required disclosures and important paperwork that they have missed. You don’t want to find that out too late.

    If you wind up seriously eyeing a Nutley FSBO home this summer, save future headaches by including your buyer’s agent commission in your offer. More questions? I’m available for consults this week!

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      Nutley Mortgage Rate Hikes Pose Riddle

      This is one of those multiple-choice questions: which is true – A, B, C, D, or E?

      A) If the headline reads NUTLEY MORTGAGE RATES ON THE RISE! it means it’s time to buy (quick) before they go up further!

      B) If the headline reads NUTLEY MORTGAGE RATES FALL! it means it’s time to buy (quick) to cash in on the savings!

      C) If the headline reads NUTLEY MORTGAGE RATES UNCHANGED! it means it’s time to buy (quick) while the rates are stable!

      D) All of the above.

      E) None of the above.

      My answer is below (and it’s not even upside-down), but before anyone even looks down there, I’d like to mention that there is an equally valid second question, which would read ‘sell’ instead of ‘buy.’

      This week is a good time to be pondering both questions. It looks as if the long-lived swoon in mortgage interest rates is about over. “Looks as if” is a carefully chosen phrase, because what seems inevitable in finance has a strong track record of proving wrong. One of the dangers that our current environment presents is that everyone has been correct (about mortgage rates staying in the cellar) for such a long time that they’ve grown accustomed to rates being predictable. They aren’t.

      So the answer to the question is (drum roll, please): E).

      It’s a trick question: when it comes to buying or selling a home, doing anything “quick!” just because of a one-week dip or rise in Nutley mortgage rates is a bad idea. It’s a big decision, one that should be entered into with care and forethought. But if you were to remove the “quick!” from the question, I’d personally tend a little more toward D), but only because I don’t think local mortgage rates are likely to fall right away. And rates today are still, historically, very low.

      Good time to buy, good time to sell. Thoughtfully.

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        What Makes a Great Mortgage Broker in Nutley?

        Getting a mortgage in Nutley these days can be more involved than in years past, not least because their historically low rates make them so desirable. That loan can make or break a fantastic deal — the kind of deal you don’t want to lose when you come across it! Central to the process of getting a mortgage is your mortgage broker…but how do you know when you’ve found a great one?

        These are some of the qualities I believe most often point to the answer:

        • Truly outstanding mortgage brokers get tons of referrals from previous clients and their real estate agents…while other less well-appreciated or experienced brokers must constantly solicit new business. BUT (a very important ‘but’) that is not to say that a mortgage broker who solicits isn’t perfectly well qualified; simply, if you have selected a broker through his marketing, be sure to ask for a few recent references — and speak with them!
        • Getting a mortgage often obligates as much as a third of a household’s income, so it’s vital that it fit properly into the overall financial picture. A great mortgage broker asks the right questions to find a product that best fits your long-term goals, even when they aren’t the easiest ones to ask.
        • The rules governing mortgage transactions have changed significantly in the last few years — and they were plenty complicated to begin with. Learning much of the process on the fly is part of the challenge facing brokers who are new to the field. When you are getting a mortgage in Nutley, if you suspect yours will be anything other than a straightforward process, it may be best to look past a newly licensed broker. An easy way to learn how much experience your broker has is to inquire about his work experience over the last 10 years.

        Getting a mortgage in Nutley can be complicated, but it’s often decisive for your real estate transaction. I’ll be happy to introduce you to some of my proven local favorites. It’s one way we’ll be ready to go when we find you the perfect house!

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          The Best Real Estate Agent in Nutley Helps First Time Buyers Find a Home

          The Best Real Estate Agent in Nutley Helps First Time Buyers Find a Home,

          Nutley House

          Each day, any number of tenants see the perfect Nutley house for sale, yet fail to go ahead and investigate further. Making the move from tenant to homeowner is, after all, one of life’s major decisions — so no matter how perfect such a find might be, making the leap can seem daunting.

          According to the Rental Protection Agency, by last week there were more than 107,000,000 renters in the US — a number that increases by 2,600 a day. In other words, if you are a little unsure about snapping up even the most perfect Nutley house for sale, you are hardly alone. Still, there is that nagging suspicion that homeownership brings substantial financial advantages to some people…

          Fortunately, there are concrete indicators that when a Nutley house for sale looks like a good fit for your family, it will be a good fit for your financial future, too. As a rule, if you qualify for a mortgage, you stand to benefit from homeownership, too.

          One of the main reasons people don’t take advantage of an otherwise ideal house for sale has to do with their credit history. Qualifying takes a credit rating that pencils out to merit a mortgage with beneficial terms.

          If you have savings that are substantial enough to serve as a down payment (generally somewhere between the FHA’s 3.5% to as much as 20%), you have an important leg up.

          Importantly, in the big picture, you need to gauge your overall financial stability. No one can see 100% into the future, but even if a Nutley house for sale is a great value and ideal for you, unless in your income has been steady for at least two years, you probably should wait (and most lenders would agree).

          With good credit, savings for a down payment, and a steady income, you are likely to belong to the group which sees substantial long term benefits from homeownership. If you find a Nutley house for sale that seems well suited to your needs, here’s an undaunting first step: call me today to help get you pre-qualified!

           

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            The Eureka! Moment for Nutley Renters

            The Eureka! Moment for Nutley Renters

            It’s pretty common to hear from previously contented tenants who suddenly experience the Eureka! moment – one where they realize they should have bought a home a while back. Eureka! moments happen most frequently around April 15 — but they can strike anytime. To minimize the lapse between Eureka! and the moment when home ownership became the smart choice, here are some indicators current tenants should watch for:

            Stability Shift

            When your long-term job stability changes, your ability to predict future finances changes with it. Current renters should start surveying Nutley homes for sale when the breadwinner becomes newly established in a long-term position.

            Credit Profile Shift

            To qualify for one of the homes for sale in Nutley may not require perfect credit; but a better credit score means a lower interest rate (and smaller monthly payments). Keeping an eye on your credit profile will confirm that the single best way to boost it is to pay your bills on time, every time. As with the previously cited stability qualifier, lenders take it all into account, and improved credit coupled with today’s record low interest rates pencil out to mortgage eligibility.

            DIY Profile

            An additional sign that you are ready to investigate the homes for sale in Nutley appears when it becomes clear that you can easily handle day-to-day maintenance. Diligent upkeep of a property, inside and out, can take chunks out of your budget if it must all be handled by paid professionals. Especially if you enjoy the process, the more of it you take on, the more you (instead of a landlord) will benefit.

            Owning a home is one commitment that should only be taken on after you have researched Nutley homes for sale, organized your finances, and are confident that your family is ready to settle down for the long haul. If you are close to such a Eureka! moment, contact me to discuss your goals.  With market conditions nearly ideal for first time buyers, I’m here to help you find a home that will turn your Eureka! moment into, ‘It’s good to be home’!

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              Buying a Nutley Home from the Bank?

              The difference between a ‘Foreclosure’ and a ‘Bank-Owned Home’ may be technical, but  important to understand.  Foreclosures are properties that are auctioned off in a court process. A bank-owned home, on the other hand, is one that has reverted to the mortgage issuer: a bank.

              A foreclosure can change hands with the bang of the auctioneer’s gavel: it’s a cash-in-hand situation, carrying all of the excitement (and risk) of any auction.

              With a bank-owned home, the ‘owned’ is attached by hyphen to a banking institution – a spot not exactly known for excitement. True, banks are eager to sell, since a bank-owned home represents an unprofitable financial and management burden. But banks are by definition cautious, thorough, and usually (unlike auctioneers) prone to moving like molasses in December. So, persistence and care will be needed to take advantage of the potential bargain a Nutley bank-owned home represents.

              Since you will need to prove you are qualified to buy a bank-owned home, being pre-approved for a loan will come in handy.  It will also be important to have a good home inspector at the ready, since most bank-owned properties are sold as-is. You will want detailed information about the condition of the house and likely cost of repairs that need to be made.

              And while there are many sources for identifying a suitable bank-owned home online, when it comes to the next step — putting together a successful offer — enlisting an experienced local real estate agent is standard practice.  Sometimes a bank-owned home can be priced under market, sometimes over — but if you want to write the winning offer, you need to examine and understand the latest numbers.  By looking up the market comps and procuring costs faced by banks, your agent will help you present an offer that is both attractive to the bank and to you.

              This winter, whether you are looking for an entry-level condo, a bargain fixer-upper, or a luxury REO, as soon as you are ready to start the search, call me — I will get you a list of Nutley  bank-owned homes now accepting offers.

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                Things To Be Thankful For: Nutley Kitchens!

                Things I am thankful for this year: health, of course — for friends, family, myself — and for the many things we all take for granted until something as devastating as Hurricane Sandy comes along to remind us of our good fortune.

                And especially on Thanksgiving, I’m grateful for…my kitchen!  Kitchens have become the center of activity in today’s home, whether during a casual weeknight family meal or a grand Thanksgiving feast for twelve. More and more of our local real estate listings reflect just that: focused interest on the kitchen.  Here are some relevant details that can draw interest to real estate listings in Nutley:

                Floorplan – Is the kitchen open?  Walled-off?   Great yard view?  Photos should be selected to highlight attractive layouts for effective real estate listings.

                Appliances – New?  Desired brand names? It’s amazing how prominent those concerns have become as interest in kitchens has been reflected in the real estate listings.

                Finish – Have safety touches been added to the kitchen?  Childproofed kitchen is a two-word real estate listings highlight worth featuring in any family-friendly neighborhood. One of the easiest updates is the addition of new hardware — which can also make it harder for little hands to pull open cabinets while the adults are busy baking the world’s best pumpkin pie!

                All kidding aside, I am thankful for all that we have here in town. This Thanksgiving, Sandy has reminded us of all those who will be spending this holiday without a familiar place to come home to.  If you would like to help Hurricane Sandy’s victims, a Red Cross page has been created to make donating easy: http://www.redcross.org/hurricane-sandy

                Here’s to a safe and happy Nutley Thanksgiving!

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                  Nutley First Time Home Buyers Advice (Video)

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                    Your Real Estate Agent is a Dumb Ass!

                    Yes that is what i said if your real estate agent sits there and tells you he can short sale your home and you want have to pay your mortgage and stay in the house he is a “A STUPID ASS” as Real Estate Agents we cannot dish out legal advice, when I do a Short Sale there is no trickery of flim flam nonsense, its a Listing an Attorney and a loss mitigation person from the lender that’s it! No deed flips, no special payment programs etc. There are to many Agents calling themselves “Short Sale Experts” and they really are not. So if you are a home owner and your Real Estate agent tells you he or she knows that you can stay in the house for x amount of time and that they guarantee that the bank will give you this or that, that should be a red flag! make sure you are working with a competent agent and also an attorney that also knows what he or she is doing, just because they have Esq. at the back of their name does not make them an expert. There are some questions you may want to ask that attorney and realtor and it is very simple:

                    #1 Ask the realtor if he works with a Short Sale Attorney

                    #2 Ask the Attorney hoe many Shore Sales they have completed

                    That is it, then also ask for references, a good agent and good attorney can make the difference between a successful short sale and one that does not work at all.

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