Living in Millburn-Short Hills NJ

and the surrounding areas

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Remember to Calculate New Jersey Closing Costs on Your House Budget

March 10, 2016 by rbenjamin Leave a Comment

Calculate New Jersey closing costs.When I sit down with my clients to go over their Millburn-Short Hills NJ home buying budgets, I often have to remind them of New Jersey closing costs, especially if they’re from out of state. There are four major categories of closing costs: legal costs, mortgage costs, inspection costs, and miscellaneous expenses.

Under legal costs, there is the attorney fee, which runs from $1,000 to $1,500; the survey fee, which is $150 to $250 for a condo or $450 to $800 for a single family home; and the title search fee, which ranges from $250 to $500. Title insurance premiums also need to be considered. The fees are variable, so check with your attorney to get New Jersey rates. Mortgage costs include the application fee ($300 to $600) and the appraisal fee ($300 to $600). Check with your lender about other costs, including Points and PMI.

Figure Inspection Costs for Millburn-Short Hills NJ Home Buying

There are several inspection costs included in New Jersey closing costs. The home inspection costs from $400 to $750; a radon inspection costs from $120 to $300; a termite inspection costs from $75 to $150; an oil tank inspection will run from $400 to $500; and a septic tank inspection will go from $750 to $1000. Other inspections, including structural engineer, chimney, or mold, might be necessary.

Finally, remember to budget for homeowners insurance, flood insurance (if necessary), and a reserve of two months of property taxes and homeowners insurance. The realty transfer tax is also imposed on a rising scale based on the selling price of the house. For houses that sell for more than $1 million, there’s also the mansion tax to pay. However, the contract can be written to so that the buyer and the seller share the cost of the taxes.

Be sure to check out the closing cost estimator on my site.

Filed Under: Featured Blog Posts, Homebuyer tips, Millburn/Short Hills

Waiving Your Appraisal On Your Home In Maplewood NJ

April 16, 2015 by rbenjamin Leave a Comment

468px-ShakespeareThe famous Maplewood resident, William Shakespeare, once said, prior to buying a home in Maplewood, “To waive or not to waive the appraisal contingency in Maplewood—that is the question.” And William (or Willy as the guys at the deli called him) pondered this for years. What if the appraisal is low? Or, what if the appraisal is wrong? Because he wasn’t using the top real estate agent in Maplewood, he kept losing in bidding wars. Evidently he was busy writing some histories and tragedies, and some sonnets, to seek out sound real estate advice. What a sucker.

It could have been so simple. The truth is, appraisers make mistakes. We all make mistakes. Something as simple as marking off the wrong amount of bedrooms or baths, an incorrect lot size or home square footage, are all things that could throw off an appraisal. So, you ask for a new one. The second option is the price could be reduced to the appraised value and the sale moves on. Or, the buyers put more money in escrow. Lastly, buyers and sellers split it down the middle.

But you don’t have to go down that route, whether you’re a buyer or a seller. Because there are people who can council you, who know the market and what a home in Maplewood actually cost, who have done all of the analysis, and know the ins and outs of real estate in Maplewood. There is Robin Benjamin, the top real estate agent in Maplewood. So, there’s no reason to let a great deal go afoul (Willy’s favorite word) because of an appraisal. We shan’t allow it. We shan’t!

Look, sellers are people. Buyers are people. Even lenders are people (kind of), and as people we can communicate our needs, wants, desires, and not lose great deals and dream homes because of a house being appraised incorrectly. We don’t have to waste everyone’s time and money, and we can get to the business, whether that’s doing the appraisal or not. But listen to her. She knows. The top real estate agent in Maplewood can help you, by communicating and telling the truth of what a home in Maplewood costs, and what a good deal is. We’re all people, and Robin Benjamin works on both sides, seller and buyer.

Sit back, relax, and enjoy the good life. “Living in Maplewood,” as Shakespeare said, is “such stuff as dreams are made on.”

Filed Under: Blog, Home seller tips, Homebuyer tips, Maplewood, Real Estate Tips, Robin Benjamin, Single Family Home

First-Time Home Buyers Guide to Maplewood Homes

January 27, 2015 by rbenjamin Leave a Comment

Talk to Robin Benjamin about Maplewood homes and Short Hills real estate.Congratulations on the decision to buy your first home! You’re making a great choice by checking out Maplewood homes and Short Hills real estate. I’ve helped many first-time buyers over the years. Here are a few things to know and think over as you start the home buying process.

The first thing to think about is your price range. Before the financial crash, banks were handing out home loans like hotcakes. This proved to be a pretty bad idea. In general, financial experts advised that housing costs shouldn’t take up more than 30 to 35% of your gross income. Keep in mind that maintenance costs are going to come up, too. When you’re making your new monthly budget, it’s a good idea to set aside an amount to cover things like calling a plumber or roof repair or hiring landscapers. Be realistic about what you can afford. Use the mortgage calculator on the home page to get an idea of the possibilities. Check with a lender to get a pre-approval before you start shopping.

Remember that there are great tax benefits to homeownership. The 2009 stimulus tax credit has expired, but you can deduct your mortgage interest and property taxes from your gross income. This means lower federal taxes. In New Jersey, property taxes up to $10,000 are completely deductible. Keep these deductions in mind when you compare the costs of owning with the costs of renting.

Finally, use your imagination. I see so many first-time buyers who will pass up a great house in their price range in the right place, just because there’s a small defect or oddity. These people don’t realize how much small changes, like new paint or carpet or other small remodeling projects can change how a house looks and functions. Keep an open mind as you tour Maplewood homes. Your dream house is waiting for you!

Filed Under: Blog, Featured Blog Posts, Homebuyer tips, Maplewood, Real Estate Tips, Single Family Home

Protected: Do Escalation Clauses Make Sense for Millburn-Short Hills Real Estate?

February 6, 2014 by rbenjamin Leave a Comment

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Filed Under: Blog, Homebuyer tips, Millburn/Short Hills

Millburn-Short Hills NJ Home Reports and More

March 18, 2013 by rbenjamin Leave a Comment

Millburn-Short Hills home reportsIf you are thinking about a Millburn-Short Hills NJ home or another home in a Midtown Direct town in New Jersey, you are probably interested in local real estate market reports. Whether you prefer to live in a town like Chatham NJ or would rather search for homes in Summit, it’s always a good idea to have a feel for the current real estate market so that you can be more effective in your search.

Listed below you’ll find all kinds of information on Midtown Direct towns for the month of February in report style. Recognizing that only the briefest of information can be shared in these reports, I hope you’ll only use them as a guide, and call me at 973-202-7270 for specifics on homes and areas you are interested in. In February, for instance, if you were buying a Millburn-Short Hills NJ home, you’ll notice 16 active listings and 12 under contract in that market report. You can also scroll down to see Millburn year to date trends and previous months, as well as that same information on other midtown direct towns.

Click on the links below to get the information you seek on the Millburn Short Hills NJ home market and additional New Jersey real estate.

Millburn-Short Hills Market Reports
Chatham Market Reports
Summit Market Reports
Livingston Market
Madison Market
South Orange Market

Filed Under: Blog, Featured Blog Posts, Homebuyer tips, Market Statistics, Millburn/Short Hills, Real Estate Tips Tagged With: midtown direct towns, Millburn homes, Millburn Short HIlls, Millburn Short Hills homes

Clarification on the 3.8% Tax-It’s Not a Real Estate Transfer Tax

July 27, 2012 by rbenjamin 1 Comment

NEW…

By Robert Freedman, Senior Editor, REALTOR® Magazine

Shortly after the federal government enacted sweeping healthcare reform earlier this year, there was considerable concern over a last-minute addition to the legislation: a 3.8 percent tax on investment income of upper-income households to help shore up Medicare. The tax takes effect in 2013.

Among the concerns expressed among consumers and business people, including real estate professionals, both then and today, is that the tax amounts to a transfer tax on real estate. Not true, NAR Director of Tax Policy Linda Goold says…

Clarification on the 3.8% Tax-It’s Not a Real Estate Transfer Tax

Filed Under: Blog, Chatham NJ, Home seller tips, Homebuyer tips, Real Estate Tips Tagged With: 3.8% tax, real estate, real estate transfer tax

Tell Me About Your Millburn-Short Hills Home

July 1, 2012 by rbenjamin 1 Comment

Do you love your home?

What do you like best about your Millburn-Short Hills home?  Does your home bring a smile to your heart?  Which room of your home is your favorite or do you prefer your backyard?

What about your home would you change if money were no object?  What DIY projects do you have planned for July?  Will you be having guests over to your home for some celebrating this summer?

My kitchen and backyard are two of the most used spots in my home. Whether grabbing a bite to eat or BBQing with friends and neighbors, these two areas seem to constantly be flowing with activity.  Not just activity, though, they also are areas of collected sunlight and lingering warmth – things that make me smile.  I enjoy looking out my windows and viewing my garden and reliving happy memories, from good food to those feel good moments that come from planting tomatoes.  My home is a happy place for me and I hope yours is, too.

If you would like tips on sprucing up your home for summer or are thinking about moving to a new home or selling your current home, let’s touch base and see how I can help you.  As a local expert on Millburn-Short Hills real estate, I have some great people resources and ideas gained from the other homes I’ve sold in Millburn-Short Hills.  I may have even sold or shown a home with your identical floor plan!  Working together, I can help you recognize your home’s value  so you can love it a little more – let’s connect!

 

Filed Under: Blog, Featured Blog Posts, Home seller tips, Homebuyer tips, Millburn/Short Hills, Robin Benjamin

Feng Shui and Your Short Hills Home for Sale

June 26, 2012 by rbenjamin 1 Comment

Selling your Short Hills home can be quite challenging at times, causing sellers to question what they can do to make the sale occur more quickly. Service providers such as home stagers, organizers, and professional clutter eliminators can all offer assistance, but many sellers are also considering the art of feng shui, through consulting services or as a do-it-yourself technique. Feng shui offers some universal principles that can benefit in selling a home, whether you subscribe to tenants from the form or compass school, or prefer the eight mansion Bagua theory, so utilize the ones that work best in your home. The overall goal is to create “positive chi” or energy flow in each room of your home.

This quote from A Guide to Quality, Taste & Style, by Tim Gunn, can help you understand how something as seemingly insignificant as a closet can affect you and your potential buyer. “Closets are where we hide things: skeletons, forbidden loves, terrible birthday gifts we couldn’t return. It is for this reason that deciding what to wear while staring into those murky depths can be not just daunting, but emotionally exhausting as well.”  Using feng shui techniques, you can clear the clutter, along with the negative memories and energy, creating a home that will sell more easily.  On that note, let’s move to 5 real tips that will give you positive emotional energy while readying your home for sale.

  • #1 Open the windows and doors. Let a breeze blow through your home to clear the negative energy and refresh you as you begin your work.
  • #2 Step outdoors onto your walkway, the entrance of your home. What do you see first when you walk into your home?  Clear any cobwebs and dust and make sure nothing is blocking the entrance. If you have to step over something, remove it.
  • #3 Add energy with greenery. Whether an indoor or outdoor plant, make sure your home feels vibrant through adding plant energy. You can do this through exterior landscaping, by adding fresh flowers to the entry, or with the addition of indoor plants.
  • #4 Add positive energy through art and movement through proper mirror placement. There are tons of books that can guide you through this step, however, remember that the goal is to reflect positivity and not overwhelm or create clutter in your home for sale.
  • #5 Clear the clutter. Cull what you don’t need and create a “spa feel” throughout your home in all rooms. Counters should be free of objects and papers, furniture should be placed to allow for ease of movement. Any obstacles to interior door entrances should be moved.

While these tips may not offer a “cure all” to getting your Short Hills home sold, they can definitely point you in the right direction. Stop by the library and get a few books on feng shui to increase your knowledge.  As you do, take care to notice your landscaping and apply some shine and good chi to your Home for Sale sign, too.

If you would like to learn more about my local community or discover the meaning behind A New Suburbanism click here or contact me at 973.202.7270

Filed Under: Blog, Featured Blog Posts, Home seller tips, Homebuyer tips, Real Estate Tips

Spring & Summer in Millburn-Short Hills: The Perfect Time to Host a Neighborhood Sale

June 24, 2012 by rbenjamin 1 Comment

As the weather warms, so does the chance for a successful neighborhood sale in Millburn-Short Hills. No matter what you call it, be it a yard sale, garage sale, tag sale, or estate sale – the goal is the same – to sell unwanted items and in turn beautify your home and clear your space!

Whether you are trying to reduce your clutter or are using your yard sale as an opportunity prior to moving from your home, the following ideas may help you earn a bit more and increase the amount of items removed.

However, before you start sorting through your items, approach your local real estate agent and ask for help. Whether you need additional signage or specific advice on items that make for a great sale in your area, Short Hills real estate agents are a great resource, because they KNOW your area. If you are selling your home, your agent will likely be very involved as your yard sale can gain exposure for your home and let the neighborhood know you are placing it for sale.

Using the following ideas, you can plan for success in your neighborhood sale and have fun while doing it. Involve neighbors and your family and decide how you will devote the money raised at the sale to generate even more enthusiasm. Perhaps you are saving for a trip or need to pay bills or just want a new piece of furniture for your home, no matter the cause, uniting to meet it will energize your efforts to ensure your success.

Market Your Sale
Use advertising and colorful signs. Be clear on the address, day of sale and hours. Plan to set up items well ahead of your scheduled time, as many buyers will show up 15-20 minutes early and you want to be ready for them!

Set Your Prices Low
Price everything to sell with permanent black markers, using sticker tags or blankets where every item located in that area is the same price. If multiple families are involved make sure that is indicated with a letter or color to give proper credit.

Be Organized
Display items neatly and similar items together to give an organized feel on tables. Label sizes on clothing and place like items together. Dishes are often better sold as sets, such as 6 glasses or 10 plates for a set price, rather than individually. If your items are displayed as clutter, people will be less likely to want to bring them into their homes.

Pay Attention to the Season
In summer boogie boards, wetsuits and sunglasses will be a big hit, skis not so much. However in the fall, unopened items, warm clothing and snow gear will go fast!

Make Sure Items Work
Safely extend an electrical cord into your buying zone so buyers can test appliances and other items. You may also want to have test batteries available, if needed.

Plan to Package & Sell
Have bags and wrapping supplies available for securing breakables and allowing buyers to easy carry their purchased items. Also, make sure you have a petty cash center that has a full-time attendant. Small bills and lots of change are a must for any garage sale so plan accordingly.

Decide What You Are Selling
Fast selling items often include jars and bottles, clothing, collectibles and antiques, unopened puzzles, jewelry, dishes, camping items, books, toys and dolls, and homemade treasures.

Need Ideas For Your Kids?
If you have a child or teen who likes to sew, have them spend some time crafting dresses for dolls or aprons with spare material. If beads or stamps are rampant in your house, have your children make bracelets or cards to generate some extra money and get the thrill of entrepreneurship.

When The Sale Ends – Let It All Go.
Once your sale is over, pack remaining items into boxes and immediately take to your local donation center, unless you have scheduled an organization to pick up your items directly. That way, you can enjoy the money you’ve made AND the peace of mind knowing that the items will not return to your tidy home.

Ready Set Organize is a local company owned and operated by a friend of mine Pam Carson,that will get ALL of this done for you and MORE!

If you would like to learn more about my local community or discover the meaning behind A New Suburbanism click here or contact me at 973.202.7270

 

Filed Under: Blog, Featured Blog Posts, Home seller tips, Homebuyer tips, Millburn/Short Hills, Single Family Home

In Millburn/Short Hills:Codes and You – Scan One Now & See

June 20, 2012 by rbenjamin 1 Comment

Have you noticed the odd bar code boxes showing up on Millburn /Short Hills real estate signage and flyers lately? Do you recognize them as QR codes? Are you shaking your head wondering what a QR code actually is and does? Do you have a smartphone?

A QR code is very similar to a UPC bar code that is used in pretty much every store, from where you buy your groceries to where you shop for clothes. It gives detailed product information. In a matter of seconds, using your smartphone, you can get all the information you desire on the item at no cost and with less hassle.

With a QR code, you can read about the product, including a home for sale, using your smart phone easily and fuss free. You can efficiently scan the “house for sale” flyer you found on your doorknob or the for sale sign of the home next door to your daughter and discover the details of the home without having to make a phone call. You can be directed to a real estate website that will show you more homes and other resources, too, if you desire.

As a real estate agent, I enjoy QR codes because they allow me to “show” you the house BEFORE we even talk. You can view pictures, videos, floorplans, community information and status – everything you want to know – instantly. I personally dislike having to wait for a call back when I want information, so I use QR codes to make sure you can find out what you need to know, when you want to know it!

So, please let me know what you think. I value your opinion and wanted to educate you on what and why those little fuzzy boxes exist. Do you love QR codes, too, or would you rather see my picture on a sign instead?  Maybe both?  🙂

Filed Under: Blog, Featured Blog Posts, Featured Properties, Home seller tips, Homebuyer tips, Millburn/Short Hills, Real Estate Tips, Single Family Home

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Understanding the nuances of pricing requires local knowledge that isn't always available to buyers and sellers. This is particularly true in a location like Millburn-Short Hills, Chatham, and Summit.
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