North Central New Jersey Real Estate Video Blog with Shannon Aronson

Thinking About Buying a Rental but Don't Know Where to Start?

There are many great North Central New Jersey area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (973) 214-0691 for a FREE home buying or selling consultation to answer any of your real estate questions.

We have people coming to us all the time with the question: "Where do I start if I want to invest in rental property?" It's a great question, especially if you don't have any experience in this area of real estate. Luckily, we're here to help:

Think about how much money you have available for a down payment. Most of the time, to get a mortgage for an investment property you'll need to put 25% down. If it's a primary residence, sometimes you'll be able to put less down.

Speak to a knowledgeable mortgage broker about investment property products. These differ from primary residence products. I know a few great brokers I would be happy to connect you with if you would like more information.

Know your criteria for where you want to buy. This comes down to a personal preference. Some people don't want to buy a rental property more than 10-15 minutes away from their home. Others are fine living farther from their rental home.

Know the details. Now that you know where you want your rental property to be located, you need to find out what the break even point will be and the amount of cash flow you'll have.

For the most part, the types of properties I'm talking about will have a fairly modest cash flow. However, these properties will have the advantage of having tenants who pay the mortgage down for many years. Typically, these should not be viewed as a way to generate short-term cash flow, but as part of a long-term wealth building strategy. These are nice to have if the real estate market isn't trending upward over the next few years, as rentals are in high demand when that happens.

If you want more details about the rental process, don't hesitate to reach out to us. We would love to assist you in this fantastic investment opportunity!

The Key to Finding Your Home's Value

The most important thing every seller asks is, "What is my home worth?" There isn't really a simply answer to that - the value of your home depends on the area, condition, and many other things. So how do you find out how much your home is worth? Use a 5-point pricing strategy to do just that:

Understand market conditions: Market conditions have a huge impact on your home's value. They are often specific to your town and, more often, the specific neighborhood you live in.
Know your Zestimate: Zestimates are pretty inaccurate, but if you're looking to sell your home, you should have an idea of what it is. Buyers will almost surely know how Zillow values your home.
Understand your tax assessment: Know your tax assessment and how it fits with other homes on the market that have sold recently. Use it to figure out what it will equate to in the sale of your home.
Understand your price band: Check and see how much activity is going on in your price range. What's the average list-to-sale ratio of homes in your price band? What do their tax assessments look like? Know what has sold in the last year to gain an understanding of how your home compares with those sales. These are known as comparables.
Understand active homes in your price band: Go through and see where your house would rank among other active homes in your price bracket. The sum total of all the above knowledge should give you an idea of where your home fits in.

This information can be very difficult to come by on your own. A real estate professional can help you dig up that hard to find information so you can get a good idea of the true value of your home.

Even if you don't plan on selling soon, we would be more than happy to help you out. Simply give us a call or shoot us an email so we can determine if it makes sense to put your home on the market!

On location at Top Rated Millburn High School

Many people who are moving to the township of Millburn-Short Hills are coming for the great schools. Millburn High School is a perfect example. The graduating class of 2014 saw 29 of its students go to Ivy League schools - that's 7% of the 409 kids that graduated earlier this year! While that alone says a lot about the quality education available here, there is more: 25% of this year's graduating class went to the top 25 colleges and universities in the nation. There aren't many high schools in the nation that can say that.

People often move here with younger children because the grade schools and middle schools are also elite. You can rest assured that, upon leaving the district, your kids will be well prepared to get a great college education. To go along with the invaluable education opportunities here in Millburn, it is also a very short commute to Manhattan. With all these benefits, it would be tough to find a community that could serve you better!

If you are interested in the area and would like more information, don't hesitate to call or email me. I would love to help you make the move to this lovely little township.

Don't let them fool you - now is as good a time as any to sell your home

Conventional wisdom would have it that the spring is the best time to sell your Summit or Short Hills home. Many homeowners are disappointed when they miss out on the spring selling season - they feel they need to wait until next year to maximize their results. While it's true there are more buyers looking for homes during that time of year, it also means there are many more people trying to sell their home. That means more competition for you, that you may have to compromise the value you were hoping for in order to sell your home in a competitive market.

It's as simple as supply and demand - although there are fewer buyers in September, there are also fewer sellers to compete with. Keep in mind that this means the price you are able to get for your home will likely be unaffected by the season you sell it in. Other than August, which is usually a slow month, and around the holidays, there really isn't a bad time to sell your home.

If you're one of those homeowners that feels they missed the boat this spring, there is no need to wait - you can sell your house this fall without losing value. August is the ideal month to prepare your home for the market. Take some photos of the exterior while the grass is green and the flowers are in bloom, there is no better time to do so.

Also, if you are looking to buy this fall, you are in luck. Contrary to predictions, interest rates have fallen. They are still as low as 3%-3.5%, which is fantastic. Conditions simply don't get much better than this and we're not sure how much longer it will last.

Most importantly, if you have any questions about conditions in your specific area, I would be happy to answer them. Give me a call or shoot me an email so we can chat about what to expect this fall.

The NJ Real Estate Market - Why Does Summer Feel Like Spring for Buyers and Sellers

The beginning of June usually signals the end of the spring real estate market in Millburn-Short Hills, Summit, Maplewood, South Orange and Livingston. However, the spring market started much later than usual due to our long and difficult winter and has pushed everything back just a little bit.

Things are heating up in the market right now and it is the perfect time to act if you were thinking about selling your home. The inventory of homes in Maplewood, West Orange and Summit are much lower than they were at this point last year.

Other towns such as Madison and Chatham are down over 30% in overall home sales from this point last year even though the inventory in these areas is around the same.

Currently, interest rates are extremely low on new homes and things look to be teetering towards a spike in the market as we enter the summer months. It is tough to predict in this constantly changing market place, but it is a good bet for things to heat up in the summer and inventory to rise. You may regret not taking advantage of the current market if you wait that long!

If you have any questions about real estate, or would just like some information about selling your home, please give me a call at (973) 214-0691 or by e-mail at ACutAbove@ShannonAronson.com

Consult with Me to Find Solutions to Your Toughest Real Estate Questions

Should I List my Current Home or Buy a Home First?

This is a question I have been receiving from multiple clients lately. It's also a tough one to answer because it depends a lot on your financial and personal situations in life. However, I am glad to clear some things up for you here.

This used to be an easy problem to tackle because people utilized bridge loans, but they are no longer very popular anymore. However, this is a difficult question because this is a tough market to buy in, so people get concerned when they list their home and don't know where they will be living next.

On the other hand, it is difficult for most people to feel comfortable buying a home before selling their own. It's already hard enough to get one mortgage, but getting two mortgages at the same time is very risky if your finances are not straightened out.

So, if you're planning to buy and you already own a home, there is one question you need to have a crystal-clear direction on from your mortgage broker. That question is: Will a mortgage broker give you a pre-approval that says it is not contingent on the sale of your home?

Home sellers do not want to see that the purchase of their property will be contingent upon you selling your current home. It is very likely that sellers will not want to wait around for you to sell your property in order to buy their own.

So, as you can see, this is actually a very delicate situation that requires a lot of planning and expertise. Everyone will have different parameters in a situation such as this, so it would be best for me to sit down and have a conversation about how to best tackle this from your own unique perspective.

I would love to organize a time for a thorough consultation with you where we can analyze the upsides and downsides of going through with this type of decision. Usually the answer will appear after a little bit of deliberation and research into your current financials and your future plans.

So, if you have any interest in discussing this or if you would like to discuss our local market here in Summit, then please give me a call and I would be glad to answer any and all of your questions.

I can be reached at (973) 214-0691 or email me at ACutAbove@ShannonAronson.com

Differentiate Yourself From New Jersey Buyers with my 3 Pieces of Advice

How to make yourself a Platinum Buyer

I am very glad to announce that we are seeing a strong market again in North Central New Jersey. We are currently experiencing a seller's market and it has been very common for homes to receive multiple offers. We've been seeing buyers come from Hoboken and Jersey City, and even these buyers are being outbid here in Summit.

Because of this, our buyers need a way to stand out from their competition. Becoming a platinum buyer is a great way to do this. Here are a list of things you should do to become a Platinum Buyer.

Get Your Finances Straight: If you can buy with cash, then you will immediately stand out, but if you're like most people, you will probably need a mortgage loan. If this is the case for you, make sure your liquid down payment is readily available so you can show proof of your funds.
Get a Mortgage Pre-Approval: Most buyers will not take you seriously nor consider your offer if your finances have not been reviewed and cleared by a bank. This is another way of saying that you have enough money to buy a home, and most realtors will tell their clients to ignore buyers without Pre-approval.

Another option to make yourself look as good as a cash buyer is to waive your mortgage contingencies. If you're pretty sure you're going to get a mortgage, this is a good option for you. I can't exactly explain everything in this short time period, but ask me about this process because it will surely help move your offer to the top of the stack.

Only Agree to Major Inspections: A lot of buyers have been doing this lately. Basically, they have agreed to forgo any cosmetic inspections and agree to only have the crucial infrastructure of the homes inspected. Fixating on leaky faucets or old flooring can really put a seller off, so if you're willing to take this risk, then you can stand out as a buyer.

It is a tough market to be out looking for a home right now, but these are some things you can do to stand out to buyers in our local market. All signs are pointing towards higher interest rates in 2015, so although this is a tough market, it will be even harder to purchase a home affordably if you wait.

If you need any assistance buying a home in Summit, then please contact me at (973) 214-0691 or email me at ACutAbove@ShannonAronson.com

Is Your Home Ready for the Spring Market?

Is Your Home Ready for the Spring Market?

Today I am here with my listing specialist, Shira Rost, and we have been talking quite a bit lately about why it’s a great time to sell your home. Shira tells us that the housing inventory is at record lows and interest rates are still historically low. The spring market is already off to a great start! If you are thinking about selling your home, Shira has a few tips on what you should address and what should be left as-is.

Some easy tasks you should do, like painting, de-cluttering and landscaping, are fairly easy. As for cleaning out the gutters and making minor repairs, this is something Shira would make a very maintenance schedule for to help meet your deadline. Finally, Shira stresses the importance of understanding what improvements that comparable homes in your neighborhood have made so we can better understand what we need to do to have your home ready this spring.

If you’re toying with the idea of selling your home, the best thing to do is sit down with Shira, figure out a priority list, figure out a schedule and find out what we need to do to keep the money in your pocket. Shira Rost can be reached at (973) 768-9003 if you have any questions. We can’t wait to sell your home faster and for top dollar!

Thanks and have a great day!

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Why Hire Me?

Shannon Aronson started her local real estate career 8 years ago with investment properties, both renovating houses for resale and acquiring rental properties. In the past few years, Shannon has shifted her focus to assisting her customers and clients to meet their needs. Because of her experience with buying and selling, Shannon is sensitive to the needs and expectations of buyers and sellers.

Shannon and her team have come to understand that the moving process is a very emotional and stressful time. It is their mission to guide people through this important time. For sellers, Shannon's team provides a research-based marketing plan that sells home quickly and for top dollar. For buyers, they take the time to listen to all of the priorities of the client. They pride themselves on finding the perfect home for all their clients.

Shannon Aronson
Keller Williams Realty
488 Springfield Ave
Summit, NJ 07901
Office: 973-214-0691
Mobile: 973-376-0033
Shannon@ShannonAronson.com

What our happy North Central New Jersey clients have to say

"Shannon acted as my agent to buy a home during a divorce negotiation--it was a delicate time for me overall and she was not only totally respectful of my privacy (disclosure of my situation could have affected the purchase negotiations) but she was so knowledgable and supportive that I never worried that I didnt have the onfprmation I needed to make the best long term decision for me at a time when it was difficult to think clearly, let alone make a major purchase. Shannon's ethics are impeccable and her support team is warm and professional. I couldnt recommend her any higher."

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Should I List my Current Home or Buy a Home First?