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!

Are You Considering Selling Your Home This Spring?

Are You Considering Selling Your Home This Spring?

For Morris, Essex and Union counties, 2013 was a great year. Some of these local markets are up 12-18% and with interest rates on the rise, people are still wanting to buy. If you have been considering selling your home, the spring 2014 market will be a great time for you to sell.

If you are thinking about selling your home this spring, there a few things you need to know. First of all, the spring market tends to start earlier here than other parts of the country because our market is affected by Wall Street bonuses. These bonuses usually come out in December and January causing these buyers to start early. Secondly, if there are things you need to do with your house, I would be happy to advise you on what requires attention when preparing to sell.

To check your current value and neighborhood activity in your area please visit http://shannonaronson.smarthomeprice.com/.

If you have any questions, call me at (973) 214-0691. Happy holidays to all and the very the best in 2014!

Is Now the Time to Sell Your Home?

Is Now the Time to Sell Your Home?

I am often asked if people are doing themselves a disservice by listing their home before or during the holidays. There are some great reasons for listing your home in the “slower” months (i.e. November and December). First of all, the buyers who are shopping around this time of year are serious buyers and the window shoppers usually stay home this time of year. There is also a lot less inventory this time of year so you have less competition for those serious buyers that are out there. With this time of year also prime for job relocation, those buyers are serious and motivated and are willing to pay top dollar for a great home. Homes typically look the best during the holidays due to the decorations and homes being in order to host family. With your home looking its best, it can be a great time to show your home. Finally, with your selling your home now, you are positioning yourself to be a buyer in the spring and allowing yourself a head start when there are more buyers and more homes on the market.

If this is something you are considering and would like consultation, I am happy to speak with you on a one-on-one basis. Give me a call at (973) 214-0691. Thanks and have a great day!

New Home Construction in the Short Hills Area

New Home Construction in the Short Hills Area

I wanted to focus on some of the high-end homes on the market, specifically in Millburn and Short Hills. Many of our clients are interested in new construction and there are many misconceptions about what it takes to get into new construction and what you get for the money. First, there is very little new construction under $2 million. Actively on the market, there are two homes that are under $2 million and they are both on White Oak Road.

Of the 37 homes that are on the market above $1.7 million, one-third is new construction. Comparatively, 1/3 of the houses that have sold in that $1.7 million range were new construction as well. In the past 12 months, 81 homes have sold in that price point and 25 of those were new construction.

In regards to the $2-2.5 million price point, you typically get between 0.3-0.4 acre lot, 6-7 bedrooms and 6-7 bathrooms. When you breach the $2.5 million price point, you can expect to get between about a ½-3/4 of an acre lot. The average days on market for these homes is 75 days, but this can be larger due to the fact that some homes are re-listed and the selling price is about 95% of the list price. Since the homes are built on spec by the builders, it takes time for the price to come down to market value; this is where the buyers usually come in. The most raved about features for new homes is the high ceilings, low maintenance and ten year warranty.

If you have any questions or interests in these homes, please call me (973) 214-0691. Thanks and have a great day!

Where are the best places to trick-or-treat in Summit, NJ?

I’m here in Summit with Julie Sondhi, the lead buyer agent on my team. This time of year always has people looking to move to Summit. Julie is here to give us a taste of the town and what to do in this Fall/Halloween season. “There are loads of things to do here in summit,” Julie said. “The YMCA is just across the street from us and they have a haunted house, which is amazing,” she continued, “It’s really scary.” Julie also explained that the fall atmosphere of Summit is truly special, “The kids come out Halloween night to trick or treat around here which is fantastic, because there are some streets particularly around the Brayton School and everyone wants to go to because they have the best treats around.”

Speaking of that area, there are some houses that are coming up so don’t hesitate to call Julie at 908-418-3390 for a showing! It still remains a great time to buy as interest rates have stayed low and for people that are thinking of selling in Summit, the demand is very high due to the extremely low inventory. If you are thinking about buyer or selling, please give us a call! Thanks and have a great day.

In Millburn Short Hills The Real Estate News Is Good for Sellers

With October upon us, the market is in extreme favor of the sellers. In Millburn, the total tax assessment versus the price that homes are sold for at the end of 2012 was 108%. Fast forward to August 2013, that number rose to 126%. The homes that are clean and ready to move in are hitting the top of this range while homes that need a lot of work are falling far below that.

Homes are not just selling, but selling quickly. For homes that closed in August, the average time spent on the market was 25 days (for all of 2012, the number was 56 days). The average home that has sold in Millburn year to date is $1.3 million, which last year was just under $1.2 million. Although the market is extremely positive for sellers, buyers are becoming extremely frustrated due to the minimal selection. The buyers have every right to be upset as there are 20% less homes on the market than this time last year.

With a shortage of homes, historically low rates and buyer’s moods more than willing to pull the trigger and write a contract, great things are happening for sellers. So if you are thinking about selling, this is the best time to do so. If you have any questions or would like to know the value of your home, call me at (973) 214-0691.

Shira Rost Joins our Team!

Help Us Welcome Our Newest Team Member

I am so excited to introduce the newest member of our team, Shira Rost. We couldn't be happier to have her join us in better serving you. Find out why Shira chose our team to work with and what stood out most to her!

Should I renovate or sell my home?

Should I renovate or sell my home?

Today, I’m with Ileana Martin-Novoa of Katz Novoa Architects. Ileana is an extraordinary architect and she is here to tell us about what’s going on with all the renovations in town and how to add value to your home.

Ileana Martin-Novoa

There is a lot of rebuilding and renovations going on. Some of it’s because of the storm, but a lot of people are finally ready to start those projects they have been putting off. The economy is bouncing back and people feel more confident.

It’s important to always keep in mind resale value when deciding to renovate. Right now we are seeing a lot of homeowners renovating kitchens, master bathrooms and even adding mudrooms.

We like to help our clients stay on track by guiding them in a direction that will help add value to their home. We know that new construction can be overwhelming, that’s why we make sure we are with our clients from the very beginning to the very end. At Katz Novoa Architects we help with the coordinating, the building and the budgeting.

If you want to renovate your home, we’d be more than happy to help. You can call us at 973.379.1331 or visit our website at www.katznovoa.com

Or if you want to find out the value of your home call Shannon at 973.214.0691 or email me at ACutAbove@ShannonAronson.com.

Millburn and Short Hills School System – Continued Excellence

When you have children, I know how important it is for you to find a home with a great school system nearby. A lot of clients I talk to say the reason they chose this area to live in is because of the great schools. Today, I am standing in front of Millburn New Jersey High School and I want to tell you about the 2013 graduating class.

This was an exceptional class; ten percent of the class will be attending Ivy League schools in the fall and 40% will be attending schools ranked within the top 50 in the United States by US News and World.

There is excellence in all of the schools here. So let me and my team help you find a great home in this area. Or if you are looking to sell, give us a call! Now is a great time, inventory is low!

Summit NJ Offers Several Great Fitness, Health and Sports Facilities

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It’s gorgeous outside! And when there is beautiful weather, naturally people want to get out there and get active! So today, we wanted to share with you some of the fantastic options that are available to Summit NJ and area residents when it comes to getting out and getting busy.

We have some great fitness and health facilities, starting with the traditional sports clubs like the YMCA and other community centers. There are also some great options and various programs offered by places like the Lifetime Club in Berkeley Heights or the newest craze to hit the Summit area, Equinox – a city gym that has branched over to our neck of the woods.

Julie and her family spends a lot of time at the Chatham Club – a unique club that offers all the typical stuff you would expect from a sports club but with so much more. You can engage in squash and fencing plus the facility is used by many area private schools as a training spot for squash and other sports.

How about a tour of these and other great things in the lovely Summit area? Just give us a call. As your trusted real estate advisors we’d love the opportunity to show you around...

908 418 3390

Summit, New Jersey Offers Many Things – Diversity, Great Schools, Cosmopolitan Lifestyle and More

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When people shop around for locales to establish their roots there are many factors that contribute to their decision. Some of the standard things for families are the obvious – education systems, economic growth, extra curricular activities, availability of entertainment options and parks or recreation facilities.

But another aspect of establishing a life in a new area is the community itself – more precisely the diversity of a community. As we spend time among others around us that have come from around the globe, we enjoy varied cultures, new and different ways of doing things, different languages and more. It enhances our lives, expands our children’s experiences in school and provides a wider understanding of our world around us.

With our unique advantage of being a small town yet within such close reach to the Big City, many of our residents thoroughly enjoy this aspect of what the Summit and surrounding areas has to offer.

So as you consider the excellent schools, gorgeous greens, exciting shopping, great restaurants and fantastic community of our towns – remember that you will also be gaining a family of people from all walks of life and all corners of the earth.

Call us today and make this area home!
908 418 3390

The Craze For New Construction

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When you consider moving to this area you will notice that many people tend to gravitate toward new construction homes. There are several reasons for that. It’s safe to say that most people love new and shiny things – and when buying a home it’s no different. But aside from that, quality brand new homes are constructed with the latest trends in mind. They are built to code, sometimes using state-of-the-art features and materials and often have high trending features that buyers today want.

Depending on when you get in on the process of buying a brand new home, there is the added benefit of being able to customize homes to suit them to one’s specific needs. The luxury features that come with new construction are exactly what buyers are often seeking and no matter how updated a resale home is sometimes it’s just not enough.

Currently in our marketplace we have homes that are completely move-in ready, some are waiting for your input on things like counters, floors, and other finishes and still more homes are so early on in the process that you can completely customize them.

New homes are a little harder to come by – there is not always enough land in the areas that people want new homes in so unless builders come in and tear down existing homes sometimes finding the perfect combination is a stretch. Most of these homes in our area start at around $2M; if you’d like to see one of my listings or any other on the market right now – call me today!

Downsizing to Condos Offers Much Relief to Longtime Homeowners and Renters

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When you think of downsizing from your home, usually the word “condo” comes to mind. The switch is an ideal one for people from many walks of life, whether a young professional looking for the amenities you get with a condo or an older couple wanting to slow down on maintenance.

What makes a condo so attractive in the downsizing process?

Live More, Work Less
The number one most popular reason for many condo buyers is that owners no longer have the need to worry about maintenance. Most condo associations include lawn and garden upkeep plus snow and trash removal. Gone are the days of needing to water your lawn, shovel the driveway or deal with some utility companies month after month.

Resort-Like Amenities
Unlike single-family homes, condo associations often come with some amazing amenities. Pools, hot tubs, club houses, fitness centers and other features depending on the association – are just a few of the perks condo owners get to enjoy. Your Realtor® will help you choose an association that meets all your needs, including finding one with association fees that work with your budget.

Convenience and Ease
Oftentimes people that sell their larger homes and choose to go to smaller condos do so for the ease and convenience as they get older. Single floor and apartment-like living is an added benefit of the condo lifestyle, a choice many people make as they moving to the next stage in their lives.

Added Insurance Coverage
Since the association has a master insurance coverage that typically includes exterior surfaces of the home, condo owners enjoy some perks when it comes to home insurance premiums. The association is also under pressure to maintain the exterior for consistency almost guaranteeing a home that is kept up.

New or Newer Construction Available
There are a lot of new or newer condos that have built in the recent past, allowing buyers to enjoy the amenities and finish that comes with newly built homes. Depending on price range and specific condo association, some units are not small at all and they are decked out with all the bells and whistles you may have wanted in a single-family home!

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We are seeing a lot of condo sales moving and the price range varies widely, anywhere from $300,000 to as high as $1.5M on average.

The process of making a decision to downsize, then getting rid of years worth of belongings to move to a smaller place can be overwhelming. Having a professional by your side will help you to organize the process as well as assist you to get through some of the hurdles that come with such a big lifestyle change.

Contact us today!

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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?