Westfield homes – the perfect time to buy – the Perfect Storm!

As an agent with David Realty Group, I recently listed a house in Westfield NJ. The activity on this home has been phenomenal. As of today, I have 5 realtors that have contacted me within the last three days that have clients with serious interest. We have had over 30 showings. The home is priced right. Why so much activity? Simple, we’ve managed to make it to February without a real winter snow storm. But what we are having as a result of this is a real estate storm. With the warmest winter I can ever remember having, the lowest interest rates I have ever seen and some of the lowest home prices Westfield homes have seen in decades, we have a Perfect Storm! This is a tremendous opportunity! So many people know folks who were severely harmed in the run up of the market that it has caused them to become paralyzed and they fear buying a home. So even during this perfect storm, many will choose to continue to rent. If you have clients or friends in “analysis paralysis”, have them call me and I will show them how smart they were for waiting!

Lorena Barbosa

Broker/Owner

David Realty Group

530 South Ave. W

Westfield, NJ 07090

201-638-6528

www.davidrealtygroup.com

lorena@davidrealtygroup.com

If this is the first time you are looking to rent an apartment, you’re soon to find out there can be some serious paperwork that goes along with the rental process. The more you have together before you try to fill out an application, the better.

5 Things you should know.

1. Social Security Number-Providing your social security number is a necessary procedure so the agent or landlord can perform a credit check on you.

2. Employment Verification-This is an important step in almost every rental application because it will prove you have a steady income. You may also be required to present a few pay stubs.

3. Rental History-If this is your first apartment rental you will not have a rental history. You can still list personal and professional references to help make the process flow more smoothly.

4. Down Payment and Brokers Fee-In New Jersey the typical down payment is 1st months rent up front and a 1.5 month security deposit. Also, in most towns in New Jersey like Westfield NJ, Cranford NJ, Summit NJ, Garwood NJ and a majority of other towns in New Jersey the tenant pays the real estate brokers fee which usually is equivalent to one months rent. This is not unusual or out of the ordinary. If you want to make sure you could always ask the agent to see the listing agreement which states who pays the fee. In most cases this fee gets split between two different brokerage companies and then split again with the brokers or owners of the office. Don’t think the agent you are working with is making all the money, that is just not the case.

5. Do some research of your own-Check your credit report before applying for an apartment to check for errors and to check your credit score. This can be done on sites like www.freecreditreport.com. This is a fast and easy way to check your credit.

Make sure you visit our site at www.davidrealtygroup.com or www.westfieldnjapartments.com to search for rentals. This will give you access to every rental that is on the market.

David Realty Group is a Boutique Real Estate company dedicated to the best customer service in the industry.

As an agent with David Realty Group in Westfield, NJ, I have ironically been working with 3 buyers this week who perpetually lowball every offer. Family #1 – are searching for Westfield homes – Upon walking into a house today that we were visiting for the first time at 670K, they said what should we bid – 600K? I told them I’d have to see it first and after seeing it, I would need to run the comparables. Regardless of how much time I’ve spent educating each buyer on how the real estate market “works” in Westfield NJ, they continue to bid lowball offers. I would imagine that at some point, 2 of the 3 families will realize that we continually lose our bids and they are still without a home and that perhaps the method I am suggesting is the correct one. The 3rd family – are searching for Springfield NJ homes – they would like to move but they don’t really need to. All three families have a common denominator – they are first time buyers being coached by their parents who bought real estate in the 80′s before there were computers, when people would have to go down to the town and waste hours finding out what recent sales may have taken place in the area. Therefore, seller and buyer were essentially ‘clueless’ and lowball offers were entertained and sometimes accepted. Today, the buyers, the sellers and the realtors know exact values of homes b/c we all have every website imaginable to find out everything we need to know about a home. In the rare occasion that a home is grossly mispriced in today’s market, the lowball offers are expected and acceptable but when a home is priced to sell, lowball offers will get a buyer no where but the home they are currently in.

Hi,

I am an agent with David Realty Group of Westfield NJ and I met someone who owns a home in Westfield NJ today who had their home on the market in the past but it did not sell. She engaged in this conversation with me once she found out I was a realtor with David Realty Group who sells Westfield Homes. The woman kept referring to how her home was underpriced when it was on the market next to all of the other homes in Westfield on her street. But none of the homes on her street has sold in recent years so where was she getting her information? Zillow. I then shared with her that Zillow did not have feet, and had never been in any home nor did Zillow have a brain b/c Zillow was not a person. I asked if her past agent had shared comparables with her and she said, “yes, that too”. But it sounded like her money was on Zillow and not on her agent! Zillow is a computer program that takes an average of the homes in the area and does not take into consideration the location of the home, the condition of home, nor the style of the home, etc. I just found it unfortunate that people would entrust a website and not their agent. By the end of the meeting she understood exactly what I was trying to tell her. Real Estate today is a lot of Internet searching but it still is a people business where they like to feel and touch and experience the house, neighborhood and its surroundings. What people are willing to pay for a home dictates price not Zillow.

Today! Today is actually the best time to list your home. Sellers need to take advantage of the weather this month and get a jump start on the spring market. Typically the spring market begins anywhere between January 1st and March 1st depending on who you speak to. This year, the buyers are out more than ever in January and that is predominantly due to the weather but you can’t argue that the 3.875% interest rate on a 30 year fixed conventional may also have something to do with it. Couple those 2 reasons with the large financial firms announcing last week that the market has hit bottom in most geographical areas.
I listed two homes in December that each got two offers in December!
Don’t wait until March and April when everyone else will list and you inevitably increase your competition!
The landscape isn’t going to be what ultimately sells your home.
Good luck and call David Realty Group in Westfield NJ.

Rentals in Union County are hot, hot, hot! And David Realty Group Rentals is happy to be part of the excitement. Particularly in demand are the towns that have train lines to Manhattan such as Westfield NJ, Cranford, NJ, Summit, NJ and many of the surrounding towns. One month broker fee is typical in these areas as the apartments are in demand. Ocassionally the landlord will pay or split the commission but it’s usually in the case where an apartment may be more difficult to rent.  Be prepared to have your funds ready as the requirements are generally one months rent, 1 1/2 month security and the typical broker fee.  We specialize in rental at David Realty Group and look forward to using our expertise to help you find your next home! Call us 24 hours a day – you’d be surprised at the hour we may pick up the phone.  Visit our website at www.westfieldnjapartments.com to start your search