Short Hills, Millburn, Livingston and Summit real estate and homes for sale in New Jersey, luxury homes, custom homes - Elaine Pruzon, REALTOR®

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Elaine Pruzon, REALTOR®, real estate agent and broker for Short Hills, Millburn, Livingston and Summit New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

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About Appraisals >Three Caballeros

When you buy a house or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser will look for "three caballeros" or three "comparables" -- homes that are very similar to the one you are buying -- and will make adjustments to reflect the differences between the properties.

Housing patterns tend to be homogenous, meaning that homes worth $300,000 are usually located in $300,000 neighborhoods. It is important for properties to be within the general pricing patterns of their neighborhoods because over-valued homes, even if they are exceptional, are sometimes difficult to sell at full market price.

This is not the only factor considered in determining the worth of a property, but it is an important one. The buyer or seller may view the property as a home or an investment, but lenders view it in a completely different way. To a lender, property means security in the event a borrower fails to repay a mortgage. Therefore, lenders must know real estate values in order to limit their risks.

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Q	What are three of the best indicators of real estate market trends?
A	Existing home sales, new home building and mortgage interest rates.
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Elaine Pruzon
Coldwell Banker
545 Millburn Avenue
Short Hills
NJ, 07078
Direct: 973-715-8555
Office: 973-376-5200
VoiceMail: 973-467-4823
Email: elainepruzon@NUMBER1EXPERT.com
Elaine Pruzon, a long time resident of Essex County, NJ, hails from Montreal Canada and brings to real estate a novel approach ï¿½ one of creative thinking, skillful marketing, and most of all a compassionate and enthusiastic attitude. A graduate of McGill University, her talent lies in her insightful problem-solving ability and sound detail-oriented business philosophy. She has been named the #1 Sales Associate in Coldwell Bankerï¿½s Short Hills Office from 1996-2006, as well as the #1 agent in Short Hills for 2000-2003. She has listed and sold more homes combined than any other agent in town for 2004-05. Elaine is a member of Coldwell Bankerï¿½s International Presidentï¿½s Premier Club and has earned the NJAR Million Dollar Club Gold Level Award from 1996-2001 and Platinum Level Award in 2002-2006. She is also a Previews Properties Specialist and a Relocation Specialist. Her commitment to excellence is unparalleled. If you have any real estate needs, simply call Elaine and pack your bags. Sheï¿½s a real PROfessional.

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