Nancy Chu Homes — Frequently Asked Questions
Buying a Home
What credit score do I need to buy a home in New Jersey?
Most conventional loans want a 620+ credit score, and FHA can go as low as 580 with 3.5% down. But in a competitive Essex County market, a 700+ score gets you better rates and makes your offer stronger in a seller's eyes. Honestly, a solid pre-approval matters as much as the number itself — get that before you start touring.
What closing costs should buyers expect in North Jersey?
Budget roughly 2–3% of the purchase price for buyer closing costs in New Jersey. That covers your attorney (around $2,000 for a typical flat-fee attorney — if you see one much cheaper, it's often à la carte, so you'll pay extra per document), title insurance, lender and appraisal fees, inspections, and prepaid taxes and insurance. For older Essex County homes, also set aside a little for a sewer inspection and oil tank sweep. Your lender must send a Loan Estimate within three days of application, so you'll see real numbers early.
How long does the attorney review process take in New Jersey?
Attorney review officially lasts three business days after both sides sign, though it often runs a bit longer if the attorneys are negotiating changes. During that window, either side can cancel or revise the contract, and the home isn't truly under contract until review ends — so a seller can still take other offers. A responsive attorney is worth every penny here.
What is an oil tank sweep and why do I need one?
An oil tank sweep is a scan of the property for buried, abandoned underground heating-oil tanks — common in North Jersey homes built before the 1980s that once used oil heat. You need one because if an old tank leaked, you as the new owner are on the hook for cleanup that can run tens of thousands. It's cheap insurance against a very expensive surprise.
How do I win a bidding war on a home in North Jersey?
First, find out what it'll actually take to win — which means your agent has to do serious comp work, not guess. We break a house down the way an appraiser does: we find the sold price per square foot from recent comparable sales, then adjust — extra bathroom, extra garage, small yard, busy street versus cul-de-sac, stronger or weaker features — until we land on the number we think wins it. Then we add the terms sellers love. An inspection waiver, for example: you'll still inspect and you'll still find things, but you agree up front how much you'll let go to keep the deal together. An appraisal waiver is the other big one — in these competitive towns you often have to pay more than the comps support, and an appraisal waiver lets you buy above the appraised value. That makes your mortgage offer look as strong as cash and settles a lot of a seller's fears.
How much over asking do homes sell for in Montclair, Maplewood, and South Orange?
List price is marketing — always, full stop. There's no reliable "percent over asking" for a town, because every house has to be comped on its own, every time. A seller might price low to spark a bidding war, or price at the top of what they think the market will bear — you can't tell which from a headline number. Our job is to comp the specific house, tell you the number we think wins it, and the terms that make your offer stand out to that seller. If your agent says "homes around here go 15% over, so bid that," or can't or won't give you a winning number and the terms to get there — you need a new agent.
Selling a Home
How much does it cost to sell a house in New Jersey?
Total selling costs usually run into several percent of the sale price. That includes brokerage compensation (fully negotiable now — see below), your attorney (around $2,000 for a typical flat-fee attorney), the NJ Realty Transfer Fee, and municipal certificates. Homes over $1M also trigger the state's mansion tax, now paid by the seller. Ask for a clear net sheet before you list so you know your bottom line.
Who pays the real estate commission in New Jersey now?
Commission is now fully negotiable — there is no standard rate. Buyers can pay their own agent directly, or ask the seller to; sellers can offer to pay a buyer's agent or decline. It's become a live negotiation item in every transaction, and how you handle it genuinely affects your bottom line. This is exactly the kind of thing you don't want to leave on autopilot — we treat it as part of your strategy, not a fixed fee.
What is the New Jersey mansion tax and who pays it?
The mansion tax is a state fee on home sales over $1,000,000 — and under the law that took effect in 2025, the seller now pays it (it used to be the buyer). It's graduated: roughly 1% at $1M, 1.5% at $1.5M, 2% at $2M, and 2.5% at $2.5M, scaling up from there. If your home is anywhere near the million-dollar line, build this into your pricing early — and your attorney will confirm the exact figure for your sale.
Do I need a Certificate of Occupancy to sell my house?
It depends entirely on the municipality — and the rules genuinely change year to year as inspectors are hired and retire. Some towns require a full building-department inspection, some only a fire (smoke/CO) certificate, and some require both. Because there's no fixed list you can rely on, we confirm the exact requirement for your specific town early and schedule it well before closing so it never delays your sale.
What is the New Jersey "exit tax" and do I actually have to pay it?
The "exit tax" isn't a separate tax — it's an estimated prepayment of your NJ income tax, collected at closing when you're selling and moving out of state. The state withholds the greater of 2% of the sale price or the tax on your actual gain, then you reconcile it on your NJ return and get any excess back. Most primary-residence sellers recover most or all of it.
What's the best month to list a home in Essex County?
There's no single best month — and honestly, the usual "list in spring" advice works against you, because everyone hears it and everyone lists in spring, splitting the buyer pool across a flood of listings. In this inventory-constrained 2026 market, we think the best time to list is right now, while there's less competition for those buyers. What actually matters isn't the calendar — it's pricing your home properly to grab buyer attention and drive multiple offers, which is what gets you the best price and the most leverage.
How do I sell a house after a death in the family?
First, call us. We can connect you with a great probate or estate attorney to get all the legal particulars in order, and then we build a plan to get the house ready and get you and your fellow survivors the best possible price. We do this routinely for executors — we take the property, clean it up, get it market-ready, stage it, photograph it, present it, list it, and get great outcomes for your loved one's family. You don't have to figure it out alone.
How do I sell a house during a divorce in New Jersey?
First, call us — we'd genuinely like to hear about your situation. We can set you up with one of our best divorce attorneys and walk you through how to handle the sale in a way that protects everyone. Legally, both spouses on the deed generally have to agree (or a court orders it), since NJ is an equitable-distribution state — but the practical key is a neutral agent who communicates identically with both sides, so the real-estate part never becomes another battle. It's a hard moment; our job is to make this piece of it smooth.
Renting
Is it cheaper to rent or buy in Essex County right now?
Sure, renting might save you a couple of bucks a month right now. But here's the question I'd ask back: show me another investment you can make at 4-to-1 leverage — with a normal conventional loan that's easy to get. Go lower-down and the leverage is even stronger; with an FHA loan you control 96.5% of the purchase price with just 3.5% down. There's no other investment product that lets you leverage like that — and this one has the added benefit of keeping the rain off your stuff. Renting is fine short-term; buying is how you build wealth.
Which North Jersey towns have rent control?
Rent control in North Jersey has to be checked property by property — it's never set-and-forget. Montclair has a rent-control ordinance, but the rules vary by town and building type (newer construction and many single-family rentals are often exempt) and they change year to year. So rather than trust a static list, we confirm the ordinance for the specific property and municipality before you count on it.
What income and credit do landlords require to rent in North Jersey?
Most North Jersey landlords look for household income around 2.5–3x the monthly rent and a credit score of roughly 650+, plus clean rental history. You'll typically need pay stubs, a credit report, references, and funds ready for the deposit (NJ caps security deposits at 1.5 months) and first month. The market moves fast, so have a complete application ready the day you tour.
Schools & Family Life
How does the Montclair magnet school system work?
When you register, you apply to a themed magnet track and rank your choices, and the district makes the placement — your home address doesn't lock you into one neighborhood school. That real choice is a big draw for families and unusual in New Jersey. The particulars matter and can change, so talk directly with the district about each track's curriculum, how placement works, and the transportation options for the track you want.
How is the South Orange–Maplewood school district?
South Orange and Maplewood share one district (SOMSD), known for strong academics and deep, well-funded arts programs, all feeding into Columbia High School. It's a big reason families pick these towns. The district's elementary assignment model has been evolving, so rather than quote details that may change before they're fully in place, check directly with SOMSD for how school placement works right now — and visit the specific schools before deciding.
Property Taxes & Cost of Living
Why are property taxes so high in New Jersey?
Home rule is the real reason. New Jersey towns have refused to consolidate with the small municipalities right next door, so each one runs its own fire department, its own police, and its own administration. A 5,000-family town shoulders the full cost of all those services alone — hugely less efficient than, say, four similar towns banding together and spreading that overhead across 20,000 households. Strong schools add to the bill (and they're a big reason values hold up here), but that fragmentation is what really drives New Jersey's taxes.
Which Essex County towns have the lowest property taxes?
Chasing the "lowest-tax town" is the wrong way to think about it — your actual bill is driven by your home's assessment, not a town-wide rate you can rank. And those rates shift when a town's budget changes or it does a town-wide reassessment, so today's ranking won't hold. What matters is the real annual tax bill on the specific home you're considering, which we always pull before you make an offer.
How do I appeal my property tax assessment in Essex County?
File an appeal with the Essex County Board of Taxation by April 1 (or May 1 in a revaluation year), arguing your assessment exceeds your home's true market value. You'll need comparable sales to support a lower number, and under the state's ratio rules the assessment generally has to be off by more than about 15% to win. Many owners use a tax-appeal attorney who works on contingency — and I'm happy to pull comps for you.
What New Jersey property-tax relief programs can homeowners use (ANCHOR, Senior Freeze)?
New Jersey homeowners may qualify for a few programs: ANCHOR (a property-tax rebate based on income), the Senior Freeze (which reimburses eligible seniors and disabled residents for tax increases above a base year), and the newer Stay NJ program for older residents. Amounts, income limits, and deadlines change every year, so for what you actually qualify for, talk to your tax accountant or check treasury.nj.gov — that's the one place with the current numbers.
How does the cost of living in Montclair compare to Brooklyn?
Sure, we can compare monthly costs — but the more interesting question is where your money grows faster. Here's the thing about Brooklyn: they're not afraid to build up, and more supply suppresses price growth. If you bought a condo in the last few years and a similar-or-nicer building goes up down the block, those new units undercut you when you go to sell. That doesn't happen in Montclair — it's been inventory-starved for as long as anyone can remember. It's the first NJ suburb everyone names (partly because a wave of New York Times writers settled here, and the old commuter bus dropped them at Port Authority, right by the Times office). Montclair values have appreciated strongly, year after year. Compare the historical returns and it's pretty clear where I'd want my money — and you get the house, the yard, and the parking on top of it.
Commuting to NYC / Location & Lifestyle
How long is the commute from Montclair to NYC?
It depends where you're headed and what you take. From Bay Street, it's about a 36-minute train ride to Penn Station — so if you work near Penn Plaza, that's your whole commute. Working further uptown? Add the time to get uptown from Penn. Heading downtown? You're probably not on Midtown Direct at all — you'd take the Hoboken train and connect to the PATH. And if you work right in Midtown, I recommend the Boxcar bus: its Essex Express runs along Park Street and Valley Road, drops you near 42nd and Madison, and takes about 45 minutes most days — reserved seat, booked through their app.
Which North Jersey towns are on the Midtown Direct line to Penn Station?
In our area, Maplewood, South Orange, and Millburn ride Midtown Direct on the Morris & Essex line, while Montclair, Glen Ridge, and Bloomfield get one-seat service to Penn Station on the Montclair-Boonton line. "Midtown Direct" means no transfer — straight into Penn. Verona, Cedar Grove, West Orange, and the Caldwells don't have train stations and rely on express buses or driving to a nearby station.
Neighborhood & Town Comparisons
Glen Ridge vs. Montclair — what's the difference?
Glen Ridge is a tiny town — small school, gas lamps, a real bedroom-community feel, and about as Montclair-adjacent as it gets. One perk people miss: its train station is one stop faster than the fastest Montclair train at Bay Street. Montclair, by contrast, is five miles long end-to-end and only about a mile wide, so it's hard to get more than a mile from a station — and there are six of them, each anchoring its own little community (Upper Montclair, Watchung Plaza, Walnut Street, and so on). Upper Montclair feels different from the middle and south ends, Park Street and Valley Road run through it a bit like Broadway runs through Manhattan, and a lot of people forget there's a university at the north end — Montclair is technically a college town.
Montclair vs. Maplewood — which town is right for me?
Both are creative, commuter-friendly towns, but they really differ. Maplewood has what might be the cutest little downtown train station in North Jersey, a major commercial spine along Springfield Avenue, and — this matters — the best pizza around at Artie's. The bigger deal for commuters: Maplewood and South Orange have the best train service in the area, and it runs on weekends, unlike the Montclair line. That's a big reason theater and Broadway folks settle there. Montclair is larger and more spread out — five miles of it — with six station neighborhoods, an arts scene, and a magnet school system. Plenty of my buyers shop both; the specific house and the weekend-train question usually decide it.
South Orange vs. Maplewood — what's different if they share a school district?
They feel similar, but the housing tells the difference. South Orange has the grand historic Montrose section, plus the Newstead area up the hill with more mid-century homes — ranches and splits — and it's a college town, with Seton Hall right there. Maplewood is a little more uniform: big old colonials and Victorians on the west side, and more recent housing stock on the east side. They share the same district (SOMSD) and the same excellent weekend train service, so most buyers decide on the section and the specific house rather than the town line.
Caldwell vs. West Caldwell vs. North Caldwell — what's the difference?
Caldwell is roughly clustered around Bloomfield Avenue — the walkable, downtown one. West Caldwell is a bit more suburban, up against Roseland and Fairfield by Passaic Avenue, with slightly larger lots and slightly newer housing stock. North Caldwell is Big House Country, and it's part of the West Essex Regional school district. Key thing for commuters: there's no train service to any of the three. Caldwell and West Caldwell folks use the park-and-ride at West Orange or Willowbrook Mall; North Caldwell is closest to the Willowbrook Mall park-and-ride.
Market Trends & Timing
Is now a good time to buy a home in Essex County?
Yes — and here's the contrarian case. Right now, rates around 6% are keeping some buyers on the sidelines, and that's exactly why it's a good time to buy. Low rates bring more competition, which pushes prices up. I like Warren Buffett's rule: be greedy when others are fearful, and fearful when others are greedy. And there's an old line — the best time to plant a tree was twenty years ago; the next best time is now. Real estate's the same: the best time to buy was 1978, and the next best time is right now.
Relocation
Moving from NYC to North Jersey — where do I start?
Spend real time in the towns before you commit to one. Take day trips — eat lunch here, practice the actual commute, drive around, visit the stores. When my family first looked in this area, we tried Westchester and Connecticut too, but we really liked New Jersey — and while we liked Montclair, we liked Maplewood even better. We only figured that out by taking day trips, touring houses, and spending time in each town. Get pre-approved early, then let the towns audition for you.
Investing / Multi-family
Can I house-hack a two-family home with an FHA loan in New Jersey?
Yes — FHA lets you buy a two-to-four-unit property with as little as 3.5% down, as long as you live in one unit as your primary residence, and lenders can count a portion of the other unit's rent toward qualifying. It's one of the best wealth-building moves for first-time buyers in North Jersey, where two-family inventory actually exists. FHA loan limits change year to year, so confirm the current one with your lender — and the real challenge in pricier towns is finding a property where the numbers actually work.
Which North Jersey towns are best for multi-family investing?
There's no single "best town" for multi-family — the moment a town looks great on paper, those deals get bought up. Good multi-family investing here is property by property, not town by town. For any property you're considering, we run the comps, the actual rents, and your likely cost of ownership so the numbers protect your investment. That analysis — not a town name — is what tells you whether a deal is worth doing.
