Bergen County NJ Real Estate Blog

If you’ve turned on the TV or read the news in the last few months, you have certainly heard buzz about the supposed “credit crisis” taking over America.  Tales abound of  Bergen County NJ real estate buyers being required to put 20% to purchase a home, or first-time buyers unable to find a lender to write them a loan. It seems the press just can’t get enough of all the “misery” in the Bergen County NJ real estate market.  But is this what’s really happening?  Let’s take a look at the facts:

Indeed, we are in the middle of what might be considered the biggest disservice ever perpetrated on potential home buyers.  The truth is that mortgage money is as available today as it was a year ago and loans are being made with little or no money down.  Wondering who these lenders are?  They may be right down the street – you just have to know where to look!

Federal Housing Administration (FHA) loans are making a huge impact on the mortgage industry; recent estimates show that about one out of five mortgages is an FHA loan. Although FHA loans never “went away,” their re-emergence is a result of the collapse of the sub-prime market. Although the FHA doesn’t technically require a minimum credit score, most lenders will not approve an FHA loan with a credit score below 500. That is still a far cry from the notion that an 800 score is the bare minimum for potential buyers.

Perhaps the biggest advantage of an FHA loan is that it requires only a 3% down payment. You read that correctly – 3%! Moreover, that 3% can come in the form of a gift or grant.  FHA borrowers only need to have $500 in a transaction.  On top of all this, FHA mortgage rates are as good or better than their conventional counterparts.

Extremely competitive rates, low or no down payment, and easier qualifying.  No wonder FHA is moving up the charts!

Please call me at 201-930-3070 or visit PaulaClarkRealtor.com if you would like more information about FHA loans, a referral to a reputable local lender, or help getting into your first Bergen County NJ home. You may also begin searching Bergen County NJ real estate here!

When we think of termites, most of us think they are only active in the spring and summer months.   Although this is not the case, they do tend to swarm and become more active in most parts of the country this part of the year, and it is when most Bergen County NJ real estate owners start thinking about them.

Termites can silently and secretly destroy a home before you even see the first sign of evidence that these hungry home wreckers are even present.  And, contrary to popular belief, they don’t just eat wood!

Check out this article to learn more about termites and the kind of damage they can cause.  This article is a great resource if you think you might have termites and aren’t sure what to do about them. 

To learn more about Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com.  You may also begin searching Bergen County NJ real estate here.

Whether you are a newcomer to the area or just purchasing Bergen County NJ real estate for the first time, it can be difficult to know which neighborhood is right for you and your family.  You might find the perfect home only to find out that the property values in the neighborhood have plummeted due to foreclosures or other circumstances.

Realty Trac’s Neighborhood Locator tool is a great place to research Bergen County NJ neighborhoods.  You can search for areas with the best bargains or that boast the highest home appreciation rates.  You can also find areas that are ideal for first-time homebuyers, or that are similar to the neighborhood you currently live in!  The neighborhoods are evaluated based on home costs, crime rates, public school systems, and demographics. 

To get more detailed information about Bergen County NJ real estate and neighborhoods, please call me any time at 201-930-3070 or visit PaulaClarkRealtor.com.  You may also begin searching Bergen County NJ real estate here!

Take the time to look at this website to see how Bergen County NJ real estate valuation compares to other parts of the country.  In general, the map and data shows that real estate is valued fairly across most of the nation, making now an excellent time to buy.

To learn more about Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com.  You may also visit click here to request a complimentary market analysis of your Bergen County NJ home!

This month’s edition covers New Jersey real estate market activity and then our experts explain how making a few changes in your home’s presentation can make it go from ordinary to extraordinary!

Features special guest Terri Murphy of US Learning.

Program length: approximately 7 1/2 minutes
download podcast mp3 file | subscribe to podcast feed

To learn more about Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com.  You may also click here to request a complimentary market value analysis of your Bergen County NJ home.

Have you seen the price of gas lately?!  As prices continue to soar, you may notice that prices vary widely among different gas stations in the same city.  Before you fill up, check out GasBuddy.com and enter your ZIP code to find the very best (and worst) gas prices in Bergen County NJ.

For information about Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com.  You may also request a complimentary market valuation of your Bergen County NJ home here!

Bergen County NJ Real Estate Sales Expected to Stabilize Through Summer

Little change is expected in New Jersey real estate sales of existing homes over the next few months, before notably improving during the second half of the year, according to the latest forecast by the National Association of Realtors.

Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”

Let’s take a look at the sales statistics for Bergen County in March 2008 to what is happening locally:

Residential sales in Bergen County dropped by 30 percent in March compared to March 2007, causing the average market time to increase 11 percent, from 99 days to 109 days. The average sale price increased 4 percent to $673,132, while the SP to LP ratio decreased by 2.31%.

Bergen County	Sold Listings	Average Sales Price	SP/LP	Days On Market
March 2008	310	$673,132	89.522%	109.14
March 2007	441	$647,550	91.833%	98.54

Now is a GREAT time to be buying a home in Bergen County. To learn more about Bergen County real estate, please contact me at 201-930-3070 or visit PaulaClarkRealtor.com. To begin searching for Bergen County homes, please use our complimentary MLS search.

1.    Plenty of inventory to choose from.  See for yourself on the Bergen County NJ Real Estate MLS!
2.    Bidding wars are rare in today’s market.
3.    Sellers are much more welcoming of offers.
4.    Homes are on the market for longer, so there is less pressure to make a quick decision.
5.    Inspections are welcomed.  Sellers and agents expect you to be cautious.
6.    Lots of brand-new homes with incredible incentives are being offered by builders.
7.    You can actually negotiate with sellers for repairs and help on closing costs.
8.    There are fewer investors pushing prices up.
9.    Good, reliable FHA loans are available. No funny financing!
10.  Interest rates are at near record lows. Now’s the time to lock in a mortgage!

If you are ready to begin looking at Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com.  I look forward to helping you find the Bergen County NJ home of your dreams!

Congress’ recent $170 billion economic stimulus plan is centered around new tax rebates; unfortunately, the details of the plan are foggy at best, leaving

Bergen

County NJ real estate owners and taxpayers with questions about the rebates and how they will benefit.

The details are still being worked out by the Treasury Department and the IRS, but here are some facts that have been made available:

• To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000.  These filers will get rebates up to $600.
• Joint filers must have AGI below $150,000 and are eligible to receive rebates of up to $1,200.
• Parents will receive $300 rebates per dependent child and there is no cap on the maximum number of children eligible.
• Filers who do not owe income taxes because of various credits and deductions but who do have at least $3,000 in income (can include Social Security or disability payments) will get $300 rebates per person or $600 per couple.
• The rebate is a one-time tax cut – an advance on a credit you’ll receive on your 2008 return.

If you make the IRS deadline and file your taxes by April 15 (that’s NEXT WEEK!), you can expect to receive a rebate check in the mail sometime between May and July.Why not put your 2007 tax rebate toward the purchase of a new home?  To learn more about

Bergen

County NJ real estate, please visit PaulaClarkRealtor.com or begin searching for homes here.  For more personalized service, please call me at 201-930-3070.

The best chance for selling your Bergen County home is within the first seven weeks. Studies show that the longer a property stays on the market, the less the seller will net. Listed below are the five main factors to accomplishing this goal.

Step 1: Pricing

It is very important to price your property at a competitive market value right when you list it. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. It’s interesting, but your first offer is usually your best offer. Here are reasons for pricing your property at the market value right from the start in order to net you the most amount of money in the shortest amount of time.

An overpriced home:

* Minimizes offers
* Lowers showings
* Lowers agent response
* Limits financing
* Limits qualified buyers
* Nets less for the seller

80% of the marketing is done when we decide on what price to list your home. If you are unwilling to list at current market value, you would be better off not putting it on the market at this time.

Step 2:  Cleanliness

Most people are turned off by even the smallest amount of uncleanness or odor when buying a home. Bergen County home sellers lose thousands of dollars because they do not adequately clean. If your house is squeaky clean, you will be able to sell your home faster and net hundreds, if not thousands of dollars more. If you are planning on moving, why not get rid of that old junk now so that your house will appear larger? Make more space. Odors must be eliminated especially if you have dogs, cats, or young children in diapers or if you are a smoker. You may not notice the smell, but the buyers do! Most agents have a difficult time communicating to their sellers about odor. If you employ an agent to get the most amount of money for you, please don’t take offense if he must confront you about odor problems.

Step 3: Easy Access

Top selling agents will not show your home if both the key and access are not readily available. They do not have time to run around town all day picking up and dropping off keys. They want to sell homes! The greatest way to show a house is to have a keybox accessible to real estate agents!
Step 4: Showtime

When your home is being shown, please do the following:

* Keep all lights on
* Keep all drapes and shutters open
* Keep all doors unlocked
* Leave soft music playing
* Take a short walk with your children and pets
* Let the buyer be at ease and let the agents do their job

Step 5:  Paint & Carpet

Paint is your best improvement investment for getting a greater return on your money. Paint makes the whole house smell clean and neat. If your house has chipped paint, exposed wood, or the paint looks faded, it is time to paint. If your carpet is worn, dirty, outdated, or an unusual color, you may need to seriously consider replacing it. Many Bergen County homes do not sell because of this problem. Don’t think that buyers have more money than you have to replace carpet. They don’t. They simply buy elsewhere.

Step 6:  Curb Appeal

Your front yard immediately reflects the inside condition of your house to the buyer. People enjoy their yards. Make certain that the trees are trimmed so the house can be seen from the street. Have the grass mowed, trimmed and edged. Walkways should be swept. Clean away debris. Remove parked cars. This all adds to curb appeal. If a buyer doesn’t like the outside, they may not stop to see the inside.

Interested in the current market value of your home? Or what other homes in your area have sold for? Or just want to tlak, give me a call at 201-930-3070.