Bergen County NJ Real Estate Blog

Contrary to popular belief, home inspections are not just for new home purchases!  It is extremely important to have your Bergen County NJ real estate inspected professionally on a regular basis – especially if you are using it as an investment or rental property – to ensure you keep up with any necessary maintenance or repairs. 

Home inspectors offer many types of inspections to suit Bergen County NJ real estate owners’ needs – some of these include:

  - Pre-Listing Inspections
  - Pre-Purchase Inspections
  - New Construction Inspections
  - HUD/FHA Inspections
  - Multiunit Inspections
  - Annual Maintenance Checkup

A home buyer can save thousands of dollars by having a professional home inspection performed before purchasing a home.  Also, in areas with extreme weather circumstances, inspectors can help locate potential problems or damage that may be hidden to the naked eye.

To learn more about Bergen County NJ real estate or for a referral to an experienced home inspector, please call me at 201-930-3070 or visit PaulaClarkRealtor.com.  You may also begin searching for Bergen County NJ real estate 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%.

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.

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.

If you are a first-time Bergen County NJ real estate homebuyer, you are probably all too aware of the importance of a good credit score.  A higher-than-average credit score will help you negotiate a lower interest rate when you are applying for a mortgage, and a lower interest rate means thousands of dollars in interest saved every year.

This short video is a great introduction to the importance of your credit score, and includes some simple strategies to help improve it. 

This is a great time to consider purchasing Bergen County NJ real estate.  To learn more about Bergen County NJ real estate, please visit PaulaClarkRealtor.com or begin searching homes here.  For more personalized service, or a referral to a reputable lender who can help you learn more about your credit score, please call me at 201-930-3070.

Following yet another interest rate cut from the Fed, the National Association of Realtors is expecting the volume of Bergen County NJ real estate sales of existing homes to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas.

The federal funds rate was cut by another ¾ of a percentage point last week, bringing the rate to 2.25% - the lowest it has been since 2004.  This move also marks the second of back-to-back cuts of ¾ of a percentage point.

Along with lower interest rates, Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits.  “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said.  “Therefore, a notable rise in home sales can be anticipated in the second half of the year.”

To get the latest market activity and statistics for Bergen County NJ real estate, please call me at 201-930-3070.  You may also visit PaulaClarkRealtor.com and begin searching for Bergen County NJ real estate here!

The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors®. 

Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits.  “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said.  “Therefore, a notable rise in home sales can be anticipated in the second half of the year.

Let’s take a look at the sales statistics for Bergen County NJ  in February 2008 to determine if the market is holding steady locally:

Bergen County NJ real estate (residential) sales dropped by 35 percent in February compared to February 2007, causing the average market time to increase 10 percent, from 105 days to 115 days. The average sale price dropped 5 percent to $659,667.

Now is a GREAT time to be buying Bergen County NJ real estate. To learn more about Bergen County NJ 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. 

Despite Congress’ ongoing efforts to relieve Bergen County NJ homeowners, the rate of foreclosure is still increasing across America. 

Although this CBS News video spotlights a foreclosure scam artist in southern California, the problem is rampant nationwide.  As the video shows, it is too easy to be taken advantage of by scam artists trying to make a buck off the vulnerability of others.

Remember, if you may be facing foreclosure – or if you are interested in investing in Bergen County NJ foreclosures – the best resource is an experienced Realtor who can help explain your options.  To learn more about Bergen County NJ real estate, please call me 201-930-3070 or visit PaulaClarkRealtor.com.  You may also begin searching Bergen County NJ homes here!

The Township of River Vale is offering programs to help reduce property taxes.

The first, and most popular, is the Homestead Rebate. This program is run through the state and is available to both home owners and renters who occupied their principal residence in New Jersey on Oct. 1, paid property taxes on that dwelling, either directly or through rent, and whose gross income for the year does not exceed certain limits. For information on the Homestead Rebate, visit http://www.state.nj.us/treasury/taxation .

Another program which is available through the state is the Senior Freeze, a property tax reimbursement program. This program reimburses eligible citizens and disabled persons for property tax increases. The amount of the reimbursement is the difference between the amount of property taxes that were due and paid in the “base year” (the first year all the eligibility requirements were met) and the amount due and paid in the current year for which they are claiming the reimbursement, provided the amount paid in the current year was greater.  The application form as well as eligibility requirements are available in Town Hall.

 finally, there are the Senior Citizen/Disabled Person Deductions and the Veteran Deductions, which provide eligible residents with a property tax deduction of $250. Both of these applications should be filed in the River Vale Town Hall. The Senior Citizen/Disabled Person Deduction is available to residents of River Vale who are 65 years or older, and whose income does not exceed $10,000, not including Social Security. The Veterans Deduction is available to any resident who served in a time of war. Visit Town Hall for more information as well as to pick up the applications.

For more information contact Lauren Roehrer, tax collector, any time between 9am and 4:30pm at (201) 664-2346, ext 1000, or lroehrer@rivervalenj.org .

With spring right around the corner, many Bergen County homeowners are starting to plan home improvement projects to spruce up their property.  There is an overwhelming number of options when it comes to “green” upgrades available for your home – so how can you figure out exactly what changes you can and should make? This article from RealEstateJournal.com details five ways homeowners can add “green” upgrades, saving money and increasing their property’s value at the same time.  Below is the list of suggestions; check out the article for full descriptions of each item:

• Washers that save energy and water
• Toilets that conserve water
• No-VOC paints
• Smart thermostat applications
• Low-flow faucets and showerheads

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

A continuation of soft market conditions is forecast for existing-home sales in the months ahead, with improvement expected by the second half of this year if loan limits are increased, according to the latest forecast by the National Association of Realtors®. 

Lawrence Yun, NAR chief economist, said sales activity is expected to remain soft through the first half of the year despite a generational low in mortgage interest rates.  “Existing home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices,” he said.

This would seem to indicate that now would be a great time to be a home-buyer in the national marketplace. Let’s take a look at the sales statistics for Bergen County in January to see how the year started off:

January 2008 home sales in Bergen County decreased 25% compared to January 2007, with market times increasing 3%, 104.89 days vs. 101.46 days.

The median selling price increased by $10,000 to $490,000 and the average sales price increased 17% to $721,362.

If you are planning to buy or sell a house in 2008 or want to learn more about Bergen County real estate, please contact me at 201-930-3070 or visit PaulaClarkRealtor.com.