Bergen County NJ Real Estate Blog

This month’s edition of my Real Estate Update is now available. This month’s issue includes:

•  Should I Take My Home Off the Market During the Holidays
• Keeping Your Credit Clean
• How to Handle Low Ball Offers
• And much more!

Happy reading!!

“Going green” has been one of the biggest trends of 2007, with more and more homeowners seeking to make environmentally-friendly choices on everything from cleaning products to flooring.  So shy shouldn’t our concern for the environment carry over to our holiday decorations this year?  If your home is in need of some holiday cheer, here are some “green” ideas to brighten things up: 

·        Use LED lights – using LED lights to decorate the inside and outside of your home will bring you many benefits.  The lights last a whopping 50,000 hours – that means you could actually pass these lights down to your grandchildren some day!  Adding to their cost effectiveness is the fact that you will be using 90% less energy with LED bulbs – resulting in an electricity bill that the Griswald family would envy!  LED lights are also safer – they don’t produce as much heat and considerably reduce the risk of fire, always a concern during the holiday season.

·        Use solar-powered decorations – the “new kid on the block” when it comes to holiday décor, these lights not only save you money on energy – they don’t use any energy at all!  Place the solar panels where they can collect light during the day, and the lights will automatically light up when it gets dark and shine for about 8 hours. 

·        Use mother nature’s decorations – forget going out to shop for decorations.  Some of the best décor can be found right in your own backyard!  Use a real Christmas tree rather than a manufactured, non-biodegradable one.  Even better, buy a young tree with roots and re-plant it after the holiday season!  A basket of pinecones make a beautiful and rustic centerpiece, and fresh pine straw can be made into a lovely and fragrant wreath to display.

Happy tree-trimming! 

To learn more about Bergen County

NJ real estate, please visit PaulaClarkRealtor.com or call me at 201-930-3070.  To receive a complimentary home value analysis, please click here.

With this week’s news coverage of the devastating fires in California, home fire safety is a most timely topic.  Although we may not be at great risk for wildfires here in New Jersey, an important part of responsible homeownership is being prepared to both prevent a fire in your home and to rescue yourself and your family should there be a fire in your home. 

This printable Fire Safety Checklist, provided by FireSafety.gov, is a great resource for determining what fire hazards may lurk in your home, how to make them less hazardous, and what to do in the event of a fire.  The Today Show also provided some useful tips to ensure you would know what to do if you had to evacuate your home in the event of fire.  These tips include:

Make copies of your documents.  Either put them in a waterproof and fire-proof safe, or give the copies to a trusted friend or relative.  Make electronic copies, as well.  Remember that valuables left in a safe deposit box at a bank could also be destroyed in the case of a widespread natural disaster.
Get your insurance information in order.  If disaster strikes, make your claim right away, and be sure to take pictures of the damage.
Prepare an emergency kit.  Don’t wait until it’s too late.  Gather essential items such as a battery operated radio, bottled water, food, medication, blanket, first-aid kit, etc.
Come up with a family plan.  Again, do it now!  Make sure everyone knows where the important documents are, and agree on a meeting place in case you become separated. 

Many of these items are tips we hear over and over again, but they never really seem useful until a disaster strikes close to home.  By the time that happens, of course, it is generally too late to put the tips to use.  Preparedness now can save time and, possibly, lives later. If you are thinking of becoming a homeowner in Bergen County

NJ, please call me today at 201-930-3070 or visit PaulaClarkRealtor.com.  You may also begin searchin Bergen County NJ real estate here!

Last week we discussed how to avoid getting caught in foreclosure.  This week I want to look at this hot topic again, but from a different angel. 

While there are many homeowners who are struggling to meet their mortgage payments, there are just as many people who are eager to capitalize on the trend by investing in foreclosures and – they hope – selling them for a hefty profit.

While this may seem like an easy enough venture, potential investors should carefully investigate what they are getting into before heading to an auction or purchasing any property sight-unseen.

This article on RealEstateJournal.com reminds us that there are caveats to investing in foreclosures.  You should always consult an experienced Realtor before you invest in a property with the hopes of flipping it for a quick re-sale.  We can give you a clear picture of the current real estate market in your area; after all, if home sales are slow where you live, you may just end up with an investment that sits on the market and never moves.  Likewise, some homes may come with major structural damage, hidden liens, or utility bills that need to be paid.  Since these properties generally cannot be inspected prior to purchase, it is important to decide in advance how much you are willing to invest in improvements over and above the purchase price of the property.

If you are thinking of investing in Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com.  You can also begin searching the MLS here. I would be happy to help you invest in your future in Bergen County NJ.

If you’ve turned on the news or read the paper lately, you can’t miss the coverage of Hurricane Dean and other weather-related disasters across the country.  This is a good time for homeowners everywhere to review their homeowners insurance policies.  If you are not familiar with the details of your policy, it is important to take a good look before a natural disaster strikes so that you can know what to expect if and when you need to file a claim.  Below I’ve put together 5 tips for understanding your homeowners insurance: 

1. Look for exclusions to coverage.  For example, most policies do not cover flood or earthquake damage as a standard item – these coverages must be purchased separately.
2. Look for dollar limitations on claims.  Even if you are covered for a risk, there may be a limit on how much the insurer will pay.  For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.
3. Understand replacement cost.  If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient.  This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.
4. Understand actual cash value.  If you choose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. 
5. Understand liability.  Generally your homeowners insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court.  However, there is usually an upper limit to the amount of coverage provided.  Be sure that it’s sufficient if you have significant assets.

To request a complimentary relocation package, please click here.  Or, for more information about owning a home and

Bergen County NJ real estate, please visit my website or call me at 201-930-3070.    I look forward to helping you!

While the term “condotel” is nothing new, its meaning has changed dramatically since the hotel-condominium hybrids were introduced 30 years ago. Back then, a condotel unit might look - and feel - like a cramped, converted hotel room.

Today’s condotels - privately owned condominium units available for short-term rental - are more spacious, with some properties boasting up to 4,000 square feet and amenities such as business centers, retail shops and restaurants, spas and exercise facilities.

For buyers looking for a vacation property with rental-income potential, condotel units can be priced lower than traditional condominiums, and many are completely furnished and equipped, making them ideal for out-of-town owners. Those same “feels like home” qualities appeal to vacationers seeking an alternative to the traditional hotel room. In fact, popular vacation “hot spots” such as Las Vegas, Orlando and Waikiki are seeing a surge in condotel development with some hotels being embarked for conversion to condotel units and other properties being built exclusively for the short-term rental market.

 This Report is brought to you by Paula Clark’s Monthly Real Estate Newsletter for Bergen County’s Pascack Valley and Northern Valley from The Gooder Group.

Baby boomers have a wide variety of housing needs in the future, depending on their retirement plans - or lack thereof - according to a study by the National Association of REALTORS.

Most of the 78 million baby boomers are far from retirement, with diverse plans and timelines, resulting in different housing requirements and significant shifts from patterns established by earlier generations. The comprehensive study is based on a survey of nearly 2,000 American baby boomers born between 1946 and 1964 - the largest generation in U.S. history.

Boomers To Stay In Workforce Longer

David Lereah, NAR’s chief economist, said baby boomers are living longer and are different from previous generations because they have no set path for retirement and have more varied circumstances in life. “The differences from past generations - and between baby boomers themselves - will have a significant impact on housing needs over the next 10 to 20 years that is very different from the World War II generation, and many boomers simply don’t know how they’ll retire,” he said.

He said most baby boomers are currently in the workforce, a good portion of them have children living at home, and boomers remain a driving force in the housing market. “Just over a quarter of the boomer generation is aged 55 to 60, which is when many people traditionally begin to focus on their retirement plans, but analysis of the survey suggests they are more likely to stay in the workforce longer and will be less likely to downsize than previous generations - the leading edge of the boomer generation is the key to future housing impact.”

“Because they will be in the workforce longer, boomers will postpone purchase of retirement property and won’t be making those moves as early as assumed,” Lereah said.

Forty-two percent of survey respondents would like to retire in the South, 32% in the West, 15% in the Midwest and 12% in the Northeast.

What Boomers Want When They Retire

The survey also found:

• Half of boomers who live in an urban area would like to retire in a small town or rural area. Their ideal retirement location characteristics include a lower cost of living, being near family, quality health care, better climate and being near a body of water.
• More than a third of all baby boomers want to retire in an urban or suburban setting, motivated by quality health care and cultural activities. Half of boomers said they would consider living in an age-restricted community.
• Almost one in four boomer households have a high net worth of $500,000 or more, and this ratio is expected to increase in the future as the generation ages. Virtually all high-net-worth households are homeowners (97%), and 47% are likely to also own other real estate in addition to their primary residence. More than a third expect to help children or grandchildren with a down payment on a home. Wealthier boomers want amenities where they retire, including cultural activities such as museums and art galleries. As a result, they are more likely to retire in an urban area or city.

 This Report is brought to you by Paula Clark’s Monthly Real Estate Newsletter for Bergen County’s Pascack Valley and Northern Valley from The Gooder Group.

It has never been easier to learn what’s going on in real estate. You’re bombarded with information 24 hours a day, seven days a week, from thousands of sources, including newspapers, magazines, billboards, television, radio, and the Internet - all trying to keep you well-informed (and, in some cases, trying to sell you something). And yet it has never been harder to sort out and absorb all that information, and that, in turn, makes it harder to know what’s really happening in our local area.

As your neighborhood specialists for years, we have played a unique role. While most traditional news sources look at the past, reporting what took place, we look to the future, anticipating what’s next. We cut through the noise to get to the heart of what’s happening in clear, concise language. You can rely on us for calm, fair-minded assessment about the true state of our local real estate market. We are constantly talking to a wide array of sources on the street - experts in financing, fix-ups, relocation, homeowning, selling and buying. It’s our job to carefully consider their views and evaluate the facts so you benefit!

 This Report is brought to you by Paula Clark’s Monthly Real Estate Newsletter for Bergen County’s Pascack Valley and Northern Valley from The Gooder Group.

Remodeling projects can make your home more comfortable, more attractive or more valuable. If you want to accomplish all three goals, consider what the experts have to say. After consulting a host of remodeling and housing professionals, Money magazine suggests you may be able to increase your home’s value 30% or more by paying proper attention to your home’s:

• Front yard. Give the “curb appeal” that lures potential buyers and higher-priced offers. Preferences are trending toward pleasant, sophisticated environments combining lawn, winding walkways and climate-appropriate, low-maintenance ground covers, perennials, trees and shrubs.
• Interior entrance. Create a first impression that incorporates quality materials and good taste. Install wood, tile or stone flooring to withstand wear and tear. Add a small table to catch personal items, a bench or chair for convenience and a stunning mirror or artwork to add interest. Make sure lighting complements your improvements.
• Office space. Add or upgrade power, cable, and phone hook-ups to provide space for multiple users and all their communications devices. Consider adding built-in cabinets, desk space and shelving. You may want to convert an extra bedroom, loft, or closet, or “steal” some space from a large family room.
• Living room.Today, 40% of home buyers “don’t care” if their next home has a living room or not. What many buyers are looking for instead is an “electronic playland,” capable of comfortably handling a giant-screen TV and home-entertainment set-up. Since technology is always changing, you may want to avoid installing custom cabinetry in your living area, investing instead in well-placed electric outlets, built-in wiring and speakers, and good acoustics.
• Kitchen countertops.Granite is rapidly replacing laminates as countertop material buyers want in their homes. And, though still more costly than laminates and other manufactured materials, granite is getting more affordable. Choose a good quality stone in a neutral color.
• Master-bathroom shower. Despite a decade of demand for jetted tubs, many homeowners use them occasionally, if at all. Today’s hot trend is toward oversized, luxury shower stalls with multiple shower heads, interesting water effects and useful seating.

 This Report is brought to you by Paula Clark’s Monthly Real Estate Newsletter for Bergen County’s Pascack Valley and Northern Valley from The Gooder Group.

7 Strategies Every Smart Home Buyer in Bergen County Should Consider

Whether you think you’ll stay in your new home “forever” or plan to move again in a few years, it pays to keep resale value in mind from the start. Here are some sure-fire tips:

1. Look for a strong, diversified local economy

Business expansions and new companies moving to an area mean more buyers. That increased demand can help home prices rise.

2. Consider areas with low (or no) taxes

This includes state income tax, personal property tax, etc. These areas attract buyers.

3. Check out local school ratings

Property values track closely with the quality of schools and the level of local funding.

4. Look for low crime areas

Also, active neighborhood watch programs.

5. Check local zoning laws and plans

for development to find out if the area could change for the worse- or the better.

6. Learn how often homes in the neighborhood are listed

for sale and how quickly they sell. The fewer that list and the faster they sell, the more demand there is for the neighborhood.

7. Buy a modest home in the top neighborhood

rather than a top home in a modest neighborhood. You want your home’s value to look like a bargain compared to your neighbors’ homes.

 

This Report is brought to you by Paula Clark’s Monthly Real Estate Newsletter for Bergen County’s Pascack Valley and Northern Valley from The Gooder Group.