Bergen County NJ Real Estate Blog

In data released by the National Association of REALTORS last spring, vacation- and investment- home sales both set records in 2005, with the combined total of second home sales accounting for four out of 10 residential transactions.

In listing the reasons for purchase, 41% of vacation-home buyers said, “to use as a family retreat” and 28% “to diversify investments.”

Typical vacation-home buyers in 2005 were 52 years old, earned $82,800, and purchased property that was a median of 197 miles from their primary residence; however, 47% of vacation homes were less than 100 miles and 43% were 500 miles or more.

In describing characteristics that vacation home buyers value about their property, 40% wanted to be close to an ocean, river or lake; 34% close to family members; 27% close to preferred recreational activities; 27% close to their primary residence; 26% close to mountains, 24% close to a preferred vacation area; and 17% close to a job or school.

 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.

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.

The Good News For Bergen County’s Home Buyers, Sellers and Owners for 2007 and Beyond

Ask a few friends or business associates if it’s a good time to buy or sell a home, and you’re likely to get a number of different answers. Its not easy to give specific advice about real estate, since each property is unique and home values are dependent on local market conditions, which can vary widely from place to place. National patterns - including economic and demographic factors  such as job growth or unemployment, immigration, war and unrest, and changes in interest rates - can also impact what’s going on locally.

With interest rates near historically low levels in the last four years, the dream of owning a home has become a reality for millions of Americans - today, nearly seven out of ten American families own their own homes. In 2006 alone, sales of new and existing homes were expected to reach nearly seven million, according to industry estimates available at the time of this writing.

But even when the time seems right - the conditions favorable - how do you decide if it’s really the best time to buy or sell a home, particularly if you’re a first-timer? In this issue of our newsletter, we’ll examine some of the factors that could impact the real estate market in the coming year and near future. We’ll also share our best “insider” tips to help you make the most informed home-related decisions possible.

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

How to stop Buyers in their tracks-and get them inside your Home.

Maybe you can’t judge a book by its cover, but jacket art and binding quality can certainly influence your decision about whether to pick one up and page through it.  The same principle applies to homes.

The exterior of a home and the grounds surrounding it create a strong first impression on home buyers-as well as family, friends, and neighbors.  If a property shows shoddy upkeep, faded paint and unattractive landscaping, anyone viewing it from the curb will assume more shabbiness inside.  Buyers won’t even go there unless, of course, they’re looking for a bargain-priced fix-up.  If you’re thinking about selling your home , or you just want to boost its appeal to passersby, follow the suggestions here-then sit back and watch your home gather admirers!

 Take a Survey

Pretend you are shopping for a home with a notebook and a critical attitude.  Ask someone to drive you slowly past your home, approaching it from every street that allows a view of the property–front, sides, and back.  As you cruise by, make notes about your impressions.  Then, get out of the car and walk toward the property as a visitor would, jotting down what you notice along the way.  To get a truly objective opinion about your home’s curb appeal, ask a friend( or your Realtor, Paula Clark) to accompany you on your exterior survey.  With no emotional attachment to the home, other people will see things you might miss–both good and not so good.  See how your home looks after dark, too.  Many busy home buyers use weekday evenings to scout for homes and weekend days to visit them.

The Big Picture

 As you look at your property, try to find a single word or phrase that best describes it. (Buyers will do exactly that.) Is your home inviting,  cozy elegant, well-maintained or interesting?  Or, is it run-down, messy, ordinary, dirty or scary-looking?  The overall impression your home makes is really a composite of various elements location, architecture, landscaping, hardware and upkeep.  By focusing on each element individually, you can create a harmonious and attractive first impression of your home.

Location

Short of picking up and moving your home to another lot, the only thing you can do about its location is emphasize the good points and minimize any bad ones.  For example, if the home sits on a corner lot, you may want to install an attractive hedge, or fence to create more privacy in the exposed side yard.  Tha’s also a useful approach if an eyesore on a neighbor’s lot can be seen from yours.

Architecture

Punch up your home’s style by ensuring its attractive architectural features get noticed.  Use a slightly contrasting paint color that coordinates with the color of the home to emphasize special features such as columns, trim, porches, shutters, doors, and so on.  Unattractive features, such as gutter down-spouts, can be painted the same color as the home so they blend in and disappear.

Landscaping

Plantings on the property should decorate rather than dominate the home.  Remove old shrubs, and trees that have over-grown their location, no longer look healthy or block a view of doors, windows or walkways.  Substitute a self-maintaining ground cover or flowering shrubs and mulch in hard to mow locations.  simplify flowerbeds so they look neat and easy to maintain.  Make sure trees, shrubs, flowerbeds and lawn are kept neatly trimmed and weed-free.

Hardware

Mailboxes, house numbers, screens, light fixtures, railings, door handles and kick-plates can adorn a home or detract from it.  Make sure your home’s hardware reflects up-to-date styles.  for example, old-English-style light fixtures were the rage in the 70’s, but may look dated today on anything but Tudor-style homes.  At the very least, make sure your home’s hardware is properly installed, attractive and in good condition.  Think about adding floodlights or pathway lighting to show off your home after dark. 

Upkeep

The most important impression you want your home to convey is that it is clean and well-maintained.  First, minimize or do away with yard clutter-lawn ornaments, grills, furniture,yard tools or toys.  If you have an asphalt driveway, fill cracks and apply a fresh coat of sesaler.  If your home’s exterior paint is faded or in a dated color, invest in a fresh paint job in a neutral color scheme. One that fits both the home and the neighborhood.  Buy or rent a pressure washer and use it to give your home’s siding, brick and deck a good wash.  Power washers are also great for removing stains and mold from asphalt patios, driveways, and walkways.  A chemical compound can be used if your roof shows mold patches or streaks.  Don’t forget to clean the windows!

The Home Report brought to you from The Paula Clark Monthly Newsletter, and The Gooder Group