Bergen County NJ Real Estate Blog

 

I was selected by the president of our company to be one of seven “star” agents to speak about achieving success at Coldwell Banker’s Business Smart Day, held at The Birchwood Manor in Whippany.   Below are the Steps To Success that I shared with my fellow agents:

·         Approach this business as if you were the CEO.  The success or failure of your career is your responsibility.
·         Set Goals.
·         Create a well-defined, achievable business plan.
·         Develop a budget.
·         Invest in your business.
·         Evaluate what is working for you.
·         Be consistent.
·         Learn to delegate.  Putting labels on the mailings…Could you be doing something else?
·         How are you spending your time?  Organize your time, and make every moment count.
·         Hold yourself accountable.  You are independent in this business, and you can easily spend a lot of time not being productive.
·         Dress for success.
Most importantly, have fun!

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!

The dilemma is increasingly common: you want to retire — but you haven’t yet retired your mortgage.

According to the Federal Reserve, among households headed by someone age 65 to 74, over 32% had a mortgage on their primary residence in 2004, up from less than 19% in 1992.Going into retirement and still carrying a mortgage?  Here’s how to do it:-  If you have a heap of savings and a modest mortgage, go for the loan payoff.  You might consider trading down to a smaller home or, work part-time until you’re rid of the mortgage.
-  If you have cash sitting in, say, a money-market fund held in a regular taxable account, also consider using these savings to reduce your loan balance.  Sure, your mortgage may be costing you just 6% and the interest might be tax-deductible. But your money-market fund is likely yielding only 5% — and you have to pay tax on that income. If your mortgage is so large that paying it off will seriously crimp your retirement, you need to try to get the mortgage payment down as low as possible.

Even better, trade down!  After paying a 5% or 6% real-estate commission and paying off your current mortgage, in most cases, you could put down cash on your new home, leaving you with a smaller mortgage.  If you financed that over 30 years at 6.5%, your monthly payment would be lower.

You might even consider refinancing later in retirement, shrinking your monthly payment further by again extending the loan another 30 years.  Even with today’s tight credit standards, you shouldn’t have a problem qualifying for a new loan, as long as you have a reasonable amount of retirement income.

Thinking of retiring to Bergen County NJ?  Begin by requesting a complimentary relocation package.  Or, for more personalized service, please call me at 201-930-3070 or visit PaulaClarkRealtor.com to learn more about Bergen County NJ real estate.

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.

Many home buyers are not aware of the fact that most moving expenses can be written off as a tax deduction – even house-hunting trips!  In order to receive the deduction, however, it is important to keep detailed records of all moving expenses if your move is job-related.  If your move is 35 miles or more from your home, you can deduct all sorts of things related to the move, including but not limited to: your family’s travel expenses, including meals and lodging; the cost of transporting furniture, other household goods, and personal belongings; food and hotel bills for up to 30 days in the new city if you have to wait to move into your new home; and the costs associated with selling your old home or leasing your new home. 

Of course, there is a ceiling on deductions and guidelines which must be followed.  All of the details are outlined in the IRS’s Publication 521, “Tax Information on Moving Expenses,” which is available free from the IRS offices or by following the previous link. Are you thinking of moving to Bergen County

NJ?  Start by requesting a complimentary relocation package, visit PaulaClarkRealtor.com, visit PaulaClarkRealtor.com, or call me at 201-930-3070 for all of your Bergen County NJ real estate needs!