This month’s edition covers New Jersey real estate market activity and then our experts explain how a new trend is creating demand and opportunity in our local housing market.
Features special guest Terri Murphy of US Learning.
Program length: approximately 6 1/2 minutes
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The National Association of Realtors has published its predictions for the 2008 housing market, and the data looks positive so far. Most noteworthy is the trend toward improving existing home sales.
Lawrence Yun, senior NAR economist, said “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.”
Existing home sales are expected to rise to $5.7 million in 2008 – making it the fifth highest year on record. Existing home prices, which declined 1.9% to a median of $217,600 in 2007, are expected to go back up about .3% in 2008. As Yun noted late in 2007 “even with a modest decline in the national aggregate price this year, it’s important to keep in mind that nearly two-thirds of the metro areas in the US are showing price increases … the apparent disparity results from fewer sales in high-cost areas, so a change in the mix is dragging down the national median home price.”
To find out the latest trends in Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com. To begin searching for Bergen County NJ homes, please use my complimentary MLS search.
If you have been putting off making your new year’s resolutions – it’s not too late! Why not make some real estate resolutions that will help you for years to come? Here are some ideas to get you started:
• Know your credit! Make a resolution to stay on top of your credit in 2008. Begin by getting a detailed credit report so that you know where you stand as the year begins. Check again at the end of the year to see how much your credit has improved!
• Keep a budget. This can be a difficult one to stick to. Many people start the year with an idealistic budget, but soon let it go out the window – oftentimes, along with any hopes of saving for real estate investment! Begin with a goal of either setting aside a certain amount for a down payment on a real estate investment or putting away enough to make one extra mortgage payment in 2008.
• Research real estate web sites. Be a snoop in 2008! Use web sites like mine to keep tabs on what homes in your neighborhood are selling for, where the foreclosures near you are, and what the general market is like in your area. When you are ready to make a real estate investment, you will already have a good feel for the local market.
• Out with the old! Even if you are not planning to move in 2008, it never hurts to clean out your closets, garage, or attic and donate to charity. You’ll make your home more appealing to prospective buyers if you are selling, and you’ll feel more organized if you are staying put.
For more information about Bergen County NJ real estate, please visit PaulaClarkRealtor.com or call me at 201-930-3070. To begin searching for Bergen County NJ homes, please use my complimentary MLS search!
Happy New Year, Bergen County! I hope that everybody enjoyed a very happy holiday season and that 2008 is off to a great start for you.
There is so much going on around town this month, I wanted to share the Bergen County Arts Calendar for January with you – why not make one of your resolutions to “get some culture in 2008?”
To learn more about living here and Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com. You may also begin searching for Bergen County NJ homes using my complimentary MLS search.
