Bergen County NJ Real Estate Blog

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 .

download podcast mp3 file | subscribe to podcast feed  

If you would like to learn more about investing in Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com.  You may also begin searching for homes here!

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.