Bergen County NJ Real Estate Blog

Modest near-term movement is expected in Bergen County NJ real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.

”Let’s take a look at the real estate sales statistics for June 2008 to see how the market is looking locally:

Residential sales in Bergen County dropped by 19 percent in June compared to June 2007. The average market time increased 15 percent, while the average sale price decreased 1 percent to $679,399. The SP to LP ratio decreased by 2.03%.

Sales in the Pascack Valley dropped 2 percent this June compared to June 2007. Market times increased by 39 percent or 22 days. Selling prices decreased 4 percent to $615,038 and SP/LP ratios decreased 2.935%.

Northern Valley selling prices decreased 1 percent compared to June 2007. Market times decreased 19 percent, while the SP/LP ratio dropped .4.62%. The number of homes sold remained the same.

With moderatiing prices, Now is a GREAT time to be buying a home in Bergen County, Pascack Valley and Northern Valley.

To learn more about Bergen County real estate, please contact me at 201-930-3070 or visit PaulaClarkRealtor.com. To begin searching for Bergen County homes, please use our complimentary Bergen County MLS search.

In the current Bergen County NJ real estate market, there has been a lot of buzz around “short sales.”  What is a short sale, exactly?  A short sale is when a lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of a property by a financially distressed owner – in essence, the lender forgives the outstanding balance of the loan.

There are pro’s and con’s to short sales on both sides of the deal.  For the seller, credit history is seriously damaged, but not as badly as it would be by foreclosure.  Sellers also walk away with no profit, which makes it difficult to purchase another home.  For the buyer, the property comes at a reduced price, but it also generally comes with its fair share of problems, and there is a considerable amount of “red tape” to get through to complete the purchase.

The short sale buying process can be a confusing one, especially for a first-time short sale buyer.  Check out this helpful article from BankRate.com and see 10 Steps for Short Sale Buying below:
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If you have been trying to sell your Bergen County NJ real estate recently, you probably have realized that this is not the ideal time to try to sell a house.  With a struggling economy and negative media surrounding the housing market, homes are staying on the market for longer and longer as fewer buyers are making offers on them.  So – what do you do if you find yourself in a situation that requires you to sell your home in a hurry?  The Wall Street Journal offers the following tips that I hope you’ll find helpful:

1. DON’T WAIT AROUND. Even in the better housing areas, it’s taking a long time to sell houses; so, don’t try to sit out the market. That’s what hundreds of other timid sellers are doing, each of them hoping — somehow, some way — that hanging on the sidelines will improve prices and, ultimately improve the chances of a successful sale. It won’t. If you want your place sold, the best way to make sure that happens is to put it up for sale.
2. FIX IT UP AND CLEAN IT UP. Buyers are taking your house out on a date. It has to make a good impression.You don’t have to (and shouldn’t!) spend a lot of money, but ensure everything is in good working order.  As you get closer to the date that the house is actually on the market, start moving out by decluttering – buyers don’t want to see a house filled to the rafters with other people’s things.
3. PRICE IT CHEAPLY. Don’t fight the market by trying to price your house at bubble-era levels or by factoring in all those improvements you made.  In today’s market, your best bet is to set a realistic, salable price on day one. Don’t let the house hang around on the market as you gradually lower the price. Forget what you think the house should be worth or what it was worth three years ago. That’s not what it’s worth today.
4. HIRE A TOP REAL-ESTATE AGENT. Get the best listing agent you can find.  When everything was selling before it even hit the market, of course, you didn’t need the best.  Sellers of higher-end properties may be able to negotiate a lower commission percentage, but this is no time to quibble over a couple of percentage points. Also, offer the agent a big bonus if he or she sells the house in 30 days or at your asking price. Offer other agents bonuses if they bring in the ultimate buyer.
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One of the most fundamental questions when considering purchasing Bergen County NJ real estate is whether to purchase a single family home or a condo.  Although there are many factors to consider, the answer really lies in the buyer’s preference and lifestyle.

A condo might be a good fit for those in search of a more urban, low-maintenance lifestyle.  Condos typically resemble apartments with several units in the same building or complex sharing amenities (although they can also be duplexes, free-standing buildings, etc.).  Although there are monthly maintenance fees involved with condo ownership, that also means that the owners are not responsible for any maintenance outside their own four walls.  Because condos are a shared community, ownership is often limited to a specific space. 

For many home-buyers, single-family homes offer more privacy and control.  When purchasing a single-family home, the buyer owns the entire building as well as the land on which it sits.  Likewise, this means the maintenance of the structure and the land is the owner’s sole responsibility.

If you would like to learn more about owning Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com.  Find Your Perfect Bergen County NJ Home!

If you are in the market for Bergen County NJ real estate, you probably have a good idea of the general range you can expect to spend on a home.  So you might be surprised when a great-looking home shows up on the MLS with what seems like a shockingly low price tag attached.  The extra-low price seems too good to be true and – most of the time – it is. 

It is likely that the price you are seeing does not represent the actual asking price of the property; rather, in most cases it is likely a property that is in “pre-foreclosure” and the amount listed actually represents the balance of the defaulted loan, or the amount the current owner is in arrears.  Below is an excerpt from an article I found at Inman News that does a great job explaining how these properties end up on MLS search engines, and what you can do to spot them:
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You may have heard buzz around the term “universal design” in recent years, but do you know what it is or how it affects the Bergen County NJ real estate and construction markets?

According to Lowes.com, universal design is the creation of products and environments meant to be usable by all people, to the greatest extent possible, without the need for adaptation or specialization. The intent is to simplify life for everyone by making products, communications and the built environment more usable by as many people as possible at little or no extra cost. Universal Design benefits people of all ages and abilities.

Think this is some “far out” theory just now working its way into the “modern” world?  Think again:  if you’ve ever walked through an automatic door, you’ve experienced a version of Universal Design.   Likewise, a ramp or curb cut is just as welcome to someone with a baby stroller as it is to someone in a wheelchair.
Universal Design has become a hot topic in the Bergen County NJ real estate market as more residents are retiring and making the decision to “age in place,” as opposed to moving into assisted living facilities.  As we discussed previously, this aging generation is already driving the design of new products for the home that will affect real estate in the future.  Even if you are not part of the “mature” population, however, Universal Design should be important to you.  If you are planning to build or renovate, keep in mind the principles of Universal Design and know that it’s more cost effective to add many Universal Design features during the planning stage. There are a number of design features that can be built for little or no cost. Their addition at the beginning saves the need for future retrofits.

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With Bergen County NJ real estate sales slowing a bit for the summer, many sellers are left wondering if they may be better off renting their home out for the time being until market activity picks back up.  If you have already purchased another home, this option is especially attractive as it allows you to cut down on the expense of paying two mortgages while you wait for your home to sell.

Below are some items to think about, courtesy of BankRate.com, before deciding to become a landlord:

•   Mortgage payments must be made regardless of if the property is inhabited.
•   Costly repairs and maintenance work cannot be delayed if they inconvenience the tenant.
•   Disputes with tenants could require legal representation and legal fees.
•   There are many costs involved in renting a home – it is recommended that landlords budget 25-30% of the rent to be used for maintenance, repairs, or emergency. This should be a key factor when deciding how much rent to charge in order to break even.

In addition to extra tax advantages (on top of the regular deductions of mortgage interest and taxes), renting out your property might also allow you to continue to build equity in your old home at the expense of the renter.  You might even be able to make a profit from the rent, if your expenses are low enough!

If you are interested in buying or selling Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com. 

Although this weekend is a time for fireworks and enjoying time with friends and family, it is also a time to remember what makes our country so great – our freedom.  So as you gather with friends and family on Friday, take a moment to thank our military—living and dead, at home and abroad—for the sacrifices they have made for us.  Because, as we all know, freedom isn’t free!

There is no shortage of holiday celebrations around Bergen County and all of NJ – be sure to attend one of the many events taking place this weekend!

We’ll return to discussing Bergen County NJ real estate next week; however, if you would like more information about Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com.