Bergen County NJ Real Estate Blog

Does Buying A Bergen County NJ Home Make Sense In Today’s Market

The housing market has never been better for many potential Bergen County NJ home buyers. In fact, more often than not, it is less expensive to own your own home rather than rent.

The National Low Income Housing Coalition reports that in 57 out of the 100 most populated metro areas, renting a three-bedroom home is more expensive than monthly costs on a six percent mortgage for a typical low-priced house in the same area.

With all the news these days concerning the economic crunch and these tumultuous economic times, you might think I’m crazy saying it is a good time to buy a Bergen County NJ home. Of course, buyers with strong credit are best positioned to take advantage of today’s opportunities. A high credit score will yield a lower interest rate and increase the likelihood that a loan application will be approved.

For example, a buyer with a 6 percent mortgage will pay a third less per month than a buyer who has a loan at 8 percent. This difference can be hundreds of dollars per month.

FHA loans, VA loans and government backed first-time buyer loans are all available to qualified buyers. With the current low interest rates and affordable housing prices, it is a great time to buy your Bergen County NJ home.

It is also a time to keep in mind that buying a home is a long term investment…and an investment you and your family can enjoy for many years!

Search all Bergen County NJ homes for sale.

NAR Reports Pending Home Sales Up Strongly 

Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. “It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”

Bergen County NJ Real Estate Sales Statistics

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

Residential sales in Bergen County dropped by 4 percent in September compared to September 2007. The average market time increased 10 percent or 8 days, while the average sale price decreased 11 percent to $584,248. The median sales price also decreased 11 percent.

Sales in the Pascack Valley dropped 4 percent this September compared to September 2007. Market times decreased by 3 percent, with selling times of 71 days vs 73 days. Selling prices decreased 5 percent to $566,346 and the median sales price increased 1 percent.

Northern Valley selling prices decreased 54 percent compared to September 2007. This number is significantly higher than the pervious month. With only 11 homes sold, this could be caused be an extremely unusual property selling. In comparison, the median sales price increased 4 percnet. Market increased by 3 percent. The number of homes sold decreased 15 percent.

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 NJ real estate and homes for sale, please use our complimentary MLS search.

Bergen County NJ Real Estate & Homes For Sale

52 Upper Saddle River Road, Montvale NJ 07645
Tucked Away In Woodland Setting

Tucked away on over 1 acre of private of wooded property in Montvale is this sprawling ranch-like split with gorgeous gourmet Kitchen with tumbled marble backsplash, center-island, vaulted ceilings and skylights. Separate Dining Room with wrap around windows and custom wood blinds. Family Room with fireplace is off the Kitchen.

This home is spacious, light and has an amazing open floor-plan. The Great Room includes ceiling to floor windows and large wood-burning fireplace. Also, a connected Sun Room with glass walls that clearly bring nature into the home. The Master Bedroom features an updated 3 year young Bath. All the Bedrooms are spacious.

This home is ideal for a home office or In-law Suite with its separate entrance, 2 separate rooms, kitchen area and full bath. Don’t miss the opportunity to own your dream home!

For more informaion on 52 Upper Saddle River Road or other Bergen County NJ real estate visit PaulaClarkRealtor.com or give us a call, 201-930-3070.

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Bergen County NJ Real Estate For Sale:
571 Whitenack Road, River Vale NJ 07675

Truly sparkling expanded split home in Northern River Vale! Most sought after streets with large properties, and similar homes. Brick front home with set back extreme privacy. Generous room sizes, with open floor plan. Eat in kitchen with walk out to large deck. Gleaming hardwood floors, custom molding, and oversized windows throughout. Master bedroom suite with vaulted ceiling, and master bath with skylight and whirlpool. Walk-in closet, and veranda off bedroom. All bedrooms are generous in size, and hardwood floors as well. Family room is large and spacious with sewing room and separate den with doors leading to patio. Professionally landscaped with two car garage. Award winning schools! Very country-like!

Learn more about 571 Whitenack Road and other Bergen County NJ real estate by visiting PaulaClarkRealtor.com or give us a call, 201-930-3070.

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Paula Clark of Coldwell Banker presents: 
 
The New Jersey Real Estate Podcast

October 2008:

This month’s edition covers Bergen County NJ real estate market activity and then we will talk about how with every change, there are hidden opportunities for both buyers and sellers.

Features special guest Terri Murphy of US Learning.

Program length: approximately 7 1/2 minutes

download podcast mp3 file | subscribe to podcast feed

Learn how you can take advantage of the great home purchase opportunities that exist right now by visiting PaulaClarkRealtor.com or giving us a call, 201-930-3070.

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Selling Bergen County Real Estate: Fix It Or Leave It

That is the question all Bergen County homeowners should ask themselves when they consider selling their home.

The first item on the fix-it list: clear the clutter! If your closets, attic, basement, garage, and other storage areas appear neat, half-full and organized, your house will seem to have more storage space. To accomplish the clutter - clearing task, empty the house, hold a garage sale, and use the profits to help offset the next set of fix-it priorities.

Check your house for “curb appeal”. The exterior is the first impression a prospective buyer has of your home. Make it as inviting as you can. Think of it as outside decorating.
Clean (or paint, if necessary) the exterior, re-sod brown spots and crab grass, mow the lawn, pull weeds, remove dead trees or plants, and trim the shrubs.

Flowers give warmth and personality to a home. Plant them tastefully in pots or beds at the entrance, on decks and around patios. If it isn’t flower season, at least clean the beds, remove the dead leaves, and cover the ground with fresh wood chips or other clean looking mulch.

If you have a limited budget, make the most of it. Put the money where it is most obviously needed and the return the greatest and most visible.

Fix Little Things
Take care of the little obvious things: fix leaking faucets, stop running toilets, replace broken windows, kill pet or mildew odors, repair holes in screens, remove mildew from tile, and re-caulk around bathtubs and sinks. Walk around; look at your house with a prospective buyer’s eyes. Small things tell buyers whether or not a house has been maintained.

Paint it!
A coat of light-colored, neutral paint–white or off-white–will make your home’s interior look crisper, cleaner, and also larger. Many buyers may not be able to imagine their sofa in your decor. White interiors work for the greatest number of people without their having to redecorate immediately. If you just moved, would you want to redo every room?

Your Carpeting
If the carpet is in reasonable condition, have it shampooed. If it is worn, threadbare or a non-neutral color, consider replacing it with beige or gray. You do not need to purchase the best quality money can buy. Lifetime wear is not required. You want it to look great now. Neutral walls and carpet do not offend anyone. Almost all furnishings look good with them. Rental property managers know this and have been doing it for years.

Professional Inspection
Consider having your house inspected by qualified inspector. Safety- and health-related items, such as radon and electrical problems could kill a sale if not properly attended to. It is much better to fix these items on your own time schedule and financial terms than hurriedly during a contract negotiation. Roof leaks, even if inactive, are also deal breakers.

What else do you fix amongst the inspector’s flagged items? Unless you can realistically get money back, fix only the problems with major systems. You want to keep your home’s selling price as low as possible to increase the pool of buyers.

Do not undertake any major remodeling in preparation for sale. It places more limitations on the size of your buyer pool. Tastes vary, and some people will dislike the results of your efforts. You will have to raise your selling price to reflect your fix-up investment, thereby pricing your home out of the range of other potential buyers.

A neutral color scheme in a house that sparkles brings you the highest return in the shortest time.

Learn more about Bergen County real estate at PaulaClarkRealtor.com or give us a call, 201-930-3070.

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5 Powerful Buying Strategies for Bergen County NJ Real Estate Buyers

1. Don’t Get “Pre-Qualified!” Get “Pre-Approved”

Do you want to get the best house you can for the least amount of money when buying Bergen County NJ real estate? Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller. In years past, we always recommended that buyers get “pre-qualified” by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you “pre-qualified” and issues a certificate that you can show to a seller. Sellers are aware that such certificates are WORTHLESS, and here’s why! None of the information has been verified! Unknown problems can surface for example: recorded judgments, child support payments due, glitches on the credit report (due to any number of reasons both accurately and inaccurately), down payment funds that have not been in the clients’ bank account long enough, etc. So the way to make a strong offer today is to get “pre-approved”. This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It’s VERY POWERFUL and a weapon we recommend all of our clients have in their negotiating arsenal.

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About the Old Tappan, New Jersey Area

Home to about 5,500 residents, Old Tappan is a friendly community on the shores of beautiful Lake Tappan in northeast New Jersey. Ample parks, steadily appreciating real estate and excellent schools make this human-scale community an ideal place to bring up a family.

Location
Old Tappan is in Bergen County, in the north east corner of New Jersey. Neighboring River Vale and Hillsdale are to the west of Old Tappan and Westwood and Tanafly are directly south. Woodcliffe Lake (the town and the lake) are northwest.

Yonkers is just under 10 miles east of Old Tappan, across the Hudson, and Jersey City is 20 miles away. New York City is about 22 miles south of Old Tappan

Geography
On the shores of Lake Tappan, Old Tappan is about 5 miles east of the Hudson River in northeast New Jersey. Lake Tappan brings the pleasures of boating and swimming in summer and skating in winter; year round town residents enjoy the lake’s picturesque beauty.

Jobs
New Jersey has a steady economy built on a diverse economic base. Bergen County is prosperous, with thriving manufacturing, technology and educational industries and the local workforce is well educated. Local business owners find helpful resources and economic incentives provided by the Bergen County Economic Development Corporation, and New Jersey’s sophisticated road and rail network provides further support to businesses.

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MoneyMattersNJ.com has  an excellent explanation of the tax credit for Bergen County NJ first time home buyers provided for in the recently enacted Housing and Economic Recovery Act of 2008. Here’s what they have to say:

Must Be Repaid Over 15 Years

Available for a limited time only, the credit:

Applies to home purchases after April 8, 2008, and before July 1, 2009.

Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.

Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe.
However, the credit operates much like an interest-free loan, because it must be repaid over a 15-year period. So, for example, an eligible taxpayer who buys a home today and properly claims the maximum available credit of $7,500 on his or her 2008 federal income tax return must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on his or her 2010 return.

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Bergen County Homes for Sale:

214 Campora Drive, Northvale NJ  07647

The perfect family home in Northvale on a very quiet street at the end near a cul-de-sac. Sugar Maple split…a most desirable layout! Very spacious throughout. What curb appeal!! WOW!

Custom stone front with maintenance free siding and newer architectural roof.

Beautiful entrance with custom tile floor and French doors leading to the family room with surround sound.

Fabulous finished basement with high ceilings and sheet rock…even on the ceiling. You don’t feel like you are in a basement. Adds much square footage to this home. Bright with built-ins and totally tiled floor. You’ll love it.

Award winning schools. Close to transportation to New York shopping, parks and ball fields. Great opportunity to live in the Northern Valley!

Want to add central air? Not a problem, we have an estimate and because of the existing system is isn’t that difficult or expensive.

For more information on 214 Campora Drive or other Bergen County real estate, visit PaulaClarkRealtor.com or give us a call 201-930-3070.

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