Bergen County Real Estate – 2012, A Look Ahead

It is a time of year for reflection on where we have been and a look into the crystal ball to prognosticate where we are going.

Over the last few years, the main questions people would ask me knowing I was a Realtor is, “where is the real estate market going? Is it going to continue to slide downward?” My reply was, “ I don’t have a crystal ball, but if someone can tell me when the job market is going to pick up and unemployment is going to decrease, then I can tell you about the real estate market.”

If we look throughout the United States, Bergen County Real Estate has fared much better than most dropping only about 20% - 25% from the peaks of 2006. Most of the USA averages about a 30% - 35% drop. Northern parts of Bergen County Real Estate fared even better with only about a 15% drop or less in some towns.

But it all comes down to jobs. I cannot tell you how many people over the last few years wanted to buy a home but told me they would not purchase a home right now because they were not sure they would have a job in the next year.

Lower prices have made homes more affordable to people who thought they would never be able to purchase a home. Mortgage interest rates being at historic lows have even increased the affordability of homes. However, qualifying for a mortgage has gotten much tougher. The days are gone where if you could fog a mirror you qualified for a loan and the pendulum has swung to the opposite side. You must have total documentation of your financial position before you get a loan, even though you may make a salary that enables you to carry a mortgage much higher than what you are requesting.

Personally I have some guarded optimism for 2012. I believe the Bergen County Real Estate market will start to move upward this year. I base this on the fact that over the last six out of seven months, pending sales have increased over the same period in 2010. Also, the available inventory of homes continues to decrease from the levels of 2010. Less inventory will drive up prices if demand is present. If interest rates start to move upwards, some people who are on the fence waiting for the market to bottom may move forward with purchases.

This is all good news. Looking around the shopping malls this past holiday season you could not convince me that local residents felt the need to save money. Consumer confidence is rising.

I am convinced however that once again the Bergen County Real Estate market will follow the local job market and unemployment. There has been some slight increases in jobs in the private sector over the last year. But when fears of job retention have been eliminated or at least eased, the real estate market will follow.

Do you have any questions about Bergen County Real Estate? Need to know the value of your home?

Contact me anytime for a free consultation:

James Lockard
RE/MAX Properties
Office: 201-825-6600
Cell: 201-674-3114
Website: www.BergenCounty-Homes.com
Email: jlockard@remax.net

Allendale Real Estate Year End Review – 2011

There is so much talk today about the real estate market and just how far values have fallen. The first fact everyone should remember is that real estate is highly localized. In Bergen County, the market can be drastically different from one neighboring town to the next. Towns with good school systems tend to maintain their real estate values. A town along the commuter line to NYC also will maintain the home values longer in a down market. Fortunately Allendale has both of these factors as well as other in tangibles which allow it to not follow the drastic trends other towns in the southern part of Bergen County have experienced. The following three tables show the statistics by month between 2010 and 2011 for single family homes in Allendale. *
*All information used is based on the NJMLS statistics.

The statistics show a big decrease of 25% in the number of homes sold in 2011 compared to 2010 but only a decrease of 2% in the value of the homes. Comparing to the height of the market in 2006 in the chart below, we see an average of 14% drop in home prices since that time. Interesting is the same trend of a 44% drop in the number of homes sold.

Comparing this to all of Bergen County we see the average drop in prices was 18% while the number of units decreased by 27%. Southern Bergen County Homes decreased 34% in number of solds while dropping 23% in value.

Allendale has fared pretty well when considering the towns around us.

Do you have any questions about Allendale or Allendale Real Estate? Need to know the value of your home?

Contact me anytime for a free consultation:
Your Allendale Home Town Expert - 45 year resident.

James Lockard
RE/MAX Properties
Office: 201-825-6600
Cell: 201-674-3114
Website: www.BergenCounty-Homes.com
Email: jlockard@remax.net

Allendale Cub Scout Pack 252 reserved a “Daytime Hayride” at ABMA'S FARM for mid-October and gave a deposit of $100. Unfortunately, due to schedule conflicts, they needed to cancel the reservation. They contacted Abma’s Farm in late September to notify them and requested the $100 deposit be converted into a store credit. They spoke to a store employee as well as the store manager and they refused to give Pack 252 a store credit and continued to indicate that the $100 deposit was non-refundable. A letter was sent to Jim Abma(the owner) to appeal to him to give the pack a store credit. In response to the letter, Pam Abma telephoned the packmaster to indicate the $100 deposit was non-refundable and refused to give Pack 252 a store credit.

I understand every business has its policies and would lose money if people canceled events and expected their money back. However, with ample notice, of about two weeks. something could have been worked out. Abmas could have said, find a replacement. At least they would have been trying to work with the Cub Scouts. I think the idea of a store credit is a good one also. Remember the Cub Scouts is a organization that runs its own fund raisers to gain money for activities. Taking $100 out of the kids hands is a big dent for them.

Businesses that rely on local support should understand what the ramifications of thier decsions are. Does Abmas?

What do you think of this situation?

Poster Painting Contest

Saturday October 15, 2011
7:30 am - 12 noon
The RED BARN at Crestwood Lake
Rain Date - Saturday October 22,2011

Paint your scariest, funniest , ghoulish or happiest Halloween scenes!

All preK - 8th grade children in Allendale are invited to attend this fun filled morning of painting.

Prizes for all age groups!
Posters will be displayed in Downtown Allendale merchant's windows!

Costume Parade

Monday, October 31, 2011 Rain or Shine
7:oo pm
The Brookside School Auditorium

All Pre-K through 8^th grade kids in Allendale are invited to come out and show off their costumes. Great cash prizes and gold dollars, candy, snacks and drinks will be served after the parade along with a light meal from ALLENDALE EATS. So take a break from “Trick or Treating” and show your stuff!! Tell your parents to wear a costume with you for “Best Adult/Child Combo Costume Prize”!!

Prizes for various categories awarded by the past presidents.
Come and join the fun !

Do you have any questions about Allendale or Allendale Real Estate? Need to know the value of your home?

Contact me anytime for a free consultation:
Your Allendale Home Town Expert - 45 year resident.

James Lockard
RE/MAX Properties
Office: 201-825-6600
Cell: 201-674-3114
Website: www.BergenCounty-Homes.com
Email: jlockard@remax.net

Here are the statistics from the New Jersey MLS system for Allendale single family residence for period 9/1/2011 - 9/30/2011.

The expected decrease in sales for September has proven correct as sold homes dropped from 7 to 4 while the under contract homes also dropped from 7 to 1. Most people usually try to get into a home prior to the school year starting. The average sold price rose to $694,375 a $18,000 increase while the list to sales price came back to a more normal 96% compared to the abnormal 91% in August.

The best news in the real estate industry right now is the ability to get a low mortgage rate. If your credit scores are good, 30 year fixed rates are hovering around the 4% mark. Let me know if you need a referal to a good mortgage representative.

Do you have any questions about Allendale or Allendale Real Estate? Need to know the value of your home?

Contact me anytime for a free consultation:
Your Allendale Home Town Expert - 45 year resident.

James Lockard
RE/MAX Properties
Office: 201-825-6600
Cell: 201-674-3114
Website: www.BergenCounty-Homes.com
Email: jlockard@remax.net