It's easy for Bergen County home buyers to get overwhelmed. A home is the biggest investment most of us make and the entire process can be a bit scary! Here are Bergen County home buying tips, sure to calm the most timid among us!
1. Research before you look.
Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you'd be willing to spend each month for housing.
2. Be realistic.
It's OK to be picky, but don't be unrealistic with your expectations. There's no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order.
Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can't afford.
4. Don't ask too many people for opinions.
It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. Decide your moving timeline.
When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term.
Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection.
If possible, get a warranty from the seller to cover defects for one year.
8. Get help from a REALTOR®.
Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. Buyer's reps are usually paid out of the seller's commission payment. Give me a call...it won't cost you a penny!!
One man's loss is another man's gain and right now buyer's have everything to gain. It was only a few short years ago that sellers controlled the market and were calling the shots. In order to buy a home, buyers were paying over the asking price, foregoing home inspections and paying all their own closing costs. Bergen County home buyers were jumping through any and all hoops.
Now the market has shifted. The strong sellers' market is a thing of the past and it is the sellers who are jumping through hoops. Buyers are calling the shots with offers that include home inspections; requests that closing costs, homeowner association fees and inspection fees be paid by the seller; decorating allowances; home improvement; and prices far below the asking price.
So why are buyers hesitating? Fear of a tanking economy, falling home prices and job instability are concerns for many potential home buyers. But if you are financially stable and plan to stay in a home for at least five years, there are 5 top reasons to buy a Bergen County home:
1. Homes are affordable.
According to the National Association of Realtors' housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.
A recent report from Moody's Economy.com predicted that house prices will stabilize by the end of this year. The Office of Federal Housing Enterprise Oversight's Web site has a house price calculator that can help. Visit the calculator.
2. There are lots of homes to choose from.
The slow down in the housing market has caused homes to stay on the market longer, creating a huge inventory. There was a 9.6-month supply of unsold existing homes in January given that month's sales pace, according to NAR.
A large inventory gives buyers more selection, driving down prices. As buyers start to jump back into the market, the inventory will shrink and cause prices to start going back up. The time to get the best deal is before most buyers buy.
3. Builders are offering perks.
New home builders are offering price reductions, free upgrades and other perks such as free appliances, homeowners' fees being paid, lower interest rates decorating allowances. Once their inventory shrinks, these perks will go away.
4. Interest rates are at historical lows.
Lenders are not lending as freely, but if you have good credit and the needed down payment, mortgage interest rates are historically low and hovering around 5 percent.
5. There is an $8000 tax credit
If you are a first-time Bergen County home buyer, you will qualify for an $8000 federal tax credit if you buy before December 1, 2009. Unlike the previous tax credit offered in 2008, this does not have to be repaid. Extra money comes in handy when buying a home.
Trying to decide if buying a Bergen County home in is right for you. Give me a call. I'm glad to review your situation with you.
Bergen County foreclosure homes have remained relatively steady in 2009 after a spike in October 2008 with 398 new foreclosure filings in April compared to 925 filings last October, according to RealtyTrac.com.
Bergen County Foreclosure Activity and Home Price Index
Bergen County foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.
Bergen County Foreclosure Geographical Comparison
The Bergen County foreclosure rate is .03% below the state of New Jersey and .16% below national statistics.
Are you or someone you know behind on your mortgage payments and facing a Bergen County foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. Give me a call for a private consultation.
Learn more about Bergen County real estate at PaulaClarkRealtor.com.
If you're thinking of selling your Bergen County home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your Bergen County home through a lengthy legal process and then sells it.
1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:
When a loan modification still isn't enough to relieve your financial problems, a short sale could be your best option if
2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.
A qualified real estate professional can:
3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale "package" that accompanies any offer typically must include
4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender's review of the short-sale package can take several weeks to months. Some experts say:
When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender's loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)
5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:
What's your Bergen County home worth?
Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.
Reprinted from Realtor Magazine with permission by National Associaiton of Realtors.
Selling your Bergen County home this spring? Below are 5 things to do before putting the ‘For Sale' sign in your yard:
1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you'll be able to make repairs before open houses begin.
2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.
3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don't plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.
4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.
5. Spruce up the curb appeal. Pretend you're a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?
Learn more about selling your Bergen County home at PaulaClarkRealtor.com.
What is your Bergen County home worth?
www.REALTOR.org/realtormag Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® . Copyright 2003. All rights reserved.
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Top Agent in the Northern, and Pascack Valley, and All of Bergen County. with a team of professionals that cover all of your Real Estate needs. Getting maximum exposure for your home is what you can
Welcome to Bergen County NJ Real Estate
I have been a licensed Realtor in Bergen County, New Jersey for 14 years. I have lived in Bergen County, New Jersey for over 24 years. During the mid 1990s I was Fort Lee's Commissioner of Housing for 5 years. Married for 25 years with two children ages 23, and 19. I volunteer for many committees in my community. Currently, I am Chairperson of Old Tappan's Oak Tree Property Committee as well as the Old Tappan's Environmental Commission.
I have represented Buyers and Sellers of Residential Real Estate all over Bergen County. Because of my vast experience all over Bergen County, I bring Buyers and Sellers together for that perfect match from every where. I am a "Relocation Specialist" and a designated "Previews Specialist".
I am a full time professional agent, with a great deal of energy, enthusiasm. I take pride in my profession. Assisting my clients so they get to the closing table with ease is my highest priority. I care about my clients, and do everything to make sure each transaction goes as smoothly as possible.
I have a unique marketing strategy unlike any other Realtor. I have a great team that assist me in making my profession one that will service ALL of my clients. Coldwell Banker is the Number 1 Company in All of Bergen County. Not only have we consistently held the Top Market share in my area... We are also on the cutting edge in Internet marketing.
The Rapid Response system allows us to contact prospective buyers immediately. 80% of Buyers are searching for homes via the Internet. The Paula Clark Team will make your move smooth, and stress free. We are with you from start to finish. I work hard at being "Your Realtor for life"
Making Bergen County NJ Home
Bergen County NJ is located in the north eastern tip of New Jersey and is considered within the New York Metro area, making a commute into the city hassle free. Bergen County communities offer a quiet, quality of life that can't be found in the city. They are close-knit, family-oriented oases, protecting you from the hustle and bustle of 21st Century living.
Edgewater is located on the Hudson River in Bergen County, NJ and within the New York metro area. The population is approximately 9,600. The name derives from its location on the river. This charming, historic borough, part of New Jersey's "Gold Coast", has witnessed an unprecedented period of rapid commercial and residential development in recent years.
Harrington Park, with a population of approximately 4,700 was named for the Harring family of settlers. Harrington Park was given the prestigious honor of ranking 7th out of 566 New Jersey municipalities based on economy, cost of living, education, crime, culture and leisure. People who move into Harrington Park usually stay for life!
Hillsdale is a historic town with ample picturesque charm. Home to about 10,500 residents, the town has a sensitively restored downtown of Victorian buildings, cobble sidewalks, gas-lamp style streetlamps, an expansive green, and a pretty Victorian gazebo. The slate blue train station was built in 1869 and is now on both the National and New Jersey Registers of Historic Places; commuters to Manhattan appreciate the fact that they can get to work in less than 40 minutes. A Victorian clock tower presides over all and numerous raised flower beds only add to the overall appeal. Hillsdale was the subject of a 2004' article in the The New York Times, titled A Haven For Commuters with Families and features an excellent school system.
Old Tappan is 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. The Delaware Indian word "Tuphanne" is where the name Tappan is derived from. It means cold water. Why it was named Old Tappan, no one knows, but it is believed that it was to distinguish it from Tappan, New York, of which Old Tappan was formerly a part.
Known as the "Garden Spot" of the Pascack Valley, lush River Vale is famous for its beautiful plantings and abundant trees, bushes, and flowers. Home to about 10,000 residents, River Vale is a tranquil residential town of quiet winding streets, ample parks, and historic homes. "Downtown" is Rivervale Road, a friendly main street that runs north/south through the center of the community. the township of River Vale was featured by Money Magazine as number 29 on their list of the Top 100 Places To Live In America!
Norwood is about 2 miles from the New York state line. Norwood's 2007 population is 6,277 with there being 2,324 residents per square mile density. The average household size is 2.86 persons with 2,070 households. The name Norwood emanated from the old description "North-Woods". The Lenni Lenape Indians roamed the land as evidenced by an occasional arrowhead dug up in a local garden. Norwood is till proud of their "North-Woods: and in 2006 the Mayor and Council entered into a Deed of Conservation Easement with the Meadowlands Conservation Trust to preserve 100+ acres of property in perpetuity as open space.
Westwood is known as the 'Hub" of the Pascack Valley area in the center of Bergen County Westwood has a trendy downtown Business District with Stores that are sure to appeal to everyone. The Pascack Valley Train line also stops in Westwood and NJ Transit Buses are also plentiful. Westwood schools are rated among the best in the country.
Upper Montvale is a community of diversity and contrast with lovely suburban neighborhoods and attractive campus-like corporations resulting from prudent planning. Its geographic location makes Montvale an ideal place to live and work. Upper Montvale is renowned for one of the finest educational systems in Bergen County, which is strongly supported by our residents and local government.
Woodcliff Lake is one of the most scenic towns in all of the Pascack Valley, deriving its name from the incredible body of water that inhabits the town, the Woodcliff Lake Reservior. It is a beautifully scenic borough, with lush woodlands, streams, secluded properties, and the jewel of Woodcliff Lake Reservoir at its center. Pascack Hills High School is recognized as the Top 10 schools of New Jersey.
Emerson is a community that typifies tradition. It is located in the heart of the Pascack Valley, with a picturesque train station at its center. A fine educational system includes public and private schools. Primarily residential, the town offers a large shopping center as well as many local specialty stores. People travel from near and far to dine at the local historic hotel.
Park Ridge is in the beautiful Pascack Valley section of Bergen County. It is known for it's excellent schools and wonderful accessibility to New York City. In the early 1900's, it established its own Electric and Water Companies that still service its residents today. Park Ridge is home to a growing corporate population while it still maintains its small town flavor. The historic "Bears Nest" area is being developed with luxurious townhouses, a major hotel and well designed corporate campuses. Richard Nixon was once an owner of one of the original Bear's Nest townhomes.
Buying a home in Bergen County NJ? Search all homes for sale and sign up for an automated Email Home Search. Moving from out of town? You'll find relocation information here.
Selling a home? I offer a FREE no-obligation Market Analysis.
Get the latest Bergen County news. For the most up-to-date information about Bergen County NJ, be sure to read my Blog.
When buying or selling a home, call Paula Clark, your Bergen County NJ real estate Expert!
201-930-3070 ■ RealtorPaula777@aol.com ■ www.PaulaClarkRealtor.com
"You are head and shoulders above in your field. I never knew the professionalism of Coldwell Banker until I began to work with you and your team. You are not only savvy and knowledgeable, but you are also kind and genuine. This combination made buying a home stress-free and pleasurable. Since we met, I have appreciated how clearly you listened to what I wanted then made it happen. You have been an invaluable representative every step of the way. You are a consummate professional." - H.R. Partis, Woodcliff Lake, NJ
"I'm not sure if I ever conveyed the way I feel but having you represent us has made this entire process with real estate brokers before we started to really do anything about choosing a new home. There are many fine points of our relationship that I am pleased to be able to share with anyone I know who is looking to sell or a buy a home [none of which I heard in the many responses about other people's experiences with realtors-which were mostly negative comments]. In a nutshell, your right-on-target advice of how to prepare to sell our home; persistent research and lightning response in helping us find a new home and the infinitely man small details of this process that you have helped us understand and address make it clear that you combine expert knowledge and experience with a genuine caring for your clients is exceptional. I can't thanks you enough, and I can't imagine having traveled this road with anyone else. You are truly the Princess of Sales!"- P. Doll, Hillsdale, NJ
"While driving by a house we liked that was currently on the market we saw Paula Clark listed as the selling agent, and by chance decided to give her a call. My siblings and I needed to choose a realtor to work closely with our family and help my mother sell her house of 40 plus years, as well as find a new home to purchase. What started out as a call by chance ended up being the beginning of a wonderful personal and professional relationship with Paula Clark. Paula worked hard for us from the start by assessing my mother's house, handling all the aspects of home selling, and made herself available to fill any request no matter how large or small. She is a true real estate professional willing to go the extra mile to make her clients happy, and also a kind, caring person who realizes that selling a home or buying a new one is a big milestone for anyone. We have been lucky to have her as our realtor." Tracey, Old Tappan, NJ
Paula: Thank you very much for the high level of service you have provided for me on the sale of my condominium. You went above and beyond my expectations, and I greatly appreciate all that you have done for me. You're an exceptional Real Estate Agent and I wish nothing but the best for you. S. Sellas, Mahwah, NJ
"Working with you is always a pleasure. We know that you go the extra mile to make your clients know they are in good hands. You have a strong knowledge of real estate market and we really enjoy working with you!"- Starr, River Vale, NJ
Thank you so much for being my "Guardian Angel." What you do for me is over and above the "Line of Duty" and you have no idea how much I appreciate it." Berg, Edgewater, NJ
"Thank you very much for your professional service in the sale of our Saddle River home. Your efforts went above and beyond, especially since I live a long distance from New Jersey. You constantly kept your eye on the ball, and your hands-on approach took care of every detail, big and small, to bring the property to closing. Real estate sales are measured in results, and your personal touch made the process smooth and reliable." Mancuso, Waltham, MA
Hi Paula; It is very satisfying to me knowing how diligent you have been to sell each of the five properties on Motiva's behalf. Your efforts have resulted with four to of the five already sold with the fifth one scheduled Friday. Thank you for all of the hard work and diligent efforts to market and sell these properties. Steve Santoro, Motiva Enterprises
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