Fair Lawn, NJ

Fair Lawn Homes For Sale Summary | June Market Report

Homes Sold: 34
(June 2008 was only 25 Sold )

Sold Price Range: $262,000 - $540,000
(June 2008 Range: $282,000 - $715,000)

List Price Range: $275,000 - $675,000
(June 2008 List Range: $219,000 - $799,000)

Styles: 13-CC, 7-Col, 3-BL, 1-Condo 6-RCH, 4-SL
(June 2008 13-CC, 2-Col, 4-RCH, 1-Cndo, 4-SL. 1-TWN)

The difference in SOLD units from last June to this June has increased significantly from 25 homes sold last year, up to 34 homes sold in the same month this year. And although the large percentage increase from last year sales is extreme, there was certainly a major house value reduction across the board - making the current list prices considerably lower - and subsequently more attractive for buyers looking to move to the great town of Fair Lawn.

As of 7/15/09 at 12 noon, there are 159 homes for sale in Fair Lawn.
Their prices range from $159,000 to $1,049,000, and the median LIST price is approximately $399,000.

Fair Lawn offers a terrific opportunity to live in a delightful suburban community, with a friendly feel, while still having the accessibility to New York City via many major highways or public transportation with buses or trains. Fair Lawn's school system ranks highly among regional schools.

If you would like to be emailed the full listing details on current Fair Lawn Homes For Sale, please call local Fair Lawn Realtor Sheldon Neal at 201-481-2891, or email SheldonNeal@remax.net and the available active listings will be emailed to you immediately.

** Information taken from the NJMLS is deemed reliable but not guaranteed.

March '09 Activity SNAPSHOT - Fair Lawn, NJ

Homes Sold: 22
(March 2008 was only 12 Sold !)

Sold Price Range: $225,000 - $725,000
(March 2008 Range: $400,000 - $965,000)

List Price Range: $240,000 - $879,000
(March 2008 List Range: $380,000 - $1,195,000)

Styles: 15-CC, 4-Col, 2-2Fam, 1-CoOp
(March 2008 Styles: 4-CC, 4-Rch, 3-Col,1-Cnd)

The difference in SOLD units from last January to this January has increased significantly from 12 homes sold in March 08, up to 22 homes sold in March 09. And although the large percentage increase from March sales is extreme, there was certainly a major house value reduction across the board - making the current list prices considerably lower - and subsequently more attractive for buyers looking to move to the great town of Fair Lawn.

As of today 3/6/09 at 12 noon, there are 156 homes for sale in Fair Lawn.
Their prices range from $179,000 to $969,000, and the median LIST price is approximately $399,000.

Of these, 140 are single family homes, and 9 are 2-Family homes. There are currently 7 Condo/Townhomes listed on the NJMLS.

Fair Lawn offers a terrific opportunity to live in a delightful suburban community, with a friendly feel, while still having the accessibility to New York City via many major highways or public transportation with buses or trains. Fair Lawn's school system ranks highly among regional schools.

If you would like to be emailed the full listing details on current homes for sale in Fair Lawn, please call local Fair Lawn Realtor Sheldon Neal at 201-481-2891, or email SheldonNeal@remax.net and the available active listings will be emailed to you immediately.

** Information taken from the NJMLS is deemed reliable but not guaranteed.

February '09 Activity SNAPSHOT - Fair Lawn, NJ

Homes Sold: 11
(February 2008 was 13 Sold !)

Sold Price Range: $147,000 - $440,000
(February 2008 Range: $285,000 - $907,000)

List Price Range: $149,000 - $539,000
(February 2008 List Range: $319,000 - $995,000)

Styles: 3-CC, 2-BL, 1-SL, 1-Co-op, 4-Condo
(February 2008 Styles: 3-CC,1-rch, 5-Col, 4-SL)

The difference in SOLD prices from last January to this January is significant. And although the large percentage drop from January sales is extreme, & not an exact indicator of ALL home value percentage drops for Fair Lawn, there was certainly a major house value reduction across the board - making the current list prices considerably lower - and subsequently more attractive for buyers looking to move to the great town of Fair Lawn.

As of today 2/6/09 at 12 noon, there are 162 homes for sale in Fair Lawn.
Their prices range from $179,000 to $969,000, and the median LIST price is approximately $399,000.

Of these, 144 are single family homes, and 10 are 2-Family homes. There are currently 8 Condo/Townhomes listed on the NJMLS.

Fair Lawn offers a terrific opportunity to live in a delightful suburban community, with a friendly feel, while still having the accessibility to New York City via many major highways or public transportation with buses or trains.

If you would like to be emailed the full listing details on current homes for sale in Fair Lawn, please call local Fair Lawn Realtor Sheldon Neal at 201-481-2891, or email SheldonNeal@remax.net and the available active listings will be emailed to you immediately.

With 2009 fast approaching, so are some key and important changes in regards to FHA loans. One important thing to remember is that FHA has made these changes official in their mortgagee letters, but that doesn't mean that investors or mortgage companies have to follow them. I will explain later....

What are the new changes?

• Down Payment : The new down payment for FHA loans will be 3.5% down and not 2.25% down. Now, this is a tad confusing, because prior to next year, 2009, it was that the borrower needed 3% of their own monies. In which part of that went to their down payment. And not all the states were the same with the current down payment, but it was the same in each and every state that the borrower needed 3% of their own monies.

The new change? It will be 3.5% across the board, no matter what state. That is the good news, that it will be uniformed. The negative is that the 3.5% will be for the down payment only. Which means that it won't include closing costs within the percentage. Even though the borrower can get up to 6% seller help, this might mean a little more money from the borrower no matter how you look at it. And you might not think it is much, but it can add up. Just on a $250,000 mortgage, that is another $1,250 in total monies needed.

I wrote about this change in more detail when it was first announced. New FHA loans down payment changes for 2009

• Maximum mortgage limits : In many counties, the New FHA loan limits will be decreasing, not increasing. This has been official, but doesn't go into effect until January 1st, 2009. I do have a list of the new changes for each county, so please don't hesitate to ask me about these changes.

Here is my issue in regards to what I mentioned above, that this is HUD's change, yet investors can make up their own rules and guidelines. I have read many blogs and web sites that state that the loan must close prior to January 1st, and this is not true. Even though we have 3 more days until the new loan amounts change, as long as you have a FHA case number prior to 1/1/09, you can still use the old FHA loan amount limit and it can close in 2009. I wrote about it here. New FHA loan limits - Fact or Fiction

Conclusion : With the ever changing mortgage guidelines, you need to make sure that you align yourself with a loan officer that is on top of these changes. But also someone that will educate you on the process and not just tell you what you want to hear. Here is a good post in regards to the mortgage process : Understanding the mortgage process

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For more information on FHA loans, please go to this link. : The FHA Expert

For more information on how you can obtain your dream home, please click here : Mortgage Financing Options

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags

Copyright © 2008 by Jeff Belonger

The Fair Lawn Community School is a non-profit community service sponsored by the Fair Lawn Board of Education. The Community School offers a large number of incredible programs for residents looking to continue their education, learn a special skill or craft, or take up a physical fitness class (just in time for your New Year's Resolution!) Programs range from arts & crafts to business skills to fitness, sports and dance. In addition, programs designed specifically for children are also offered. I encourage everyone to check out the Fair Lawn Community School, it is truly a very special place to keep your mind and body sharp!