Posted by & filed under Buying, For Sale or Rent, Selling.

bergen county luxury homesBergen County luxury homes are flying.  They are selling in substantially greater numbers than they have for the past several years.  This is because of Covid 19 as well as the high cost of living, dense population and quality of life in cities.  Let’s take a look at a few areas comparing 2019 to 2020 through April.

Alpine

Alpine New Jersey is well known as one of the most exclusive luxury home destinations in the world.  High end homes here on 1 and 2 acre lots typically begin at well over $2 million.  Because of it’s proximity to Manhattan (20 minute drive) and the fact that Alpine students attend Tenafly High School (highest SAT scores in the County), this town is a destination for celebrities as well as captains of industry.

Additionally Alpine has a very private aspect.  Set back homes are on lots filled with mature foliage or gated walls.  As a result, Alpine NJ is one of the most coveted high end destinations in the NY metro area if not the world.

Using New Jersey MLS data we find that sales nearly doubled (from 5 to 9), the time it took is down 44% and the average sales price is up 26%.  This is a significant improvement.

Franklin Lakes

Franklin Lakes is one of the most expensive communities in New Jersey with an average household income of $233,389.  It’s acre properties are often heavily treed.  Additionally there are several unincorporated lake centered neighborhoods.  As a result, Franklin Lakes has a distinctive country ambiance.  The public schools are among the best in Bergen County and you’ll find 2 major shopping centers in town with everything you’d need. alpine nj home for sale

While we only had 26 sales through April, 40 homes went under contract.  Prices are higher too – up 6% for sales and up 12% for under contract list prices.  86 homes were listed, 40 went under contract and 27 were withdrawn.  This is a strong and accelerating market.

Saddle River

With the highest average household income ($275,156) and gorgeous 2+ acre properties, Saddle River is the most exclusive of all Bergen County communities.  The foliage here is so mature and dense that at times you feel like you’re driving through a forest or on a country lane.  Homes are set far back from the street giving it’s gorgeous residences a degree of privacy not found elsewhere.  This small town in population (3,379 people) has a world wide reputation for the utmost in luxury living.

The real estate market in Saddle River has dramatically improved this year.  Sales went from 9 last year to 13 in 2020 with a 32% rise in the average sales price to $2.3 million.  Under contracts kept pace with 2019 in spite of the large number of withdrawals due to Covid (28).

Tenafly

Known as the #1 demand town in the eastern half of Bergen County, Tenafly does have it all.  This highly affluent town where nearly 25% are acre lots, has a nationally renown school district (normally the highest SAT score in the County) terrific town Tenafly homesservices, great business district and only 6 miles to the George Washington Bridge and NYC  While it has an abundance of wealthy households, the demographics are wider here than one would think.  As a result, Tenafly truly is an all American apple pie, Little League town.

Sales increased 50% this year with a very strong 16% rise in the average sales price.  Equally impressive is the 35% drop in how long it took to close those sales.  Under contract figures are also strong.  Tenafly had an increase here of 71% with listing prices 7% higher.  The Tenafly East Hill with it’s beautiful luxury homes is selling well indeed.

Bergen County Luxury Homes

Bergen County luxury homes are flying as you can see from these examples.  We have several more high end locations but this group gives you a pretty good picture.  Moving out of cities has been going on for some time; Covid 19 only increased the pace.  Luxury homes have benefited along with the rest of the market.

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38 Warren Rd38 Warren Road in Fair Lawn is a new listing I have that went on the market today.  It’s a 3 bedroom 1.5 bath cape cod home with a great location.  It’s in the coveted Radburn area but it’s not a Radburn house.  As a result, you get the positives of this location without the Radburn community fees.

The asking price is $459,000 and lot size is deep at 52 x 126 feet.  Taxes are moderate too at $9,587.65  The heat is gas fueled hot air plus there’s central air conditioning too.  Updates are throughout too.  As a result this is a very good value in an affordable home.

Great Updates

Because interest rates are so very low now it makes sense to look for a house where there’s little to do.  It’s easier to have everything in a mortgage rather than use after tax dollars to update a house.  This is why 38 Warren Rd is terrific value.Great Room

The impressive Great Room addition is the major update to the home but don’t forget the modern kitchen.  The Great Room is big with a vaulted ceiling and a gorgeous Palladium style window.   There is so much sunlight streaming through this room that, as a result, it sparkles with brightness.

Quality shows in the modern kitchen.  Wood cabinets, granite counter tops, ceramic tile back splash and stain steel appliances are all here for you.  Because it’s custom designed, the kitchen designer even fit in more cabinets by the refrigerator.

38 Warren Rd Fair Lawn NJBathrooms are updated, the exterior is vinyl sided and you’ll find replacement windows too.  There is no deed to redo a bathroom, put in a new kitchen or replace all the windows.

38 Warren Rd is such a well maintained home that you really can move right in.  You will want to decorate with paint etc to make it your own but there’s nothing crazy to do here.

backyard

Everyone Wants A Backyard

Yards are important.  Everyone wants a backyard when they buy a home.  Sometimes you want a house with a small yard, other times a big yard is requested.  Either way backyards come with houses.  Because the lot size is 126 feet deep, you still have a yard even with the large Great Room addition.

The patio is a good size too.  As a result, it’s ideal for summer barbecues or just hanging out with the family.  There is also a large shed where you can store all your outside gear.

38 Warren Rd Location

Radburn is a well known part of Fair Lawn.  It was constructed in 1929 as a garden community of attached homes in multiple cul de sacs.  Radburn is like a town within Fair Lawn.  It’s big because it has 149 acres and over 500 homes most of which are attached dwellings.  There’s also a 93 unit apartment complex.  This is a private community where residents pay a quarterly fee that takes care of the pools, tennis courts, grounds etc.  In addition a school, business district and train station was constructed.  This is a very prestigious part of town.

Since 38 Warren Rd is right on the edge of the Radburn community, it has all the benefits that area gives you.  A great local shopping area and close to the NJ Transit train to NYC.  You’re also near a house of worship, commuting buses and a bird sanctuary.  All this plus the high scoring Fair Lawn School District.

Check out my website for this house where you’ll find more pictures and details.

 

Posted by & filed under Buying, For Sale or Rent, Selling.

Bergen Count Real Estate Today

The historic Van Allen house in Oakland, NJ

Bergen County Real Estate Today

Bergen County Real Estate today is still moving forward at a pretty good clip.  I’m writing this article at 4:20 pm today and here’s what we have:

  • 1,820 are for sale
  • 1,063 are under contract
  • 225 are withdrawn from the market (over the past 30 days)

It’s important to remember that a good number of homes for sale have accepted offers.  Because there is no separate category for accepted offers, they remain in the active inventory.

Activity Since April 27th

Let’s consider what’s happened over the last 30 days.  This period is completely impacted by Covid 19.

  • 325 homes are listed for sale
  • 316 homes go under contract
  • 225 are withdrawn

These figures display a strong real estate market for Bergen County homes.

 

Upper Tier Homes

Much has been written about the beating luxury homes have taken.  They did have had a hard time since the Great Recession but things really turned around over the past few years.  The market for high end real estate came on big time.  As a result, this market had momentum along with the market in general going into the lock down.

Here’s what we have for Jan 1st to now:

  • 82 homes listed for sale
  • 13 under contract
  • 54 withdrawn

Corona virus concerns motivated many affluent families to withdraw from the market.  Luxury sellers can afford to wait.  In spite of this, we have a fine 6.3 to 1 ratio of active to under contract.

Currently the fully inventory is 175 homes for sale and 20 under contract for a ratio of 8.75 to 1.  That’s not great but sill much improved over the double digit recent past.

Let’s see what happened since March 27th:

  • 11 listed for sale
  • 3 under contract
  • 16 withdrawn

These are much more encouraging figures.  The ratio is a very impressive 3.67 to 1.

Entry Level Homes

Entry level homes are at $500,000 and below.  Here’s how it looks today:

  • 433 homes are for sale
  • 481 are under contract
  • 181 withdrawn over the past 3 months

We have more homes going under contract than are coming on the market.  This is called negative inventory.  Let’s look next at the past 30 days:

  • 314 listed
  • 316 under contract
  • 61 withdrawn

It’s the same story.  More homes going under contract than coming on the market although it’s nearly identical.  Bear in mind that when the ratio of active to under contract goes below 4, it’s a strong selling market.  Here it’s 1 to 1.

Bergen County Real Estate Today

Analyzing a market means you look at both ends because the middle follows.  Entry level homes are moving fast; high end homes continue to soundly recover.  If I took you through mid range homes, you’d see negative inventory there too.

I keep saying I know this sounds crazy but figures don’t lie.  Bergen County real estate today is fine; it’s in demand and selling well.  Can you imagine what will happen when we open up?

You can go into the New Jersey MLS and search the inventory yourself now.

 

 

 

 

 

Posted by & filed under Buying, For Sale or Rent.

buying a house is differentBuying a house is different today because of Covid 19 concerns.  The good news is that you can do it because it’s not all that impossible.

Viewing A Home

Everyone looks at homes online.  What’s different is that you don’t go out to see them.  Virtual showings and the virtual open house have taken over.  Homes are increasingly sold online using virtual technology.  The buyer never goes into the house until he owns it.

Some homeowners cooperate with actual showings.  We at Weichert have very strict protocols for this as do other companies.

There are also homes sold virtually with the buyer reserving the right for 1 viewing.  I advise doing this in the first days of Attorney Review.

Home Inspections and Appraisals

Home inspections and appraisals are handled very differently too:

  • Only the home inspector is allowed in the house.
  • The seller, buyer and agents cannot be at or in the house.
  • Appraisers are allowed to do drive by appraisals.

buying a homeNormally both I and my buyers are at the home inspection.  Often a young couple will have a parent along with them too.  This can’t happen today.

Appraisers used to go inside, do a visual inspection and measure all the rooms while drawing a floor plan.  Not today.  I will say that the appraisers I’ve met are highly experienced so I feel this will be fine.

Mortgages

You see a bank advertising loans with a 620 credit score.  That’s the bank’s policy.  You have 690 so you’re good.  Not at all because Wall Street investors who buy mortgage loans want 700.  What’s going on?

It’s the economy or lack thereof.  Investors rule and they are getting nervous.  43% of all workers are laid off, furloughed or cut back severely.  As a result, they are asking for more stringent qualifying.

To fully protect yourself, get an underwritten mortgage loan pre-approval.  Do it now.  Before you find the house.  Don’t be like everyone else and wait.  You might be very unhappily surprised when you get denied later on.  You’ve spent thousands on a house you can’t buy and let’s not even think about how upset you’ll be.

SurveyorClosing

You need a survey and title search; that’s easy.  Surveyors work outside and title searches can be done through the web.

Pre closing walk through inspections are a snap because (with rare exception) the seller has moved out.

Closings were done in the buyer’s attorney’s office.  It was a very nice experience for everyone and especially so for first time home buyers.  We can’t do this now.

Attorneys review documents before a closing with buyers on the phone.  Because banks insist on real signatures for some docs, title companies send notaries to buyers for this.  There is, however, momentum towards electronic signatures on everything.

Another change is wiring funds.  While there are concerns about wire fraud, funds are wired almost always.

Buying A House Is Different Today

Buying a house is different today but not impossible.  It’s up to you whether or not you move forward.  If you want to see what a 3D Matterport tour looks like, take a look at how I do things.

Posted by & filed under Buying, For Sale or Rent.

166 Stonegate 106 Stonegate Trail

Cresskill, New Jersey

$640,000

A Multi Level Luxury Townhouse

3 Bedrooms – 3.5 Baths

106 Stonegate Trail is a beautifully decorated luxury townhouse in prestigious Cresskill New Jersey.  Wonderfully designed, this multi level townhouse has over 2,400 square feet of living space.

106 Stonegate Trail Custom Touches

Custom touches are found throughout this elegant home.  You’ll find 106 Stonegategorgeous hardwood floors, granite counter tops and newer stainless appliances in the kitchen, a breakfast nook with it’s own balcony and a simply stunning Master Suite.

Because this truly is an upscale property, quality is evident throughout.  You enter the ground floor level through the oversized 2 car garage.  Garage storage  is more than ample as a result.

Step inside and you’re in a nicely finished room; there’s a full bath on this level too.  This makes the ground floor level ideal for a variety of uses. Use it as guest quarters, a rec room or even a home office.

Cresskill NJMain Level

Light sparkles across hardwood flooring throughout the expansive main level.  Imagine the entertaining you’ll do with it’s open floor plan that’s perfect for large scale parties.  While this is a modern luxury townhouse, the ambiance is also very warm and family friendly.  Intimate moments work well here.  Relax together in the family room, hang out with coffee in the kitchen or enjoy informal meals together in the breakfast nook.

Cresskill NJ

Cresskill offers convenience to Manhattan and a top scoring school district.  Because it does, Cresskill is one of the more popular locations in Bergen County.  It’s housing ranges from entry level to among the most expensive Bergen County homes.  Additionally you have outstanding town services.  The Recreation Department has robust programs and events year round.  The business district has pretty much everything you need too.

106 Stonegate Trail is a gorgeous townhouse in one of Bergen County’s most sought after locations.  Call or text me about it today at 201-741-8490.

Posted by & filed under Buying, For Sale or Rent, Selling.

Bergen County Real Estate Market UpdateTo do a current Bergen County market update, I have to go back 30 days.  If you look at what I wrote about the market on March 25th,  you’ll see that we were holding our own.  The data from the New Jersey MLS was nearly identical comparing 2020 to 2019.  While this was true, I also saw storms on the horizon.

Since then things have changed.  We began the lock down and in a matter of a few days days the US economy was closed.  Real estate is among essential services so we’ve been moving forward.

Let’s Look At The Facts

Here’s the New Jersey MLS data for March 15th to April 15th comparing 2020 to 2019:

  • Active – 903 to 2,503
  • Attorney Review – 448 to 1,091
  • Under Contract – 466 to 882
  • Withdrawn – 372 to 289
  • Price Changes – 222 to 667

How Bad Is this?

Although Corona virus has a definite effect on the market, it did not stop Bergen County real estate.  We’ve lost  what I call optional buying.  There are people who don’t have to move now.  It’s optional.

There’s still plenty of time to get into a house by the start of school in September (this is over half of all sales).  It usually takes 60 days to close on a house.  You can do it in 45 days if you’re properly prepared.

Back it up 60 days.  That’s July 1st and 45 days takes you to July 15th.  Plenty of time to wait it out while you’re watching the market.  Get ready for lots of homes and buyers in another 4-6 weeks.

So how bad is this?  Interest rates are great at +/- 4% by a little (good for buyers) and inventory is thin (good for sellers).  The primary difference is that any homeowner or buyer out there now is serious.  So how bad is this really?  It’s just different.

Bergen County Real Estate Market UpdateBergen County Market Update

The bottom line is that there is still activity.  Just not as much as you’d see in a normal spring market.  Consider a big picture view.  This is an abnormal time.  It is a man made forced recession.  The best economy the US has seen was closed down in 2-3 days.  That’s abnormal.

The President announced today that the economy will begin opening up now.  While it will take a while for us to heal the economy fully, there is tremendous pent up demand.  Imagine where we’ll be in 1 month.

Home Values

Here’s the key ingredient most people have missed – Pricing.  I have not seen an unusual degree of price reductions and NJMLS figures prove this.  Taken as a percentage of actives, price changes are 25% in 2020 and 27% in 2019.  Wouldn’t you expect values to nosedive as they do in negative times?  Remember the big picture – this is an abnormal time.  Economic fundamentals remain strong.  The Federal Government made sure of this.

Buying and Selling Now

Yes you can buy and sell now.  It’s just a different process.  Everything is done through the internet with a few exceptions.  Buyers will ask for at least 1 visit to make certain this is the home they want and home inspectors need to come inside.  Plus I need my marketing team in to do photos, 3D Matterport tour and floor plans.  If you are not comfortable with this, wait it out.

Data proves that we are moving at the same pace as last year.  Look at the price change figures; they’re nearly identical.  Now look at the ratio of active listings for sale against those under contract:

  • 2019 903 to 466 – 2,29 to 1
  • 2020 2,503 to 1,091 – 1.94 to 1

I know this sounds crazy but we’re actually doing better in 2020.  It’s just that there are fewer transactions happening so far this year.  That is going to change once Bergen County is opened up.

The Bottom Line

You can see now that the market is moving forward.  Homeowners have an envious position compared to what’s coming.  When the market is flooded with homes, this advantage is gone.  Buyers can save a lot now because services such as movers and inspectors are competing for your business.  Plus you won’t bump up against multiple buyers for the house you want as you will later on.  Right now there truly is opportunity for both that will disappear soon

Weichert’s been doing 3D Matterport tours for years (aka virtual tours) as well as remote transactions from document signings to Attorney amendments.  From our perspective the only change is with actual showings.  Now we’re doing them virtually.

Call or text me at 201-741-8490 if you have questions or want a market report.  As they say, I’m ready when you’re ready.

Posted by & filed under Buying, For Sale or Rent, Selling.

Covid 19 and Real EstateCovid 19 and real estate.  What can I say?  I can tell you how I feel and I will.  The decision whether to move now is ultimately yours.  Let’s look at things for residential buyers and sellers.  Please understand that this is my view.  There are others with different views of how to proceed of course.

Virtual Showings

What is a virtual showing?  The truth is that we’ve been doing this for years.  Weichert has been promoting professional 3D Matterport tours for a very long time now.  Many others call photograph slideshows a virtual tour but that really isn’t it.  Here is an example for you to check out I did for a listing.  As you can see, it’s quite literally a walk through the house.

Virtual tours are nothing new for us.  There are others using video but customers really like Matterport 3D tours.  This is because it gives them full control.  They can go back and forth as they wish and zoom in on a specific part of the house.

Floor Plans

Having a good floor plan is also something we’ve been doing for years.  Today it’s more important than ever since Covid 19 entered our world.  A good floor plan helps you understand a home’s flow and figure out furniture placement.  Matterport

Actual Showings

We didn’t need New Jersey to tell us to stop open houses.  Weichert did that early on along with limitations on how people are allowed in a house.  New Jersey Realtors has a web page on this that will most likely answer all your questions.  Only very serious buyers should be considered with strong behavior restrictions.

This means only 1 buyer at a time (immediate family OK) and the seller is out of the house.  CDC protocols must be observed along with New Jersey’s.  The seller should open all closet doors, some kitchen cabinets etc. so that no one needs to touch anything.

Home Inspectors and Appraisers

There are typically 2 contingencies in a sales contract – the home inspection and mortgage.  While buyers are usually at their home inspections, only the inspector is allowed to come now.  Sellers have to be out then too.

Mortgages require that both buyer and house meet the bank’s requirements.  The buyer does this by income, credit score, etc.  Appraisals are how a house does it.  Normally appraisers go inside to inspect and measure.  Because of Covid 19, inspectors are no longer required to do this.  As a result, appraisers must rely on MLS and online information.

Home AppraisalClosings

You need to have a walk through inspection before closing on your home.  This is to make sure everything is as it’s supposed to be.  No one but the buyer and their attorney need go to the closing with the settlement agent (often the title company).  Banks still need original signatures on documents.  As a result closings are not done remotely so far.

 

Does This Work For Covid 19 and Real Estate Concerns?

Yes it can and for many people it does.  Every day homes come on the market and homes are sold.  Whether or not you choose to become active is entirely up to you.  It is your decision.

Many homes are being sold entirely remotely.  In plain English, through the internet with no actual showings.  I would suggest doing it this way:

Once you’re in Attorney Review, see the house then.  I know that articles are in the web advising buyers to do this at the home inspection so they can be there with their inspector too.  This is a mistake because it hurts both buyer and seller.  Taking a home off the market for weeks isn’t fair to the seller.  Having a buyer pay for a home inspection on a house they may not buy isn’t fair either.

Additionally the contract should include that the house is disinfected by a cleaning company for closing.  Regardless I’d have my own company disinfect the house immediately after closing and then move into it.

The Bottom Line

As a result of all the above, the answer is Yes to Covid 19 and real estate.  You can buy and sell a home now.  Should you?  I would wait if you don’t have to move because I can not guarantee your safety 100%.  It’s not fun for me to tell you this but it’s my best advice.  If you don’t have to move now, don’t risk it.  Nothing is worth it.

Hopefully you will call upon me when this is over.  Meanwhile I will keep you fully updated on the market.  If, however, you choose to move on, I will do my very best for you as always.  We will just do everything remotely.  Questions?  Call or text at 201-741-8490 and Stay Safe!

Posted by & filed under Bergen County LIfe, Things To Do.

stuck insideWhat to do when you’re stuck inside is a very popular topic these days.  I thought how I’m answering this question might help.

Begin Positively

First of all, don’t sleep the day away.  Get up, get showered and get dressed.  Make your bed, straighten up your room and then have breakfast.  Clean up the kitchen and you’re ready to start your day.

You’re feeling good because you’ve accomplished something – you’ve started the day positively!

Planning Is Key

Now what do you do?  Make a plan.  No kidding at all.  Plan out your week incorporating these 3 things:

  • Makes you feel good
  • Accomplishes something
  • Is socially interactive with others

Exercise

Exercise is critically important.  We’re inside, we’re eating because we’re bored and sitting a whole lot more than normal.  As a result we’re getting out of shape and weighing more.  Need motivation on this?  You’ll be in a bathing suit in a few months!!

Weather permitting, go outside (responsibly as the CDC advises) for a walk, jog or run.  Into exercise in a big way, have home equipment?  Go for it!

Do whatever you are allowed by your doctor.  Exercise is healthy and good for your psyche.

Checking In With People

Schedule checking in with family and friends.  Even call the Oscar the Grouch in your family.  You might be happily surprised with the reaction you get.  Call 1-2 people every day. call a senior

Because elderly people are often alone, a phone call means so much to them.  Think of anyone you know who is alone and call them.  Brighten up someone’s day.  Additionally, you’ll feel great.

Projects, Learning etc.

Let’s face it.  We’ve all said it: I wish I had the time to do XYZ.  Now you do.  That project you’ve been talking about is ready to be tackled.  Clean out the garage, organize that closet, order paint supplies for a bedroom, etc.

How about learning? You can audit college courses, learn about art, explore science and space exploration as well as anything you want.  It’s all there on the web for free.  Nasa.gov, https://www.msichicago.org/, metmuseum.org; https://www.amnh.org/; https://www.si.edu/museums are only a few of the many opportunities out there for all ages.

Part of your day should be devoted to learning something new.

Social Interaction

Nothing replaces being with people.  As a result, Zoom and Skype are wonderful tools right now.  Personally I’m a Zoom user.  While there have been some hacking issues with Zoom, they claim they’ve got it fixed.  Go to the bottom of the page where Zoom tells you how to be safe.  Any website can be hacked these days unfortunately.

zoom meetingI’ve introduced Zoom to several people all of whom love it.  Why not do that?  Zoom allows you to hang out with friends just like you’re sitting across the table from each other.  Everyone needs social interaction.  While it’s not the same as being face to face, it works well.

Get Away From It All

Don’t let anxiety enter your world.  Travel into another environment.  Lose yourself in a book.  Google earth a trip around the world.  Visit a great museum online.  Find something that fascinates you and dive into it.

What to do when you’re stuck inside

This is my strategy and it’s working.  I’m relaxed and determined to do everything I can to stay healthy and help others.  I’m also working on my real estate business; my next article will be about the market.

Do you have any ideas on what to do when you’re stuck inside?  Let me know so I can share them.  Text or call me at 201-741-8490.

 

 

 

 

 

Posted by & filed under Buying, For Sale or Rent, Renting, Selling.

bergen county real estate market update

Here is the Bergen County Real Estate Market Update as of March 25th.  I’ll begin with the basics below.

Next is how things changed in early  March, data from the New Jersey MLS, what it tells us and how Weichert and I have approached things for decades.

 

 

Basic Market Behavior Currently

  • People are listing homes
  • People are buying homes
  • Rentals are moving at a good clip
  • Drive By Appraisals are allowed through May 17th
  • Mortgage rates which rose lately are coming down
  • Weichert agents are effectively working remotely for all clients whether buying, selling or renting
  • Weichert Realtors All Under One Roof one stop shopping enables clients to safely act successfully
  • Corporate relocation continues for both incoming buyers and local sellers

March 1, 2020

While we are only 1 week into a shut down of business as usual, fears predate this.  Corona virus fears, at least what I observed, really began in earnest at the beginning of March.

The top NY Times front page stories were Biden’s South Carolina win and the US Taliban signed agreement on March 1st.  Immediately below are 2 Corona virus stories.  They were the looming economic crisis and lack of medical supplies.  Only a few days later did it hit the US psyche significantly and panic began.  You saw it in your local supermarket.  People started stockpiling toilet paper, water, canned goods and more.

I mention this because although we began the year strongly, nearly 1/3 of 2020 is negatively impacted by Covid 19.

New Jersey MLS Data

With 1 more week of activity to go, 2019 and 2020 look about the same.  This is quite amazing because the New Jersey MLS is allowing homes to be withdrawn from the market without penalty.  The time a house is withdrawn won’t add to it’s total days on market like it did before.  As a result, you’d expect more homes to be withdrawn than normal due to Corona virus fears.  Yet numbers are nearly the same as 2019.

Here is what we have from the New Jersey MLS comparing 2019 to 2020 through March 24th:

  •  Listings are nearly identical – 4,664 to 4,659
  • Offers accepted in Attorney Review rose this year – 2,040 to 2,141
  • Under contracts rose too – 1,668 to 1,846
  • Withdrawals were pretty even – 842 to 832

Rentals are strong too.  Slightly more went on the market this year (2,877 to 3,020) and were leased (1,479 to 1,523).

Bergen County Real Estate Market Update

Real estate is moving well in Bergen County.  Because we still have more buyers than homes, prices are stable.  They are, in fact, rising in some market segments.  Rates have been and are under 4%.  Additionally buyers are focused on rates.  They see the current crisis as a few months of disruption and are afraid rates will rise in the future.

The bottom line for the Bergen County real estate market is that there are people who want to move and/or buy homes.  The Federal Government has helped too by maintaining a smooth process.  Drive by appraisals are now allowed because sellers,  understandably, may deny inside access to their home.

The Bergen County real estate market update for March 25th is simple:  We have an active, strong market.  Many homes continue to receive multiple offers; it seems nothing will change for the foreseeable future.

My and Weichert Realtors Approach

I realize I’ll sound like a Weichert groupie but there is a reason why I choose to be a Weichert agent.  This company is so far ahead of the others.  Because Jim Weichert brought 1 stop shopping to residential real estate, we’ve worked remotely for decades.  As a result, we are uniquely positioned for this crisis.

Through our All Under One Roof approach, we can do the entire transaction remotely.  We’re experts at this since we’ve done it for decades.  While I did have to learn to finally get comfortable with a cell phone video tour (wait till you hear what I sound like as I trip over a chair) the truth is we can do it all using technology.

If you want to buy or sell a property, call/text me at 201-741-8490.  I have a lot I can show  and do for you from the safety of your home!

 

 

Posted by & filed under Bergen County LIfe, Things To Do.

Happy St Patrick's DayPOSTPONED UNTIL SEPT 12th 2020

DUE TO CORONA VIRUS CONCERNS

Bergen County St. Patrick’s Day Parade

Get ready to wear green because it’s time for the Bergen County St. Patrick’s Day Parade!  It’s the 39th year this popular parade is being held in, of course, Bergenfield.

The parade begins this Sunday, March 15th, at 2 pm and ends at 4 pm or there about.  This is a highly popular annual tradition.  It brings out thousands of people rain or shine every year.  Sunday will be no different.  Not even the Corona virus will dampen the Bergen County St.  Patrick’s Day Parade!  Weather is predicted to be 51 degrees and sunny.  The crowd is going to be huge as a result.

The public celebration begins with The Flag Raising Ceremony at 1 pm.  This takes place at the Roy Brown Middle School on Washington Ave.  The parade takes off from there at 2 pm moving up on Washington Avenue.

Bergen County’s St. Patrick’s Day Parade features Irish dancing by both children and adults and at least 3 bagpipe groups.  There are, additionally, Irish music and singers, antique cars, fire engines, high school bands plus much more.  It really is a lot of fun.  Irish dance

The Irish Community

Bergen County has a proud and strong Irish community.  Because there are so many people of Irish descent in Bergenfield the parade has always been held here.  Statewide, 10% of New Jersey residents have an Irish heritage according to Wikipedia.

The Bergen County St. Patrick’s Day Parade is sponsored by the Council of Irish Associations of Greater Bergen County.  The Council began in 1980.  It’s affectionately known as the Bergen Irish.  The goal was to combine Bergen County Irish clubs and associations into one organization to promote Irish culture and celebrate St Patrick’s Day.  Additionally the Council gives out awards for positive contributions to society.

Bergen County St. Patrick's Day ParadeLocal Irish Restaurants

Come on out this Sunday, March 15th, and enjoy the Bergen County St Patrick’s Day Parade.  Have a pint of Guinness and a wonderful meal afterwards at one of our great local Irish restaurants –  Tommy Fox’s Public House /Bergenfield, Blarney Station /East Rutherford, Biddy O’Malley’s /Englewood & Northvale and Shannon Rose /Ramsey