Bergen County Real Estate Has Stabilized

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Bergen County real estate has stabilized.  This was my projection last year and I am very happy to say that I was right on target.  What I’d said and written was that by the end of 2009 the market would stabilize.  It has done exactly that. Our housing market is improving.  New Jersey MLS data, bank appraisers and housing reports all say the same thing:  We have clearly bottomed out and…

The Absorption Rate and 1004MC Appraisal Report

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When people decide to buy a home they naturally start to look at the real estate market, do some number crunching and find statistics which explain the market trends. Lately, a statistic on homes that’s been quite popular is the absorption rate. Absorption rates simply put tell you how long it will take to sell off the existing inventory of homes. This shows you how properties are selling; it’s measured…

The Spring Market is Accelerating

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The spring market for homes in Bergen County really feels like it’s accelerating.  Let’s check it out and see what’s truly happening. Since the beginning of March the housing market for homes in Bergen County has really picked up.  Because  we are now nearly through April, I thought that I would take a look at the MLS data.  I want to see if what I’ve been sensing is really happening. I…

Bergen County Real Estate – How’s the 1st quarter looking?

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The figures are in and the real estate market in Bergen County is doing OK.  It’s still a buyer’s market for homes but you can see some signs of improvement with Bergen County real estate. In January I had written that the real estate market in Bergen County would shift during the 4th quarter of 2009 and stabilize.  From then on for a few years we would be working in…

What is a short sale and does the bank own the house?

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A short sale occurs when a home that is sold is worth less than the mortgage amount and the homeowner cannot make up the difference.  For example, you sell a home for $75,000 but the mortgage is $100,000; you’re short $25,000.  The bank enables the homeowner to sell the house by forgiving the $25,000 difference.  So while the bank doesn’t own the house, the owner can’t sell it without the bank’s cooperation.   Of course, in…

The State of the Real Estate Market

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Although it’s very early in the year we can still get an idea of the real estate market.  Here is what I’ve found: The spring market for real estate in Bergen County arrived in February.  We’ve noticed an increase in the number of buyer inquiries and in the number of people coming out on weekends to look at homes on Sunday afternoons which is pretty much what we expect every…