How Is Real Estate in Bergen County?

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

How’s Real Estate in Bergen County so far this year?  Let’s take a good look. Using NJMLS Data Correctly We are at the start of a new year.  As a result, it’s necessary to look at the market data from a different perspective.  This is because January and February closings originated last year with rare exception (30-45 day cash sales).  So what do you use? You use under contract figures. …

Real Estate is Changing

Posted by & filed under Buying, Selling.

Real estate is changing.  It’s been happening for a while but most people haven’t noticed it.  We are in the very early stages of a transition and that’s good. The housing market is cyclical.  There are times when prices go up and times when prices go down.  The long term trajectory is always up but moderately.  We’ve been up for nearly 10 years now. We’re still in very positive territory. …

Shopping for Mortgage Rates and Your Credit Report – #3 and #4 Home Buyer Mistakes

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Shopping for Mortgage Rates I have written so many articles on why this is wrong.  Shopping for mortgage rates is exactly not the place to look.  This is marketing at it’s best because ad agencies have you convinced this is what to do.  While they have you focused on mortgage rates you miss the most important reasons to choose a bank and banker. Did you know that there are dozens…

Mortgage Rates Don’t Count – A Long But Important Article

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  I’m quite serious – mortgage rates don’t count at all when you’re shopping for a house.  In fact, when you are buying a home and you go to those wonderful websites that promise you everything in 30 seconds or less, you can easily damage your credit.  Let me explain why mortgage rates don’t count and it’s dangerous to shop around. Today we do everything through the web and most…

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…

Fannie Mae and Freddie Mac Are Easing Jumbo Mortgage Terms

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Fannie Mae and Freddie Mac buy mortgages which means that they guarantee them. Without the backing of Fannie and Freddie, mortgage lenders have to find other investors to sell their mortgage loans to and those investors charge more so interest rates are higher. Fannie and Freddie backed mortgages are called conforming; the others are called jumbo. The limit on a conforming mortgage is $417,000 but that is about to change….

How to Handle the Bergen County Housing Market

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“How’s real estate and what should I do?” I am receiving so many calls and messages like this that I thought I should post some answers. It seems that real estate is on everyone’s mind lately.  Let’s find out how to handle the Bergen County housing market. Here’s something to consider: A primary motivating factor for most people is simply because it was the right time. So ask yourself this…

Tenafly Real Estate – 1st Quarter Report

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What Can We Expect in 2009 and for Tenafly real estate in particular? I can answer this with one word – improvement. I had projected 10% depreciation but that was before the stunning sub prime mess was revealed. While we have “Monday Morning Quarterbacks,” the truth is virtually no one knew of this growing menace. The Tenafly market for homes in 2008 ended with 25% fewer sales and 18% depreciation….