Bergen County Real Estate Market Update March 25th

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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…

Bergen County Real Estate – A First Quarter Report

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Bergen County real estate is important.  This is the largest county in New Jersey with 948,000+ people and we are one of the most affluent counties in the US.  What happens here influences everyone in the NYC metropolitan area.  The Bergen County housing market reflects the Tri-State economy and outlook.  So let’s take a look at our first quarter real estate market. Home Prices Are Moderately Higher Comparing the 1st…

Real Estate is Changing

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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. …

Real Estate Market Update

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Here is a real estate market update report for you now that we’re through July: Fewer sales are happening in 2014 but not because demand is weakening.  Far from it.  Demand is strong but supply is down.  This is reflected in fewer days on the market.  Less supply – increased and/or equal demand = pressure on pricing.  This is good news for sellers but it’s still not a full tilt in the…

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…

Real Estate Recovery Signs – Foreclosure Rates Are Down in NJ

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While national foreclosure rates rose 15% during the first half of 2009, in New Jersey foreclosures are dropping. NJ foreclosures are down by 30% for the first six months of 2009 compared to the same period in 2008 according to Realty Trac. In May, the New Jersey Judiciary announced foreclosure activity for the first 4 months of 2009 was down by 20%. These figures certainly point to an improving housing…

Affordable Dumont Rocks! A Bergen County Value For Buyers

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Affordable Dumont rocks!  It truly is a Bergen County value for buyers.  I’ll explain why. Crunching numbers to analyze the real estate market has taught me a lot. Over the years, I’ve found that the relationship between the number of homes for sale and under contract is a great indicator of how the housing market is doing. When that ratio is 2:1, the housing market is strong. Ok, I know, it’s…

Bergen County Homes Sales Data from the New Jersey MLS

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You need Bergen County homes sales data from the New Jersey MLS so you’re on top of the market. The New Jersey MLS is the primary multiple listing service for all of Bergen County. They do a simply outstanding job in so many ways. There is comprehensive information on homes for sale as well as statistics on all aspects of the market. The sales data shows an improving market for…

Tenafly East Hill Homes

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On January 27, 2009, a home at 221 Churchill Road was listed for sale at $1,590,000. This was an extremely well kept original ranch on a gorgeous acre lot. It was listed twice – as a single family home and as a building lot. Tenafly East Hill original homes are in high demand.  Their acre properties are sought after by builders as building lots.  Builders knock these homes down to construct a…

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…