Living In New Jersey
Bergen Country NJ living. Discover best places to live in NJ, reviews of Paramus, River Edge, Oradel, Emerson, Fairlawn towns and communities. Wrap-up on NJ real estate news, NJ cool facts, happenings and info in Bergen Country NJ. Search The NJ MLS for you next home!
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The Strongest and Weakest Housing Markets!!!
Posted on May 29th, 2009 No commentsHome News
The Strongest and Weakest Housing Markets
By Louis Jones, Kiplinger’s Personal Finance, www.kiplinger.com
It’s no secret that the real estate market has been hammered. Nationwide, median home values dropped 18% in 2008, according to the most recent data from Fiserv Lending Solutions, a home-price research company. And in markets such as California’s Central Valley, where speculative building has yielded more homes than jobs, prices are down 30% to 38%.In a few pockets of the country, though, home values have held their own, and some have even seen slight increases. The best place to own a home right now? Texas. Relatively conservative lending practices in the Lone Star State have buttressed homeowners from the worst of the subprime-mortgage mess. Additionally, Texas has a vibrant and diverse manufacturing sector, which has kept unemployment – and foreclosures – low.
The hardest-hit metro areas have been in the Central Valley and the Southwest, where speculative building and subprime loans a few years ago inflated the housing bubble. Now, the recession and job losses are pushing more homes into foreclosure. In turn, foreclosure bargains are luring new home buyers into the market and increasing number of sales but dragging median home values further down.
To see the ten metropolitan areas where median home values have increased the most, take a look at our slide show, Ten Cities With Rising Home Values. And to see where home values have dropped the most, check out our slide show, Ten Cities Where Home Prices Have Plummeted.
Researching the top ten cities where home values increased in 2008, we identified a few characteristics of successful real estate markets. Not every city on our list shares all of these characteristics, but a combination of them has spelled success for many metro areas.
A diverse set of industries. When a community relies too heavily on one sector, changes in that industry can be devastating to the local economy. A solid blend of midsize manufacturing and retail companies minimizes unemployment and keeps the local economy stable.
A college or university. In State College, Pennsylvania, for example, Penn State University is the local economy’s lifeblood, keeping housing prices on an even keel. But even in towns without major universities, smaller community colleges can provide secure jobs and attract home buyers.
A major hospital. Health care is one of the few industries still growing during the recession. Hospitals, especially regional ones, provide lots of jobs over large areas and help to stabilize housing values.
A strong community of retirees. While this doesn’t hold true for all cities that attract retirees (see Naples, Florida, in our list of the ten most depressed housing markets), it does in College Station, Texas and Kingsport, Tennessee, where retirees buy homes and give local economies a boost.
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com
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Home Buyers FAQ’s, Bergen County Real Estate
Posted on May 29th, 2009 No commentsMortgage News
Home Buyer’s Down Payment FAQs
With today’s combination of lower home prices, some of the lowest interest rates the industry has ever offered, and the $8000 tax incentive for first-time buyers, buying a home has never been so attractive. The only real hurdle left for many Americans is coming up with a down payment. With this in mind, we’ve put together some of the most frequently asked questions we get about down payments in today’s market.Q. Are there any no-down payment programs left?
Yes. While it’s true that most of the popular no-down payment programs disappeared in the wake of the subprime mortgage collapse, there are still two longstanding government-backed programs that offer mortgages with no down payment: the USDA Rural Development Program and the VA Loan Program.
A USDA Guaranteed Loan is a government-insured, 100% purchase loan. This means there is no down payment required if you – and the house you intend to buy – qualify for the program. Not all areas qualify, but you’d be surprised at how many neighborhoods in your area do. There are income and other limitations, but if coming up with a down payment is challenging, you might want to consider this program.
If you or your spouse is a military veteran, you may qualify for a 100% financed loan from the US Department of Veterans Affairs. More than 29 million veterans and service personnel qualify for this service benefit. Give us a call to find out if you’re one of them.
Q. Are there any other government-insured programs that can help someone struggling with a down payment?
Yes. In 1965, the federal government created the FHA loan programs to encourage homeownership throughout the country. FHA-insured mortgages offer many benefits, including a minimum down payment of 3.5%. FHA-insured loans have grown in popularity recently due to the seller’s ability to pay closing costs up to 6% and a temporary increase in loan limits up to $729,750 in certain high-cost areas, which allows more potential buyers to utilize this program.
Q. May I use a gift from family members as part of my down payment?
Yes. In many cases, immediate family can provide monetary gifts to be used as a down payment. There are restrictions of course, and strict documentation will be required, but we will gladly walk you through the finer details of this process. Be sure to mention this option when you’re filling out an application with us.
Q. May I use funds from my IRA for my down payment?
Yes. First-time home buyers can use funds from an IRA under certain circumstances for a down payment. The rules regarding this option, however, can be complicated, especially with a Roth IRA, and it’s important to understand any and all tax implications before tapping into these accounts. Please talk to your tax professional before making any decisions. If you don’t have one, we’ll gladly refer you to one we work with on a regular basis.
Q. May I use the $8,000 tax credit as my down payment?
No. At the time of the writing of this article, qualified first-time home buyers do not have direct access to the $8,000 credit to use as a down payment. In May, HUD officials made an announcement to the contrary, but statements backing the announcement were quickly withdrawn from the HUD website. This doesn’t mean that HUD and lawmakers will not allow this in the future. We’re following this issue closely and will let you know if anything changes. Just keep reading our newsletters and other materials we send to you or give us a call and we’ll let you know if any progress has been made.
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com
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Wish Everyone a HAPPY MEMORIAL DAY!!!!!
Posted on May 22nd, 2009 No commentsFor assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com
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Cherry Hill School in River Edge Was Visited by Some Special Guest
Posted on May 22nd, 2009 No comments1st grade students at Cherry Hill Elementary school in River Edge NJ were greeted by some specials guests. On May 14th 2009 Author Charolette Thomas and former NY Jets player Bruce Harper conducted an interactive program about community service. “Its about friendship and helping one another” said Thomas.
“Being a former teacher myself, i feel interactive learning and special guest do impact our children learning and their lives” Mel Coldwell Banker Realtor
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com
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Paramus NJ Students celebrate their moms!!!
Posted on May 22nd, 2009 No commentsFirst grade students at Ridge Ranch Elementary school in Paramus NJ held a tea party for their mothers, during which time they also presented “All About” books they had written about insects of their choice. Keep up the good work Paramus Public Schools!!!!!
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com
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Homesellers Must Read
Posted on May 20th, 2009 No commentsRISMEDIA, announced the results of an extensive nationwide survey on home prices based on the responses of over 1,150 Realtors.
The survey shows that 36% of homeowners think their homes should be listed 10 to 20% higher than what their Realtors’ recommend, down from 45% in the first quarter.
Conversely, 64% of homebuyers think that homes are overpriced versus 59% who believed the same in the first quarter.
“Realtors are in a unique position as they get to hear both sides of the home price story - the buyers’ and the sellers’. They then apply their own home valuation analysis based on their understanding of the market which often meets resistance from buyers and sellers,” said Louis Cammarosano, General Manager of HomeGain. “The results of our second quarter Realtor home prices survey indicates that home sellers seem to be getting the message that perhaps their homes are not worth as much as they thought they were, while buyers are expecting to find a bargain on every corner.”
The Realtors surveyed expressed more optimism in the second quarter survey on the direction of home prices than in the first quarter, with 22% of them believing that home values will increase in the next six months versus 11% who believed the same in the first quarter. Twenty-nine percent of survey respondents believe that home prices will fall in the next six months versus 53% who believed the same in the first quarter survey.
“There is major improvement in the number of homes selling,” stated Heather Lawson, Broker Century 21 Watson Real Estate in Genoa, IL. Gillian Goldrich of Coldwell Banker Residential Brokerage in Woodbridge, CT, agreed with Lawson, stating, “Markets are definitely picking up. It seems that buyers are getting off the fence and taking advantage of tremendous buys.”
Fifty-seven percent of Realtors surveyed indicated their approval of Obama’s performance as President. These results mirrored the nationwide results of the Rasmussen Daily Presidential Approval Index. Fifty-five percent of survey respondents believe that the Obama stimulus plan will have or has had no impact on home values versus 45% who believed the same in the first quarter survey.
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com
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Housing Affordability Jumped 10%___www.OurNJhouse.com
Posted on May 20th, 2009 No commentsHousing Affordability Surges to Highest Level in 18 Years
RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.“Underlying the increase in affordability are lower home prices and record low interest rates. Combined with the $8,000 federal tax credit for first-time home buyers, consumers are beginning to return to the marketplace,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.
Indianapolis was the most affordable major housing market in the country during the first quarter. Almost 95% of all homes sold were affordable to households earning the area’s median family income of $68,100. Indianapolis has now topped the affordability list 15 consecutive quarters.
Also near the top of the list of the most affordable major metro housing markets were Youngstown-Warren-Boardman, Ohio-Pa.; Akron, Ohio; Grand Rapids-Wyoming, Mich.; and Syracuse, N.Y.
Several smaller housing markets posted even higher affordability scores than Indianapolis, with Sandusky, Ohio outscoring all others. There, almost 98% of homes sold during the first quarter of 2009 were affordable to median-income earners. Other small housing markets ahead of Indianapolis on the affordability scale included Monroe in Michigan and Mansfield, Springfield and Canton-Massillon in Ohio.
New York-White Plains-Wayne, N.Y.-N.J., where just over 21% of all homes sold during the period were affordable to those earning the median income of $64,800, was once again the nation’s least affordable major housing market in the first quarter. Though affordability jumped 7 percentage points for the quarter, this was the New York metro area’s fourth consecutive appearance at the bottom of the list. Other major metros near the bottom of the chart included San Francisco; Los Angeles-Long Beach-Glendale, Calif.; Nassau-Suffolk, N.Y.; and Honolulu.
Among smaller metro areas, Ocean City, N.J. was the least affordable market, along with San Luis Obispo-Paso Robles, Calif.; Flagstaff, Ariz.; Hanford-Corcoran, Calif.; and Santa Cruz-Watsonville, Calif., respectively.
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com
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Paramus, River Edge, Oradell, Emerson, Fairlawn NJ Market Watch
Posted on May 19th, 2009 No commentsParamus, River Edge, Oradell, Emerson and Fairlawn NJ Real Estate markets have been stabilizing with little depreciation over last years numbers. Prices have come down to where first time home buyers can purchase and start a family in these amazing towns. Within the 5 towns there were 434 Active properties for sale, 47 in Attorney review, 150 Under contract, and 44 sold and closed in the past month only. These are some impressive numbers and it shows people are buying!!!
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com
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River Edge Lions Club
Posted on May 19th, 2009 No commentsThe River Edge Lions Club is once again awarding two scholarships in the amont of $1000.00 each, to deserving seniors of any high school who are residents of River Edge. Applications can be picked up at school guidance offices. Completed applications should be sent in ASAP!!! to teh River Edge Lions Club PO Box 33 River Edge NJ 07661. Have the word “Scholarship” written on the lower left hand corner of the enevelope.
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at http://www.ournjhouse.com & www.OurBergenCountyHouse.com
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Principal for a Day, Paramus NJ
Posted on May 19th, 2009 No commentsJake Helfenbein is a third grade student at Memorial Elementary School in Paramus NJ got to be principal for the day. His duties included checking emails, welcoming parents into the building for Mothers Day and observing teachers.
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at http://www.ournjhouse.com & www.OurBergenCountyHouse.com
NJ Real Estate
NJ Real Estate Professional
Let Me help you find your next home in Paramus, River Edge, Oradell, Emerson, Fairlawn, New Jersey
Carmelo "Mel" Oliveri
Office: (201) 599-1100
Cell: (201) 618-2854
Fax: (201) 261-6733
Click Here Visit Our Web Site: OurNJHouse.com
NJ Real Estate Updates
- Interest Rates Will Rise in March 2010 and on
- NJ Foreclosure Update
- Great Home Eastside Paterson NJ
- December 2009 Case Shiller Report
- Paramus New jersey, Oradell NJ & River Edge NJ Real estate market update
- Recession Proof Yourself___www.OurNJhouse.com
- Bergen County Short Sales/ Foreclosures
- Paramus NJ Open House____9/13/2009 1-4pm
- Georgian Style Colonial Paramus NJ REDUCED!!!! $519K
- Come Join the 3rd Annual Paramus Freedom Walk