December 2009 Case Shiller Report

Case shiller index monitors the most popular metro areas home sales CLICK HERE FOR REPORT

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Come Join the 3rd Annual Paramus Freedom Walk

3rd Annual Paramus Freedom Walk

 What: Paramus is located less than ten miles from New York City. We suffered great losses on September 11^th.  Even though eight years have passed, the hurt still lingers. In January of 2007 Joey Rizzolo decided to initiate a Freedom Walk. The walk is aimed at honoring those touched by 9/11….. a mother or father who lost a child or a child who lost a parent: the First Responders who lost their lives or the ones who saved lives: soldiers who served to keep us free and the ones who are serving now.          

 Where: Paramus Band Shell (behind the Paramus Public Library). Century Rd. Paramus NJ

 When:    Sunday September 6, 2009

       Registration - 7:00pm

   Walk Begins at 7:30

 How: The success of the Paramus Freedom Walk depends on you!! Individuals who walk to remember lives lost on 9/11 and to honor local First Responders and Veterans past and present. Encourage your friends to get involved: recruit a group to walk with you. It’s a day people gather together, to stop and remember. A day to realize how lucky we are!

More Reason Why FSBO Don”t Sell

1. Pricing The Home Too High: Seems everyone thinks they live in a goldmine. The common misconception is that they will price it high so they can come down a little bit during negotiations. This has several problems related to it.

Here’s one. Many homebuyers are on a budget. Let’s say I’m looking for a home like yours in your neighborhood and most of the homes there that are comparable are in the 135k to 145k ranges. However, you have tile floors and stainless steel sinks along with a few other cosmetic improvements. You think your home is worth at least 147k. Tack on a few thousand more “so you can come off of the price during negotiations” and you start your home at 152k

As a homebuyer, the most I can spend is 145k. Although your home is what I’m looking for, you’re outside my price range so I won’t even bother to look at your house.

That’s just one example of how a too high price is going to hurt you. There are many, many more!

2. Letting Emotions Direct Your Actions: Many times this is the reason your home is priced too high. Remember, this is a business transaction. You have a product to sell, you need act accordingly.

3. Failing to Get Your Home Inspected Before Listing: I’ve seen FSBO’s go to great trouble and expense to get their home ready to sell only to find out from the potential Buyers Inspector that there are major structural, plumbing, electrical or mechanical issues with the home.

Depending on the severity of the problems, this probably cost you a Buyer and it means your home will be sitting on the market for a few more weeks or months.

National survey’s reveal that homes that have had pre-inspections sell faster with less hassle at closing. FSBO’s are no different.

4. Being a Jerk: I see this one more than you’d think. For some reason selling your home by yourself seems to give you a special excuse to be a jerk judging by the way some FSBO’s act.

Being unreasonable in your actions will drive away Buyers. No one likes a jerk!

I’ve seen FSBO’s make some of the most stupid request of Buyers like; one guy would only show his home on Sunday afternoons between 4 and 6 p.m. and you had to RSVP so he’d have you on his “list”. He wondered why no one was showing up at this home. I saw another FSBO that would not allow his home to be inspected without him, his attorney and his inspector being present. He also required each item to be brought up to him and his group before telling the Buyer. Needless to say, we didn’t inspect this home. Note: many state SOP’s require that you do not divulge information to anyone other than the Client.

It’s a fact of life, being a jerk cost you money. Not only in real life, but also when you go to sell your home!

5. Not Pre-qualifying Your Buyers: Letting any old Moe and Joe lock up your home while they try and get qualified can cost you Buyers if they fail to qualify for a loan. Require that all potential Buyers be pre-qualified!

You have permission to distribute, copy and share this article in any way you see fit as long as the article remains intact including the resource box below.

After all, the process of selling a home is always complex. 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 or www.SellWithMelNJ.com

Bergen County Foreclosure Trends

Bergen County Foreclosure Trends - April 2009

Posted by PAULA CLARK @ 6:29 am, May 31st, 2009

Bergen County foreclosure homes have remained relatively steady in 2009 after a spike in October 2008 with 398 new foreclosure filings in April compared to 925 filings last October, according to RealtyTrac.com.

Bergen County Foreclosure Activity and Home Price Index

Bergen County foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Bergen County Foreclosure Geographical Comparison

The Bergen County foreclosure rate is .03% below the state of New Jersey and .16% below national statistics.

Are you or someone you know behind on your mortgage payments and facing a Bergen County foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. Give me a call for a private consultation.

After all, the process of selling a home is always complex. 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 or www.SellWithMelNJ.com

Bergen County NJ Home Buyer Tips___www.OurNJhouse.com

Tips For Bergen County Home Buyers

Posted by PAULA CLARK @ 8:34 pm, June 12th, 2009

It’s easy for Bergen County home buyers to get overwhelmed. A home is the biggest investment most of us make and the entire process can be a bit scary! Here are Bergen County home buying tips, sure to calm the most timid among us!

1. Research before you look.
Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.

2. Be realistic.
It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order.
Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.

4. Don’t ask too many people for opinions.
It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline.
When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term.
Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection.
If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®.
Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment. Give me a call…it won’t cost you a penny!!

After all, the process of selling a home is always complex. 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 or www.SellWithMelNJ.com

Most Recent Mortgage and Real Estate News

  There are some serious (additional) problems right now, directly affecting real estate. It looks to me like it’s going to get a lot worse worse before it gets better. Yet, when doors close, others open - there are resulting opportunities as well (See below). Here are some of the reasons/symptoms:
- 1.5 million homes in foreclosure

- Appraisal chaos due to new ordering rules and short sales

- High, and still increasing unemployment. Mortgage aid for unemployed

- Collapsing commercial market. Commercial paper falls most ever

- Slow implementation by lenders of loan modification iniatives. Articles

- Lack of ability or willingness to lend. What to do with the Fed

- The Case-Shiller index continues to point towards further declining markets.

What this means in practical terms

- Appraised values as much as 30-40%(!) low, especially for refi’s

- Restrictive lending environment, and tightening up more

- Construction loans virtually unavailable (unless hard money)

- Hard money lenders are raising lending criteria and pricing

- Conventional financing maximum is 90%ltv

- PMI requires 680 Fico

- Higher lending standards and erratic pricing for commercial loans

Good news, opportunities

- Investments with good cash on cash returns available

- Affordable price levels - especially for first time home buyers

- First Time Homebuyer tax credit (must close by Nov 30th!)

- Rehab homes (foreclosures) can be bought with 203(k) loans

- FHA loans, including FHA rehab loans (203k), readily available

- Fannie Mae REO opps with Prospect Mortgage Homepath (rehab) loans

- Higher Fico’s get lower rates

- Rates are not likely to increase (I think)

Available

- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans

- Same day loan decision (pre-approvals)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services. Information

Paramus NJ Most Recent Sales

In the last month in Paramus NJ 10 homes have sold ranging in price from 373K to 730K.  This is a great time to get into a great town with great schools, ITS JUST GREAT =)!!!!

After all, the process of selling a home is always complex. 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

Paramus, River Edge NJ Selling Your Home/ FSBO

Although you may be frustrated by being unable to successfully sell your property after its first listing, the very first step you should take is to assess the listing process and determine what went wrong. Once you address any mistakes, the results should be more effective the second time around.

After all, the process of selling a home is always complex. 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

First time home Buyers Advice___www.OurNJhouse.com

Considered by many to be the embodiment of the American Dream, buying one’s first home is an exciting but stressful experience. From choosing the right property to financing under the best possible terms, homeownership can be downright intimidating.

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

FHA Mortgage Up to 25%______www.OurNJhouse.com

NAR: FHA Market Share Must Be Supported
The National Association of REALTORS^® urged Congress to invest resources that will ensure FHA’s continued role in stabilizing housing. A large portion of today’s home buyers would be unable to realize their dreams of homeownership without the Federal Housing Administration’s mortgage insurance program, NAR says.

FHA’s market share has grown from less than 3 percent to more than 25 percent in a short period of time. NAR submitted testimony to the House Financial Services Subcommittee expressing support for increased FHA staffing and resources to keep up with this rising demand.

“As the leading advocate for homeownership, NAR strongly supports FHA’s single- and multi-family mortgage insurance programs, and we have worked diligently with Congress to fashion housing policies that ensure federal housing programs meet their mission responsibly and efficiently,” NAR President Charles McMillan says. “FHA is now the primary source of safe affordable mortgage financing for American families. To keep up with increasing demand, FHA must expand its capabilities, but FHA has not yet received the additional staffing and other resources commensurate with its expanded role in financing mortgages.”

REALTORS^® have advocated strengthening oversight of and preventing fraud in FHA and other U.S. Housing and Urban Development programs for several years. Despite voiced concerns about its soundness and oversight, studies show that FHA remains financially sound and should remain so in the coming years. The FHA-approved group of lenders maintains strict oversight of loan originators.

“Since FHA has been underinvested in for a number of years, we hope Congress will act now to provide them with resources to increase staffing and invest in technological improvements,” McMillan says. “We believe provisions of what the U.S. Senate has proposed regarding FHA loans in S. 896, the Helping Families Save Their Homes Act of 2009, will be a big step in providing the type of necessary oversight now that FHA is such a major force in the market. We look forward to working with Congress and HUD to make sure that FHA continues to offer stable, affordable, safe options for home buyers across the country.”