Real Estate Information

Ginormous Town-Wide Garage Sale!!!

You have heard that one person's trash is another's treasure? Well nothing could be further from the truth and the Town of Ringwood is making it easy to find your very own Treasures!

The Town of Ringwood is having a Town-Wide Yard Sale on Saturday, September 24th and Sunday September 25th (RAIN OR SHINE). These sales are held at homes city-wide. All you have to do is pick up a map beginning the week of September 19th, make a plan and head on out. There is no charge to participate

Tips for Successful Yard Saleing:
 

• Pick up your map early. Maps are available FREE of Charge as well the week of September 19th at Borough Hall and the Ringwood Public Library. Maps are also available on Saturday 9/24 and Sunday 9/5 at the Ringwood Farmer's Market (located at Park and Ride on Cannici Dirve).
• Review the listings and map out which locations may have items of interest.  For example "Sports Equipment" or "Baby Items".
• Dress for the Day - Don't forget the umbrella if it's rainy or a hat and sunglasses if it's hot and sunny.
• Bring a pencil, pad of paper and small tape measure (you never know when you might need it)
• Bring extra batteries to test items that you may want.
• Arrive Early. Some folks don't want you there early,but they may have something you really want and may open the doors for you!
• Bring small bills and change to simplify change-making
• Let your kids buy their own items. It gives them practice handling money.
• Try to negotiate a deal on your items. Sellers want to sell!!!

This Town-Wide event is being advertised in The Bergen Record and The Suburban Trends newspapers. It will also be promoted on TV on Channel 77, Ringwood Borough Website, the Ringwood Library, Ringwood Farmers Market, Craigslist and several Yard Sale Websites.

So pick up your map, plan your route, and by all means, drive safely. Garage sales bring out the kids in the neighborhood too! For more information, visit the Borough website at www.RingwoodNJ.net.

The torrential rain that caused the closing of Skyline Drive on Friday night did not dampen the enthusiasm of a capacity crowd at the Carriage House at Skylands Manor in Ringwood State Park who came to hear the music of the popular North Jersey band “The Kootz”.

This was the 2^nd in this years scheduled NJBG concerts and was sponsored by Orly Steinberg of Coldwell Banker and Shane Force of Atlantic Home Loans.  Orly, who has been a longtime supporter of this annual series considers this a wonderful way to give back to the local community and highlight the natural beauty of Ringwood while providing an opportunity to meet with many of the families she has worked with over the years. Orly said, “The weather certainly worked against us this year, but everyone here is having a fabulous time and the band is terrific”, and no one could argue the point. 

The Kootz ( www.thekootz.com) who are celebrating their 10^th year together, kept the joint jumping and well entertained with an eclectic repertoire that ran the gamut from Chuck Berry’s “Memphis” to the Byrd’s “Turn, Turn, Turn” and seamlessly transitioned from the Rockabilly Classic “ Honey Don’t” to The Who’s “Take the Wheel”, and the delighted crowd, who ranged from the very young to the “young at heart” enjoyed every minute of it! 

Mark your calendars for July 8th the next concert in the series when NJ’s own Loretta Hagen, known for her rich alto voice and heart tugging songs, will take the stage with her band.  Remember to bring a lawn chair or a blanket! For additional information on concerts visit the website at www.njbj.org or call 973-962-9534.

It may not feel like it most days but spring is in the air! It’s an exciting time for us east coast residents who are sick and tired of bundling up in layers and trudging through massive amounts of snow. The time is here where you can finally shop for your plants and begin the process of gardening once again. Plants of all sorts are such a great way to give your home character and really make it stand out from the rest of the homes on your street.

I found some great tips from the experts at Northscaping that will help ensure a successful start to the gardening season. Follow these simple tips for a long and enjoyable gardening experience this year.

1. Use compost to amend the planting soil

This is the key to starting healthy plants. You want your young plants to be provided with much needed nutrients which will establish good, strong roots.

2. Water just the right amount - not too much, not too little

Water young plants frequently, but don’t drown them! Too much water can actually hurt them. It’s better to give them a light soaking every day than to flood them once a week.

3. Gradually wean perennials off fertilizer

Fertilize perennials at planting. Many young plants have been grown in a greenhouse where nutrients are acquired through fertilization. It’s important to wean them off fertilizer until their roots are developed.

4. Continue feeding your annuals regularly

Annual plants in containers need regular feeding. Annuals are generally heavier feeders than perennials, especially in containers. Fertilize weekly with a half-strength soluble fertilizer mixture with a higher middle number to promote active root growth and flower production.

5. Don't plant too early for your region

New plants are sensitive to frost and lower temperatures. Hardy perennials if hardened off can be planted as early as Mother’s Day in most parts of the North. For annuals, it best to wait until the first week of June, although hardier annuals and some vegetables can be planted as early as Memorial Day weekend. However, they should be covered if night temperatures are forecasted to fall below 36 - 40°F. This is a very important tip for us on the east coast, especially with the spring we are experiencing. It’s best to plan ahead and have everything ready but don’t get too excited to start digging in the dirt because it could be very detrimental to your garden’s success.

6. Give your plants just the amount of light they prefer

Plants require sunlight for photosynthesis, but not all plants are sun tolerant. Check the labels on all the plants you purchase to see if they are light specific. Planting in the wrong location can lead to poor performance and/or death of the plant.

7. Allow adequate growing space between perennials

Give shrubs and herbaceous perennials ample room to grow. Many require good air circulation to discourage the development of molds and fungi. As the plant grows, the space is reduced and the bed will look fuller. Allow room for growth and your plants will last a long time.

8. Plant annuals closer together for full effect

Plant annuals at half spacing for an earlier season of enjoyment. Reducing the spacing between plants will result in fuller plantings earlier in short growing seasons like we have in the North. It will also assist in the reduction of weeding and watering as moisture is less subject to evaporation and weed seeds cannot make contact with the ground.

9. Use colors to your advantage

Simple combinations of just one or two colors can make a powerful statement. Using only one color to establish a monochromatic scheme for your garden can help to adjust a mood. Cooler colors like blue or purple can make a sunny site more relaxed, whereas warmer colors such as yellow and orange can make a dark space more inviting.

10. Use larger quantities of fewer varieties

Plant masses of one or two plants to reduce maintenance times. In larger yards or wherever there is not enough time maintain a garden, grouping plants of one type and allowing them to grow together reduces the amount of water and the need for regular pruning.

I hope these tips from Northscaping have helped you in planning your spring gardening properly. Happy planting, growing and blooming!

-Orly

There is no shortage of experts that want to let us know how Americans feel about owning a home after the collapse of the residential market in the last five years. They MUST be devastated. They MUST feel trapped like prisoners in their own homes. They MUST be sorry they ever bought the house. These assumptions seem logical at times and can occasionally be supported by anecdotal evidence.

However, we want to go to the only people who truly understand how homeowners feel - the homeowners themselves. There have been three major surveys done this year that can shed light on the issue:

The National Housing Survey

This survey conducted by Fannie Mae showed:

• 96% of all homeowners said homeownership has been a positive experience.
• 64% consider buying a home as a safe investment. Buying a home was considered safer than buying stocks by over three times the number of people (64% vs 17%).

The top four reasons to buy:

1. It means having a good place to raise children and provide a good education
2. You have a physical structure where you and your family feel safe
3. It allows you to have more space for your family
4. It gives you control over what you do with your living space (renovations & updates)

American Attitudes About Home Ownership

According to this survey conducted by Harris Interactive for the National Association of Realtors, home owners believe that home ownership benefits individuals and families and strengthens our communities.

The vast majority of home owners say that owning a home is a smart decision over the long term. Even in today’s challenging economy, 95% of owners believe that over a period of several years, it makes more sense to own a home.

Home owners are much more likely to be satisfied with the quality of their family and community life than renters. While more than half of owners (56%) are “very” or “extremely” satisfied with the overall quality of their family life, only about one-third (36%) of renters report the same levels of satisfaction. Also, 43% of home owners are “very” or “extremely” satisfied with their community life, compared with 30% of renters.

An overwhelming majority of home owners are happy with their decision to own a home. A full 93% of owners surveyed would buy again.

Pew Research Center Survey

This recent survey titled “Home Sweet Home. Still” delves into homeowners’ current belief in homeownership as a long term investment:

Homeowners whose home value has fallen only a little are equally enthusiastic about housing as a long-term investment: 85% say buying a home is the best long-term investment a person can make. Among those who say their home has maintained it value or increased in value, 88% agree…

Even those who have seen their home values plummet are still committed to the idea that buying a home is a solid, long-term investment. Among those who say their home has lost a lot of its value, 80% agree that buying a home is the best long-term investment (36% strongly agree, 44% agree somewhat).

Bottom Line 

There have been families that have been devastated by the current economy. However, through it all, homeowners have not wavered  in their belief in homeownership as the best long-term investment.

-Orly

Thinking about buying a home but not too sure? The KCM Group gives us four great reasons as to why NOW is the time to buy! Take a look…

1.     Interest Rates Are Increasing

Interest rates have increased almost 3/4 of a point in the last six months. Most experts expect rates to continue to increase through the year. Interest rates along with price determine the overall cost of a home. Even with prices softening, if interest rates rise, it may be less expensive to buy now rather than wait.

2.     The 30-Year Mortgage May Disappear

There has been much debate regarding government’s role in providing support for homeownership. There are several experts who believe If Fannie Mae and Freddie Mac’s roles are eliminated, or even limited, it may be the end to the 30-year mortgage. 

3.     QRM Requirements Could Be Much More Stringent

Here are proposed changes to the requirements for a ‘qualified residential mortgage’:

• Certain mortgage types would be eliminated
• You would need to put a minimum of 20% down
• You would need a minimum 690 FICO score
• The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)

There would be loans available to purchasers who don’t qualify under the new rules. However, they will probably be more expensive to the buyer (both in rate and costs).

4.     Rents Are Expected to Increase

The supply of available rentals is decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal this week quoted a report by Reis, Inc:

“Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace.”

You may be waiting on the sidelines to see if prices will continue to depreciate before you purchase a home. The mortgage expense is a major piece in the overall financial picture of homeownership. Make sure you consider it when timing your decision.

-Orly

Loved this article from KCM so wanted to share...

Each day we attempt to give truthful insight on the current housing market. If we report what is perceived as negative news, some in the real estate community come down on us hard. However, when we explain that we think now is a great time to buy, we get an avalanche of feedback from the general public attacking us for being nothing more than puppets for real estate agents across the country. Today, we don’t want you to listen to what we think about the opportunities that exist for buyers in this market. Instead, we want to report on what some members of the investment community are saying.

The Wall Street Journal

Jim Woods wrote an article earlier this year for Market Watch, part of the Wall Street Journal’s digital network. Its title: Why your best investment is a house. Mr. Woods compared the investment potential of real estate against other asset classes such as stocks and precious metals. Here was his conclusion.

One reason your best investment right now could be a home has to do with the relative upside of getting in on an asset class while it’s at the bottom versus buying into other asset classes that could be near a top. Consider for a moment the tremendous upside we’ve seen in stocks, precious metals and agricultural commodities over the past 12 months…

If you’re a long-term investor looking to put money to work, now is not really the best time to get into any of these three asset classes. However, with home sales starting to improve, and with prices now possibly forming a bottom, real estate could well be the asset class that represents the best low-risk buying opportunity out there today…

Mr. Woods went on to talk about the financing portion of the purchase:

Yes, mortgage rates still are near historical lows, but if we see these rates rise, then the cost of a new home could climb significantly. So, now could really be the best time to pull the trigger on that home purchase — and it could also be your best investment right now.

Fortune Magazine

Shawn Tully, senior editor at large for Fortune penned an article last week which was titled: Real estate: It’s time to buy again. In the article, Mr. Tully explained:

Forget stocks. Don’t bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing.

Let’s state it simply and forcibly: Housing is back. Two basic factors are laying the foundation for dramatic recovery in residential real estate. The first is the historic drop in new construction … The second is a steep decline in prices, on the order of 30% nationwide since 2006, and as much as 55% in the hardest-hit markets. The story of this downturn has been an astonishing flight from the traditional American approach of buying new houses to an embrace of renting. But the new affordability will gradually lure Americans back to buying homes. And the return of the homeowner will start raising prices in many markets this year.

Bottom Line

Neither of the two media sources mentioned above has ever been accused of cuddling up to the National Association of Realtors. However, both have come to the same conclusion. It’s time to buy real estate. Perhaps we should listen to them.

 So...are you going to listen?

-Orly

I just read a great article from the KCM Group about home values. A lot of people think that if they keep waiting, their value will go up. But is this necessarily true? Take a look and see what KCM had to say...

Sellers in any real estate market are looking to get the best possible price. If you are looking to sell in the next year, today’s price may well be the best price. Home values stabilized somewhat in 2010. Many hoped that was a sign that values had bottomed out and we would see price appreciation in 2011. Studies released this week have painted a different picture.

If we look at CoreLogic’s January Home Price Index (HPI), we see that prices are again beginning to decline:

National home prices, including distressed sales, declined by 5.7 percent in January 2011 compared to January 2010…

Mark Fleming, chief economist with CoreLogic, said, “A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.”

They are not talking about the spring market increasing or even stabilizing prices. They hope it will “reduce” the pressure to drive prices lower.

Radar Logic’s RPX Composite Price comes to virtually the same conclusion:

Radar Logic believes the RPX Composite price will continue to exhibit year-on-year declines throughout 2011 due to a growing supply of homes for sale and in the inventories of financial institutions, and weakening demand due to the reduction of government incentives for home buyers. Moreover, banks are facing uncertainty over whether they will be forced by regulators to expand mortgage modifications, and may reduce lending and tighten standards as a result.

“No matter what you call it, a ‘double dip’ or the continuation of a long process of deterioration, the current trend in home prices is evidence that housing markets are continuing to languish,” said Quinn Eddins, Director of Research at Radar Logic. “We expect the negative trend to continue under a severe supply overhang that includes a large and growing ‘shadow inventory’ of homes in default or foreclosure.”

Bottom Line

It seems that prices have again begun to fall nationally. With the overhang of existing and shadow inventory, prices will probably continue to decline throughout most of 2011. If you’re thinking of selling, now might be the best time. Check with a local real estate professional to see how this might impact your area.

There are those currently debating the financial advantages of owning a home. Some are looking at studies and reporting that homeownership has never really been a great investment.

One of these people is Jack C. Francis, a former Federal Reserve economist and professor at Baruch College. He said in a recent CNBC article:

“For generations, parents and grandparents have been telling us that the way to get ahead was to buy a house and keep making payments with a fixed interest rate and after 20 or 30 years it would be way up in value and that was your nest egg in old age. You could either live in it rent free or sell it and use the proceeds to rent an apartment.”

The article goes on to explain the rest of Mr. Francis’ comment:  

That was good advice until 2006 when home prices collapsed, he says, and it “may become good advice 10 years from now, but right now it’s not.”

Mr. Francis bases his conclusions on a study he completed which covered the years 1978 through 2008. In his study it showed that home prices increased annually by 5.7% and that the S&P 500 increased by 10.8%. Based on this information, Mr. Francis gives the following advice:

To students who come to him for guidance on whether to buy or rent in the near term, however, Francis has one word of advice: wait. “I keep telling them this is not the time to buy,” he says.

Let’s take a closer look at this conclusion.

1. We have our own study.

Mr. Francis did a study over a thirty year period which did not include the last 3 years. If we look at the same categories since January 2000 (covering one of the worst decades in American real estate history), we find that home values GAINED 42% while the S&P LOST 4.7%. It all depends on which set of data you choose to use.

2. The proper comparison is rent vs. buy.

All of these comparisons claim that putting your money into a different investment vehicle other than real estate might make sense. What they are not taking into consideration is that the investor will still have a housing expense. They will still need money for shelter. They cannot just take their money for shelter and buy other assets with it. A person can’t live in their 401k or their IRA. This leads us to…

3. In most markets today, owning is LESS expensive than renting.

Trulia recently came out with their Rent vs. Buy Index. The report shows:

 that it is more affordable to buy than to rent a two-bedroom home in 72 percent of America’s 50 largest cities.

For more on this issue including a 50 city breakdown, click here.

4. Current mortgage opportunities may never be available again

The government has driven mortgage interest rates to all time lows. You can still get a 5% rate and guarantee it for 30 years. Both of these opportunities may soon disappear. Mortgage rates will increase as the economy improves and the Fed no longer feels pressure to keep rates low. The 30 year mortgage may soon be a thing of the past if suggested mortgage reforms come to be. You can lock in your housing expense for 30 years if you purchase. Renting is like having an adjustable rate loan with no cap that readjusts EVERY year. Which way do you think a landlord will readjust it?

For more on this, click here.

5. Most Americans see more to homeownership than financial value.

Last week, Fannie Mae released the National Housing Survey. The survey reported:

• 96% of all homeowners said homeownership has been a positive experience.
• 84% of Americans still believe that owning a home makes more sense than renting. Even 68% of renters believe owning makes more sense.
• 2 in 3 Americans believe that lifestyle benefits of homeownership (65%) are superior to the financial benefits (32%).

Bottom Line

There are more and more studies being done on the value of homeownership. We think we will trust in what our parents and grandparents said. Your mortgage payment is money you put into your savings. Your rent payment goes into the garbage.

Many people have thought about refinancing their home with today’s economy. Refinancing can save you a lot of money but you must know the facts.

Home refinancing is a great option for people looking to lower their monthly payments, get money for home improvements or even avoid foreclosure.

Realestateabc.com put together some great tips to ensure you are considering all that needs to be considered before refinancing your home.

Interest rates are still at historic lows but the end may be in the near future. Now is the best time to determine if refinancing is the right option for you.

Consider these 3 things:

1. Understand lender fees and points.
Be sure to discuss and ask questions regarding the lender fees and points on your new loan. Making sure you understand the parameters of the loan ensures that there are no surprises, such as last-minute closing costs or higher than expected interest rates.

2. Research prepayment penalties
Depending on the contract details, some mortgages have penalties for prepayment. Call your current mortgage lender and ask them about prepayment penalties. Even if you have a penalty, it might still make sense to refinance based on the amount of money you'll save.

3. Obtain a variety of refinancing quotes
Shopping around for quotes from a variety of companies is a smart idea because each one will offer you something different. Comparing quotes and contract details helps you pick the best refinancing offer for your situation.

 -Orly

Homes and streets continue to be flooded in North Jersey due to Sunday’s rains.

Most residents escaped significant damange but the forecast is predicting 2 to 4 more inches of rain later in the week, reports northjersey.com.

A flood watch has been issued by the National Weather Service for Thursday morning into Friday morning.

This could mean more flooding for already waterlogged areas where waterways are spilling into yards and streets.

To help everyone deal with this massive amount of water, I have included some Flood Safety Tips from the NYS Office of Emergency Management.

Act Now To Be Prepared

• Learn the safest route from your home or business to high, safe ground should you have to leave in a hurry.
• Develop and practice a 'family escape' plan and identify a meeting place if family members become separated.
• Make an itemized list of all valuables including furnishings, clothing and other personal property. Keep the list in a safe place.
• Stockpile emergency supplies of canned food, medicine and first aid supplies and drinking water. Store drinking water in clean, closed containers.
• Plan what to do with your pets.
• Have a portable radio, flashlights, extra batteries and emergency cooking equipment available.
• Keep your automobile fueled. If electric power is cut off, gasoline stations may not be able to pump fuel for several days. Have a small disaster supply kit in the trunk of your car.
• Find out how many feet your property is above and below possible flood levels. When predicted flood levels are broadcast, you can determine if you may be flooded.
• Keep materials like sandbags, plywood, plastic sheeting and lumber handy for emergency water-proofing.

During the Flood

• Monitor the National Oceanic & Atmospheric Administration's (NOAA) Weather Radio or your local radio and TV station broadcasts for information.
• If local officials advise evacuation, do so promptly.
• If directed to a specific location, go there.
• Know where the shelters are located.
• Bring outside possessions inside the house or tie them down securely. This includes lawn furniture, garbage cans, and other movable objects.
• If there is time, move essential items and furniture to upper floors in the house. Disconnect electrical appliances that cannot be moved. DO NOT touch them if you are wet or standing in water.
• If you are told to shut off water, gas, or electrical services before leaving, do so.
• Secure your home: lock all doors and windows.

Travel With Care

• Leave early to avoid being marooned on flooded roads.
• Make sure you have enough fuel for your car.
• Follow recommended routes. DO NOT sightsee.
• As you travel, monitor NOAA Weather Radio and local radio broadcasts for the latest information.
• Watch for washed-out roads, earth-slides, broken water or sewer mains, loose or downed electrical wires, and falling or fallen objects.
• Watch for areas where rivers or streams may suddenly rise and flood, such as highway dips, bridges, and low areas.
• DO NOT attempt to drive over a flooded road. Turn around and go another way.
• DO NOT underestimate the destructive power of fast-moving water. Two feet of fast-moving flood water will float your car. Water moving at two miles per hour can sweep cars off a road or bridge.
• If you are in your car and water begins to rise rapidly around you, abandon the vehicle immediately.

After the Flood

• Listen to the radio or TV for instructions from local officials.
• Wait until an area has been declared safe before entering it. Be careful driving, since roads may be damaged and power lines may be down.
• Before entering a building, check for structural damage. Turn off any outside gas lines at the meter or tank. Let the building air out to remove foul odors or escaping gas.
• Upon entering the building, use a battery-powered flashlight. DO NOT use an open flame as a source of light. Gas may be trapped inside.
• When inspecting the building, wear rubber boots and gloves.
• Watch for electrical shorts and live wires before making certain the main power switch is off.
• DO NOT turn on electrical appliances until an electrician has checked the system and appliances.
• Throw out any medicine or food that has had contact with flood waters.
• Test drinking water for portability. Wells should be pumped out and water tested for drinking.
• If the public water system is declared 'unsafe' by health officials, water for drinking and cooking should be boiled vigorously for 10 minutes.
• Shovel out mud with special attention to cleaning heating and plumbing systems.
• Flooded basements should be drained and cleaned as soon as possible. Structural damage can occur if drained too quickly. When surrounding waters have subsided, begin draining the basement in stages, about 1/3 of the water volume each day.

The Hidden Danger - Low-Water Crossing

• Nearly half of all flash flood fatalities are vehicle related! When driving your automobile during flood conditions, look out for flooding at highway dips, bridges and low areas.
• Even the largest and heaviest of vehicles will float. Two feet of water will carry most cars away.
• As little as six inches of water may cause you to lose control of your vehicle. Do not drive through flowing water!
• A hidden danger awaits motorists where a road without a bridge dips across a creek bed.
• Motorists develop false confidence when they normally or frequently pass through a dry low-water crossing.
• Road beds may have been scoured or even washed away during flooding creating unsafe driving conditions.
• Those who repeatedly drive through flooded low-water crossings may not recognize the dangers of a small increase in the water level.
• Driving too fast through low water will cause the vehicle to hydroplane and lose contact with the road surface.
• Visibility is limited at night increasing the vulnerability of the driver to any hidden dangers.
• Heed all flood and flash flood watches and warnings.
• Remain aware of road conditions!

 Be safe out there!

-Orly