Real Estate Information

The Home Affordable Refinance program was designed to help home owners lower their monthly payments while at the same time securing lower interest rate mortgages.

The program is aimed at helping home owners whose mortgage loans are more than the value of their home. The program had a value set at 105% and under the Obama Administration this number has become 125%.

The Home Affordable Refinance plan is helping other Ringwood, NJ home owners who are underwater with their home values restructure their mortgage payments and ease their financial stress. If you are living in an area of Passaic County or Ringwood where the value of your home has dropped below what it was when you purchased it this could be the program for you.

 A few highlights of the Home Affordable Refinance program are:

• A borrower must be current on his payments in order to qualify for the refinance.
• The refinancing must be completed with a Fannie or Freddie approved lender.
• The new loan would come with mortgage insurance.
• Borrowers cannot take cash out.

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Ringwood NJ Real Estate and Wanaque NJ Homes for Sale

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When housing was at its peak, people were buying and selling homes like crazy. Many people were buying, fixing up and quickly selling real estate , a process that became known as flipping.

The current Ringwood NJ real estate market is, without a doubt, a buyer’s market. This is a time where homes are more affordable than they have been in years and if people are able to secure financing there are many bargains to be had. That being said is this a good time to flip?

Flipping is great if you can turn a profit but in today’s Ringwood market how big will your profit be? Many people who are investing in real estate who may have been flippers a few years ago are now becoming landlords. Buying a house, fixing it up and renting it is covering their mortgage cost, possibly putting a little money in their pockets and allowing them to hold off on selling until the market picks back up. In 3, 5 or even 8 years the home that the investor has bought, fixed up and rented out will sell for more than it will today and the investment will pay out that much more, especially if it has been cash flowing the entire time that it was rented.

Flipping a home makes sense if an investor will turn a profit but right now being a landlord may pay out even more in the long run.

Interested in searching for investment properties? Click here: Search for Properties

Click here to view Orly's

Ringwood NJ Real Estate and Wanaque NJ Homes for Sale

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Search homes for sale in Ringwood, Wanaque, West Milford and the surrounding area.

Why do I need a Realtor? All I have to do is put a For Sale sign in the front yard  and place an ad in the paper right?

People often underestimate the importantce of a Realtor in a real estate transaction. On both sides of a deal a real estate professional can be an invaluable asset, helping to keep deals together and run more smoothly.

For sellers, Realtors are valuable in a number of ways. Ringwood Realtors know the local market and how to evaluate the price your home should be sold at. A real estate professional will advertise, market and expose your home to other real estate professionals as well as the Ringwood community at large, not to mention the large customer base that they may already have. A Realtor can help you set your home up for success by helping you present your property in a way that will appeal to potential buyers. Realtors are indispensable when it comes to contracts and making sure each step is carried out to the seller’s best interest.

For buyers, a real estate broker can be an incredibly helpful tool when looking for real estate. Not only does a competent Ringwood, NJ Realtor know the local real estate market and what is available but he also knows the community, its amenities and all that it has to offer.

A Realtor will write a contract when a buyer has found his ideal property and will help the buyer follow through with each step until closing. Intense negotiation is not for the faint of heart. In a nutshell, Realtors are incredibly helpful in diminishing the stresses involved with buying and/or selling real estate. Contact an experienced Realtor in the Ringwood, New Jersey area if you are thinking of buying or selling property today.

Learn more about how to work with a realtor on my website at www.OnlyOrly.com.

Click here to view Orly's Ringwood NJ Real Estate and Wanaque NJ Homes for Sale

Click here to Search homes for sale in Ringwood, Wanaque, West Milford and the surrounding area

If you are trying to sell a home in today’s New Jersey market there are a few things to keep in mind that will help your Ringwood NJ home stand apart from the pack.  Prioritize and analyze what will fit in your budget and take the steps necessary to make your home show well and appeal to prospective buyers.

• Fresh & Clean: Inspect your Ringwood home inside and out. Does it need a coat of paint? A fresh coat of paint will always be recouped in the sale of a home and is well woth the cost.  Does it look clean and tight?  Pack up the mess, the more clutter free a home the better it will show.  Likewise an empty house shows better.

• Curb appeal: Pay attention to your Ringwood NJ neighborhood home as if you were a potential buyer.  Is it inviting?  Clean?  Shore up your landscaping, make sure that your lawn is green and well-kept, that your flower beds are weeded and mulched, and that the exterior of your house is clean and respectable.

• Inspection: There will be a home inspection completed by the buyer be prudent and do one yourself.  Attend to items that could possibly hold up the sales process.

• Best areas of a home to update and remodel? The Master Bathroom and the Kitchen.  Don’t spend the money to gut and redo your entire home but remodeling the master bath and kitchen areas of your home will make your home more appealing and grab a buyer’s eye.

• Evaluate: Are the remodel/updates going to net you more than you are putting into them?  It is very important in the ned to pay attention to the local Ringwood NJ real estate market and make the improvements that will help you not hurt you.  If you are not going to get the money back that you are intending to put into your home don’t do the changes.  Do the low-cost improvements and make do by making your home clean in its appearance. If you have a friend who will be willing to give you an honest opinion, invite them over and have them walk through the house.

Check out www.onlyorly.com for more information and ways to sell your Ringwood NJ home.

Understanding Real Estate is Complicated These Days

The reports and articles that keep surfacing about real estate are enough to keep a person’s head spinning.  There is good news and bad news on a daily basis.  A recent article by Global Property Guide was recently posted on the Nu Wire Investor and it did a great job of deciphering what is going on in today’s Ringwood real estate market.  The news is, in a nutshell, complicated.  There is a lot more good news out there these days but the reality is we still have a way to go as far as recovery goes.  The facts are broken down, simply, as follows:

• The recovery will be slow - Lower
• Some cities are really struggling - Ringwood NJ prices have gone down even since the beginning of September.
• Home sales are rising
• Foreclosures are falling slowly
• First-time homebuyers are getting an $8,000 tax credit (keep in mind that you have to close by November 30th to take advantage of this tax credit).
• Homes are more affordable - Lower Ringwood prices have made it possible for more buyers to move into a first home or upward into a larger home.

There is a vast amount of research available in the Ringwood NJ markets and as a whole things are looking better for the real estate market but there are still some serious hurdles to overcome.
Click here for a look at the article in the Nu Wire Investor.

Take advantage of lower prices; Search for Ringwood NJ homes.

Making green improvements to your Ringwood home can be good for the environment and your wallet!

Going green can not only improve the environment but can also help the wallet.  If renovations are in store for your home consider making them more energy efficient.  There are tax credits for up to 30% for energy efficient home improvements for amounts of up to $1,500 for improvements to existing homes.  Acceptable projects include:

•    Windows and Doors
•    Insulation
•    Roofs (Metal and Asphalt)
•    HVAC
•    Water Heaters (non-solar)
•    Biomass Stoves

There are also tax credits available for 30% of the project cost, no limit, for existing homes and new construction.  These projects include:
•    Geothermal Heat Pumps
•    Solar Panels
•    Solar Water Heaters
•    Small Wind Energy Systems
•    Fuel Cells

Reducing the carbon footprint for your home has never been more affordable or had such incentive.  Whether you want to change your windows or alter your home's energy source, making changes to make a difference in your environment can help save you money.

For information on energy efficient tax credits click here.

For information specific to Ringwood NJ visit the City of Ringwood Website.

The Reverse Mortgage is a mortgage for older home owners who want to utilize the equity in their property. more and more popular. If you are over 62 and are interested in purchasing real estate or making home improvements or acquiring money for another real estate transaction here is what you need to know about a Reverse Mortgage:

• To qualify a borrower must be 62 years of age or older.

• The Borrower must live in the residence as his primary residence.

• There are no minimum income, asset or credit requirements.

• There are no monthly payments required for as long as the borrowers occupy the residence as their primary residence.

• The Funds can be taken as a lump sum, monthly payments, line of credit or a combination.

• There are no restrictions on how the funds are used.

• Loan proceeds are not considered income and will not affect Medicare or Social Security benefits.

• There are no prepayment penalties.

• Heirs may keep the home by paying off the balance on the reverse mortgage loan.

• All applicants are required by federal regulation to seek 3rd party financial counseling by an approved Department of Housing and Urban Development (HUD) organization.

For more information on Reverse Mortgages visit www.reversemortgage.org or the New Jersey website at www.state.nj.us/dca/hmfa/consu/owners/revers/.

In July 2009 there were 3,596 Passaic County foreclosure homes with 448 new foreclosures in July. 1 in every 10,523 housing units received a foreclosure filing in July 2009, according to RealtyTrac.com.

Passaic County Foreclosure Activity and Home Price Index

Passaic 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.

Passaic County Foreclosure Geographical Comparison

Passaic County foreclosure activity is 0.03% lower than national statistics and 0.07% higher than New Jersey figures.

Passaic County Foreclosure Activity by Month

The high number of pre-foreclosure default notices indicates an increasing number of foreclosures in the coming months.

The average sales price of a Passaic County home was $364,487 in July and the average sales price of a Passaic County foreclosed home was $229,764.

Are you or someone you know behind on your mortgage payments and facing a Passaic County foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE). Give me a call for a private consultation.

Many Passaic County NJ home sellers look at the first offer on their home as just that, the First Offer with many more to come. You know what they say, ‘A bird in the hand is worth two in the bush.' And in the current Buyers Market, offers are few and far between. Passaic County NJ home sellers will want to consider the first offer very seriously. Here are reasons why: 

• An early offer (if you're lucky!) doesn't necessarily mean buyers are lining up to follow suit. It could just mean that your home meets the needs or preferences of that one particular buyer who made the offer.
• Your home will get the most interest from buyers just after it goes on the market. The longer it stays on the market, the more "desperate" buyers will think you are, prompting lower and lower offers.
• Even if the first offer is thousands lower than your list price, consider carefully whether it might be enough -- in terms of price and contract terms -- before rejecting it out of hand. After all, the longer your home is on the market, the more it costs you in mortgage payments, taxes, insurance, upkeep and sheer inconvenience.
• If the offered price and contract terms are less than ideal, start negotiations by making a counteroffer, being as flexible with the terms as possible. It isn't uncommon for buyers to offer a price below what they are truly willing to pay, sometimes much below, just to see if they can buy under market.

An offer indicates serious interest in your home -- don't underestimate that but don't take it for granted, either.

Thinking of selling your Passaic County NJ home? We'll be happy to work with you to fine-tune your home's listing price so it fits our local market. We can also advise you on what would make your home more saleable at low cost to you. Most importantly, we can put our expertise to work for you when it comes time to negotiate with potential buyers. Learn more about us by visiting OnlyOrly.com. 

Get the value of your Passaic County NJ home.

Before you make your final buying or selling decision, you should have the home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective Passaic County home inspectors:

1. Will your inspection meet recognized standards? Ask whether the inspection and the inspection report will meet all state requirements and comply with a well-recognized standard of practice and code of ethics, such as the one adopted by the American Society of Home Inspectors or the National Association of Home Inspectors. Customers can view each group's standards of practice and code of ethics online at www.Ashi.org or www.Nahi.org. ASHI's Web site also provides a database of state regulations.

2. Do you belong to a professional home inspector association? There are many state and national associations for home inspectors, including the two groups mentioned in No. 1. Unfortunately, some groups confer questionable credentials or certifications in return for nothing more than a fee. Insist on members of reputable, nonprofit trade organizations; request to see a membership ID.

3. How experienced are you? Ask how long inspectors have been in the profession and how many inspections they've completed. They should provide customer referrals on request. New inspectors also may be highly qualified, but they should describe their training and let you know whether they plan to work with a more experienced partner.

4. How do you keep your expertise up to date? Inspectors' commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important in cases in which a home is older or includes unique elements requiring additional or updated training.

5. Do you focus on residential inspection? Make sure the inspector has training and experience in the unique discipline of home inspection, which is very different from inspecting commercial buildings or a construction site. If your customers are buying a unique property, such as a historic home, they may want to ask whether the inspector has experience with that type of property in particular.

6. Will you offer to do repairs or improvements? Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest. Contact your local ASHI chapter to learn about the rules in your state.

7. How long will the inspection take? On average, an inspector working alone inspects a typical single-family house in two to three hours; anything significantly less may not be thorough. If your customers are purchasing an especially large property, they may want to ask whether additional inspectors will be brought in.

8. What's the cost? Costs can vary dramatically, depending on your region, the size and age of the house, and the scope of services. The national average for single-family homes is about $320, but customers with large homes can expect to pay more. Customers should be wary of deals that seem too good to be true.

9. What type of inspection report do you provide? Ask to see samples to determine whether you will understand the inspector's reporting style. Also, most inspectors provide their full report within 24 hours of the inspection.

10. Will I be able to attend the inspection? The answer should be yes. A home inspection is a valuable educational opportunity for the buyer. An inspector's refusal to let the buyer attend should raise a red flag. 

Are you a Passaic County home buyer with questions concerning home inspections? Give me a call. I'm happy to answer all your questions. Also, visit OnlyOrly.com to learn more about buying a Passaic County home.

Information is courtesy of Realtor Magazine with permission by the National Association of Realtors.