Real Estate Information

Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. "Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions," he said. "Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy."

Let’s take a look at the Passaic County NJ real estate sales statistics for June to see how the market looks in our area:

The number of active listings in Ringwood has decreased by 11% in June 2009 when compared to June 2008. Sold listings have decreased by 87% and the median sales price has increased by 29%.  The average sales price has increased by 17% to $428,500 with market times increasing 3% or 2 days. 
 

In 2009, the Wanaque market saw a 10% increase in active listings compared to June 2008.  The number of sold homes remained constant from June 2008.  The average sales price decreased by 11% to $267,384, and the median sales price decresed by 9% to $260,000.  Market times increased by 31 days or 39%. 

Pompton Lakes saw a decrease of 6% in active listings in June 2009 compared to June 2008.  The average sales price decreased by 1% to $307,083 and the median sales price has decreased by 7%.  The number of sold listings decreased by 54%. Homes were on the market an average of 7 days more with a 6% increase in market times. 

For the latest Passaic County NJ real estate market conditions, please call me at 973-962-5410 or visit HomesByOrly.com.

Statistics are based on information from the Garden State MLS. They are deemed reliable, but not guaranteed. 

In June 2009 there were 3,862 Passaic County foreclosure homes with 314 new foreclosures in June, according to RealtyTrac.com.

Passaic County Foreclosure Activity and Home Price Index

Foreclosures have remained relatively steady for the past 5 months while home appreciation has been up and down.

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 0.08% lower than national statistics and 0.06% higher than state figures.

Passaic County Foreclosure Activity by Month

The high number of auctions and pre-foreclosure properties indicates an increasing humber of foreclosures in the coming months.

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.

Passaic County Real Estate Best Buy List

Below are homes we consider to be a Passaic County real estate's 'Best Buys' either because of competitive pricing, seller concessions, superior location or condition. Take a look and contact us for more information, 973-962-5410 or Orly@onlyorly.com.

Bald Eagle Village in West Milford! Bedrooms:  2 Baths:  2.5 $219,000 Good condition interior Townhouse. Private deck overlooking professionally landscaped grounds. Bank Owned - Excellent Value!        MLS: #2664850

Spacious Home with Custom Features! Bedrooms: 5 Baths: 2.5 $439,900 Large and custom home with a huge in-law suite. Impressive 2 story Family Room with balcony overlooking massive fireplace. Eat-in Kitchen, Oversized Garage, Second Kitchen, Ceramic Tile, and much much more!  This is a must-see! MLS#: 2673873

Wonderful Lakefront Views Bedrooms: 4 Baths: 3 $565,000 Wonderful Lakefront Expanded Cape blends modern touches with original charm. Additional apartment over garage offers great mother/daughter possibilities. Gourmet designer kitchen, hardwood floors, fireplace, circular drive, and beautiful large level backyard with 100 ft of shoreline! This house is fabulous!    MLS#:  2678225

Wonderful Erskine Lake Bedrooms: 4 Baths: 2 $369,900 This colonial home has it all! Inviting Living Room, Formal Dining Room with Fireplace, Updated Kitchen with Breakfast Bar, Family Room.  MLS#:  2626781

Glorious Mountain Views Bedrooms: 2 Baths: 2.5 $259,900 Not the average unit at Brookside!!! This unit will amaze you with it's added space in the basement, you don't want to miss this! Enjoy beautiful views of the mountains from the brand new deck off the master suite. MLS#:  2629503

Lovely Log with lots of character! Bedrooms: 2 Baths: 1 $289,900 Lovely updated Pinecliff Lake log on a large corner lot. Maple kitchen, stone fireplace, hardwood floors, loft, sunroom and more! Relax on the back deck and enjoy the outdoors! MLS#:  2508751

Beautiful Lakefront Bedrooms: 3 Baths: 3 $559,000 One of a kind original Log home enhanced with a large addition that includes Living Room, Dining Room and Master Suite. Lower level den, bath and more! Located on a quiet street on the lake. Sellers are packed and ready to go! MLS#: 2598634

A Great Find! Bedrooms: 3 Baths: 2.5 $339,500 This beautiful home boasts two living areas. The ground level has a Full Kitchen, 3 Bedrooms, 1.5 Baths. The lower level has Kitchen, Family Room, and 2 Bedrooms. Great for "live-in" guest or entertaining. This is a must see! MLS#:  2570929

Owner Motivated! Bedrooms: 4 Baths: 2 $384,900 This beautiful home boasts is nestled in a wooded setting with gorgeous views from the huge deck. Once you step through the door, you won't want to leave. Every room is oversized, and there is lots of storage space. Lovely floor plan and room flow! MLS#:  2578125

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Passaic County home sellers are finding the market to be extremely competitive. Inventories are high and there are a record number of foreclosures. the days of merely putting a sign in the yard and having your home sell are long gone. Below are 5 things to do before putting the ‘For Sale’ sign in the yard: 

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin. 

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?

Learn more about selling your Passaic County home at OnlyOrly.com.

What is your Passaic County home worth?

www.REALTOR.org/realtormag Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® . Copyright 2003. All rights reserved.

Selling your own home might sound like a good idea at first, but many Passaic County   FSBO (for sale by owner) sellers quickly realize they've gotten in over their heads or may have sold their home for much less than they would have had they worked with a Realtor®. 

The 2008 NAR Profile of Home Buyers and Sellers found that two-thirds of "For Sale By Owner" (FSBO) sellers found some aspect of the home sale to be difficult. 

Twelve percent of sellers who knew the buyer thought that getting the price right was the hardest task. Among FSBO sellers who didn't know the buyer, 16 percent found it difficult to sell within the time planned, 15 percent found fixing up the home arduous, and 12 percent found it difficult to get the price right. 

Statistics also show 25 percent of FSBO sellers took no action to market their home and 72 percent didn't offer incentives to attract buyers? 

If you are a Passaic County FSBO seller and want to discuss other missteps FSBO sellers risk when attempting to go it alone, give me a call. I am glad to talk with you. 

Learn how I can help you sell your Passaic County home by visiting OnlyOrly.com.

Get the value of your Passaic County home.

Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

Let’s take a look at the Passaic County real estate sales statistics for May to see how the market looks in our area:

The number of active listings in Ringwood has decreased by 21% in May 2009 when compared to May 2008. Sold listings have decreased by 38% and the median sales price has increased by 40%.  The average sales price has increased by 34% to $611,000 with market times increasing 51% or 51 days. 
 

In 2009, the Wanaque market saw a 16% increase in active listings compared to May 2008.  The number of sold homes increased by 2% from May 2008.  The average sales price increased by 4% to $295,000, and the median sales price decresed by 3% to $277,500.  Market times increased by 98 days or 62%.

Pompton Lakes saw a decrease of 11% in active listings in May 2009 compared to May 2008.  The average sales price decreased by 5% to $349,000 and the median sales price has decreased by 1%.  The number of sold listings decreased by 18%. Homes were on the market an average of 31 days less with a 31% decrease in market times.

For the latest Passaic County real estate market conditions, please call me at 973-962-5410 or visit HomesByOrly.com.

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I found a great website, Energy Savers, with energy saving tips for Passaic County home owners. This site provides home owners with tips for saving energy and money at home and on the road. 

By following just a few of the simple tips found on this Energy Savers Web site, you can make your home more comfortable and easier to heat and cool-while you save money. The site also helps you beat the high cost of fuel, with driving and car maintenance tips to save you money on the road.

Some easy low-cost and no-cost ways to save energy include: 

• Install a programmable thermostat to keep your house comfortably warm in the winter and comfortably cool in the summer.
• Use compact fluorescent light bulbs with the ENERGY STAR® label.
• Air dry dishes instead of using your dishwasher's drying cycle.
• Turn off your computer and monitor when not in use.
• Plug home electronics, such as TVs and DVD players, into power strips; turn the power strips off when the equipment is not in use (TVs and DVDs in standby mode still use several watts of power).
• Lower the thermostat on your hot water heater to 120°F.
• Take short showers instead of baths.
• Wash only full loads of dishes and clothes.
• Drive sensibly. Aggressive driving (speeding, rapid acceleration and braking) wastes gasoline.

Look for the ENERGY STAR label on home appliances and products. ENERGY STAR products meet strict efficiency guidelines set by the U.S. Department of Energy and the Environmental Protection Agency. 

The information on this Web site is also available in PDF format (PDF 2.7 MB). 

If you are a Passaic County home owner, I encourage you to check out Energy Savers. Following a few of their suggestions will not only put more money in your pocket, but make our planet healthier and greener. 

Thinking about buying a Passaic County home? Visit OnlyOrly.com. It's a great place to learn about buying real estate and viewing Passaic County homes for sale.

When shopping for a Passaic County home, the natural tendency of any buyer is to want to pay the lowest price possible. It's important to keep in mind, however, that the sales price is not the only factor that determines what the monthly payment will be. In fact, the impact of higher interest rates can easily nullify any benefit of waiting for a lower price.

Why Should I Rush to Buy?
While you may have heard discussions in the media about the decline of property values in many markets, the rate of decline appears to be stabilizing.

That being said, it would not be unreasonable for buyers to want to hold out for an additional decline of 10%, hoping to capture the best possible price. However, as property values have declined in many areas to 2003 levels or lower, waiting longer to pull the trigger could be a mistake. Many markets are reporting that lower property values have been bringing out investors and the result has been multiple offers on many properties. Properties priced correctly are not declining and, in fact, are creating a lot of interest.

Interest Rate Complacency
The problem is that many Passaic County home buyers have been lulled into a sense of complacency because of extremely low interest rates. Since the Federal Reserve initiated its program of buying mortgage-backed securities, which control the rates people pay for their home loans, rates had been range bound, bouncing between 4.50% to 5.00% for a 30-year fixed-rate loan.

But buyers shouldn't be confused by this. These rates are artificially low! Historically, interest rates have been above 6.00%. And any rate obtained below this number is a great deal, especially on homes with price tags from 2003!

Markets are Unforgiving
The last two weeks of May showed just how unforgiving the markets can be for people who choose to procrastinate. In just five days, interest rates from many lenders increased anywhere from .50% to 1.00% as fixed-income investors demanded more for their money.

For anyone who was waiting for prices to drop even more, a 1.00% increase in interest rate would bring a higher monthly principal and interest payment on a home, even if the price of that same home had fallen an additional 10% in value.

If you are waiting for prices to fall even lower, be aware that while holding out for a lower price may help win the battle, you could lose the war in terms of monthly payments and overall affordability. With the Federal Reserve scheduled to end its buying of mortgage-backed securities this year, rates only stand to go higher for those that wait. In fact, interest rates are already on the rise and could go higher from here.

Clock is Ticking on Free Money
Remember, you need to close on your Passaic County homebefore 12/01/2009 to be eligible for the first-time home buyer tax credit of up to $8,000.

If you have questions about this prices, interest rates or any other real estate question, give me a call. I can show you how waiting for the lowest price could really cost you more in the long run.

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Passaic County NJ foreclosure homes slowed since October 2009 with 375 new foreclosure filings in April compared to 825 filings in Ocotber, according to RealtyTrac.com. There are currently 3,650 Passaic County NJ foreclosed homes with an average foreclosure sales price for $204,645. The average sales price for homes

Passaic County NJ Foreclosure Activity and Home Price Index

Passaic County NJ 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 NJ Foreclosure Geographical Comparison

Passaic County NJ foreclosure rate is .07% higher than New Jersey state statistics and .06% lower than national figures.

Are you or someone you know behind on your mortgage payments and facing a Passaic county NJ  foreclosure? You do have options. A short sale may be the answer to saving you, your fmaily and your home. I am a Certified Distressed Property Expert (CDPE) with extensive training on how to help families in distress. Give me a call for a private consultation.

Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7.

Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” he said. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”

Let’s take a look at the Passaic County real estate sales statistics for April to see how the market looks in our area:

The number of active listings in Ringwood have decreased by 27% in April 2009 when compared to April 2008. Sold listings have stayed consistant with April 2008 and the median sales price has decreased by 26%.  The average sales price has decreased by 33% to $278,675 with market times increasing 11% or 12 days. 
 

In 2009, the Wanaque market saw a 3% increase in active listings compared to April 2008.  There were no homes sold in the Wanaque area.  It seems that people are waiting to take advantage of affortablitity.

Pompton Lakes saw a decrease of 12% in active listings in April 2009 compared to April 2008.  The average sales price decreased by 21% to $265,667 and the median sales price has decreased by 12%.  The number of sold listings decreased by 33%. Homes were on the market an average of 129 days less with a 75% decrease in market times.

For the latest Passaic County NJ real estate market conditions, please call me at 973-962-5410 or visit HomesByOrly.com.