Real Estate Information

We don’t live in a house the way we sell a house. Buyers aren’t interested in seeing dirty socks lying around or dirty dishes in the sink. Below are a list inexpensive things, from Realtor Magazine, that you can do to make buyers fall in love with your Passaic County home and get it sold quickly.

1. Move it.

Simply rearranging the furniture can reenergize a room. Add and remove furniture, lamps, rugs, and accessories from other parts of the house to create a whole new look. Mirrors are particularly useful when it comes to updating a room. Try one out in different rooms to see where it fits best. Even just moving a mirror to a different wall can create a more welcoming feel.

 2. Plant it.

Houseplants are a generally undervalued design component that can add texture, warmth, and color to any room. Just drop plants in their store containers into decorative planters. Small plants can be moved easily and regrouped to change a room's look, while larger ones make a statement on their own. 

Group plants together of differing heights, fullness, and color for the most dramatic effect. It's important to have plants that are well maintained and in tip-top condition.

 3. Paint it.

Paint is one of the easiest and most cost-effective ways to make a substantial change. Use dramatic colors in powder rooms and dining rooms, and more neutral colors in living spaces. When selecting colors, "be sure to ask, 'What am I trying to do? How do I want this to feel?'" And always, always do a test before you paint the whole room. 

 4. Organize it. 

Clutter just happens. So neaten up!  A variety of organizing tools can make a space feel polished while maintaining utility. Hooks and shelves inside the door give people a place to hang coats and keys, while canvas bins or natural baskets help contain magazines and mail. Just a row of hooks pre-attached on a board is so easy to install. And shelves are a great way to neatly display collectibles. 

5. Hide it.

Have a banged-up wall? It may be easy to camouflage. Paintable wallpaper will smooth out an uneven wall or hide minor dents and dings. Adventurous home owners can even try a simple two-step painting process for a more complex finish. A apply a solid base coat, then a glaze. 

Your intent should never be to mislead buyers; be sure to disclose flaws that would affect home value. 

6. Replace it.

Cabinet handles, switch plates, and other small pieces of housing hardware can update a home for just a few dollars a piece. Scan each room to see what looks worn or outdated and then replacing it. Inexpensive quick-connect faucets can make upgrading the look of your bathroom a snap. Just be sure to measure before you go to the hardware store. Some sinks are drilled for an eight-inch spread. Others require just four inches. 

And don't forget the toilet seat. Fresh towels and a new toilet seat go a long way toward making a bathroom feel clean and new. 

7. Light it.

Lighting can have a major impact on a home's look and feel. Whether a room seems dark or too bright and harsh, try "layering" the lighting by adding accent pendants and lamps. Make sure they have independent controls, so that you can turn them on and off at will. 

Light is such a mood setter. You can create a cozy feel just by turning down the lights. Add dimmers in the dining room, bathrooms, kitchen, and even the hallways for less than $4 each. Then adjust the lighting to create the mood you want.

 8. Clean it.

Turn a critical eye to the flooring to make sure it's up to snuff. Scrub grout and seal natural stone. Rub out scratches and nicks on wood floors with scratch cover. Get down on your hands and knees and detail the floors. It takes a little elbow grease, but the results are well worth it. Vinyl flooring is a bit harder to spruce up but usually can be replaced easily and inexpensively.

Interested in selling your Passaic County home? Give me a call, I’m glad to help!

What’s your Passaic County home worth?

If you are buying Passaic County real estate, you will want to know what your credit score is. Lenders look at your credit history, debt-to-income ratio and your credit score when qualifying you for a home loan. Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe.  If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

Learn about Passaic County real estate and the home buying process at OnlyOrly.com or give me a call for more personal service.

Search all Passaic County real estate and homes for sale.

Reprinted from Realtor Magazine with permission of the National Association of Realtors.

Most buyers are aware of the stimulus package for first time home buyers. Money is "cheap' now to borrow, in fact the lending rates have never been so low! First time home buyers are also temped with a generous tax credit of 8,000. But buyers must keep in mind that in order to benefit from this tax credit, their purchase must close by the end of November.

Most transactions average approx, 60 days to close. It is important to remember that you need to be under contract by the beginning of September or earlier to factor in a sefety net of time - in case YOUR home purchase needs more than 60 days. Inspection issues can add some time.

Properties involving the sellers bank (short sales) can take much longer to close, depending on the circumstances. So remember, it is not too soon to look for your first home. And be sure to have experience and knowledge on your side with respect to your Real Estate Professional!!

Most buyers are aware of the stimulus package for first time home buyers. Money is "cheap' now to borrow, in fact the lending rates have never been so low! First time home buyers are also temped with a generous tax credit of 8,000. But buyers must keep in mind that in order to benefit from this tax credit, their purchase must close by the end of November.

Most transactions average approx, 60 days to close. It is important to remember that you need to be under contract by the beginning of September or earlier to factor in a sefety net of time - in case YOUR home purchase needs more than 60 days. Inspection issues can add some time.

Properties involving the sellers bank (short sales) can take much longer to close, depending on the circumstances. So remember, it is not too soon to look for your first home. And be sure to have experience and knowledge on your side with respect to your Real Estate Professional!!

One man's loss is another man's gain and right now buyer's have everything to gain. It was only a few short years ago that sellers controlled the market and were calling the shots. In order to buy a home, buyers were paying over the asking price, foregoing home inspections and paying all their own closing costs. Passaic County home buyers were jumping through any and all hoops. 

Now the market has shifted. The strong sellers' market is a thing of the past and it is the sellers who are jumping through hoops. Buyers are calling the shots with offers that include home inspections; requests that closing costs, homeowner association fees and inspection fees be paid by the seller; decorating allowances; home improvement; and prices far below the asking price. 

So why are buyers hesitating? Fear of a tanking economy, falling home prices and job instability are concerns for many potential home buyers. But if you are financially stable and plan to stay in a home for at least five years, there are 5 top reasons to buy a Passaic County home in 2009: 

1. Homes are affordable.

According to the National Association of Realtors' housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.

A recent report from Moody's Economy.com predicted that house prices will stabilize by the end of this year. The Office of Federal Housing Enterprise Oversight's Web site has a house price calculator that can help. Visit the calculator. 

2. There are lots of homes to choose from.

The slow down in the housing market has caused homes to stay on the market longer, creating a huge inventory. There was a 9.6-month supply of unsold existing homes in January given that month's sales pace, according to NAR. 

A large inventory gives buyers more selection, driving down prices. As buyers start to jump back into the market, the inventory will shrink and cause prices to start going back up. The time to get the best deal is before most buyers buy. 

3. Builders are offering perks.

New home builders are offering price reductions, free upgrades and other perks such as free appliances, homeowners' fees being paid, lower interest rates decorating allowances. Once their inventory shrinks, these perks will go away. 

4. Interest rates are at historical lows.
Lenders are not lending as freely, but if you have good credit and the needed down payment, mortgage interest rates are historically low and hovering around 5 percent. 

5. There is an $8000 tax credit

If you are a first-time Passaic County home buyer, you will qualify for an $8000 federal tax credit if you buy before December 1, 2009. Unlike the previous tax credit offered in 2008, this does not have to be repaid. Extra money comes in handy when buying a home. 

Trying to decide if buying a Passaic County home in 2009 is right for you. Give me a call. I'm glad to review your situation with you.

Search all Passaic County homes for sale.

Not too many years ago buyers were feeling a lot of pressure to make fast decisions on selecting their new home. Though we are used to hearing the phrase “buyer’s market” these days, it is important to remember that there are well priced homes for sale in many price ranges. We have recently seen offers on these homes in the first week. While a buyer may feel there is time to think it over, it only takes one other shopper to slip ahead with an offer on that great new listing!

And if you are waiting for a price reduction, so are other buyers. Why not make an offer before the price comes down, before the other potential offers? Price adjustments attract multiple offers, and can drive the price back up.

Your buyer specialist can provide you  with valuable information to help with  your decision on price, and when to make the offer. No matter what type of market we are experiencing, one thing hasn’t changed. “He who hesitates, is lost!”

Many Passaic County real estate buyers want to wait until the market reaches bottom to buy, insuring they are getting the best possible price. But how do you know when the market has reached bottom?

Usually it is by looking back and saying "Oh, I wish I had Bought back then!" We may be reaching the bottom of the current real estate market and beginning to see the return of appreciation. Do Not Miss your opportunity.

Here is an "Interesting" excerpt from CNBC. I suggest you take it as a "For What It's Worth". There are certainly some good and some "Over the Top" comments in this clip:

Personally, I don't subscribe to "Over the Top" commentary. I just think it makes sense to realize we are likely at or very near the bottom of the housing market and it IS a great time to buy a home! Rates are extremely low, Sellers are ready to sell and there is a large inventory of homes in all price ranges. The "Magic Three"... Think about it... Take advantage of it... Give us a call!

Learn more about Passaic County real estate by visiting OnlyOrly.com.

Search all Passaic County real estate and homes for sale.

Should I move up to a larger home is a question many Passaic County homeowners are asking.  The questions below will help you decide whether you're ready for a home that's larger or in a more desirable location. 

1. Have you built substantial equity in your current home? 

If you have owned your Passaic county home for a number of years you might have built up some equity. Look at your annual mortgage statement or call your lender to determine your loan balance. Then give me a call to determine your home's market value. The difference between your loan amount and market value is your equity. You can also get your market value by clicking here. 

2. Has your income or financial situation improved? 

If your income has increased, you may be able to afford a higher mortgage payment. 

3. Have you outgrown your neighborhood? 

Often, the neighborhood or location you buy your first home in may no longer suit your needs. You may want to be closer to work, be in a better school district or have a home on a lake rather than close to it. 

4. Are there reasons why you can't remodel or add on? 

Sometimes adding on to your current home is the answer. If you will end over-improving for the neighborhood, moving may be a better option. 

5. Are you comfortable moving in the current housing market? 

In the current real estate market, your Passaic County home may not sell quickly for what it would have a few years ago, but the home you buy also less expensive. 

6. Are interest rates attractive?

A low rate not only helps you buy a larger home, but also makes it easier to find a buyer and interest rates are currently at record lows. 

If you answer yes to most of the questions, it's a sign that you may be ready to move. If so, please visit OnlyOrly.com to learn more about the Passaic County real estate market or give me a call. I'm glad to help!

What's your Passaic County home worth?

If you're thinking of selling your Passaic County home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it. 

1. Consider loan modification first. If you are thinking of selling your Passaic County home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as: 

• Refinancing your loan at a lower interest rate
• Providing a different payment plan to help you get caught up
• Providing a forbearance period if your situation is temporary 

When a loan modification still isn't enough to relieve your financial problems, a short sale could be your best option if 

• Your property is worth less than the total mortgage you owe on it.
• You have a financial hardship, such as a job loss or major medical bills.
• You have contacted your lender and it is willing to entertain a short sale. 

2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest. 

A qualified real estate professional can: 

• Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
• Help you set an appropriate listing price for your home, market the home, and get it sold.
• Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
• Ease the process of working with your lender or lenders.
• Negotiate the contract with the buyers.
• Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can't sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.  

3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale "package" that accompanies any offer typically must include 

• A hardship letter detailing your financial situation and why you need the short sale
• A copy of the purchase contract and listing agreement
• Proof of your income and assets
• Copies of your federal income tax returns for the past two years 

4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender's review of the short-sale package can take several weeks to months. Some experts say: 

• If you have only one mortgage, the review can take about two months.
• With a first and second mortgage with the same lender, the review can take about three months.
• With two or more mortgages with different lenders, it can take four months or longer.  

When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender's loss mitigation department on your behalf to prepare the proper documentation and speed the process along.) 

5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind: 

• You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can't pay back the balance, talk with your real estate attorney about your options.
• Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify. 
• Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy. 

(Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.)

I have recently undergone rigorous training on this issue and have been awarded the CDPE (Certified Distressed Property Expert) designation.

If you or someone you know could benefit from a confidential consultation, please feel free to contact me at 973-962-5410.

What's the value of my Passaic County home?