Passaic County NJ Real Estate Blog

Orly Steinberg

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Displaying blog entries 191-200 of 295

New Jersey Real Estate Podcast - August 2008

Thursday, August 28, 2008
by Orly Steinberg

Changing home values and higher inventories have presented difficult challenges for distressed home sellers. Fortunately, many lenders are working with sellers by accepting Short Sales and avoiding foreclosure.  Listen to our New Jersey Real Estate Podcast as we discuss today’s Short Sale programs, and break down our own local market trends.

This month's guest speaker is Terri Murphy of U.S. Learning Center.

download podcast mp3 file   |   subscribe to podcast feed

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Wisdom from the Comic Pages

Wednesday, August 27, 2008
by Orly Steinberg

 

There is a  Peanuts cartoon that depicts Sally making a list while Charlie Brown looks on. Sally tells him that she's making a list of all the things she's learned in life.  In the next box she continues with, "Well, actually, I'm making 2 lists". Charlie asks her why one list is longer than the other? Holding up the much longer list, Sally confesses, "These are the things I've learned the hard way!"

How would your lists look?

The short list would contain all those things that seemed to happen effortlessly. Learning to say "please" and "thank you" and "learning to share" from the toddler days. All the stuff you learned in Kindergarten. The things you learned by listening, such as dates in history, Prayers, the Multiplication Tables ,The Pledge of Allegiance and the words to the Brady Bunch theme song!

Then there's the long list, the list containing the more painful stuff- Roller Skating and Bike Riding, Cheerleading Tryouts, Being the Goalie ( pay attention!)  Mastering Algebra , a Foreign Language,The Periodic Table of Elements, Navigating the teenage social scene and Dating!

That all important "Long List" is the list gained by experience. The lesson we can learn is that  by simply daring to "Try" life will reward you with some of the most wonderful opportunities and true satisfaction, and that the old adage rings true...no pain, no gain!.

 

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Best Time of Year

Wednesday, August 27, 2008
by Orly Steinberg
With Labor Day upon us, we tend to think that the outdoor season is coming to a close. Remember though, that this can be the nicest time of the year to enjoy Ringwood’s beautiful outdoors and state parks! It’s no longer too hot to take a hike into the trails of Ringwood State Park, or ride a bike to the Ringwood Manor House.
The days are still long enough to plan all day activities with friends and family!
The autumn display at the NJ Botanical Gardens at Skylands Manor is always spectacular. And the lengthening rays of the late season sun will warm your pictures.
So take advantage of the “off” season. Explore and enjoy what we have here in Ringwood right in our own back yard!
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Back to school already!

Tuesday, August 26, 2008
by Orly Steinberg

 

  Where has the Summer gone?  Cupsw Lake is quieting down.  Swim lessons have ended.  Nights are getting cooler.  Ringwood NJ is buzzing with kids comparing who they got for teachers this year.  It is getting darker a bit earlier.  Closets are being cleaned out to make room for back to school clothes.  I have seen Halloween candy on sale at A and P in Pompton Lakes.  Why is it always such a shock that Summer is almost over every single year?!

Enjoy the last BBQ's of the season.  Enjoy the late evenings and sleeping in.  Enjoy hanging outside in a t'shirt while you can.   Enjoy the more relaxed schedule of your friends and familites.  Enjoy your tans before they fade.  I know I will.

 

written by:

Merry Lapine

 

 

 

 

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Passaic County Real Estate Sales Statistics - July 2008

Friday, August 22, 2008
by Orly Steinberg
Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.
NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®
Let’s take a look at the Passaic County real estate sales statistics for July 2008 to see how the market looks in our area: 
       
The median sales price, increased by 10% in Ringwood this July over July 2007.  The average sales price has also increased by 2% to $382,208.  Active listings have remained constant.  Market times have increased from 2007 to 2008.

Ringwood
Active
Listings
Sold
Listings
Median
Sale price
Average
Sale Price
Average
DOM
July 2008
110
12
$380,000
$382,208
75
July 2007
111
13
$342,000
$373,746
53

The Wanaque market saw a 5% increase in active listings this July, compared against July 2007.  Homes sold this month are the same as last year.  The average sales price decreased 15% to $322,921, while market times have remained constant.

Wanaque
Active
Listings
Sold
Listings
Median
Sale Price
Average
Sale Price
Average
DOM
July 2008
100
9
$305,000
$322,921
82
July 2007
95
9
$323,000
$372,167
83

Pompton Lakes saw a decrease in activity in July 2008 with a 20% decrease in sales over July 2007.  Like other areas, however, the median and sales prices both decreased.  The median sales price dropped 16% to $300,000 while homes remained on the market an average of 51 days longer than last June.

Pompton Lakes
Active
Listings
Sold
Listings
Median
Sale Price
Average
Sale Price
Average
DOM
July 2008
143
12
$300,000
$302,533
126
July 2007
145
15
$350,000
$342,733
75

Again, as Gaylord said and as these statistics show, real estate prices are declining in some areas, even within the same city. For the latest Ringwood NJ real estate market conditions in your area, 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. 
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Smiling Rhino Theater Camp in Pomton Lakes

Wednesday, August 20, 2008
by Orly Steinberg

My dughters from Ringwood have gotten the acting bug after participating in several of the Ringwood school district talent shows.  They have been in shows in Robert Erskine, EG Hewitt, as well as Reyerson middle school.  They really enjoyed whatever act they were working on.

I was looking for something to occupy them this Summer and discovered the theater camp offered at Smiling Rhino Theater in Pompton Lakes.  It went from 9-noon monday through Friday for 4 weeks.  They were both able to attend as the age group goes from 7-12.  They had a fabulous time and put on a wonderful performance at the end of the program!

 

It is easy to get to from my home town of Ringwood, NJ, and for those of you who have children who enjoy theater, you won't be dissapointed!!

 

 

 

 

 

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Client Appreciation Concert

Friday, August 15, 2008
by Orly Steinberg

concertOn 08/08/08 Orly Steinberg of Coldwell Banker Residential Brokerage in Ringwood sponsored a Concert at NJ Botanical Gardens of Ringwood State Park, www.njbg.org.  

This was a client appreication event to thank the many families she has served in her 22 years business.  The date was specifically chosen by Ms. Steinberg to coincide with what has long been her signature listing price for homes, which ends in 888.

The evening began at 6pm with a brief tour of the Skylands Manor Botanical Gardens, led by Master Gardnener Julia Morrill.  The assembled guests marveled at the splendor of the gardens and commented on the outstanding natural beauty of Ringwood.  Several have already made plans to go back for a more extensive tour of the gardens and a picnic.

only orly teamAt 7pm on the dot, the first strains of the trumpet of the master musician and long-time local favorite Bob Leive resonated through the air and for the next 1 1/2 hours the audience was treated to a highly entertaining trip down memory lane.  Leive, accompanied by jazz guitarist Lou Pollo and vocalist Patty Graham thrilled the audience with a repertoire that masterfully blended standards from the 40's and 50's with Dixieland Jazz and many other familiar favorites.

As part of her Environmental Awareness Campaign, Orly and the members of her Real Estate team presented a gift to each attendee - a reuseable shopping bag filled with bottled water, snacks and sweet treats.

concertThis Concert was such a rousing success that plans are currently underway to make this an Annual Event!

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How Does Housing Recovery Act Help Passaic County Home Buyers

Thursday, August 14, 2008
by Orly Steinberg
rescuePresident Bush signed into law recently The Housing and Economic Recovery Act. This is the most sweeping change to housing reform since the New Deal of 1934. It is designed to assist more Americans invest in home ownership and shore up the faltering housing and mortgage markets. Like any legislation, it comes with the good and the bad. I encourage you to write your Congressmen to see if we can get legislation to revoke some of the bad.  
For example, effective October 1, 2008, FHA will increase the minimum required down payment from 3% to 3.5% for Passaic County home buyers. The legislation also calls for the elimination of seller down-payment assistance programs such as AmeriDream and Nehemiah by October 1, 2008.
As of July 14, 2008, upfront MIP premiums became risk-based on credit scores and the annual premium increased across the board. Instead of the original plan of making FHA loans more affordable for potential Passaic County home buyers; the new legislation is doing the exact opposite and makes it more expensive.
Details of the Housing and Economic Recovery Act:
Here are some key provisions of the Housing and Economic Recovery Act that most affect Passaic County home buyers:
  • GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
    View 2009 FHA and GSE loan limit estimates (PDF)
  • FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The down payment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
    View 2009 FHA and GSE loan limit estimates (PDF)
    FHA Reform Chart (PDF)
  • FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
    FHA Foreclosure Rescue Chart
  • VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.
  • Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.
  • GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.
  • Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.
  • National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.
  • LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.
  • Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.
It remains to be seen the overall effect the Recovery Act will have on both the individual home buyer and the housing industry as a whole.
From the Experts: 
“We’re going through a major financial crisis…let’s be clear: Fannie and Freddie can’t be allowed to fail. With the collapse of subprime lending, they’re now more central than ever to the housing market, and the economy as a whole.”
– Paul Krugman, Professor of Economics at Princeton and New York Times columnist, 7/14/2008
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When You Need To Sell Your Ringwood NJ Real Estate NOW

Thursday, July 31, 2008
by Orly Steinberg
As most owners of Ringwood NJ real estate have realized by now, this is not the ideal time to try to sell a house. With a struggling economy and negative media surrounding the housing market, more and more homes are staying on the market for longer and longer as fewer buyers are out making offers. So what should you do if you are in a situation where you need to sell your home now? The Wall Street Journal offers the following tips that I hope you’ll find helpful:
 
1. DON'T WAIT AROUND.
Even in the better housing areas, it's taking a long time to sell houses; so, don't try to sit out the market. That's what hundreds of other timid sellers are doing, each of them hoping -- somehow, some way -- that hanging on the sidelines will improve prices and, ultimately improve the chances of a successful sale. It won't. If you want your place sold, the best way to make sure that happens is to put it up for sale.
2. FIX IT UP AND CLEAN IT UP.
Buyers are taking your house out on a date. It has to make a good impression.
You don’t have to (and shouldn’t!) spend a lot of money, but ensure everything is in good working order.  As you get closer to the date that the house is actually on the market, start moving out by decluttering – buyers don’t want to see a house filled to the rafters with other people's things.
3. PRICE IT CHEAPLY.
Don't fight the market by trying to price your house at bubble-era levels or by factoring in all those improvements you made. In today’s market, your best bet is to set a realistic, salable price on day one. Don't let the house hang around on the market as you gradually lower the price. Forget what you think the house should be worth or what it was worth three years ago. That's not what it's worth today.
4. HIRE A TOP REAL-ESTATE AGENT.
Get the best listing agent you can find. When everything was selling before it even hit the market, of course, you didn't need the best.  Sellers of higher-end properties may be able to negotiate a lower commission percentage, but this is no time to quibble over a couple of percentage points. Also, offer the agent a big bonus if he or she sells the house in 30 days or at your asking price. Offer other agents bonuses if they bring in the ultimate buyer.
5. PROMOTE. PROMOTE. PROMOTE.
The agent should pay the usual marketing costs, but you should be prepared to pony up for extras, especially if you insist on more expensive or untraditional promotions.
Make sure your house is on the leading real-estate Web sites; Trulia, Zillow, Cyberhomes, Eppraisal and Realtor.com are some of the top ones.
Beyond that, get really creative. Advertise in corporate newsletters and intranet listings. Check in with local relocation firms that help transferring corporate executives find new homes. List the house on eBay. Put it on Craigslist. Put it in your church bulletin.
6. PLAY THE BANKER.
As bad as things are, there's one big factor in your favor: the tight credit market. If you have no mortgage you have to pay off, your strongest selling point might be your ability to finance all or a substantial part of a buyer's purchase.
You're a lot more flexible than a bank that has the Federal Reserve looking over its shoulders, so you might even be able to charge a higher interest rate than a commercial lender as well as command a higher sale price.
7. TAKE THE OFFER.
If any qualified buyer comes in with a reasonable offer, be prepared to accept it.
Negotiate, of course, but recognize that the buyer has a lot more clout than you do. Your house, as wonderful as you think it is, is worth only as much as someone is willing to pay for it.
 
If you need to sell your Ringwood NJ real estate, let my experience work for you! Please call me at 973-962-5410, visit HomesByOrly.com, or request a complimentary market valuation of your home.

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Ringwood NJ Real Estate Market Trends Report

Thursday, July 24, 2008
by Orly Steinberg

Modest near-term movement is expected in Ringwood NJ real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.”

 

Let’s take a look at the Ringwood real estate sales statistics for June 2008 to see how the market looks in our area:

        
Although the number of active listings on the market in Ringwood this June was the same as it was in 2007, 5 more homes were sold in 2008, representing a 28% increase in sales!  The median sales price, however, dropped 14% while the average sales price dropped a more modest 5% to $359,492.  Market times remained the same from 2007 to 2008.

Ringwood

Active
Listings

Sold
Listings

Median
Sale price

Average
Sale Price

Average
DOM

June 2008

110

13

$300,000

$359,492

61

June 2007

110

8

$350,000

$378,188

61

The Wanaque market saw a 7% decrease in active listings this June, compared against June 2007.  One fewer home was sold in June 2008, which represents a 9% decrease in sales.  The average sales price decreased 16% to $301,100, while market times were cut almost in half this year to an average of 48 days.

Wanaque

Active
Listings

Sold
Listings

Median
Sale Price

Average
Sale Price

Average
DOM

June 2008

93

10

$285,000

$301,100

48

June 2007

102

11

$342,500

$359,682

92

Pompton Lakes saw a marked increase in activity in June 2008 with a 4% increase in active listings and sales that almost doubled over June 2007.  Like other areas, however, the median and sales prices both decreased.  The average sales price dropped 21% to $304,923 while homes remained on the market an average of 16 days longer than last June.

Pompton Lakes

Active
Listings

Sold
Listings

Median
Sale Price

Average
Sale Price

Average
DOM

June 2008

140

13

$315,000

$304,923

110

June 2007

135

7

$382,000

$386,071

94

Again, as Yun said and as these statistics show, real estate sales and prices vary from neighborhood to neighborhood, even within the same city.  For the latest Ringwood NJ real estate market conditions in your area, 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. 
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Displaying blog entries 191-200 of 295

Orly Steinberg
Coldwell Banker Residential Brokerage
130 Skyline Drive, Ringwood NJ 07456