Real Estate Information

When preparing to sell your Passaic County, NJ home it is important to find a real estate professional that will best suit your needs.  A warm handshake and a friendly smile is all well and good but if you want to sell your home pick a Passaic County Realtor that is experienced and knowledgeable, someone that will do the best job for you.   If you are considering short sale, it is extremely important to have the right Realtor working for you.

When selecting your Realtor here are a few things to keep in mind:

Data.  Get a prospective Realtor to bring in a copy of what they have listed and closed.  They can present you with an MLS report that displays their inventory.

References.  Get references from a potential Realtor and call them.  Find out what other people’s experience with a particular Realtor has been. Know the difference between a real estate agent and a Realtor and what each can provide you.

Price.  Get an evaluation of your property.  A solid real estate professional will be able to detail what has been selling and for what price.  He will be able to evaluate your home and your location, giving you a value for your home that will help sell it not deter people from looking at it.

 Plan.  What does your Realtor plan to do for you in terms of marketing, sales, listing, etc.  Make sure he has a plan for your house and find out what he is willing to do to get it sold for you.

Real estate is often a person’s most valuable asset.  Do your legwork and choose the best Realtor for your home.  He or she should be a salesperson.  If they can sell themselves to you perhaps they are halfway to selling your home for you as well. 

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Today’s real estate market is a buyer’s market, which means sell only if you have to.  The bottom of the market is near, if it has not already occurred.  Which means Ringwood,  if you don’t have to sell don’t.

The reason you shouldn’t sell your Ringwood, NJ real estate right now is clear, you are not going to get top dollar.  However, if you have to sell you need to make your home as competitive as possible.  Your home not only needs to be priced right it needs to look its best.

It is not the best time to pour money into your home to fix it up but it is a good time to make it look its best.  Paint it, stage it, make it eye catching.  Most importantly, price your real estate better than  the neighbor’s house and you will be more likely to catch a buyer.

Real estate is expected to drop a bit more if not remain flat.  If you have to sell be as competitive as you can.  If you don’t have to sell don’t.  It will be a while before real estate values start to climb, but if you can hold out you might fare better in the long run.

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When it comes to Passaic County, NJ real estate the general sentiment appears to be that of putting 2009 in the past and looking forward to a brighter 2010.  Looking at where we are and where we are headed as far as real estate goes will take us from the present into the future.  Currently home values are affordable, because prices are low and interest rates are low.  Both of these low levels add up to the fact that it is a great time to buy real estate in Passaic County. 

Interest rates have been hovering at 5% or lower for the better part of the past year, a trend that cannot be expected to continue.  As the market stabilizes more and the economy gets better, interest rates will rise.  While home prices still may drop in many areas of the country, they will not drop much more.  Areas that are less affected by foreclosures, short sales and REO properties are likely to level out faster than other areas due to the lack of distressed sales in their inventories.  A rise in interest rates may bring real estate prices down to sell but the days of 20% and 30% decreases appear to be unlikely.  

In a nutshell now is a great time to buy in Passaic County, if you have been waiting for the right time to plunge into the market.  Take advantage of low interest rates while they are here.  It is a buyer’s market now, it won’t be forever. See my previous post on the time to buy in Ringwood, NJ.

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There is an annual report that examines the cost versus value for home remodeling.  The report is helpful for those who are considering making improvements to their Ringwood, NJ  homes, especially if their home is one that they consider selling in the near future.  Historically, bedrooms and bathrooms are where people consider spending their money but the return on the remodel investment is not necessarily there.

According to the 2009 Remodeling Cost vs. Value Report the best return for your money are exterior improvements that often are lower cost projects to begin with.  Adding decks, replacing siding, new doors and windows are among projects that recoup the most money when re-selling a home and possibly add value to your home. See article on "greening" your home to increase value.  The return on these projects is typically 80% or more.

The annual report shows how important first impressions are.  If you are considering selling your Ringwood home make sure that the exterior is as eye catching as it can be.

Click here to learn more about remodeling costs versus value at The National Association of Realtors’ website.

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When considering selling Ringwood, NJ real estate the question surfaces, what can I do to improve my home and make it more appealing to a prospective buyer?  Looking at your closets might be the answer.  Closets may be the small improvement your home needs when getting ready to sell your Ringwood property.

Newer homes tend to have bigger closets and they aren’t just dark spaces with doors any more.  Today’s closets, thanks to companies like California Closets and other offshoots, are filled with light and organized spaces like drawers, shelves, shoe racks and hanging bars that hang at different heights to accommodate different articles of clothing.  Some closets come across as small rooms.  Regardless of whether you have a new home or an older home, if your closets aren’t organized they can be.

Closets can be do-it-yourself projects or created by a contractor or a closet company.  Remodeling closets can be an inexpensive re-model that can add value to the sale of your home without breaking the bank. In some instances they can be remodeled in one day.

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The first step in purchasing Passaic County, NJ real estate should be getting a mortgage.  Getting a mortgage, or rather getting approved for a mortgage, lets a buyer know what he can expect to afford when looking at property.  It is important for a potential buyer to know how to secure a mortgage.

There are any places to look for a mortgage these days.  There are banks, mortgage brokers, finance companies, credit unions and private lenders.  Often experienced Passaic County Realtors have mortgage brokers or banks that they work with often and using a lender that has a good reputation is often a safe bet.

When looking for a mortgage have a good idea how much you can afford to pay each month.  Look into the past, present and future to determine this.  It is of the utmost importance not to bite off more than you can chew when it comes to your finances and the affordability of a home that you might buy in Passaic County.

When applying for a loan a person must provide documentation of income, expenses, and assets.  Have your financial statements and tax returns ready and the process will be much easier.

Having a mortgage ready to go before finding a property will make the entire process smoother.  Financing is harder to get these days and being prepared is a wise step in the home buying process.

For more information on mortgages click here.

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surrounding area.

Energy efficiency and greener building practices have begun to take hold in Passaic County, NJ and across the country, spurring incentives that warrant making home improvements to existing homes as well as better practices for building new homes. President Obama is considering federal incentives to homeowners who make energy efficient improvements to their homes.

President Obama had said that energy efficiency "creates jobs, saves money for families, and reduces the pollution that threatens our environment. With additional resources, in areas like advanced manufacturing of wind turbines and solar panels, for instance, we can help turn good ideas into good private-sector jobs."

Providing incentives to home owners to make their Passaic County properties more energy efficient will not only help the homeowner but help the economy, seen as two major players in exiting the recession that has affected our Nation’s economy.

The possible legislation could provide 50% rebates up to $12,000 in incentives for product costs as well as installation costs of energy efficient home improvements that could include appliances, insulation, solar products and more. The legislation is in the planning phase but is something Obama is planning on introducing.

For more information on possible legislation click here to a view an article posted by CNN Money.

The following links will provide you with Tax Credits and Incentives
specifically for New Jersey.

The
New Jersey Renewable Energy Incentive Program provides incentives for
the use of photovoltaics, solar hot water, and other renewable energy sources.

New Jersey Natural Gas - Residential Heating Rebate Program NJ Incentives/Policies for Renewables & Efficiency

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Passaic County, NJ real estate is showing strong signs of recovery.  Last month, real estate sales were up over 7% for sales of existing homes.  The increase in real estate sales was seen in every region of the United States, including Passaic County and Ringwood, due mainly to the first time home buyer tax credit, which was originally set to expire at the end of November, 2009.  Low mortgage rates and low home prices have also been catalysts.

Foreclosures will continue to rise with unemployment, keeping real estate prices from rising in harder hit areas, and home values as a whole are expected to remain flat for some time.

Interest rates are not expected to continue dropping and will most likely head in the opposite direction, expected to hold steady around 5.2%.  According to the Wall Street Journal, Federal Reserve chairman Ben Bernanke himself recently locked in a refinance on his residence, a clear indication that for Ringwood, NJ and surrounding areas, rates just might be as good as they’re going to get.

For now, the data shows that real estate sales are on the rise and will continue to improve as long as the mortgage rates stay low and the tax credit remains in place.  What happens during the latter half of 2010 is up in the air, but for now the good news is far better than the news of a year ago. See my summary post for where Passaic County is as we go into 2010.

For an interesting analysis of the real estate conditions and a forecast of 2010, by CNN Money, click here.

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Here in Ringwood, it's a competitive seller’s market, and first impressions can mean everything. If you want to draw a buyer in take a good look at your lawn. Keeping a lawn green and perfect can be difficult in certain situations. The Ringwood, NJ climate and animals are two culprits that add to the difficulty of lawn maintenance but both issues can be faced.

The hot summer climate can make irrigation necessary. If you are trying to conserve water and don’t mind a dry, brown looking lawn that is one thing, if you are trying to sell your property you will need to step up the irrigation.

Dogs, whether they belong to you or a neighbor, are another culprit for lawn damage. The ammonia in a dog’s urine tends to burn grass. If dealt with immediately by saturating the urine spots with water, the ammonia is diluted and less likely to cause the spots. For spots that already exist there are a variety of products available to revive the grass and make it green. There are also grasses that are heartier and more resistant to burning from the ammonia in the urine.

Short of rolling out beautiful, fresh sod, there are more economical alternatives to greening up your lawn and making a great first impression on potential home buyers. Curb appeal is important. Click here for more tips on improving curb appeal.

Click here for an article about the importance of green lawns from Realty Times.

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A question that is sure to surface on most people’s minds as we go into 2010, is whether to rent or to buy.  The first thing that pops to mind is affordability in Passaic County, NJ  but there are other factors, such as job stability, relocation possibilities and lifestyle.  If you intend on being in Passaic County for at least two more years, your income is steady and purchasing a home fits your lifestyle then it is time to break out a pen, paper and a calculator and see if buying makes more sense financially than renting.

At first glance buying a home makes more sense than renting because of the ability to gain equity in a home.  While the past few years have shown this factor to be a bit shaky, the reality is that if you keep a property long enough, or get in at the right time, buying Passaic County real estate can be a worthy investment.

There is no sense making a two column list when it comes out to equating the cost of renting and buying.  Renting is a fixed equation, the monthly number typically doesn’t change.  To compute your costs for buying a home you look at the following:

• Purchase price
• Down payment amount
• Loan Amount
• Loan Term
• Interest rate
• Property taxes
• HOA fees
• Monthly mortgage payment
• Home owner’s insurance
• mortgage insurance

Your monthly costs will include your mortgage payment, property taxes, insurance, and any HOA dues that may exist.  If these numbers add up to an amount you can afford it could make sense for you to purchase a home instead of rent.  The important thing to remember is that once you buy a home you are not going to have a landlord to rely on to make repairs so factor in putting aside some extra money for a home repair and maintenance account. In addition, in some markets, renting makes sense because Landlords are hurting for tenants and making extreme concessions. Click here to read a related article from Realty Times.

Buying a home is an important decision and one which can add to future security and financial stability if done with great thought and evaluation.

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