Passaic County NJ Real Estate Blog

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5 Tips to Sell Your Passaic County Home

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: 

 passaic county home

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.

Do You Really Want To Sell Yourself?

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 thepassaic county, fsboy 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.

Passaic County Real Estate Sales Statistics: May 2009

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. 
 

Ringwood

Active
Listings

Sold
Listings

Median 
Sales Price

Average
Sales Price

Average
DOM

 May 2009

92

5

$620,000

$611,000

100

May 2008

116

8

$375,000

$401,625

49

 

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%.

 

 

Wanaque

Active
Listings

Sold
Listings

Median 
Sales Price

Average
Sales Price

Average
DOM

 May 2009

110

6

$277,500

$295,000

159

 May 2008

92

5

$285,000

$283,980

61

 

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.

 

Pompton
Lakes

Active
Listings

Sold
Listings

Median
Sales Price

Average
Sales Price

Average
DOM

May 2009

136

9

$335,000

$349,000

101

May 2008

152

11

$340,000

$368,582

70

 

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

Search all Passaic county real estate and homes for sale.

 


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

Energy Saving Tips For Passaic County Home Owners

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. energy saving

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.

Do You Wait For A Lower Price If Interest Rates Are Going Up?

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.
oppose
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.

Search all Passaic county homes for sale.

Passaic County NJ Foreclosure Statistics - April 2009

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

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.

passaic county nj foreclosure

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.

Passaic County Real Estate Sales Statistics - April 2009

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. 
 

Ringwood

Active
Listings

Sold
Listings

Median 
Sales Price

Average
Sales Price

Average
DOM

 April 2009

91

6

$270,000

$278,675

112

April 2008

124

6

$366,000

$416,333

100

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.

 

Wanaque

Active
Listings

Sold
Listings

Median 
Sales Price

Average
Sales Price

Average
DOM

 April 2009

106

0

$0

$0

0

 April 2008

103

6

$305,000

$315,417

96

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.

Pompton
Lakes

Active
Listings

Sold
Listings

Median
Sales Price

Average
Sales Price

Average
DOM

April 2009

130

9

$290,000

$265,667

42

April 2008

147

12

$330,000

$338,283

171

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. 

How To Make Buyers Fall In Love With Your Passaic County Home

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 clean housequickly.

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:
calculator
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.

the clock is ticking

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!!