Real Estate Information

The biggest question Realtors and residents are asking about the Ringwood, NJ real estate market these days is, have we hit bottom?   Ask yourself, does it matter?  Whether we hit bottom a couple of months ago or are going to hit it a couple of months from now, we can all agree that we have had better times and better times will be here again.  Whether we have hit bottom or not there is no mistake that it is a buyer’s market when it comes to real estate in Ringwood, NJ.

That being said, if we haven’t hit bottom then the bottom must be close.  Wouldn’t it be better to buy near the bottom than miss it entirely?  In New Jersey and across the Country there are markets that are on their way down, markets that have stabilized and markets that are on their way back up.  Whether the market hit bottom a couple of months ago, is at the bottom now, or will hit the bottom in a couple of months, the top of the market is far away.

It is a buyer’s market out there.  As I said in an earlier post, if you are looking for a luxury home or lakefront property, it is a great time to invest in real estate.  Property values are lower than they have been in years, interest rates are still hovering at 30 year lows and some tax incentives make buying real estate today more affordable than it has been in years.  For all we know the real estate market might be more affordable today than it will be for many years to come.

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A recent report shows improvement in Passaic County, NJ real estate and across the country.  The well known S&P/Case-Schiller index shows that the 10 city index and the 20 city index a marked improvement in real estate in the majority of cities that it tracks.  What the reports displays are small improvements or minimal devaluation in home values.  Home values are up anywhere from .1% to 3.4% in ten cities. In other areas real estate values have remained flat and in harder hit areas home values are decreasing at significantly lower rates.

While the news is certainly not staggering it is encouraging because it indicates that Passaic County, NJ real estate is leveling out.  Home values are falling less sharply and people are being drawn back into the Passaic County real estate market.  It is no surprise what is stimulating the market.  Low home values, low interest rates and the First Time Home Buyer Tax Credit have combined to create an ideal buyer’s market.

For more information on the latest info click here for a report from Yahoo real estate.

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The Reverse Mortgage is a mortgage for older home owners who want to utilize the equity in their property.  Passaic County seniors (over 62) and interested in purchasing real estate; making home improvements; or having credit problems during this finanacial crisis here is what you need to know about a Reverse Mortgage:

• To qualify a borrower must be 62 years of age or older.

• The Borrower must live in the New Jersey/Passaic County property as the primary residence.

• There are no minimum income, asset or credit requirements.

• There are no monthly payments required for as long as the borrowers occupy the residence as their    primary residence.

• The Funds can be taken as a lump sum, monthly payments, line of credit or a combination.

• There are no restrictions on how the funds are used.

• Loan proceeds are not considered income and will not affect Medicare or Social Security benefits.

• There are no prepayment penalties.

• Heirs may keep the home by paying off the balance on the reverse mortgage loan.

• All applicants are required by federal regulation to seek 3rd party financial counseling by an approved Department of Housing and Urban Development (HUD) organization.

For more information on Reverse Mortgages visit www.reversemortgage.org 

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The latest data released by UFA L.L.C., a firm located in Ann Arbor Michigan that researches mortgage activity, states that foreclosures are expected to decrease in the next year.  After four years on the rise there is no doubt that it will be nice to see Passaic County foreclosures start to subside.

Improvements in the foreclosure arena are seen linked to tighter lending practices, home prices stabilizing, and an improving economy.  The one element working against foreclosures is the increasing unemployment which will leave some without the ability to make their mortgage payments.

The onslaught of no-doc loans and inflated home prices led to four years of increasing foreclosures.  Passaic County real estate is on the upswing and largely attributed to an elevated rate of foreclosures.  A decrease in foreclosures will be a welcome sign for a real estate market that has seen better times.
Click here to read an article at Business Week about foreclosure rates.

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Refinancing, a simple word and a sometimes complicated process.  If you are considering refinancing your Ringwood,  NJ property, there are a few things to know beforehand so that you know what is expected of you and what you can expect from the process.  Refinancing to lower your monthly payments can be a great idea but it is imperative that you know exactly what you are signing up for before you sign your name on your new papers.

Variable or fixed.  Make sure you know if you are getting a fixed or a variable rate mortgage.  With a fixed mortgage your payments will remain the same for the length of your mortgage (with the exception of a rise or dip in property taxes).  A variable rate mortgage typically starts with low monthly payments that adjust over a period of time.  With a variable rate mortgage the payments can go up dramatically after a period of time.

Is it a good idea to refinance? Sources say that refinancing makes sense if you can reduce your current mortgage by 2 points or more.  Analyze whether the cost of refinancing is worth it by figuring out how long it will take you to cover the refinancing cost and whether you plan on being in your Ringwood, NJ home that long.  If your new mortgage will save you $200 a month in mortgage payments but it cost you $2,000 to complete your refinance then it will be 10 months before you recoup the cost.  Tax rules can be tricky with refinancing as well.  Know how the rules work and what you can deduct before signing.

Length of your mortgage.  Shorter loans have lower interest rates but higher monthly payments.  Mortgages are usually 15 years or 30 years in length.  Make sure that your new loan doesn’t have penalties associated with an early pay-off if your plan is to pay your Ringwood, NJ  home loan off early.

Refinancing can be a wise financial decision and with mortgage rates at a 30 year low refinancing is at an all-time high.  Weigh all of the details and make sure that your new mortgage is exactly what you are looking for before signing on the dotted line.

Click here for more information about refinancing from Yahoo Real Estate.

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Ringwood NJ Real Estate and Wanaque NJ Homes for Sale

Click here to Search homes for sale in Ringwood, Wanaque, West Milford and the surrounding area.

Click here to view Orly’s

Ringwood NJ Real Estate and Wanaque NJ Homes for Sale

Click here to Search homes for sale in Ringwood, Wanaque, West Milford and the surrounding area.

Incentives are in the works for promoting short sales in order to avoid more foreclosures than are seen as necessary.  The plan is meant to prod Passaic County  lenders into allowing more short sales.  Home owners are frustrated as lenders drag their feet and months pass without a sale. Click here to read an article from USA Today.

Currently short sales in Passaic County are frequently avoided by lenders because the offers that come in are seen as too far below the last appraised value of the property, even though the foreclosed upon sales price in the end may be even lower.

The incentives that are being mulled over are expected to pass soon.  The plan is to give the lender $1,000 for allowing a short sale to occur and the buyer a $1,500 credit at closing.  The plan is expected to be passed by the treasury as a way to keep properties selling in New Jersey and nationwide.

Short sales are seen as a way to help the home owner avoid a harsher hit to his credit as well as to get the house off of a lenders books before it even gets there officially.  The new incentives are seen as a way to avoid the foreclosure rate increasing more than expected.

For more information about the short sale incentive click here to read an article from Realty Times.

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The First Time Home Buyer Tax credit has been seen as a huge success in Passaic County and its planned expiration on November 30 has had many feeling nervous about what its end would mean.  Those fears can now be put aside. The Senate passed an expanded tax credit. While the bill still has to pass through the House, which it is expected to do next week, is was overwhelmingly approved by the Senate in a 98-0 vote.

What is new and improved with the extended and expanded tax credit?  The new and improved tax credit is still for first time home buyers but will also include home buyers who have owned their current home for 5 years or more.  The credit is up to $6,500 for these current Passaic County homeowners and remains at up to $8,000 for First time home buyers or Passaic County home buyers who have not owned a home for the past three years.  The tax credit  is income restricted, an individual cannot make more that $125,000 annually and a couple cannot make more than $225,000 jointly.  A home must be  a primary residence and valued at $800,000 or less.  Buyers must have a property under contract to purchase by April 30, 2010, and the property must close by June 30, 2010.

The passing of this extended, expanded tax credit is good news on the real estate front and is expected to be the last tax credit offered for a long time to come.

Click here for more information on the First Time Home Buyer tax credit

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A short sale is the selling of property to avoid foreclosure, the catch being that the property is being sold for less than the amount owed on it.  What makes a Passaic County short sale tricky is that the sale price is not up to the seller, the lender has to agree to the purchase price.  The home owner isn't walking away with any money at closing in the case of a short sale so he doesn't care if the home sells for a dollar, the bank's involvement is to reduce their loss as much as possible and the buyer just wants a bargain.  You can find these Short Sales through an experienced Realtor such as Orly Steinberg of Coldwell Banker.  She can do a search for you and find out how far along the seller is in the process.  To start your search go to www.onlyorly.com

The basic process of a short sale is:

• Borrower must be in arrears on loan payments
• Borrower or broker contacts lender to discuss the possibility of a short sale
• Potential buyer makes offer, knowing what is owed by borrower/owner of property
• Lender reviews loan and offer
• Borrower has to show/prove financial hardship
• Lender and broker discuss value and condition of property and examine any offers
• Lender makes final call

The short sale process looks easy on paper, follow the steps and the deal is done, short sale completed.  However, in reality the communication between the borrower, lender, Realtor and potential buyer is complex and time consuming.  Simply wanting a short sale won't make it happen.  Using a CDPE (Certified Distressed Property Expert) eases the pain and insures you better success when trying to complete a short sale.  Being in financial stress is not easy on anyone and using an expert will help you get the job accomplished in a more timely manner and help create a successful real estate transaction.

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Being a landlord can be easier that you think.  Many people are holding on to their Ringwood, NJ real estate /vacation properties these days. What this means is that there are many first time landlords out there, a job that can be a bit daunting, especially if you don’t live near your New Jersey property. 

If you are lucky, being an absentee or local landlord in Ringwood, NJ is easy and you get a monthly check with no real involvement.  Many landlords have a more difficult time however, chasing down rent, making repairs and having to constantly oversee their tenants and their properties.

A new business, PayYourRent.com, helps a landlord to collect rent, track repairs, help tenants set up the utilities and more.  Utilizing an internet service like this can help the landlord and tenant, making communication easier.  At the very least, the internet allows a person to research how to achieve success as a landlord.

For more information on being a landlord visit Realty Times.

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