Real Estate Information

While membership seems to be declining in other Women’s Clubs, the Ringwood Woman’s Club, seem to be doing okay.  It helps that for the past twenty plus years their most successful fundraiser has raised more money than any other.  On Sunday, April 11, 2010 @ 12pm the Ringwood Woman’s Club will have their 2010 Fashion Show, Brunch and Gift Auction at the Mahwah Sheraton, the theme will be Breakfast at Tiffany’s.

The Woman’s Club may have had more members in the 1950’s/60’s but, that doesn’t mean they are not relevant today.  In the beginning, these clubs were social clubs for women but, as times changed so did their  focus. These women are just as passionate about serving their community as the Red Hat Society is about having fun.  Having fun and serving your community isn’t exclusive.  You can do both.

The Ringwood Woman’s Club also has the ability to finish what they start.  For example, in 1979 just four years after their inception, they donated money to the building fund for a new library.  And every year they raise funds for the library while still funding other projects. The new library opened its doors in 2000. The Ringwood Public Library is home base for the Ringwood Woman’s Club. They still continue to meet the needs of the Library’s wish list. 

They also award 3 scholarships a year, sponsor  a high school junior girl to attend Girl’s Career Institute for a week and a sophomore to attend the Hugh O’Brien Youth Program.  Their projects are relevant and needed in the community, from donations to the local fire departments to flowers in a barrel.

Show your support for the Ringwood Woman’s Club by supporting their efforts to raise funds.  For more information you can call 973-728-3028 or email membership at  membership@ringwoodwomansclub.org.

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April 15, Tax Day is just a few weeks away.  For some people, they have already received their tax refund.  For others, they are still trying to get the information together to fill out the tax forms.

Organization is the key to having a reasonable stress free tax season.  However, some people enjoy not paying Uncle Sam until the last minute.  You see them in line at the post office trying to beat the midnight deadline to mail their taxes.  Just because they enjoy doing that doesn’t mean they had not organized their information before hand. 

There are many aids to assist a person with filing their taxes.  The IRS, computer applications, on-line companies, seasonal tax companies, and a good old fashion CPA.  For people who procrastinate Shine.Yahoo.com has some ideas to aid the individuals with organizing their information.

Keepers:

• Income – Forms W2, 1099, and K-1, bank and brokerage statements
• Expenses – Sale slips and receipts, invoices and method of proof of payment, charity donations in writing.
• Home – closing statements, purchase and sales invoices, proof of payment, insurance records, and proof of improvement cost
• Investments – Brokerage and mutual funds statements and Forms 1099 and 2439

IRS’s Period of Limitations is for people who miss the tax deadline, April 15 or failed to do something correctly in filing their taxes. 

In short, keep your recorded proof:

• 3 years – if you owe additional taxes
• 6 years – if you failed to report 25% of your gross income on your tax return
• Indefinite – if you failed to file a return or filed a fraudulent return
• 3 years – if you filed a claim for credit or refund
• 7 years – if you filed a claim on securities

The IRS has produced a publication, Recordkeeping for Individuals, which gives more details on what records an individual should keep.  By using the information that the IRS gives to the public – how can you go wrong?  Oh, let me count the ways!

Ringwood Tax Assessor’s website can help you with property details.

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Ringwood held its 21^st Saint Patrick’s Day Parade on Saturday, March 27^th.  The early years of this parade you were lucky to have a dozen or so people to show up and/ or participate.  Aye! The famous luck of the Irish has shown up every year to improve the participation in this event.  This year, hundreds of people and pets, all dressed in green, showed up for the unity breakfast, the parade, face painting, and other “Luck of the Irish” events.

The Irish luck was a little delayed this year due to demand of bagpipe bands and St. Catherine's Parish Center being unavailable on the 17^th of March.  Ringwood's St. Patrick's Day parade is the only parade in Passaic County to honor the Irish contribution to America.

 The parades Grand Marshall , Terry Duffy, a Passaic County freeholder,  police and fire departments, an American Indian of the Lenape Nation, sports teams, lasses of Irish heritage, and bagpipe bands all wound their way along Skyline Drive.  Skyline Drive was green from hair to balloons even if the parade was delayed by 10 days.

Ringwood’s and Passaic County diverse population came out and supported this wonderful parade and made it a successful event.  Everyone was Irish-for-a-Day.

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Juliette "Daisy" Gordon Low started the first Girl Scout group in Savannah, Georgia in March of 1912. Although, the Girl Scouts were based upon the same concepts as the Boy Scouts, they have grown into their own identity. Ms Gordon was profoundly deaf which originally altered the core beliefs of the Girl Scouts from the Boy Scouts.  From the beginning Ms Gordon included girls with disabilities.  This inclusionary belief is still evident today in the Girl Scouts. They believe in developing leadership, strong values, and community service.

Uniforms are also a big part of the Girl Scout organization. This excerpt from the Girl Scout Leader Manual (circa 1917) still speaks to the core of Girl Scouts.

 "[A uniform] gives a certain prestige in the community. When a girl is seen in uniform, people recognize her as a girl who is courteous and obliging… The uniform puts every girl on the same footing…[and] makes a useful dress for her to work and play in at the meetings."

The Girl Scouts started a major transformation in 2002. Everything about the Girl Scouts was reviewed and many changes made.  They are no longer just about “cookies”.  You will find that today’s Girl Scouts are proud of their history but, with an eye on the future and the willingness to change to meet that future.

Look for your local troop at the Girl Scouts of Northern New Jersey.

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With each passing day you hear how the economy has changed.  Reading the business news can be confusing.  People are worried, anxiety builds, and fear is felt.  So in this time of distress is there an upside? Absolutely, if you look back at history, you can see the opportunities that evolved during times of economic change.

For example, think of something as simple as a blacksmith.  At one time every town had a blacksmith to shoe horses, create iron implements, and repair wagon wheels.  The invention of cars slowly but, surely put the blacksmith out of the main business forum.  Many blacksmiths converted their businesses and became car mechanics.  Other blacksmiths began specialized careers.  And some just went out of business.

The point - is the glass ½ full or ½ empty?  Where some people will sit tight and wait till things get better, there will be others who will see what is new on the horizon and will prepare for the next new thing to arrive. Those people are entrepreneurs. They will create new businesses while the old businesses will either be destroyed or changed.  Economist, Joesph Schumpeter, named the concept as "creative destruction".  Whatever you call it or however you see it – change is inevitable. 

Yet, there are some things that don’t change. For example, a new business will enlarge the town’s revenue base, employ local residents, and give back to the community. The Borough of Wanaque, New Jersey welcomes change, growth and new business entrepreneurs.

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Members of the Ringwood Chamber of Commerce think the Borough of Ringwood is one of northern New Jersey’s best-kept secrets.

In fact, for an upcoming article in Suburban Trends, Penny Safane described it like this, “You see it just for a second. As you reach the top of Skyline Drive coming from Oakland towards Ringwood, you spot an “s” shaped sliver of a waterway. Then it disappears behind the trees and mountains. You feel as though you’ve just glimpsed paradise, and in fact you have.

In this lake filled, wooded town nestled in the Ramapo Mountains, kids still go outside to play. Their parents don’t necessarily have to make “play dates” for them. It’s a small town with a population of approximately 12,000, but it’s not just the children who enjoy the abundant nature and history that surrounds Ringwood. There’s something here for everyone…

There are trails to hike or bike. The free tours of historic Ringwood Manor, which served as a secret arsenal during the Revolutionary War, are not just for history buffs. There’s even a graveyard on the property where ghost lore abounds. For ecology lovers, there’s Weiss Ecology Center where you can observe and learn about birds, butterflies, maple sugaring, and more. Ringwood is also home to the Skylands Botanical Garden, a gorgeous spot for events as momentous as a wedding or as simple as a stroll.

It’s not so easy to get to Ringwood, or to navigate its windy roads, but the town’s natural beauty, history, and culture make it well worth the trip.”  

Kim Harnett, a correspondent with Suburban Trends is writing a series of articles on “Best Kept Secrets of…” within their coverage area.

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The Federal Reserve allocated $1.25 trillion dollars to aid the badly hit real estate market. The Fed has bought $1.19 trillion dollars of Mortgage Backed Securities (MBS) since January of 2009. That leaves $55 billion for the Fed to spend before the allotment runs out at the end of March 2010. Check out FAQs about the Mortgage Backed Securities program.

Mortgage Backed Securities (MBS) are securities that combined home loans for investors to buy and sell.  Think Ginnie Mae , Freddie Mac , and Fannie Mae.  The Fed’s program has been successful in the fact interest rates have been kept low and the real estate market has been stabilized.

However, where are the investors, which the Fed is expecting, to buy the MBS’s after March 2010?  After all we are a supply and demand economy.  If investors are going to buy mortgage backed securities then it must be financially appealing to them.  This means rates of interest will have to increase to appeal to investors. So where does that leave the average American home buyer?

Caldwell Bankers has a solution:  Pre Purchase Rate Protection (PPRP).  PPRP will allow a buyer who is looking for but, not finding a property before the March deadline to cap the interest rate at the current lower interest rate that is being offered.

This offer is only good for 90 days; so hurry and contact your local Caldwelll Bankers Residential Brokerage.

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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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