The Bergen County Homes Blog

The New Jersey Association of Realtors publishes a report every year on the characteristics of people who buy and sell homes in New Jersey.  The National Association of Realtors has it’s own buyer and seller profile but naturally that’s on a national scale.

There are some very interesting facts in this report and you might just be surprised by a few.  Here are some highlights from the New Jersey Association of Realtors profile of home buyers:

• The median age of New Jersey home buyers is 36
• First time home buyers had a median age of 30
• 56% were married couples
• 21% were single females
• 10% were single males
• 49% of home buyers were first time buyers
• 64% had no children under 18 living with them
• The #1 reason to buy a home – a desire to own your own home
• The #1 reason for deciding when to do it – it was the right time in their life
• Top reason to choose the location – quality of the neighborhood
• 2nd reason to choose the location – convient to their job
• 68% of all purchases were detached single family homes
• 89% used a fixed rate mortgage
• 72% used the internet frequently to search for a home; 17% occasionally

There are two key items here ito note - 49% of all buyers in 2008 were first time home buyers and they decided to buy a home because the time was right for them.

First time home buyers are crucial to keep a market moving – without them, a real estate market will collapse because they are the first cog in the wheel that drives the real estate engine forward.  It’s also interesting to see that no matter the external factors at work (economy, interest rates, etc), it still comes down to when it’s the right time for me.  If you want a copy of the full report, just email me.

The closest winter sports facility to New York City is right here in Bergen County at Campgaw Mountain Reservation.  Only 18 miles from the George Washington Bridge, Campgaw is run by the Bergen County Department of Parks and has it all – you can ski, snowboard and tube down the mountain day and night. 

There’s all sorts of fun here and it’s also a learning center with group and private lessons for you and your family - here’s some children at a Skiwee session:      

For the more adventurous, however, there’s the thrill of snowboarding and those glorious jumps. 

If you’re more “down to earth, there’s also the fun of sliding down the mountain on a snow tube.

But if you’re a traditionalist, you can ski downhill with abandon!

Campgaw Mountain Reservation is open year round and in warmer weather is a favorite hiking and camping retreat.  But, in the winter, it becomes a snow park where you and your family can come for “in your backyard” winter sports.  Campgaw is just another reason why it’s fun to live in Bergen County and why our Bergen County homes are so valued.  I bet you didn’t expect a ski resort only 30 minutes from Manhattan!

I’m not an economist – I’m just a real estate agent.  But, as opposed to what some of my friends will tell you, I am not crazy and I have a lot of common sense.  This is why what has happened makes no sense at all to me.

It all starts with the mortgage.  If you go to my website at www.BergenCountyHomes.com you will see an entire section devoted to how to buy a house the right way.  And what is the first thing I tell you to do?  Go to a licensed mortgage bank.  I refuse to work with any buyers who will not go to a credible financial institution.  Period.  End of story.  No way.  Can I be more direct?

It makes no sense at all for anyone to go to a credible banker who tells them they can afford $100 and then shop around on the internet and find a miracle – you can now afford $150!  Miracles, voodoo dolls, fortune tellers, glass balls with smoke inside, tarot cards etc. are not how you figure out what you can afford. 

I keep telling people, the first thing you do before you look at one house is to work with a licensed mortgage banker.  This is why what happened makes no sense to me.   Realistically I understand how it happened – of course I do.  But it still makes no sense at all to me that so many people found miracles and believed them.  What’s even worse were the people stirring that miracle pot of magic and proclaiming that they were Merlin the Magician or the Wizard of Oz.  Where was Dorothy when we needed her?

And how about those Hedge Fund folks and all the others who churned those packages of bogus loans?  Years ago you had to justify the credit worthiness of a loan to get an investor to buy it.  Well, I guess that went out the window into some dark hole.  But, again, it all comes down to that individual who only wanted to buy a home and wanted a miracle.  But, it wasn’t entirely his fault.

Have you ever tried to read a mortgage document?  If you’ve bought a home in Bergen County, you’ll remember your closing as a blur of papers you had to sign.  They are supposed to be in understandable English but no one, perhaps not even the Pope, can understand it all. 

So between greed from the mortgage broker (notice the expression mortgage broker – it doesn’t say licensed mortgage banker now does it?) who was motivated to sell a loan and get a commission, the real estate agent who was motivated to sell a home and get a commission, in many cases that agent’s manager and company who wanted even more transactions, the banking system who wanted that loan no matter whether or not the buyer could pay for the mortgage and the international investors who wanted US investments and took it “on faith” that what some salesperson was telling them (disguised as a financial advisor, trader, investment banker, hedge fund, international institution, etc) was the truth, we went down this road to a crash literally heard around the world.

So, for those of you who want to buy a home and are nice enough to work with me, understand why I have been telling people for over 20 years that you do not go to alphabet soup mortgage brokers, you go to such places as JP Morgan Chase, Huson City Savings & Loan, Classic Mortgage, New Jersey Lenders or ISB.  These are all strong, solid institutions and no they do not have the lowest rates published – I can almost guarantee you of that.  What they do have is something we used to call a “true rate” (as opposed to untrue?) which tells you what it really costs.

Remember, if these folks tell you can afford 100 or 150, that’s what you can afford.  Because not only do they figure in your mortgage amount, but good, ethical licensed mortgage bankers also figure in things like property taxes and home insurance.  As a result, the figure they give you is credible and usually not as terrific as ABC Mortgage’s phony pie in the sky miracle rate.  But, it is real and so you are protected. 

If you need some good bankers to refinance or buy a home, go to http://bergencountyhomes.com/financing.htm (and in case you’re wondering, I receive no sponsorship from any of them; they don’t participate in conflict of interest behavior and neither do I)

The spring market for real estate in Bergen County arrived in February.  We’ve noticed an increase in the number of buyer inquiries and in the number of people coming out on weekends to look at homes on Sunday afternoons which is pretty much what we expect every year.

Below is a quick study of how the market is doing as of February 17th based on New Jersey MLS data.  Over the years, I’ve found that it’s important to see the relationship between the number of homes for sale (A for Active Listings) and under contract (UC).  In a strong seller’s market, this ratio is at 2 to 1.  How long a home is on the market is also important and I’ve put this in the same order for you (A/UC).   I feel that this is a result of over pricing.  It’s pretty tough in any market to get an offer on an over priced home; it just doesn’t make sense to  a buyer.

For a more in depth look at the real estate market go to my market trends report which I’ll be updating monthly at  http://bergencountyhomes.com/market.htm

                                    A/UC                Ratio                Days on the Market

Alpine                          43/1                 43 to 1             257/298

Closter                         74/10               7.4 to 1            136/224

Cresskill                       69:7                 10 to 1             132/128

Dumont                        44/12               3.7 to 1            117/81

Englewood                   123/16             7.7 to 1           155/110

Englewood Cliffs          45/1                 45 to 1             132/221

Harrington Park            18/3                 6 to 1                92/51

Haworth                       35/1                 35 to 1             122/83

Paramus                       114/25             4.5 to 1            146/103

Ridgewood                   98/14               7 to 1                94/105

River Edge                   34/11               3 to 1                73/95

Tenafly                         93/19               5 to 1              118/150                      

In the 1700′s, Demarest, NJ, was a beautiful area of farmers and and it was also the setting for one of the American Revolution’s major campaigns – Washington’s Retreat from New York, across the Hudson and later ending in his famous Delware Crossing into Pennsylvania.  One of those farmers, Mattias Bogert, built a house alongside what is today known as Old County Road and conducted a prosperous business.  Just to his north was the Demarest family with their farm and grist mill.  By the late 1700′s there were 6 or 7 7 farmers here most of whom were patriots and they helped to supply the Continental Army.  The story is that it was one of their sons who took off on horseback to warn General Washington who was camped at Fort Lee that the Tory’s were coming down Closter Dock in pursuit of him.

This was the time of Washington’s famous retreat having been badly beaten by the British in New York.  On May 9, 1779 the Tory’s unleashed a brutal attack on these farmers burning their homes, killing some and taking many prisoners.  Matthias Bogert, his family, his home and his farm were not spared.  They suffered along with all the other patriots in the area.  After the war, everyone returned to reclaim and rebuild their homes and farms.

Today the Bogert House is a registered National Landmark which the current owner has preserved forever with a conservation easement.  Currrently on the market for sale at $2,300,000 this Bergen County home is a part of our national history and an architectural jewel.  Magnificently preserved, the main part of the house is wonderfully elegant.  This beautiful Dutch Colonial estate home is constructed with the material of the day that all better properties shared – sandstone and wood.  The large front porch is an absolute delight and looks out upon most of the nearly 3 acres of property.  What was a full sized barn with stable is today a 2 car garage (the one horse stable remains) but none of it’s original charm and appointments is missing.   Bergen County was a large part of the American Revolutionary War as one of the 13 Original States and from time to time you will find one of these rare treasures among the Bergen County homes listed for sale although such listings are always exceedingly rare indeed.

Offered for the very first time by the current owner who purchased it from Matthias Bogert’s descendants, this magnificent historical treasure is only shown by private appointment.  We are hoping for a family who will maintain it as lovingly as it’s present owner.  Please call either the the Friedberg Properties Cresskill Office at 201-871-0800 or myself at 201-741-8490 for your private appointment to view this wonderful home and enjoy the pictures we have here for you:

Ok – here are some quick facts about Bergen County:

902,561 people – 234 Square Miles – Avg Family w/Children Income is $113,680 – 3,854 People Per Sq Mile

58.7% of us are married & 32.6% of us have children (no wonder we have so many parks & playgrounds)

90.1% of us have high school degrees and 42.9% of us have college degrees

Jobs - 24.1 % Professional, 20% Service, 19% Management, 16.6% Administrative Support & 6.6% & Laborer

Parks – 15 County Parks totalling 7,968 Acres, 3 State Parks, Hundreds of Municipal Parks, 5 County Golf Courses, 5 Dog Runs, 3 Camp Sites, 1 Downhill Skiing, 1 Swimming Lake, 2 Horseback Riding Facilities

When you look at all of these facts, a picture begins to emerge of what Bergen County is like.  This is one of the most affluent areas in the US (ranked the 18th most affluent US county) and also one of the most densely populated with nearly 1 million people.  We are highly educated and have a diverse and balanced employment profile.  Despite the large numbers of people living here, open space is important and there is a thriving parks system.  Because we are highly educated schools, we appreciate our local schools and parent involvement is high.  As a result, Bergen County is renown for its high scoring school districts and our county run school system is outstanding with its varied disciplined Academy System.  When you put all of this together with a location that is on top of Manhattan (we’re on the other side of the Hudson River from NYC), it is no wonder that Bergen County is one of the most sought after locations in the New York metropolitan area and that Bergen County real estate has always done better in holding it’s value.

Greetings All and welcome to one of the most interesting and fun places to live in the New York City metropolitan area.  Bergen County NJ is at the north east corner of NJ next to the George Washington Bridge which means we’re on top of Manhattan.  Bergen County homes are prized for our proximity to NYC our very strong school districts and our suburban lifestyle.  Even though Bergen County is one of the most desnsely populated areas in the US, we’re still filled with parks, nature preserves and all sorts of wooded spaces.  In fact, most of Bergen County is quite residential.

Bergen County is also very diverse – we have 70 different locations here and each has it’s own unique personality.  We go from small hamlets to a typical suburban town to a small city.  In fact, we have 3 cities here in Bergen County – Englewood, Hackensack and Teaneck. 

Introducing people to Bergen County is always fun – hopefully this blog will help you appreciate all we have to offer.