The Bergen County Homes Blog

There’s a relatively new website that is all about Bergen County and what’s happening here.  Go to www.MyBergen.com and you’ll be amazed at all the information you’ll find there.

Today you’ll find a video on last month’s special Chamber of Commerce event in Westwood at their public library.  Called “A Taste of Westwood” this was a community event to raise funds for the Westwood Public Library and to support hospice.  If you take the time to watch it, you’ll get a real view of what it’s like to live in Bergen County.

I have to admit that as a mother I loved the Kid’s Corner where you’ll find all sorts of activities for children from Robots in Upper Saddle River this August to the New Jersey Children’s Museum in Paramus where they are again having their Summer Fun Workshops.

MyBergen.com also has a great calendar of what’s happening and also tips on where to shop, where to eat and a wonderful section just for people who’ve moved here recently titled New Movers.

Whether you’re a new resident or have been here for years, I’m sure you’ll find www.MyBergen.com a neat website to visit.

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Senior citizens get a lot of breaks in New Jersey; sometimes you don’t even have to be that senior.  Imagine my surprise when I went into the Englewood International House of Pancakes and learned that because I’d crossed the 50 year line I could get pancakes at a discount.  Frankly, being told I get a senior rate at the age of 50 was more than disconcerting!

Property taxes are a major reason why senior citizens sell their Bergen County homes.  The cost of ownership for people who are on a retirement income often becomes a burden they cannot handle.  When they bought their family home many years ago, they had a working income but without that now, it’s just too expensive even when the mortgage is paid off.

Property taxes are a big part of the problem because they often go up every year making it increasingly more dificult for senior homeowners to afford their home.  To help out, the State of New Jersey has a property tax freeze program for those seniors who qualify and the deadline to apply for this has been extended until August 2nd.

Just go to the State of New Jersey’s Property Tax Reimbursement website where you’ll find all the information.  This program, known as the Senior Freeze, stops property tax increases for those who qualify.  As in all things relating to your finances and taxes, I suggest that you contact your accountant for guidance.  You can also call your local Tax Assessor.  But one thing’s for sure – if you’re a senior citizen, you want to check this out before August!

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Proximity to NYC,  great schools and a wonderful suburban lifestyle make buying a home in Bergen County, to quote Martha Stewart, a “good thing.”  Because Bergen County homes offer these advantages, buyers come here no matter the economy or housing market.  The Bergen County real estate market regularly outperforms all other counties in New Jersey and this is true today.

Taking a look at the market through May, we are significantly ahead of where we were last year.  In 2009 there were 2,011 sales and this year 2,536 for a gain of 525 units and a 26% improvement.  The average sales price decreased by 3% because more of the homes sold this year were less expensive than in 2009 but they sold quicker (5% fewer days on the market) and that’s positive.

These figures are from the New Jersey Multiple Listing Service and I have their graph here for you.

When June numbers are in, I expect this trend to continue.  The question is how much of this is due to the tax credit and to the demanding terms of jumbo loans.  With formidable down payment requirements, the jumbo loan has really put a damper on the market for more expensive houses along with the negative economy.  Very recently these demands have been relaxed and so we’ve seen a real pick up in such places as Englewood Cliffs, Franklin Lakes, Saddle River and Tenafly.   Based on both the NJMLS data and the activity we’re seeing in all of our offices, there is a significant improvement in the demand for Bergen County real estate so far this year.  I’ll continue to keep you updated throughout the year.

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One of the wonderful things about owning a Bergen County home is how close you are to so many things.  Every season has it’s sports and activities and Bergen County is always within an easy 1-2 hour drive which makes for lots of fun family trips.  When people come here to buy a home in Bergen County they often ask “How easy is it to get to the city?”  They are concerned with transportation to New York City.  Once they live in a Bergen County home, however, they soon ask “How long does it take to get to the beach?”

With the summer season just begining, it’s time to think of going to the Jersey Shore.  Actually, you never say you’re going TO the shore, here in Bergen County we say we’re going DOWN the shore.  That’s because Bergen County homes are north of the shore so our famous beaches are south of where we live.

Point Pleasant NJ is a very popular destination and it’s only a short 90 minutes from your front door whether you live in Tenafly, Paramus or Ridgewood or anywhere else in our county.  Just hop on the Garden State Parkway or the New Jersey Turnpike and sooner than you’d think you’ll be on the beautiful sandy beaches of the New Jersey Shore.

Every year New Jersey Monthly Magazine publishes it’s annual shore guide.  This is one issue you do not want to miss.  From Atlantic City to Sea Girt and beyond you’ll find everything you need to know about what’s happening down the New Jersey shore this season.  Once you read it, you can plan your next trip down the shore from your Bergen County home!

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If you own a Bergen County home or anywhere else in the New York City area, the past few months were a challenge indeed.  Winter weather in Bergen County was very unusual this year.  We had multiple storms that wreaked havoc throughout the NYC area and Bergen County was right in the middle of things.     

One snow storm after another for weeks on end with even a full blown blizzard gave us over 30 inches of snow.  Once that melted then we had a series of rain storms culminating in a vicious nor’easter that came with winds at hurricane force toppling tree limbs and entire trees  knocking out power with such drenching rain that many local towns resembled lakes or raging rivers.  We had 7 inches of rain within 24 hours.  It was so bad that Berten County and 11 other counties in New Jersey were declared Federal Disaster Areas. 

Bergen County homes suffered with days of power outages, flooded basements, cars smashed by trees, 100 year old trees strewn across lawns like  toothpicks or thrown across a roof ripping it to shreds and impassable streets everywhere.  Because of this mess, the IRS has delayed tax day to May 11th from the traditional April 15th date.  So if you own a Bergen County home, you’re getting additional time to file your taxes from both the IRS and the State of New Jersey.  Of course you should consult with your tax preparer to make sure of things but tax day for Bergen County homes this year is May 11th.

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Bergen County has the advantage of being just a short hop across the George Washington Bridge from New York City’s attractions which include world class theater and entertainment.  But did you know that there are wonderful shows and concerts here as well? 

 The Bergen Pac (Bergen Performing Arts Center), located right in downtown Englewood, is where you will enjoy live performances – everything from the New Jersey Symphony to international stars. PAC performances have included Ray Charles, Pink Floyd, Dionne Warwick, Natalie Cole, the Beach Boys and comedians Don Rickles, Bil Cosby and Wanda Sykes just to name a few.

Begen PAC is extremely popular – world class entertainment that’s easy to get to; you don’t have to drive to Manhattan and pay the exorbitant parking fees of NYC garages.  Plus it’s so convenient for a full night out. 

Many people take advantage of the many excellent restaurants in downtown Englewood and then take in the show at Bergen PAC.  When the weather allows, Englewood has a downtown that is filled with people during the evening enjoying dinners, cappucino or just walking up and down Palisade Avenue looking at all the shops.

Bergen County also has many local theater companies including the Garage Theater Group in residence at Fairleigh Dickinson University and very popular community theater groups such as the Bergen County Players and The Player\’s Guild of Leonia. We even have our own opera company - The New Jersey Association of Verismo Opera.  

There’s another performing arts center that you can take advantage of  as well; Ramapo College has the Berrie Center for the Performing Arts.  This theater is situated on a beautiful campus and is host to quite a variety of plays, concerts, lectures.  Located in the northern end of Bergen County, it’s convenient for both northern Bergen County residents and folks from Rockland County, NY, too.  

As you can see, theater and the performing arts are very important to people in Bergen County.

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My projection for Bergen County real estate is right on target - our housing market is improving.  New Jersey MLS data, bank appraisers and housing reports all say the same thing:  We have clearly bottomed out and are in a period of stabilization.

Today’s ratio of homes for sale to under contract is 4 to 1; early in the year it was in double digits.  Last spring Bergen County was classified by the mortgage industry as an “area in decline” meaning that values were falling.  Appraisers were deducting 1% per month of value; if a home appraised at $200,000 and was closing 2 months later, the appraisal was fixed at  $196,000.  Bergen County’s housing market is no longer classified as “in decline” and a Valley National Bank appraiser on Monday told me that price depreciation has ended.

Jeff Otteau in his latest real estate newsletter termed the NJ real estate market’s performance “remarkable” and forecast continued improvement.  The monthly Credit Suisse agent survey said that for the first time in a long time a majority of agents reported positive home buyer traffic and houses selling quicker.

With all time low interest rates, prices no longer dropping and falling inventory levels, there should be no surprise to find stability in the Bergen County real estate market.

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If you are a home buyer and you qualify for the first time home buyer tax credit, time is running out for you to find a home.  You must buy a home by November 30th and because getting a mortgage these days often takes 45 days, many buyers feel pressured to make a decision now.  As a result, a first time home buyer who qualifies for the $8000 Tax Credit may find himself scrambling to get into contract this week.  However, I’m wondering if some of you aren’t making a mistake.

$8000 is nothing to sneeze at but a buyer may be missing out on a home value that far exceeds the $8000 credit – short sale opportunities are still available.  There are many homes for sale with steep discounts because they are a short sale and you may find a house that is a better “fit” for you in a short sale than trying to buy a home that you really don’t love just because of the tax credit.

In the New Jersey MLS this morning, searching for short sale homes shows that of the 3,796 single family homes for sale, 352 are a short sale.  There are also many that are described as potential short sales.  For our purposes, let’s say that a bit more than 10% of the Bergen County housing market is a short sale.   This figure has been pretty constant this year.  The bottom line is that there are other opportunities out there.

Even if you can’t find a home that works in time for the tax credit, you shouldn’t go into contract on something that isn’t the right home for you and your family.  Opportunities come in many ways.

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While I normally blog about the real estate market and life here in Bergen County, I want to bring Jake to your attention.  This is a sad story about a pet rescue – the owners had just adopted this dog who is still a puppy – from an animal rescue group when things went terribly wrong:

Please post this story in your blog, on Facebook, tweet about it, etc. so maybe someone will find poor Jake.  What set him off we believe is the fact that there were fireworks last night in town.  If you’ve ever been a pet owner, you know how fireworks can upset an animal.  People everywhere throughout Bergen County are posting this and many volunteers have been helping to try to find him.  In fact, the local police messaging services put out the call for all policemen to be on the watch for Jake last night as soon as the owners called for help.

If you’re in Bergen County or near by, please keep a look out for this frightened little guy.  Thanks a lot!

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One of the special advantages of living in Bergen County, at least from my point of view, is our gas and electric service utility – Public Service Electric and Gas.  Go to their website at http://www.pseg.com where you’ll find excellent information and their terrific Worry Free Contract system.

PSE&G has very reasonably priced maintenance contracts on your gas and electric heating, air conditioning and appliances that I always recommend to my clients.  One of the best values you can find in Bergen County when you buy a house is their Worry Free Contracts and especially their gas furnace maintenance program which only costs $5.90 per month for parts and labor.  Go to their Residential Worry Free Contract Enrollment and scroll down the page toward the bottom where you can see the a la carte menu or you can use the bundled options at the top of the page.  The cost is billed monthly on your utility bill which makes this affordable service even easier to handle. 

It just makes sense, especially now that the heating season is almost here, to get yourself protected.  I always recommend to my clients who have gas furnaces in their home that they at least get this coverage.  It’s simply the best deal around at an annual cost of $70.80 for parts and labor with no deductibles. 

When you buy a home the last thing you need is an unexpected bill for a furnace repair – at $5.90 per month you’ll have peace of mind.  Trust me – it can happen any time.  Years ago I had a 3 year old furnace that stopped working – it needed a new circulator pump.  PSE&G came in a few hours and replaced it.  No problems after that and it was well worth the $5.90 bill that month!

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