The Bergen County Homes Blog

  In the wake of last year’s early winter storm in October  that had a devastating impact on Bergen County and throughout the New York City area and beyond, Public Service Electric and Gas has begun a year long effort to prune trees in Bergen County so that the next major storm won’t have the same resul. 

Bergen County is known for it’s foliage – our streets are often lined with magnificent towering trees reaching enormous heights.  Many of these trees have limbs perilously close to electrical wires and when winter storms come, they snap and break tearing down those wires creating havoc for the nearby residents.  Last October 29th Bergen County was brought to a standstill as power, phone and cable lines were out everywhere and streets were made impassable due to the overwhelming number of trees and branches that fell.

PSE&G spokeswoman Bonnie Sheppard said that all pruning work should be completed in the following towns by the end of April: Bergenfield, Bogota, Cliffside Park, Dumont, Englewood, Englewood Cliffs, Fairview, Haworth, Fort Lee, Leonia, Little Ferry, New Milford, Oradell, Palisades Park, Paramus, Ridgefield, Ridgefield Park, River Edge, Teaneck and Tenafly.

This is welcome news for Bergen County residents some of whom were without power last October for one week.  No one wants a repetition of last year’s Halloween snowstorm.

With 7 severe snow storms in January (including a blizzard) and more in February, the Bergen County real estate market was side tracked for days at a time.  We’ve had record breaking snows and days when not only Bergen County but also New York City shut down with public transportation, schools and businesses closed.  I can’t remember any other time when New Jersey Transit suspended all bus service in the county.  By the end of January, many towns had already exhausted their annual budgets for snow removal.  It’s been quite a mess.

Surprisingly Bergen County homes did better than anyone would expect. 

New Jersey MLS data shows that 10% fewer homes went under contract this January than last year and February seems to be following the same pattern.  However in 2010 the Home Buyer Tax Credit significantly fueled the housing market from January through April.  When you consider this, being down only 10% while losing weeks of time due to snow storms isn’t bad at all.

As we move into March and warmer weather, the Bergen County real estate market will stay on track and we’ll end the year with more transactions than we had in 2010.  Home buyers are active – we’re getting more people at our open houses, more calls and many more internet inquiries.  The signs are definitely here for a stronger market.  Despite having to climb over snow banks, the Bergen County real estate market now looks pretty good.

Whether you’re buying a home in Cresskill, Tenafly, Teaneck, Englewood or anywhere else in Bergen County, you need to do a home inspection.  Once Attorney Review is completed and you have a firm purchase contract on your new home, often the next step is to do the home inspection. 

This is when most people focus on finding a home inspector.  And for most people they find a home inspector in a matter of minutes which really doesn’t make a lot of sense.

Consider this:  Didn’t you spend a lot of time doing research on the market and looking at a variety of locations?   Let’s say the home you picked is in Bergenfield.  Didn’t you also spend time looking at homes in Englewood, Teaneck, Dumont, Bogota and perhaps further out in Bergen County like Fair Lawn and Waldwick where pricing is similar?  

Amazingly enough, most people spend hardly any time at all in finding their home inspector.  Just a few minutes on the web and that’s it.  I tell my buyers to get ready early on.  Don’t wait until you’ve found your house to find the right professionals you need and that includes a home inspector.

The State of New Jersey licenses home inspectors.  If someone gives you a recommendation, you can go to the State of NJ Divison of Consumer Affairs to verify that the person recommended is licensed.  A great resource is the American Society of Home Inspectors and HUD has it’s own top 10 list of questions to ask the inspectors you investigate.  Another idea is to consult with your attorney and, of course, your real estate agent can suggest home inspectors too.

When you buy a house the home inspection is one of the major parts of the home buying process.  Spend the time to do the research you need to get the right home inspector for you.

When you are buying a home, part of the process involves a home inspection.  Home inspections are usually done in 3 sections – structural, termites and wood destroying insects and radon.  Radon is a gas that occurs when uranium and radium breaks down in the soil or in rock formations.  When this gas is released, it can build up to dangerous levels in a house.  Radon is a leading cause of lung cancer. 

Not only is it dangerous, it’s clear and odorless.  The only way to discover if the radon level in your house is unsafe is to test for it.  Home buyers rarely re-test after they’ve moved in and most people who bought their home before radon became a known issue have never tested to see if their home is safe from this dangerous gas.  The good news is that you can solve a radon problem through contacting a licensed radon mitigation contractor; this often involves a simple ventilation system in your basement.

Bergen County Executive, Kathleen Donovan, announced that there will be a limited number of free radon testing kits for Bergen County residents on a first come first served basis this month.  Just call the Bergen County Department of Health Services at 201-634-2803 or stop by Room 103A, 327 E. Ridgewood Ave in Paramus to pick up your free testing kit.  Do this today to protect yourself and your family!

Very unfortunately the New Jersey Multiple Listing Service will not allow me to post their wonderful statistical reports but they will allow me to email them to you.  So if you want this information, just email me at barbara@bergencountyhomes.com   Meanwhile, here’s how we’re doing:

For Bergen County in the NJMS Through November, comparing 2009 to 2010 -

79 fewer sales so far this year (6,614 as oppose to 6,693).  We were ahead from January through June and since then we’ve been down every month.  My feeling is that this is due to the tax credit pre-buying and the uncertainty caused by this year’s election. Still it’s only a 1% difference.

Dollar volume is up 2% and the average price is up 4% which is positive.  Although many towns see their bottom pricing at lower levels than in 2009, more upper tier homes are selling which raised the average sales price.  When a market recovers at both ends, it is truly recovering.

Homes are selling quicker too - marketing time is down 5% from 94 to 89.4 days.  This is significant because new regulations in 2010 made mortgage processing take much longer.  What does this mean?  People who are coming out to shop for a home are motivated.  They’re not window shopping as much as they were in 2009.

I’ve said it before and I’ll say it again – all signs point to a better year for real estate in 2011.  Although the number of sales is not increasing, higher dollar volume and average sales prices mean that real estate is improving. 

Here’s something else to think about – mortgage bankers are warning me that interest rates are about to go up.  If mortgage rates start to rise, that will certainly motivate people to take action.  We’ll have to wait and see what happens on that score.

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.

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!

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.

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!

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.