The Credit Suisse  “Monthly Survey of Real Estate Agents”  for the New York – Northern New Jersey area is really quite accurate. It found that January had an inventory build up which put pressure on pricing.  No doubt the 7 major snow storms we had then caused many buyers to stay home.  However, concerns over jobs and year end bonuses that were less than in the past also had an effect.  The sum total was pressure on pricing and homes on the market longer. 

At the same time, agents were seeing signs of pent up demand, frustration with renting and fear of higher interest rates.  56% thought the activity level was more than expected, 31% saw it as what they expected and only 13% saw activity as less than expected.   

Near term prices will soften a bit more but as the weather changes, so will the mood of many buyers.  Halfway through February, I can report that activity has definitely increased.  If you look at the activity ratios of a few towns, you’ll see they’re under or just over 5 to 1 which is great:

Tenafly is 4.3 to 1, Cresskill is 4.2 to1, Teaneck is 6 to 1,  Dumont is 4.3 to 1, Englewood is 4.8 to 1 , River Edge is 2.9 to 1 and Oradell is 3 to 1.

Buyers are snapping up the bargains that are now out there and are locking in interest rates as soon as they can.  Without snow and ice to slow things down, the real estate market will be very active this spring.

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.

The truth is that real estate here pretty much stabilized and is poised to move forward in 2011.  Let’s check out a few towns to see how we’re doing on a local level:

Tenafly did very well.  Sales units in Tenafly were down by 8% but the average sold price rose 4%.  Teaneck also turned in a strong performance – units were down 14% and average sales prices were up 8%.  On paper Dumont didn’t do as well with 6% less sales and a 6% drop in the average sales price but a good number of short sales were to blame.  Cresskill has a large inventory of luxury homes so I kept it to $1 million sales.  Through $1 million, Cresskill had 19% fewer units at only 1% less in the average sales price. 

Bergen County beat the ”prevailing wisdom” because of our proximity to Manhattan, excellent schools, good commuting and diverse economy.  While Wall Street and the financial markets do employ many of us, there’s more to the Bergen County job picture than stocks, bonds and trades.  We have 4 major hospital centers in Englewood, Hackensack, Ridgewood and Teaneck employing large staffs of doctors, nurses and all sorts of support systems.  Bergen County is the most populous county in New Jersey and one of the largest in the US with over 900,000 residents. 

With all these advantages, it’s no wonder that things are better here.

Even with a population of 16,590 people, Dumont is decidedly small town in it’s feeling with a strong community spririt and well attended town events that bring folks together.  Every fall Dumont Day is a huge happening from the morning through fireworks at night with thousands of people attending.  

In fact, many multi generational families live here.  Children come back as adults to purchase their home.  In selling homes in Dumont I’ve seen this many times over the years.

The real estate market for Dumont homes is strong for out of town buyers because houses here are moderately priced, schools are great, there’s express bus commuting to New York City and the business district has everything you need.

For both 2009 and 2010, the difference between asking and selling prices is 5% but homes are on the market fewer days in 2010 (68 to 74).  This is significant because new banking regulations in 2010  make mortgage processing take much longer.   This can only mean that homes are selling quicker this year. 

At the same time, the average sales price is down by 6% due to more sales under $250,000 (13 as opposed to 4 in 2009) and none above $500,000 where we had 4 last year.  Still demand is up shown by less time on the market and consistently strong for sale to under contract ratios plus we have close to 20 homes under contract a lot of which will close this year.

I expect the final 2010 figures to be better.  There is no doubt that we are past the bottom and are in full recovery mode.  2011 will be an even better year for Dumont homes.

If you’d like this information, just email me at barbara@bergencountyhomes.com  and I’ll email it to you right away.  I apologize for this inconvenience but it’s beyond my control.

If you’re in Bergen County next Saturday, come to the Bergen County Zoo and enjoy a special day there – it’s the zoo’s 50th anniversary.  To celebrate, the zoo is offering free admission to all Bergen County residents from 10 am to 1 pm on Saturday August 14th.  Non residents will have a small fee.

With over 500 animals, a train, carousel, and pony rides, the zoo is a favorite spot for families.  Over 250,000 people visit the zoo annually and there are educational programs and activities all throughout the year for adults as well as children. 

During the summer the zoo has 3 live animal shows daily in the amphitheater and a unique exhibit called the Budgie Encounter.  Summer months also host Zoo Camp for children from 5 to 15.  Zoo Camp is a popular one week program that is always sold out. 

Located at the north end of Van Saun Park, the zoo is bordered by Paramus and River Edge.  However, people from every town in Bergen County come to the zoo so it doesn’t matter if you live in Tenafly, Dumont, Cresskill or River Vale - no matter where you are here, the zoo is a “must go” location and, if you can’t go to the zoo, the Bergen County Zoo will come to you.  The zoo has special programs for schools, organizations and senior living facilities too.  You can even book a birthday party at the zoo!

So come join us on the 14^th and help celebrate the Bergen County Zoological Park.

Ok, I know, it’s 2009 and the sky is supposed to be falling but it sure isn’t in Dumont. Right now Dumont has 50 homes for sale and 31 under contract which is way better than 2:1. Plus the time it takes to sell a home has improved dramatically – 72 days for under contract and 93 days for the 25 sales we’ve had over the past 4 months. No matter how you look at it, Dumont homes are rocking! There are several reasons for this.

Dumont is affordable. Property sizes are not too big and not too small which results in a moderate sized house. Dumont typically has what most of us would call a normal sized yard with a normal sized house. This means Dumont real estate works for most of us.

Dumont's school district is very good with a lot of parent participation and a broad range of programs. The town has excellent community services as well. The Borough of Dumont's Official Website is worth a look – it has a lot of information and shows you the strong community spirit that’s here.

The business district is very active with a good mix of retail stores, services and offices. Major retailers have invested in Dumont such as a CVS drug store, Wachovia Bank and Stop N Shop supermarket.

NYC transportation is great – there are plenty of express buses at rush hour and you don’t have to make any changes. Just grab a seat and read the newspaper on the way to work.

Dumont has everything that most people want, is affordable for first time buyers, can handle the more affluent move up market and is a great place to live. No wonder the real estate market is doing well. This does not, however, mean that prices are going up. They aren’t but they’re not sliding down either. If you’re thinking of making a move into Dumont, as a home buyer you’d be smart to do it sooner than later. Things here have turned positive.