Home Sales | Pascack Valley Home

Spring Real Estate Market Off to An Early Start in the Pascack Valley

March 21, 2013 by Kevin Hill Leave a Comment

Hurry They Are Going Fast!

2013 has gotten off to a very fast start for real estate here in the Pascack Valley, Bergen County, and even nationally. Housing inventories are way down and buyers are scooping up the available properties often within days of the house being listed.

Search for Homes in Bergen County, New Jersey

Housing affordability, low interest rates, and optimism that America’s economy is getting better are finally getting home buyers off the fence. I keep seeing it time and time again, a well priced house gets listed on the Multiple Listing Service and its gone quickly. Especially in the lower, first time home buyer price ranges. I consider that range any home listed under $450,000 in the Pascack Valley and surrounding Bergen County.

Search for Homes Under $450,000 in Bergen County

This has happened to me many times already this year, where one of my buyer clients has either put off seeing the home until next week or even on a Monday, requested to see a home on a Saturday, and the house already has an accepted offer on the home before the end of the week. You can’t procrastinate! Some of my buyers, who have been searching for a long time, are used to taking their time, but its not like that in 2013!

I wouldn’t call it a full blown seller’s market. You still have to price your home reflecting current market values. Short sales and foreclosures seem to linger on the market for awhile unless they are really priced under market value. Many buyers don’t want to deal with the headaches of having to get the lender’s approval on their offer, which often takes months and months.

These type of distressed properties usually need updating also because someone someone behind on their mortgage isn’t likely to properly maintain their home if they could possibly lose it.

Search for Short Sales & Foreclosures in the Pascack Valley

Now some sellers see this as an opportunity to try and sell their homes themselves. This is still a mistake. You need a professional to price your home properly in this ever changing real estate market, get your home marketed property for maximum exposure, and have someone on your side to negotiate.

Many of the ‘For Sale by Owner’ signs I see in the Pascack Valley have been up for months without them selling. Recently, on the street I live on in Westwood, a homeowner tried unsuccessfully to sell his home on his own for 2 months. He put it on the ‘For Sale by Owner’ sites, Zillow, and Craig’s List. Within 4 days of him finally listing his home with a real estate agent, he had an accepted offer.

So sellers, if you have been holding out on listing your home, getting it on the market NOW and buyers, if you see something you like, jump on it NOW before its gone!

Filed Under: Bergen County, Buyers, Home Sales, Listings, New Jersey, Pascack Valley, Real Estate, Sellers Tagged With: 2013, Spring Market

How Did the Real Estate Market Perform in 2012 for Bergen County & The Pascack Valley?

January 9, 2013 by Kevin Hill Leave a Comment

It is time to look back at the real estate market in 2012 and see how it compared to 2011 in Bergen County as a whole and the Pascack Valley region. Total sales were up nicely in 2012 in Bergen County. This supports the national trend of reduced housing inventory. Every price range was up except for the $1.5+ million priced homes.

Statistics Provided by the New Jersey MLS. Graph design by Jeff Adler.

Average home price was down very slightly in the typical first time home buyer price range ($400k & under). This could be a result of distressed properties, which are still part of the market in Bergen County. Average price was also down in the higher end homes, but the middle price ranges were basically stable from 2011 to 2012.

Median homes prices were basically flat across the board in all pricing categories.

Statistics Provided by New Jersey MLS-Information herein deemed reliable but not guaranteed

The Pascack Valley region, made up of Emerson, Hillsdale, Montvale, Park Ridge, River Vale, Washington Township, Westwood, and Woodcliff Lake, saw a significant increase in single family home sales in 2012. Up an astounding 31% from 2011. The average sold price was down 3% across the Pascack Valley region. Median home price (not reflected in the table) was down 6% across the region.

There are definite signs of a real estate recovery throughout Bergen County. Reduced inventory, near record low mortgage interest rates, strong home sale increases, and stabilizing home prices bode well for real estate in 2013.

Want statistics on individual towns in Bergen County? Contact Kevin Hill, REALTOR®-Sales Associate with Keller Williams Realty-Village Square for more details.

Want to search for homes currently available for sale in the Pascack Valley and surrounding Bergen County? Go here:

http://pascackvalley.kwrealty.com/search/

Filed Under: Bergen County, Home Sales, New Jersey, Pascack Valley, Real Estate Tagged With: statistics

Is 2013 the Year the Real Estate Market Turns Around?

January 3, 2013 by Kevin Hill Leave a Comment

More and more evidence of 2013 Real Estate Turn Around
Graphs Courtesy of New Jersey MLS

If you listen to most real estate agents, no matter what the market conditions are, they always say its a good time to buy a home. Even in 2007, right when the housing bubble was about to burst, they were still crowing it was a good time to buy. One company head and founder even had predicted we hit the market bottom in 2008! Often the National Association of REALTORS® (NAR) has their economist spin that everything is great in real estate or will admit its down only when its obvious to everyone else with half a brain.

As a former appraiser, I was in the trenches when the market was booming and knew it was unsustainable. It was ridiculous to see homes appreciate tens of thousands of dollars in a few months time without even improvements being made to the home. I remember going back to properties 2-3 times to reappraise their condo or home because the owner was cashing out their equity on a refinance. Appraisers were under pressure to bring in the increased values or risk not receiving work from that lender. The price of homes was quickly outpacing increases in income.

Now that I am on the sales side, I am seeing buyers faced with less homes to choose from, multiple bids on correctly priced homes, and a decrease on the days on the market.

No area was invincible to the real estate downturn. Some areas were hit much harder like Arizona, Florida, and Nevada. New Jersey was plagued with a high inventory of distressed properties due to the Robo Signing controversy and the courts freezing all foreclosures.

Now with significant increases in the number of sales and reduced housing inventory in 2012, there are finally solid signs of a real estate market recovery in Bergen County, New Jersey and nationally. Its not just agents, real estate company presidents, and NAR who are predicting an improving real estate market in 2013.

J.P. Morgan Chase is predicting a 3.4 to a 9.7% increase in home prices in 2013. Standard & Poor’s, which rates private-issue mortgage bonds said it expects a 5% increase.

In Zillow’s December Home Price Expectations Survey, which is based on responses from 105 economist and industry experts, they predicted a 3.1% increase in home prices.

The Wall Street Journal says home prices are on track to have their first yearly gain since 2006.

CNN Money reports that new home sales recently recorded their strongest pace in more than 2 years.

Foreclosures hit a 5 year low nationally and the unemployment rate fell to its lowest level in 8 years. Couple this will near record low mortgage interest rates and there are numerous signs of a turnaround in real estate in 2013.

Now don’t get too giddy. It still can be tough for buyers to qualify for a mortgage, not have a property be undervalued by the appraiser, we still have a plentiful supply of short sales & foreclosures to weed through, and the economy isn’t exactly booming presently.

I say its definitely okay to have some guarded optimism for the real estate market in 2013 and beyond. Yes, I am going to say the hack real estate agent line that “it’s a good time to buy a home!”

Filed Under: Bergen County, Buyers, Home Sales, New Jersey, Pascack Valley, Real Estate Tagged With: 2013 Predictions

Top 5 Statistical Reasons Why The Real Estate Market in Bergen County, New Jersey is Improving

December 18, 2012 by Kevin Hill Leave a Comment

Bergen County Real Estate Market is Improving

Nov 2012 Market Snapshot Courtesy of the NJMLS

Some home buyers in Bergen County, New Jersey are on the fence. Will the real estate market go down more? Is it a good time to buy a home? Should I keep waiting to buy a home?

Well there are continued signs of a real estate recovery nationally and more locally here in Bergen County, New Jersey. In comparing 2011 to 2012, there are some key statistics from the New Jersey Multiple Listing Service proving the real estate markets in Bergen County is improving.

1. There are less homes on the market in 2012 vs 2011. Simple law of supply and demand, as inventory goes down, demand goes up.

2. Absorption rate for all residential housing types is down significantly. In case you don’t know what absorption rate is it shows the rate at which the inventory of homes for sale are being sold. A declining figure indicates people the inventory is decreasing as more homes are being sold than are coming onto the market. A rising absorption rate implies that there are more homes coming onto the market than there are buyers willing to buy at the market prices.

The absorption rate lets you know how well the market is absorbing the current inventory of listings.

3. Number of sold homes for the year is up.

4. Days on the market has decreased

5. Median home prices for all residential categories is up.

For a more detailed look at the statistics provided by the New Jersey Multiple Listing Service for November 2012, get instant access to the 33 page report.

For those with patience and willingness to possibly do some renovations, there are still short sales and foreclosures available. Often these homes are priced under market value and buyers can get a great deal on a home.

Search for Short Sales & Bank Owned Properties in the Pascack Valley

I know real estate agents almost always say ‘its a great time to buy a home’, but coupled with the housing recovery statistics, near record low interest rates, and housing affordability, it really is a great time to buy a home!

Search for Homes in the Pascack Valley

Search for Homes in Bergen County

Contact Kevin Hill, REALTOR®-Sales Associate with Keller Williams Realty.

Filed Under: Bergen County, Buyers, Home Sales, New Jersey, Pascack Valley, Real Estate Tagged With: statistics

The Fall Market, Still a Good Time to Buy or Sell a Home

August 16, 2012 by Kevin Hill Leave a Comment

Pascack Valley in the Fall

In real estate, the spring market is the busiest time of the year. However, don’t think you missed out on buying or selling your home and need to wait until next spring to put your home on the market. Selling in the fall has its advantages.

Less Competition for Sellers
There are less homes on the market, so there is less inventory for buyers to choose from. Serious buyers, who have an urgency to buy ASAP, have less choices out there and increases the odds of your home selling (well if its priced well, shows well, is accessible, and marketed well, but that’s a whole other blog article).

Less Competition for Buyers
Believe it or not, well priced homes, were getting multiple offers on them in the Pascack Valley area of Bergen County in this perceived down market. I often had buyers who put off seeing a home until next week, get disappointed when that house listing received an accepted offer in the meantime and they missed out.

More Serious Buyers
This is especially the case around the holidays. People looking November-January are really motivated to buy. They aren’t people out for a warm, spring day drive and decide to check out some open houses for decorating tips.

For those into statistics, in the Pascack Valley in 2011, there were 415 single home sales. 120 of those sold occurred from September 1st through December 31st. That’s 29% for those keeping track at home.

My advice if you are looking to sell, take the next few weeks to get your home ready, contact a great real estate agent, and get your home listed this fall! If looking to buy, get your finances in order, get pre-approved, and work with a great buyer’s agent to find your dream home!

Filed Under: Bergen County, Buyers, Home Sales, Listings, New Jersey, Pascack Valley, Real Estate, Sellers Tagged With: Fall

So How is the Real Estate Market Doing in the Pascack Valley?

June 8, 2012 by Kevin Hill Leave a Comment

So as a real estate agent in the Pascack Valley, the one question I always receive is ‘how is the real estate market doing?’. So in my experience and in talking to other REALTORS®-in my office and from around Bergen County, the market is doing better. The buyers are definitely out there and homes, if priced correctly, aren’t staying on the market long. Of course, many homes are sitting on the market for months and there are foreclosures and short sales still coming on the market. Lets look at some statistics to further show how the market is doing. In case you aren’t familiar with the Pascack Valley area in Bergen County, New Jersey, its comprised of 8 towns. Those towns are Emerson, Hillsdale, Montvale, Park Ridge, River Vale, Washington Township, Westwood, and Woodcliff Lake.

As of the date this article was written, in the Pascack Valley, there are currently 338 active, single family homes available for purchase. 152 home listings are currently under contract, and there have been 176 single family home sales in 2012. The average days on the market is approximately 92 days.

Comparing 2011 vs 2012 in the Pascack Valley, single family home sales are up. The number of sold listings is up 17% from the time period of Jan through May. Despite a lot of the doom and gloom you hear on the news, the average sold price is actually up 2% from 2011. Now thats not a huge increase, but it shows some stabilization in home prices and even a modest appreciation. Average home prices in Bergen County as a whole were flat from 2011 to 2012, but again it displays stabilization.

Courtesy of NJMLS

It’s a good time to buy, as it appears that the Pascack Valley region has already reached its bottom and is showing signs of recovery. Also, interest rates remain at or near record lows. As of the date of this article, averaging 3.78% for the area.

Lets break down the 176 sales so far this year into price ranges.

Price Range # of Sales
0-$300,000 27
$301,000 to $400,000 46
$401,000 to $500,000 33
$501,000 to $600,000 27
$601,000 to $700,000 14
$701,000 to $800,000 10
$801,000 to $900,000 5
$901,000 to $1,000,000 8
$1,000,000 + 6

So the lower price ranges are making up a large majority of the current sales, which makes sense because the majority of home buyers out there now are first time home buyers. You may also see buyers moving up from their condo or starter home to purchase a more expensive home.

Note: All statistics are provided by the New Jersey Multiple Listing Service and are considered reliable, but not guaranteed.

Filed Under: Bergen County, Buyers, Home Sales, New Jersey, Pascack Valley, Real Estate, Sellers Tagged With: Single Family Home Sales

Buying a Home and You Don’t Have a Buyer’s Agent?!?!?

February 16, 2012 by Kevin Hill 3 Comments

Huh? Why don’t you have your own buyer’s agent?

It amazes me how many buyers out there don’t have their own real estate agent working on their side. New Jersey, among other states, allows dual agency. Dual agency means the real estate agent represents both the buyer and seller in the same real estate transaction. Both parties must consent to this dual agency relationship.

With the dual agency, the agent cannot diclose any information about either party to the other, including details on the condition of the house, financing, or any of the motivations of either side of the transaction. This makes it tough to negotiate, as the agent can’t tell you what you should offer or give an opinion on what repairs should be made or credit given. They can give you comparables, but it would be up to you to interpret the information and come up with your own offer price. It really handcuffs the agent and I believe it does a disservice to both sides. Now some Realtors love dual agency, because instead of having to split the commission with the buyer’s agent, they keep the entire commission. With this double payout for the agent, I might be a little nervous as a consumer that, whether intentional or unintentional, the agent in their excitement to close the deal, may do something unethical to make the deal happen.

I recently heard a story from one of my buyer clients, where their friends used the listing agent they met at the open house to represent them. Well they ended up paying an above market price for the home and were unpleasantly surprised when the light fixtures and kitchen appliances were missing, as they were lead to believe by the listing agent they were to be included in the home sale. Another fellow agent in my office told me how their cousin bought a home through the listing agent and they not only overpaid for the house by $50,000, they were never informed the house was located in a flood zone!

Even with all the research buyers can do online through Realtor.com, Trulia, Zillow etc, in their home search, it still makes sense to have a buyer’s agent represent you. It costs you NOTHING. You aren’t going to get a better deal because you are using the listing agent, they are just going to keep both ends of the commission. The buyer’s agent will guide you through the transaction (which understandably, can be intimidating), line up referrals such as the home inspector, contractors, or a loan officer for you, inform you of the market trends, neighborhoods, negotiate the sales price, and basically help you achieve your goal, finding the right house, at the right price, and in a timely manner.

Need a GREAT buyer’s agent on your side? Contact Kevin Hill, REALTOR®-Sales Associate with Keller Williams Realty-Village Square now!

Search for homes in Bergen County, New Jersey here!

Filed Under: Bergen County, Home Sales, Pascack Valley, Real Estate Tagged With: 1st time Home Buyers, buyer's agent, buyers, dual agency, Realtor

How the River Vale Housing Market Fared in 2011

January 24, 2012 by Kevin Hill Leave a Comment

How Did River Vale Fare in 2011's Real Estate Market?

Despite all the doom and gloom you hear on the news, home values in River Vale actually went up from 2010. According to the New Jersey Multiple Listing Service, the average sales price of a River Vale house went up by 6% in 2011. The average single family home in River Vale sold for $594,812 in 2010 and in 2011, the figure was $632,431. The amount total sold house listings was down by 16% though in River Vale.

Bergen County as a whole, showed stabilization, with the average sale price of a single family home almost identical in 2011 as 2010 at approximately $560,000. Is it possible we have hit the bottom of the market and may even see a slight increase in 2012? Only time will tell, however just personally speaking, it appears that things have picked up since November. With towns like River Vale more affordable than ever, combined with record low interest rates, its a great time for buyers. Also, great for step up buyers. Those are buyers moving from condos to a house or from a starter type home to a larger, more updated home.

Single Family Home Sale Prices Actually Increased in 2011!

The same can’t be said for the condo market in River Vale. The condo market continues to be soft, with a 15% decline in the average sales price of a condo in River Vale. There isn’t a huge amount of condo complexes in River Vale, so the sample size is a lot smaller than the River Vale housing market. There were 13 condo sales in River Vale in 2011, up from the 11 sold in 2010.

River Vale's Condo Market Wasn't As Fortunate

River Vale continues to be a great place to live as has garnered recognition nationally. It was ranked in 2007 by Money Magazine as the #29th ‘Best Places to Live’ in the United States and named again in 2009 on the pretigious list at #60.

Need more information on River Vale and the local housing market? Fill out the form below!

Filed Under: Bergen County, Buyers, Home Sales, Pascack Valley, Real Estate Tagged With: Condo, River Vale, statistics

Kevin Hill’s Top 18 Ways to Make Your House Listing More Marketable & Get It Sold!

July 28, 2011 by Kevin Hill 1 Comment

Tips for Improving the Chances of Getting Your Home Sold

With today’s real estate market in the Pascack Valley, Bergen County, and the rest of New Jersey, you want to make your home listing as marketable as possible. It’s a buyers’ market, so there is a ton of competition out there and buyers are getting more picky. So here are my Top 18 tips:

18. Have an Odd Sales Price Its gimmicky, but give the list price something other than using the typical 0′s and 9′s. Maybe use your child’s birthday or your lucky #’s. Example” $399,707. It makes your listing stand out a little and might catch someone’s eye.

17. Have a Post Dated Price Reduction on File Is your agent suggesting a lower list price than you think your home is worth? Are you too stubborn to just list it at the agent’s price? Well go with your list price for a designated time frame, say 2 weeks. If you have zero or few showings, then you are probably overpriced. Have that price reduction form already filled out and in your listing agent’s file, so your agent doesn’t waste anymore time (than the 2 weeks you already wasted being listed too high!) trying to run around and meet up with you to get the price reduction paperwork signed. He already has it signed and can do the price reduction right away.

16. Above Average Commission I don’t find this ethical, and its not something I do, but some agents won’t show certain listings based on their commission or will try to push another house to their client which has a higher commission. Now defunct, discount broker Foxtons had this problem. Many times they were only offering 1.5% or 2% and agents were not showing their listings.

15. Offer Owner Financing With some buyers having problems obtaining a mortgage with the ever tightening current standards, owner financing will open up your listing to more potential buyers. Works especially for people who have already paid off their home.

14. Lease With the Option to Buy Some buyers are leary about buying now. They aren’t sure if they really like the house, the town, the neighborhood etc. or they are worried about there home values are going in the future. Leasing the property with an option to buy gives the buyer a year or 2 to see if they really want to buy the house. A portion of the rent can go towards the purchase of buying the home also.

13. Have an Appraisal Done on the House Before You List See what your home is worth with an appraisal done before you list the house. This will give you an unbiased opinion on the value. Sometimes a real estate agent isn’t experienced or qualified enough to give an accurate price assessment of the house or they will quote you an above market value price just to get your listing. This is a disservice to the seller, when their house just sits on the market. You don’t want to waste time in a declining market.

Get a Home Inspection BEFORE You List!

12. Have a Home Inspection Done on the House Before You ListIndentify all the potential repairs that will need to be done and have them fixed before they become an issue when you are under contract. Some buyers get spooked easily, and will pull out of the deal if there are issues (even the minor ones!).

11. Don’t Have Any Buy or Sell Contingencies You can scare off a potential buyer fast if you include ‘sale contingent upon seller buying another house’. Buyers don’t want to deal with this. They have to sit around for months and wait for your house sale to close before they can buy yours. They don’t want to be bothered, especially in today’s market.

10. Offer Quick Possession Date Not many buyers are going to wait around for 120+ days to close on a house. If they wanted to wait around that long, they might as well get a real good deal on a short sale. For a possession date, I would have it say ‘flexible’. This way it widens your potential buyers to those who want to move fast or want to take their time.

9. Offer a Home Warranty Buyers are always frightened of having the boiler or the hot water explode 2 weeks after they move in. Offering the buyers a home warranty, will ease their fears they will have an unexpected repair after they close on the house.

8. Pay the Closing Costs This is especially important if your home is priced in a first time home buyers range. Closing costs can get expensive, and a first time home buyer is likely putting down less than 20%. So they need all the help they can get. I would put a cap on the amount you are willing to give for closing costs. I would say $5-10k.

7. Make Any Obvious Repairs This seems like common sense. You want buyers to remember how nice your home is, not the broken window in the living room or the giant hole in the drywall. Obvious repair issues also invokes in a buyer’s mind that you aren’t taking good care of the house and what else could possibly be wrong in the house that they can’t see

6. Don’t be a Cheapskate, Include Everything! Include all the kitchen appliances, washer & dryer, light fixtures, and window treatments. Buyers don’t want to feel like they are being nickel and dimed. Including everything makes them feel better about their purchase and they don’t have to go out immediately and buy a fridge or a new light fixture for the dining room.

Real Estate Marketing 101, Put a Sign Up!

5. Have a Yard SignAgain, seems fairly obvious. Even with 90%+ of home buyers starting their home searches online, we still get calls off lawn signs! Maybe your neighbor knows someone who wants to live on their street. They won’t know if there isn’t a sign out front. I don’t know why some sellers are reluctant to put a sign up because they won’t want the neighbors knowing. Who cares what they think! Its not something to be ashamed of!

WHAT!?! No showings on the weekends?!?!

4. Make Your Home AccessibleNothing annoys agents more than homes that are impossible to show. You want to sell your home right? I just had a seller tell me they have no showings on weekends! As Lil’ Jon would say “WHAT!”. The weekend is when most buyers are looking! Well make it easy to get into for the agents! Put a lock box on the home. Having small time frames to see your home or no showings on certain days makes your home harder to sell. If they can’t see the home, buyers won’t buy it! Sometimes agents have clients who are only available certain days of the week or they have relocation clients who only have a short window to be in town and need to pick something fast. If they can’t get into your home that day, you just lost a potential buyer.

Tom Hanks Knows the Importance of Good Curb Appeal

3. Exterior of Your Home is Move-In ReadyCurb appeal and first impressions are important. I have shown homes completely updated on the inside, but the outside was a mess and the buyer lost interest. Have your home power washed, painted, landscaped and require the buyers to do little or nothing to the outside.

2. Interior of Your Home is Move-In Ready Buyers are real picky right now. They want move-in ready homes. There is a lot of inventory out there to choose from, so if your home isn’t move-in ready, they will go onto the next one.

Finally…the #1 way to make your home more marketable is…

Price Your House Right

1. PRICE IT RIGHT! Pricing your home at or below market price will generate a lot more interest from potential buyers and can help overcome many negative factors of your home. Your home can be located on a busy, main road, but if you price it right, it will sell! Pricing it over market will turn off buyers instantly, and your listing will sit on the market and get stale. Its better to price it right to begin with, then chase the market down with price reductions. Very important in a declining market.

Filed Under: Bergen County, Buyers, Home Sales, Marketing, New Jersey, Pascack Valley, Real Estate, Sellers Tagged With: buyer's market, listings, marketability, Seller's Agent

So How is the Real Estate Market in the Pascack Valley?

June 30, 2011 by Kevin Hill Leave a Comment

By far the most popular question I get asked as a real estate agent is, ‘How is the market?’ Based on the fear mongering news, you would think everyone is unemployed, banks aren’t giving anyone mortgages, every house listing is a short sale or foreclosure, and house values are plummeting off a cliff. I even saw a headline last week that said ‘Housing Market Worse Than Great Depression’. Now on the other side of the coin, I am not one of those who always looks at things with rose colored glasses. I try to be as realistic as possible with my advice. Real estate is local, so lets take a look at some real estate statistics from the Pascack Valley.

Source: New Jersey MLS

As you can see, the amount of single family homes in the Pascack Valley has decreased over the past 12 months. The under contracts are trending up in 2011. Thats most likely accountable to the spring market, when many buyers are out looking. The graph only goes to May 11th, so many of those under contracts will become solds and that graph will trend up also.
Seems like sellers are pricing their homes more to sell and buyers are out there buying, because the days on the market are trending down sharply. The average sales price has definitely dipped, but appears to have stabilized in 2011.

Source: New Jersey MLS, Inc.

We obviously don’t have a full year of statistics for 2011 yet, but as you can see in the reports, the average list price is down from $611,527 in 2010 to $546,491 (down 8.9%) for single family homes in the Pascack Valley. Average sale price in 2010 was $562,550 and its down to $500,334 (down almost 8.9%-which is almost exactly as much as the list prices has reduced).

Source: New Jersey MLS

So we are still seeing a decline in prices. Sellers seem more realistic with their list prices and buyers are taking advantage of reduced prices. Coupled with low interest rates (4.49% at the time of this article), it is a great time for buyers to get a good deal.

If you need a buyer’s agent to buy a home in the Pascack Valley, contact me here!

Filed Under: Bergen County, Home Sales, New Jersey, Pascack Valley, Real Estate Tagged With: market trends, statistics

Real Estate in the Pascack Valley Under $300,000

May 23, 2011 by Kevin Hill Leave a Comment

Shop for House Bargains in the Pascack Valley!

When I was house hunting in the Spring of 2004, I was a first time home buyer. I was working full time as a real estate appraiser and observed on an everyday basis, the rapidly increasing house prices. I didn’t want to miss out on a good opportunity to buy and I was feeling the pressure of trying to purchase a home under $300,000 somewhere in the Pascack Valley of Bergen County, New Jersey.

I had grown up in Fair Lawn, but I wanted to buy a house outside my hometown and the Pascack Valley area really appealed to me. It was like trying to find a needle in a haystack though, but I was able to find a home in Westwood. At the time, there were only a handful of homes available in the area, in that price range. After years of escalating home values, the Pascack Valley is again affordable for buyers.

As of the date of this article, according the New Jersey Multiple Listing web site, there were 9 active listings, 8 under contracts, and 7 sold homes in the past 3 months under $300,000. With interest rates low again, its an excellent time to buy, especially for 1st time home buyers or condo owners looking to swap up to a house.

Want to know what’s available under $300,000 in the Pascack Valley or anywhere else in Bergen County? Click here!

Filed Under: Bergen County, Home Sales, New Jersey, Pascack Valley, Real Estate Tagged With: 1st time Home Buyers

Increased Sellers Competition in Pascack Valley/Bergen County Housing Market

April 6, 2011 by Kevin Hill Leave a Comment

Which Owner Will Win The Race By Selling Their Home First!

As I noted on March 7th on PascackValleyHome.com, sellers were late in getting their homes on the market in time for spring. Now there is increased competition for sellers. I am seeing listed homes that have been on the market 2 weeks, with large reductions already to make them stand out above the heated competition.

For buyers, its great time to buy. The inventory now contains more quality homes to choose from, the mortgage rates are still low, and home prices appear to still be declining in the past 6 months. Houses once thought to be out of their price range, are now being reduced and affordable for 1st time home buyers or buyers trading up from condos (if they can actually sell their condo, but thats a whole other blog article).

Having your own buyer’s agent becomes even more important right now, as a good agent will be able to research and analyze the market to find the best deals and avoid the homes that are still overpriced. It may be a buyer’s market, but homes priced correctly, will sell fast.

Filed Under: Bergen County, Home Sales, New Jersey, Pascack Valley, Real Estate Tagged With: buyers, Market Conditions, Sellers

Needed Pronto! New Listings in the Pascack Valley-Signed the Buyers

March 7, 2011 by Kevin Hill 1 Comment

Searching for New Listings! Where are they????

The well qualified buyers are out there, problem is, there seems to be a lack of quality homes available in the Pascack Valley and surrounding Bergen County towns in New Jersey. The bad winter we experienced in North Jersey, seems to have delayed some sellers from putting their homes on the market. I have active, motivated buyer clients looking for new inventory, but many of the homes available have been sitting on the market for one reason or another. Many current listings are overpriced, have inferior locations (main road, near railroad tracks, or next to a commercial property), or in need of some serious updating. And most buyers won’t even touch a short sale due to the months of waiting to hear back from the banks and the uncertainty of waiting around and not knowing exactly when the closing will be. They do make sense though and worth the wait if you are in love with the house and/or getting a good, under market price.

I have talked to some of the high profile listing agents in the area and they too seem to be not getting consistent, new listings so far in 2011. There appears to have been a slight uptick in activity on the New Jersey MLS, but many are homes that were previously available, expired, and are now back on the market.

The price ranges I have been working with from $400,000 to $525,000 mainly has buyers who are purchasing their first home or stepping up from owning a condo. This range definitely has a dearth of good homes and when a good one does come on the market, there are multiple offers.

The spring market seems to have started early this year for the buyers, but the sellers never received the memo. Hopefully the potential sellers are getting their homes ready to show and will have them on the market by April. So lets so sellers! LIST NOW!

Filed Under: Bergen County, Home Sales, New Jersey, Pascack Valley, Real Estate Tagged With: Bergen County, buyer's agent, houses, listings, Pascack Valley, Realtor

Top 5 Reasons Why Your Home Isn’t Selling

February 18, 2011 by Kevin Hill Leave a Comment

Make Your Home Marketable

You and your real estate agent need to stop blaming the current market conditions on why your house listing isn’t selling. Houses will sell in any type of market conditions.

Top 5 Reasons Why Your Home Isn’t Selling.

5.You Are A Slob
Clean, maintain, and declutter your house. Nothing makes your house look cramped and lack storage when you have way too much stuff and your closets bursting at the seams. Dirtiness distracts the buyer from looking your home’s features and gives them the inclination that if you can’t even keep a clean house, maybe you are slacking on other things such as maintaining the home and needed repairs. I saw a million dollar home the other day at a Broker’s Open House and the main thing I remember about the house is how filthy the bathrooms, walls, and floors were and there was a piece of dog poop sitting on the floor.

Look Familiar?

4. You Don’t Have a Lockbox Installed
Accessibility is key in getting as many potential buyers see your home as possible. Having limited showing times or requiring a lot of notice to show, turns off agents and buyers and they are less likely to see your home. A motivated, potential buyer might skip seeing your home that day, and see another they like and purchase that one.

3. You Are Cheap
The buyers want to feel like they are getting their money’s worth and aren’t being nickel and dimed. Include all your kitchen appliances, washer, dryer, light fixtures, and if applicable, pool supplies in the sale. Make any necessary repairs now. They will come up in the home inspection later anyway, better to address these problems now.
2. Your Real Estate Agent Stinks
Is your agent qualified enough to properly price your home? Did they just pick a number out of thin air or do they have a solid Current Market Analysis (CMA) backing up their suggested list price? Is your agent properly marketing your listing? Are they providing you feedback from showings and the internet traffic from your online listing? Have you seen or heard from your agent since you signed the paperwork and they put the sign in the front yard?

There are many people who are real estate licensees, but far few are actually active real estate agents who treat their job like a business and do it full time. Don’t give your listing to your niece, who just got her license after taking a 75 hour course and passed the test. True knowledge comes from experience.

1. You, the Homeowner Stinks
Did you interview more than 1 agent? Did you find a well qualified agent in your area? Are you actually listening to the agent’s advice? The agent wants to sell your house, so listen to him/her and allow them to do their job. Just because you watch some HGTV and go on Zillow, doesn’t make you qualified to sell a home. If you aren’t getting offers or showings, then you are most likely overpriced, so let the agent reduce your list price. A good agent will have the same #1 goal as you, to sell your home at the best price, in the shortest amount of time, and with as little stress as possible.

Filed Under: Home Sales, Marketing, New Jersey, Pascack Valley, Real Estate Tagged With: home sales, Pascack Valley, real estate, real estate agent