Bergen County NJ Home Buyer Benefits Improve For Veterans
Bergen County NJ Veterans now have expanded homeownership opportunities, thanks to the Veterans' Benefits Improvement Act of 2008.
Three provisions in the legislation are critical to help Huntsville veterans during the current housing turmoil. The law will make it easier for veterans who have fallen victim to risky subprime loans to refinance their loans into a safer, more affordable loans backed by the U.S Department of Veterans Affairs. The legislation also extends the VA loan limit increases through 2011, which will help veterans living in high-cost areas.
In addition, the VA can now offer adjustable-rate mortgages to veterans. That would make Bergen County NJ home ownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.
If you are a Veteran thinking about buying a Bergen County NJ home, please get in touch and we can give you some information on how you can take advantage of the great home purchase opportunities that exist right now.
Being a Realtor can be challenging at times. But sometimes a family comes along that touches you in so many ways, that makes your job so fulfilling, and so worthwhile. This family is The Henry family.
They are kind, warm, and so trully honest, and sincere. Moving from another country had to be a huge adjustment for this family. When I first met them, I picked them up at the hotel where they were staying in Paramus. There was an instant connection. Two beautiful children, so beautiful, and so smart. We set off to see many homes, and they were so patient, and well behaved. For a 5, and 6 year old this is not easy. I had a bag of snacks for them, and gave them a pad, and pencils so they could draw the special things about each home we were about to see.
Parker was so excited, and as soon as he walked into one of the homes in Oradell, he said "Dad, I love this house!" We went to another home in Hillsdale, and he said "Mom, I love this house!" We then went to a home in River Vale, and he said "Mom, Dad, I love this house. I want to live here!" After about 3 hours of house hunting, I think that the children had reached their limit, and it was time to go home. We said our good byes, and planned our day for tomorrow.
I met The Henry's at the hotel in Paramus, and House Hunting we went. Back to The Pascack Valley, The Northern Valley, and other homes in the surrounding areas of New Jersey, such as River Edge, Oradell, and Paramus. After many hours of searching The Henry's decided on River Vale. We had done our homework on the town. I provided the Henry's with School information for The Woodside School, The Roberge School, and Holdrum. The demographics for River Vale, transportation, and where all of the dance programs were, as well as other Activities in The Westwood, and River Vale area where the children would have their interests. We went back to the home on Dale Ct. in River Vale. This home had it all! Tree lined quiet street. Many beautiful homes, and on a cul de sac. This home was built by the owner, and only the best of everything went into this home. Custom moldings throughout, hardwood floors, and a Gourmet kitchen with gorgeous cabinetry, and a stone top, that is a better quality than granite. Full finished basement, and a Master bedroom with 2 walk in closets, and magnificent master bath. When Parker walked in, His mouth was opened, and the words that came out of his mouth were..."Mom, Dad I LOVE THIS HOUSE! CAN WE LIVE HERE?" This was the perfect home for them. We made an offer, and there was another offer on the home. We did what we had to do, and We got the house. We close last week, and The Henry's are living happily ever after. Monday was Parker's, and Alicia's first day of school. They were welcomed with open arms. They love The Woodside School, The teachers, and everyone they have met so far. Yes... I love my Job!!!
Does Buying A Bergen County NJ Home Make Sense In Today's Market
The housing market has never been better for many potential Bergen County NJ home buyers. In fact, more often than not, it is less expensive to own your own home rather than rent.
The National Low Income Housing Coalition reports that in 57 out of the 100 most populated metro areas, renting a three-bedroom home is more expensive than monthly costs on a six percent mortgage for a typical low-priced house in the same area.
With all the news these days concerning the economic crunch and these tumultuous economic times, you might think I'm crazy saying it is a good time to buy a Bergen County NJ home. Of course, buyers with strong credit are best positioned to take advantage of today's opportunities. A high credit score will yield a lower interest rate and increase the likelihood that a loan application will be approved.
For example, a buyer with a 6 percent mortgage will pay a third less per month than a buyer who has a loan at 8 percent. This difference can be hundreds of dollars per month.
FHA loans, VA loans and government backed first-time buyer loans are all available to qualified buyers. With the current low interest rates and affordable housing prices, it is a great time to buy your Bergen County NJ home.
It is also a time to keep in mind that buying a home is a long term investment...and an investment you and your family can enjoy for many years!
Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. "What we're seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region," he said. "It's unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we're hopeful most of the increase will translate into closed existing-home sales."
Bergen County NJ Real Estate Sales Statistics
Let's take a look at the real estate sales statistics for September 2008 to see how the market is looking locally:
Residential sales in Bergen County dropped by 4 percent in September compared to September 2007. The average market time increased 10 percent or 8 days, while the average sale price decreased 11 percent to $584,248. The median sales price also decreased 11 percent.
Bergen County
Sold Listings
Average Sales Price
Median Sales Price
Days On Market
Sept 2008
397
$584,248
$460,000
90
Sept 2007
415
$683,595
$515,000
82
Sales in the Pascack Valley dropped 4 percent this September compared to September 2007. Market times decreased by 3 percent, with selling times of 71 days vs 73 days. Selling prices decreased 5 percent to $566,346 and the median sales price increased 1 percent.
Pascack Valley
Sold Listings
Average Sales Price
Median Sales Price
Days On Market
Sept 2008
48
$566,346
$530,000
71
Sept 2007
50
$597056
$523,500
73
Northern Valley selling prices decreased 54 percent compared to September 2007. This number is significantly higher than the pervious month. With only 11 homes sold, this could be caused be an extremely unusual property selling. In comparison, the median sales price increased 4 percnet. Market increased by 3 percent. The number of homes sold decreased 15 percent.
Northern Valley
Sold Listings
Average Sales Price
Median Sales Price
Days On Market
Sept 2008
11
$956,091
$668,000
91
Sept 2007
13
$619,346
$640,000
89
To learn more about Bergen County NJ real estate, please contact me at 201-930-3070 or visit PaulaClarkRealtor.com.
This month's edition covers Bergen County NJ real estate market activity and then we will talk about how with every change, there are hidden opportunities for both buyers and sellers.
Features special guest Terri Murphy of US Learning.
Learn how you can take advantage of the great home purchase opportunities that exist right now by visiting PaulaClarkRealtor.com or giving us a call, 201-930-3070.
MoneyMattersNJ.com has an excellent explanation of the tax credit for Bergen County NJ first time home buyers provided for in the recently enacted Housing and Economic Recovery Act of 2008. Here's what they have to say:
Must Be Repaid Over 15 Years
Available for a limited time only, the credit:
Applies to home purchases after April 8, 2008, and before July 1, 2009.
Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe. However, the credit operates much like an interest-free loan, because it must be repaid over a 15-year period. So, for example, an eligible taxpayer who buys a home today and properly claims the maximum available credit of $7,500 on his or her 2008 federal income tax return must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on his or her 2010 return.
Eligible taxpayers will claim the credit on new IRS Form 5405. This form, along with further instructions on claiming the first-time homebuyer credit, will be included in 2008 tax forms and instructions and be available later this year on IRS.gov, the IRS Web site.
If you bought a home recently, or are considering buying one, the following questions and answers may help you determine whether you qualify for the credit.
Which home purchases qualify for the first-time homebuyer credit? Only the purchase of a main home located in the United States qualifies and only for a limited time. Vacation homes and rental property are not eligible. You must buy the home after April 8, 2008, and before July 1, 2009. For a home that you construct, the purchase date is the first date you occupy the home.
Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit. This means that first-time homebuyers and those who have not owned a home in the three years prior to a purchase can qualify for the credit.
If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return.
How much is the credit? The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. The limit is $3,750 for a married person filing a separate return. In most cases, the full credit will be available for homes costing $75,000 or more. Whatever the size of the credit a taxpayer receives, the credit must be repaid over a 15-year period.
Are there income limits? Yes. The credit is reduced or eliminated for higher-income taxpayers.
The credit is phased out based on your modified adjusted gross income (MAGI). MAGI is your adjusted gross income plus various amounts excluded from income-for example, certain foreign income. For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000.
This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.
Who cannot take the credit? If any of the following describe you, you cannot take the credit, even if you buy a main home: Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You stop using your home as your main home.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year.
Your home financing comes from tax-exempt mortgage revenue bonds.
You owned another main home at any time during the three years prior to the date of purchase. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another main home at any time from July 2, 2005, through July 1, 2008. How and when is the credit repaid? The first-time homebuyer credit is similar to a 15-year interest-free loan. Normally, it is repaid in 15 equal annual installments beginning with the second tax year after the year the credit is claimed. The repayment amount is included as an additional tax on the taxpayer's income tax return for that year. For example, if you properly claim a $7,500 first-time homebuyer credit on your 2008 return, you will begin paying it back on your 2010 tax return. Normally, $500 will be due each year from 2010 to 2024.
You may need to adjust your withholding or make quarterly estimated tax payments to ensure you are not under-withheld.
However, some exceptions apply to the repayment rule. They include: If you die, any remaining annual installments are not due. If you filed a joint return and then you die, your surviving spouse would be required to repay his or her half of the remaining repayment amount.
If you stop using the home as your main home, all remaining annual installments become due on the return for the year that happens. This includes situations where the main home becomes a vacation home or is converted to business or rental property. There are special rules for involuntary conversions. Taxpayers are urged to consult a professional to determine the tax consequences of an involuntary conversion.
If you sell your home, all remaining annual installments become due on the return for the year of sale. The repayment is limited to the amount of gain on the sale, if the home is sold to an unrelated taxpayer. If there is no gain or if there is a loss on the sale, the remaining annual installments may be reduced or even eliminated. Taxpayers are urged to consult a professional to determine the tax consequences of a sale.
If you transfer your home to your spouse, or, as part of a divorce settlement, to your former spouse, that person is responsible for making all subsequent installment payments.
Great opportunity for entrepreneur! Start a new business and live on the premises. One bedroom apartment that could use TLC, but not a problem if you have vision. Older construction with solid walls.
Business presently a barber shop that has been there for over 14 years with rental income of $1,000 month. On month-to-month lease. Apartment is currently vacant.
Near Oradell border, abutting usable municipal lot for shoppers and clients parking. Sale includes architectural plans with planning and zoning board approval for up to 5 units. 3 residential and 2 commercial.
Center of town, near all shopping and transportation to the city right at your door.
For more informaiton on 201 River Road or other Bergen County real estate, visit PaulaClarkRealtor.com or give us a call, 201-930-3070.
The perfect family home in Northvale on a very quiet street at the end near a cul-de-sac. Sugar Maple split...a most desirable layout! Very spacious throughout. What curb appeal!! WOW!
Custom stone front with maintenance free siding and newer architectural roof.
Beautiful entrance with custom tile floor and French doors leading to the family room with surround sound.
Fabulous finished basement with high ceilings and sheet rock...even on the ceiling. You don't feel like you are in a basement. Adds much square footage to this home. Bright with built-ins and totally tiled floor. You'll love it.
Award winning schools. Close to transportation to New York shopping, parks and ball fields. Great opportunity to live in the Northern Valley!
Want to add central air? Not a problem, we have an estimate and because of the existing system is isn't that difficult or expensive.
For more information on 214 Campora Drive or other Bergen County real estate, visit PaulaClarkRealtor.com or give us a call 201-930-3070.
Hillsdale is a historic town in Bergen County with ample picturesque charm. Home to about 10,500 residents, the town has a sensitively restored downtown of Victorian buildings, cobble sidewalks, gas-lamp style streetlamps, an expansive green, and a pretty Victorian gazebo. The slate blue train station was built in 1869 and is now on both the National and New Jersey Registers of Historic Places; commuters to Manhattan appreciate the fact that they can get to work in less than 40 minutes. A Victorian clock tower presides over all and numerous raised flower beds only add to the overall appeal.
No doubt due to its charm, Hillsdale's downtown shopping district is always popular, despite the major malls five miles away in neighboring Paramus, and there is always plenty to see and do, from fine dining to picnicking in one of the many parks. Residents enjoy community events together like the popular "Music in the Park" concerts in summer and the fall fun at Demarest Farms.
The Hillsdale public school system is top ranking and the Pascack Valley High School is known for its academic excellence. Students consistently average well above state-wide levels in SATs and 87 percent of last year's graduates went on to four-year colleges.
A thriving local economy and ease of commute to surrounding cities (including New York City) makes Hillsdale a great place to live and only adds to its appeal for families seeking the character of a small town and the amenities of a larger center.
Location Hillsdale is in Bergen County, New Jersey, about 8 miles east of the Hudson River and 23 miles north of New York City.
Hillsdale has an agreeably central location to New Jersey towns and cities. Paterson, NJ is just over 10 miles south and Jersey City is just under 20 miles away. New York City is 23 miles south of Hillsdale.
Geography Located in Bergen County and in the heart of New Jersey's pretty Pascack Valley, Hillsdale sits between the shores of Woodcliff Lake to the north and the town of Westwood to the south, with River Vale and Old Tappan directly to the east and Woodcliff Lake Township to the west. Wood Dale County Park, Hillsdale's largest, is in the eastern part of town. The southernmost part of Hillsdale is low lying; Pascack Brook meanders through it. The westernmost part of Hillsdale, on or near Wierimus Road, is hilly and tree-lined.
Jobs Business is booming in New Jersey thanks to the state's sophisticated and diverse economic climate. The Bergen County Economic Development Corporation supports local business owners, offering helpful resources and economic incentives. A well educated local workforce is on hand and New Jersey's sophisticated highway and transport systems provide further supportive infrastructure.
While the educational, health and social service sectors make up most of Hillsdale's local employment, the professional, management, and administrative sectors also provide work. Hillsdale has a large waste transfer station and a thriving retail sector. Manufacturing provides further diversity.
Housing Hillsdale's residential real estate market is on fire at the present time, with housing prices continuing to rise steadily, and somewhat dramatically, over the last five years. The market is fairly diverse, with affordable housing in low lying southern Hillsdale and prestigious real estate in the hilly western part of the city. Homes on or near Wierimus Road are particularly large and elegant, and sections are lush; streets are tree lined. Typically, prices for single family homes in Hillsdale range from about $450,000 to $1,200,000.
About two thirds of Hillsdale homes were built before 1970, and the majority of these during the post-WWII building boom. Charming colonial homes are generally found closest to the center of town, sturdy 1950s homes encircle those, and new estate homes and modern town houses and single family homes surround these.
Hillsdale has two condominium complexes, Stony Brook Manor on the town's eastern border, and the stucco and brick Colonial Village just east of the railroad tracks. Currently a typical 2-bedroom, 2-bathroom condo sells for about $335,000. Many of the homes in Hillsdale's west side are lovely 1950s split-level and ranch homes, known locally as "Tandy-Allens" after the developers who originally had them built. Updated or expanded four-bedroom, two-bath Tandy-Allens sell for around $525,000 to $750,000.
Property taxes are relatively low (about $200 less than surrounding boroughs) thanks to Hillsdale's refuse transfer station, (where waste from surrounding communities is compacted and transferred out of state) which pays a tax to the city for its contract.
Recreation Hillsdale has a lovely downtown green and many attractive parks. Beechwood Park has a nice picnic area, a playground and ball fields, and residents enjoy open air concerts performed in the band shell there in summer.
Demarest Farms in West Hillsdale is a great place to take the kids apple picking in the fall, with hayrides and other fun events.
Residents may enjoy boating on Woodcliffe Lake in summer and skating in winter, and the lower Hudson River is just 8 miles east, offering kayaking and canoeing in summer and skating in winter. The green areas along its banks may be hiked or biked, and skied in winter, and there are several historic sites in the vicinity that are worth a visit.
The Pascack Brook County Park in neighboring Westwood has baseball and softball fields, basketball and tennis courts, a good playground and bike path, and fishing in the lake in season.
Wood Dale County Park, on Hillsdale's eastern border, has tennis courts, a children's playground, a bike path, and lake fishing.
Hillsdale is known for the excellence of its recreational facilities. Revenue from Hillsdale's refuse transfer station helps pay for the wealth of local parks and athletic and ball fields in the city, including Centennial Field, a 12-acre park with two lighted baseball diamonds and soccer fields, a tot lot and a field house. The city offers a wide range of recreational events for all ages and summer camps for children, and Hillsdale has baseball, softball, wrestling, figure and ice skating, lacrosse and athletics teams.
The Stony Brook Swim Club is a fantastic facility, with an Olympic sized swimming pool, intermediate and diving pools, a fun toddler pool with an elephant shaped fountain and a snack bar.
Bergen County has several excellent golfing facilities, the Orchard Hills County course in Paramus being the closest to Hillsdale residents. Orchard Hills has a challenging par 35 9-hole course that can also be played as 18 holes, set among lush groves of trees.
Special Attractions/Events One of Hillsdale's primary attractions is its not inconsiderable charm. Chosen as the site to film the small-town television drama series "Ed", the pretty downtown has an historic gazebo, a quaint green with park benches, gas-lamp style street lighting, lovely stone sidewalks, historic Dutch colonial homes and a picturesque train station.
Hillsdale also has a top school district and the local high school sees many of its graduates leave to attend some of the wider region's superb universities and colleges.
An excellent bus and rail system affords an easy commute to New York City, bringing the economic and cultural opportunities of this world-class city within easy reach.
The Bergen Museum of Arts and Science in nearby Paramus exhibits works by local and national artists, hosts performance artists and has an engaging natural science section.The Bergen Performing Arts Center in Englewood hosts top musical and dance acts, including the New Jersey Symphony Orchestra, and music can be enjoyed close to home during summer when the city hosts a fantastic free "Music in the Park" festival.
Interesting Facts/Historic Buildings and Places Hillsdale is a picturesque town with plenty of historic charm. It was first settled by pioneers from Holland, and many of the town's older colonial homes show a Dutch architectural influence. Sensitive restoration has preserved the character of downtown Hillsdale, which still has cobble sidewalks and gas-lamp style streetlights. Many Victorian buildings house one of a kind shops.
The pretty slate blue 1869 train station has white gingerbread trim and a mansard roof and is on both the National and New Jersey Registers of Historic Places. The station is a stop on New Jersey Transit's Pascack Valley Line, which carries commuters into Secaucus for transfer to Penn Station and into Hoboken for transfer to the PATH train to Lower Manhattan.
Between 1869 and the nineteen-thirties there was a railroad roundhouse at Hillsdale, where steam locomotives were serviced and routed to various tracks. Most of Hillsdale's pre-war housing was built for railroad employees.
The post-WWII building boom saw the majority of Hillsdale's present-day housing built; the wider town is one of split-level and ranch homes built in the open and elegant style of the day.
Learn more about Bergen County and Hillsdale real estate at PaulaClarkRealtor.com or give us a call, 201-930-3070.
Full time Realtor, available 24/7, Serving All of Bergen County New Jersey. Edgewater, Fort Lee, Paramus, Oradell, Norwood, Northvale, Harrington Park, Old Tappan, Closter, Alpine, Saddle River, Ho Ho Kus, Washington Township, Westwood, West New York, North Bergen
Paula Clark
The 
This month's edition covers Bergen County NJ real estate market activity and then we will talk about how with every change, there are hidden opportunities for both buyers and sellers.
Bergen County real estate for sale.
Business presently a barber shop that has been there for over 14 years with rental income of $1,000 month. On month-to-month lease. Apartment is currently vacant.
Bergen County Homes for Sale:
Beautiful entrance with custom tile floor and French doors leading to the family room with surround sound.
No doubt due to its charm, Hillsdale's downtown shopping district is always popular, despite the major malls five miles away in neighboring Paramus, and there is always plenty to see and do, from fine dining to picnicking in one of the many parks. Residents enjoy community events together like the popular "Music in the Park" concerts in summer and the fall fun at Demarest Farms. 
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