Paula's Blog

Pascack Valley and Woodcliff Lake Real Estate Market Report

Paula Clark (Coldwell Banker) — Sun, 08 Nov 2009 23:15:55 -0600

Pascack Valley Real Estate and Woodcliff Lake. www.NorthJerseyFreeHomeInfo.com

Working with an Agent that knows this market is crucial!
New Bill signed by Obama just Monday, and will go into affect to help all buyers' move ahead and purchase a new home. Questions that you should ask your Realtor, and keep on top of the market Interest rates are down! How does a Short Sale work?

Do I qualify for the Buyer's credit?

Will prices go down again?
Have we reached the bottom?
www.northjerseyfreehomeinfo.com
Where you will find all the answers!
Interest rates fell, then went up, and fell once again!...
Don't miss this market!
WE ARE THE #1 COMPANY IN ALL OF THE PASCACK VALLEY!
READ IT HERE..FOR UP TO DATE INFORMATION!
Real Estate Agent with the Right Attitude is everything! Paula Clark is the Realtor with the right attitude.
Woodcliff Lakes market has stabilized.The market slow down has not so much affected OUR Region. Northern NJ is still a market where buyers can buy homes with value.
The price range for homes at this time, range from $439,000, and go up to $2,000,000, and sometimes higher. Woodcliff Lake has so much to offer, and homes that are priced well will stay on the market for a limited period of time. Interest are now in the 5% range for a
30 yr fixed, and lower in for a 15 yr.
CALL TODAY FOR UP TO DATE RATES!
Buyers are making offers and buying homes. Buyer's will always be looking to invest in Real Estate, and when a home comes on the market, the buyers are watching and immediately making appointments to see them. As long as our schools stay at the top, The population will continue to grow, and the demand for homes will remain.
HOUSING MARKET SHOWS EARLY SIGNS OF STABILIZATION
Any determination as to whether these trends actually signal the beginning of a market recovery hinges on the momentum carrying through for the remainder of the 2008, and 2009. There are ,however, a growing list of positive factors for the housing market which include increased housing affordability due to lower home prices, favorably low mortgage interest rates and massive pent-up demand due to reduced purchase activity.

To keep things in the proper perspective however, it is clear that the housing market remains in the grip of a dramatic correction and will not see rising prices until Unsold Inventory levels have been reduced significantly. Until then home prices will likely drift slightly lower, although at a slower pace than the past 2 years. But a bottom to the housing downturn may be forming which would be a first step towards recovery. Potential home buyers who have been delaying their purchase in an attempt to 'time the market' should consider whether that time has now come. This is because the greater risk in delaying is the likelihood of higher mortgage rates in the future due to the inflationary pressures of high oil and food prices which will erase any potential savings from future price declines. Supporting this view is recent remarks by Federal Reserve Chairman Ben Bernanke indicating that future interest rate cuts are not likely due to a need to guard against inflation. Our analysis of the cost-benefit relationship of delaying a home purchase indicates that the added monthly cost attributable to rising interest rates is likely to be greater than the savings generated by any further price declines. Thus, the next 6 months will present a rare combination of low interest rates, low home pricing and a wide selection of homes being offered by motivated sellers. We're all likely to look back five years from now and conclude that 2008, and 2009 was a time when Smart Buyers took advantage of this unique opportunity by locking in both low prices and low interest rates. I'm reminded of the axiom that the right time to sell is when everyone else is buying, and the right time to buy is when everyone else is selling.
Call me today for a continued update of homes that are "Just on the Market" There are homes in all price ranges, as indicated above. I will also furnish you with Interest rate information, as well as town information.
You can send me an e mail realtorpaula777@aol.com

For all Real Estate information for Woodcliff Lake NJ.

Bergen County Home info from Paula Clark

Paula Clark (Coldwell Banker) — Wed, 28 Oct 2009 13:35:57 -0500

Just an FYI from Paula Clark, Coldwell Banker.. Your Real Estate Agent in Bergen County NJ

There are so many credits to be given to buyers today. Whether you are buying a new home, or renovating your existing home.

Energy, Green are everywhere, and surfacing all over the nation. The Government is giving you money if you are installing improvements that help save energy. I saw a show on 60 minutes about a homeowner that has all of his appliances using Solar. Panels on the roof, gadgets that move to have the panels find the sun, so that when the sun is down it is still generating power from the sun. It actually stores it. Windmills that use wind for energy. His electric meter is actually running backwards! Imagine? The electric company is actually giving him credits! I am not saying that we all can go to this extreme, but if you are going to install a furnace, hot water heater, windows in your home, why not check to see if they are F.D.A. approved, and qualify for a credit.

Windows must be NFRC/30. .30 BEING THE U FACTOR. Solar heat, and Solar heat gain.

Northvale New Jersey News

Paula Clark (Coldwell Banker) — Tue, 13 Oct 2009 09:05:08 -0500

Northvale nj real estate info right here. www.northjerseyfreehomeinfo.com

Northvale conducted a council meeting at the borough on October 6. to discuss plans for work to be done at Veterans park. Construction bids were sent in and reviewed, and the lowest bid was chosen. One matter of concern is whether or not to keep the current poles that support the backboard and nets. If the design is changed the added cost would be $3,000 for reconstruction. Another item on the Agenda was the stream cleaning of Sparkill Brook. According to Major John Hogan, the stream has not been cleaned in 20 years. The stream has produced a chronic flooding issue, but the council has received the permit to have the work done, and Hogan hopes to have it completed this fall. The work would involve cleaning the drbris and growth as well as dredging the stream to create a deeper channel to reduce flooding.

For a continued update of related issues for The Northern Valley, and Bergen County. log onto Paula Clark and her web site. www.PaulaClarkRealtor.com

First time home buyers Midland Park of Bergen County NJ

Paula Clark (Coldwell Banker) — Sat, 08 Aug 2009 22:09:58 -0500

Midland Park of Bergen County NJ

Happy couple that takes advantage of this market. With interest rates low, and the new first time buyer's credit, it's an easy decision to make. Paula Clark of Coldwell Banker has just Sold another home to First time buyers. Updated 3 bedroom, 2 bath colonial on the border of Ridgewood NJ.

Looking for a home, and need information for Bergen County? Go to www.PaulaClarkRealtor.com

Bergen County Home Buyers Get Real-Time Market Reports

Paula Clark (Coldwell Banker) — Mon, 27 Jul 2009 20:01:22 -0500

Bergen County home buyers can get up-to-the-minute market reports with my MLS Market Snapshot. The Market Snapshot is an automatic service that charts current up-to-the-minute market activity of homes in the area, including such data as sold homes, properties for sale, inventory counts and even days-on-market. It provides real-time MLS market trend information with up to the minute graphical reports that speak directly to your requested needs.The Market Snapshot addresses the following key questions:

What is the supply of unsold homes in my neighborhood?
How fast are homes selling right now?
How do actual selling prices compare to listing prices in my area?
How do I get more for the money in a changing market?

How does it work?

Within a couple of minutes of the initial request, an email is sent to you informing you that the request has been received and that the market snapshot is being prepared. The Market Snapshot will be sent to your email address within 15 to 30 minutes.

How do I sign up? You can sign up here

Bergen County Foreclosure Trends - June 2009

Paula Clark (Coldwell Banker) — Mon, 20 Jul 2009 18:54:31 -0500

Bergen County foreclosure homes continued to rise in June with 339 new Bergen County foreclosure filings for a total of 3,967 foreclosures, according to RealtyTrac.com.

Bergen County Foreclosure Activity and Home Price Index
Foreclosure activity has remained relatively stable for the last couple of months while home appreciation has soared.

Bergen County foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

(click for more...)

Bergen County Home Owners Save With Energy Tax Credits

Paula Clark (Coldwell Banker) — Mon, 13 Jul 2009 12:55:28 -0500

The ‘American Recovery and Reinvestment Act of 2009’ which became law on February 17, promotes energy independence and green jobs through tax credits and government grants. This is part of an effort to make Bergen County homes and buildings more energy efficient.

Energy saving provisions include:

$6 billion to state and local governments for energy efficiency and conservation grants for energy audits, retrofits and financial incentives.

30% tax credit (increased from 10%) to homeowners for new furnaces, windows and insulation.

$5 billion to modernize the nation’s electricity grid and install smart meters on homes, saving homeowners money.

$5 billion for weatherization assistance for low income households.

$2 billion for federally assisted housing (section efficiency efforts.

This bill is good news for Bergen County home owners wanting to make their homes more energy efficient. Learn how you can save with energy tax breaks here.

Interested in buying a Bergen County home? Visit PaulaClarkRealtor.com.

Search all Bergen County homes for sale.

Should You Rent or Buy Right Now? Tips for Buying a Home in Bergen County

Paula Clark (Coldwell Banker) — Fri, 03 Jul 2009 10:57:40 -0500

With an "iffy" economy and the recent changes in first time buyer incentives, figuring out if you should rent or buy can be tricky. Can you afford the down payment? Or, is it cheaper to rent? Luckily, here is two awesome tools to help you make that hefty decision. First, find a home you like. Then, try the Rent vs. Buy Calculator to find out how much you can buy or save by renting or buying. Or, use the Mortgage calculator to get an idea of what your monthly payments would be. What do you have to lose?

How to Determine Your Homeowners's Insurance Coverage When Buying a Home in Bergen County

Paula Clark (Coldwell Banker) — Fri, 03 Jul 2009 10:38:53 -0500

Your home may be the biggest investment you'll ever make. So if you're serious about protecting that investment, here is some important information to consider when determining the coverage amount for your home

Make sure that your home is insured for at least 100% of its estimated replacement cost.
Understand the difference between market value and replacement cost for insurance purposes.
When buying a new home, be sure to obtain a replacement cost estimate.

Build With Certified 'Green' Wall Systems

Paula Clark (Coldwell Banker) — Fri, 03 Jul 2009 10:17:06 -0500

By Pascack Press

Home Improvement Section

Wood framing is yesterday's building method. Today, concrete is sustainable and today concrete is king.

"In both residential and commercial buildings, structures built with concrete to the roof offer long lasting benefits to home owners and owners of commercial structures," says Todd Blyth at Nudura. "Once these comforts are experienced, the homeowners and commercial building owners would never go back to wood or other traditional building methods."

Nudura, a company known for an ingenious, interlocking concrete-form building system, has recently won four, prestigious ICF Builder Awards, most notably for a LEED rated project. Leadership in Energy and Environmental Design administers a third-party certification program, which has now set an international benchmark for the construction and operation of sustainable, high performance buildings. Nudura builds the walls to the roof with a method that entails interlocking forms with two layers of polystyrene, steal reinforced, and filled with concrete. Here's why concrete so readily trumps wood:

Conservation: The more trees covering the planet the better for oxygen supply and green house gas reduction. Instead of using wood for construction, concrete will save this important natural resource.

Cost Cutting: The energy savings with concrete walls range from up to 50-70 percent. Solid core, concrete keeps home temperatures consistent requiring less energy for heat, cooling, and climate control. Wood structures are prone to thermal bridging where the outside cold penetrates too easily, causing drafts and cold spots.

Fire Resistant: In addition to long-term durability, and wind resistance, concrete walls report 4-hour fire protection.

Durability: Solid concrete core walls are shown to be up to nine times stronger, withstanding winds up to 400 km-/hr and a debris impact up to 185 km-hr. Wood walls are subject to moisture, dry rot, and deterioration.

Indoor Air Quality: Wood structures are also prone to moisture retention, promoting mold growth with airborne respiratory irritants. The newest concrete system (nudura.com) is quick to assemble for builders, brings beauty to the design, emits no fumes, retains no water, and is virtually sound proof.

How To Get Started Building Green

Paula Clark (Coldwell Banker) — Thu, 02 Jul 2009 21:25:22 -0500

By Richard Wall

HGTVPro.com

There many never be a better time to get into green building than right now, particularly as a way to hedge your business against the slowing housing market.

"There is no slow down from my company," says Matt Belcher or Belcher Homes in St. Louis. "Last year we did 15 green homes, and this year we'll do 25. I don't build anything but green homes."

Belcher says that a confluence of green products, how-to-build-green information, and customers easily sold on the concept have greatly reduced the obstacles builders use to face in getting started. By using the resources now readily available from national and local home builders associations and other organizations, any other builder can establish an individual plan to go green and execute it.

Emily English, director of the National Association of Home Builders' Green Building Program, says the NAHB's free Green Building Guidelines publication lays it all out in phased steps.

Step-By Step Breakdown

"There is a learning curve to switching to green practices," says Emily. "So we have different thresholds of building green, starting with bronze, then sliver and gold. The first part of the Guidelines is a checklist for what level of green you are building to. The second part of the Guidelines is how to do it, and a source of resources."

The process of going green is broken into seven guiding principles (Resource Efficiency, Lot Design, Preparation, and Development, etc.) which each specific element in a principle section given a numerical value. By adopting elements from each of the seven sections into your building program, you move into green building step by step.

"It's easier to go green this year than it was last year," says Belcher, who would chair the NAHB Green Building Conference March 25-27, 2007, in St. Louis. "There's so much more information out there. Our local HBA of Greater St. Louis and Eastern Missouri just adopted the NAHB's Guidelines. We tweak them for our area, but there isn't much tweaking needed

"On the product side, all the manufacturers of building components say the writing on the wall, Belcher adds. "Green products are about all they're pushing."

Sell the Green Bling

Belcher said the other two largest potential stumbling blocks to going green have been selling the green concept to dubious customers and turning concept into practice on the job site. Although these are the most crucial aspects of a builder needs to get right when switching over the green practices, Belcher doesn't view them as obstacles any longer.

"I sell the customers with what i call the 'green bling,' I tell them about things like photovolaics, structural insulated panels, and the fact that lenders are raising the value of green homes by as much as 18%," says Belcher. "And when I tell them we are going to build a 3,500 square-foot home and their electric bill won't be more than $125 a month, it gets them going pretty quick."

English and Belcher offer a couple of tips for builders to keep in mind as they go green:

Getting the trades on board was more of an issue in the past than it is today, as the green trend generates information, products, workshops and buzz. Still, English says, builders switching to green should plan on spending extra time training the trades and supervising crews on site.

Belcher advises builders to tell trade contractors from the very start exactly what they are doing -and why. "These guys pride themselves on being craftsmen, and they appreciate being involved in these advanced building techniques."

"I can say that using the Green Building Guidelines has improved my bottom line dramatically. I am not wasting a thing," says Belcher. "After my first few green houses, I was thinking, 'Why haven't I been doing this all along?'"

Easy Ways to Increase Curb Appeal When Selling a Home in Bergen County

Paula Clark (Coldwell Banker) — Thu, 02 Jul 2009 20:40:59 -0500

By Pascack Press

Real Estate & Business Section

In today's housing market, homeowners need to be more proactive than ever before when it comes to selling their homes.

Whereas the real estate boom at the turn of the century made things easy on sellers, the current real estate climate is not so seller-friendly.

To make their homes more attractive to prospective buyers, these are small and easy projects, but if neglected they'll give buyers the impression that other, bigger things might have been neglected as well.

If your home has a front porch or stoop, be sure to inspect it for cracks. An older porch or stoop should be replaced, and any chips or cracks in the steps should be fixed.

Ready the roof. A new room is very expensive, and buyers understandably often run from homes that need a new roof.

Sellers should hire their own home inspector to determine the condition of the roof before putting the home up for sale. If you wait until after putting the home up for sale, it will likely take more time to sell the home, and buyers will wonder why the home was listed so long.

Know the home's ups and downs before putting it up for sale to minimize any potential concerns from buyers.

Perfect the paint job. For homes without siding, be sure that the paint job is up to snuff. Any areas with peeling or chipping paint should receive a fresh coat of paint, and this is another job that should be handled wel ebfore listing the home

Lavish the lawn with attencion. Buyers love a lush green lawn, and that the lawn goes a long way to creating a solid first impresson. The first thing buyers will see once they pull up curbside is the lawn. If the grass is dry with brown spots or apprears neglected, many buyers will find that hard to over look.

Homeowners preparing to sell their home in the fall should lavish attencion on their lawn throughout the summer, keeping it watered and possibly hiring a landscaping service to make it more appealing. Consider planting flowers or other decorative folliage.

Everything You Want To Know About Buying Bergen County Home

Paula Clark (Coldwell Banker) — Mon, 29 Jun 2009 09:00:13 -0500

Buying a home is the largest investment most Bergen County home buyers make. It is a HUGE decision and the cause of many sleepless nights. Most home buyers have LOTS of questions and aren't always comfortable contacting a Realtor for answers when in the beginning stages of deciding to buy a home. For this reason, I have a Library of Real Estate Tips for Bergen County home buyers. Here you can learn about anything from home inspections, to tax considerations, to buyers remorse, to agency disclosure. Of course you can always give me a call to get your questions answered, but my Library of Tips is available for your convenience.

Other handy tools and information available on my website are local Maps and Links, Community Info for Hillsdale, Old Tappan, and Rivervale, Things To Do, School info and more!

You can also get pre-qualified for a mortgage, get a FREE relocation package, and search all Bergen County homes for sale.

Please visit PaulaClarkRealtor.com oftern for all your Bergen County home buying information. And when you are ready, give me a call. I'm here to help!!

Tips For Bergen County Home Buyers

Paula Clark (Coldwell Banker) — Mon, 22 Jun 2009 20:17:42 -0500

It's easy for Bergen County home buyers to get overwhelmed. A home is the biggest investment most of us make and the entire process can be a bit scary! Here are Bergen County home buying tips, sure to calm the most timid among us!

1. Research before you look.
Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you'd be willing to spend each month for housing.

2. Be realistic.
It's OK to be picky, but don't be unrealistic with your expectations. There's no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order.
Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can't afford.

4. Don't ask too many people for opinions.
It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline.
When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term.
Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection.
If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®.
Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. Buyer's reps are usually paid out of the seller's commission payment. Give me a call...it won't cost you a penny!!

Search all Bergen County homes for sale.

5 Reasons To Buy Bergen County Home

Paula Clark (Coldwell Banker) — Mon, 08 Jun 2009 21:20:55 -0500

One man's loss is another man's gain and right now buyer's have everything to gain. It was only a few short years ago that sellers controlled the market and were calling the shots. In order to buy a home, buyers were paying over the asking price, foregoing home inspections and paying all their own closing costs. Bergen County home buyers were jumping through any and all hoops.

Now the market has shifted. The strong sellers' market is a thing of the past and it is the sellers who are jumping through hoops. Buyers are calling the shots with offers that include home inspections; requests that closing costs, homeowner association fees and inspection fees be paid by the seller; decorating allowances; home improvement; and prices far below the asking price.

So why are buyers hesitating? Fear of a tanking economy, falling home prices and job instability are concerns for many potential home buyers. But if you are financially stable and plan to stay in a home for at least five years, there are 5 top reasons to buy a Bergen County home:

1. Homes are affordable.
According to the National Association of Realtors' housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.

A recent report from Moody's Economy.com predicted that house prices will stabilize by the end of this year. The Office of Federal Housing Enterprise Oversight's Web site has a house price calculator that can help. Visit the calculator.

2. There are lots of homes to choose from.
The slow down in the housing market has caused homes to stay on the market longer, creating a huge inventory. There was a 9.6-month supply of unsold existing homes in January given that month's sales pace, according to NAR.

A large inventory gives buyers more selection, driving down prices. As buyers start to jump back into the market, the inventory will shrink and cause prices to start going back up. The time to get the best deal is before most buyers buy.

3. Builders are offering perks.
New home builders are offering price reductions, free upgrades and other perks such as free appliances, homeowners' fees being paid, lower interest rates decorating allowances. Once their inventory shrinks, these perks will go away.

4. Interest rates are at historical lows.
Lenders are not lending as freely, but if you have good credit and the needed down payment, mortgage interest rates are historically low and hovering around 5 percent.

5. There is an $8000 tax credit
If you are a first-time Bergen County home buyer, you will qualify for an $8000 federal tax credit if you buy before December 1, 2009. Unlike the previous tax credit offered in 2008, this does not have to be repaid. Extra money comes in handy when buying a home.

Trying to decide if buying a Bergen County home in is right for you. Give me a call. I'm glad to review your situation with you.

Search all Bergen County homes for sale.

Bergen County Foreclosure Trends - April 2009

Paula Clark (Coldwell Banker) — Mon, 01 Jun 2009 16:46:48 -0500

Bergen County foreclosure homes have remained relatively steady in 2009 after a spike in October 2008 with 398 new foreclosure filings in April compared to 925 filings last October, according to RealtyTrac.com.

Bergen County Foreclosure Activity and Home Price Index

Bergen County Foreclosure Geographical Comparison

The Bergen County foreclosure rate is .03% below the state of New Jersey and .16% below national statistics.

Are you or someone you know behind on your mortgage payments and facing a Bergen County foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. Give me a call for a private consultation.

Learn more about Bergen County real estate at PaulaClarkRealtor.com.

Everything You Want To Know About Selling Your Bergen County Home with Short Sale

Paula Clark (Coldwell Banker) — Tue, 26 May 2009 14:49:36 -0500

If you're thinking of selling your Bergen County home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your Bergen County home through a lengthy legal process and then sells it.

1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:

Refinancing your loan at a lower interest rate
Providing a different payment plan to help you get caught up
Providing a forbearance period if your situation is temporary

When a loan modification still isn't enough to relieve your financial problems, a short sale could be your best option if

Your property is worth less than the total mortgage you owe on it.
You have a financial hardship, such as a job loss or major medical bills.
You have contacted your lender and it is willing to entertain a short sale.

2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.

A qualified real estate professional can:

Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
Help you set an appropriate listing price for your home, market the home, and get it sold.
Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
Ease the process of working with your lender or lenders.
Negotiate the contract with the buyers.
Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can't sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.

3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale "package" that accompanies any offer typically must include

A hardship letter detailing your financial situation and why you need the short sale
A copy of the purchase contract and listing agreement
Proof of your income and assets
Copies of your federal income tax returns for the past two years

4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender's review of the short-sale package can take several weeks to months. Some experts say:

If you have only one mortgage, the review can take about two months.
With a first and second mortgage with the same lender, the review can take about three months.
With two or more mortgages with different lenders, it can take four months or longer.

When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender's loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)

5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:

You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can't pay back the balance, talk with your real estate attorney about your options.
Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.
Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.

What's your Bergen County home worth?
Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.

Reprinted from Realtor Magazine with permission by National Associaiton of Realtors.

What To Do Before Putting The ‘For Sale’ Sign In Your Yard

Paula Clark (Coldwell Banker) — Tue, 19 May 2009 05:12:32 -0500

Selling your Bergen County home this spring? Below are 5 things to do before putting the ‘For Sale' sign in your yard:

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you'll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don't plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you're a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?

Learn more about selling your Bergen County home at PaulaClarkRealtor.com.

What is your Bergen County home worth?

Bergen County Home Buyers Going Green

Paula Clark (Coldwell Banker) — Tue, 12 May 2009 15:02:09 -0500

More and more Bergen County home buyers are looking for green features in the home they buy. The green trend is a means of lowering costs, becoming more environmentally friendly, and adopting a healthier lifestyle.

The average green buyer will shell out $12,400-on average-for green features, according to the National Association of REALTORS. National Association of Home Builders green-building standards program manager Kevin Morrow expects the market share of green-certified homes to rise to 20 percent in 2010 from about 10 percent in 2009 and 2 percent in 2006.

Green features Bergen County home buyers are looking for include energy efficiency, water efficiency, resource efficiency, and indoor air quality and include such elements as Energy Star appliances, low-flow shower heads, carpets and paint with low volatile organic compounds, and building materials procured from local suppliers.

Today's Bergen County home buyers benefit form tax credits and other financial incentives.

Learn more about buying green by visiting PaulaClarkRealtor.com or give us a call anytime.

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Should You Move Up To A Larger Bergen County Home?

Paula Clark (Coldwell Banker) — Wed, 06 May 2009 12:50:58 -0500

Should I move up to a larger Bergen County home is a question many homeowners are asking. The questions below will help you decide whether you're ready for a home that's larger or in a more desirable location.

1. Have you built substantial equity in your current home?

If you have owned your Bergen County home for a number of years you might have built up some equity. Look at your annual mortgage statement or call your lender to determine your loan balance. Then give me a call to determine your home's market value. The difference between your loan amount and market value is your equity. You can also get your market value by clicking here.

2. Has your income or financial situation improved?

If your income has increased, you may be able to afford a higher mortgage payment.

3. Have you outgrown your neighborhood?

Often, the neighborhood or location you buy your first home in may no longer suit your needs. You may want to be closer to work, be in a better school district or have a home on a lake rather than close to it.

4. Are there reasons why you can't remodel or add on?

Sometimes adding on to your current home is the answer. If you will end over-improving for the neighborhood, moving may be a better option.

5. Are you comfortable moving in the current housing market?

In the current real estate market, your Bergen County home may not sell quickly for what it would have a few years ago, but the home you buy also less expensive expensive.

6. Are interest rates attractive?

A low rate not only helps you buy a larger home, but also makes it easier to find a buyer and interest rates are currently at record lows.

If you answered yes to most of the questions, it's a sign that you may be ready to move. If so, please visit PaulaClarkRealtor.com to learn more about selling your Bergen County home or give me a call. I'm glad to help!

Old Tappan Poster Contest

Paula Clark (Coldwell Banker) — Tue, 28 Apr 2009 10:07:42 -0500

The Environmental Commission, and The Bonnabel Park Committe have joined forces to get the children of Old Tappan together, and involve them in their plan to build a safe, and clean park. Paula Clark, Chairperson of The Environmental Commission has put up a web site that displays the 2nd, 3rd, and 4th grade posters for the new, and upcoming Bonnabel Park. Just go to www.tbdpostercontest.com

Place your vote for each grade. Winners to be announced early June.

For more information you can contact Paula Clark 201-280-0056

or Paula@paulaclarkrealtor.com

Old Tappan NJ Real Estate Statistics – March 2009

Paula Clark (Coldwell Banker) — Tue, 28 Apr 2009 10:06:00 -0500

Old Tappan NJ is a friendly community on the shores of beautiful Lake Tappan in Bergen County in the northeast New Jersey. Ample parks, steadily appreciating real estate and excellent schools make this human-scale community an ideal place to bring up a family.

Learn more about Old Tappan and the rest of the towns that comprise Bergen County and the Pascack and Northern Valley.

Old Tappan NJ Real Estate Statistics - March 2009

Homes Sold: 2
Average List Price: $ 1,299,500
Average Sale Price: $962,500
Median Sale Price: $962,500
Average Sold/Listing Price: 74.064%

Old Tappan NJ Links
Old Tappan NJ Website
Old Tappan NJ Schools
Old Tappan NJ Homes For Sale
Old Tappan NJ City Data

Learn more about Old Tappan NJ real estate by visiting PaulaClarkRealtor.com or give me a call. I'm glad to help with your Old Tappan NJ home search.

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Norwood NJ Real Estate Sales Statistics – March 2009

Paula Clark (Coldwell Banker) — Mon, 20 Apr 2009 14:32:48 -0500

Norwood NJ is a beautiful town located just across from the New York State line and twenty miles from New York City and is a borough of Bergen County. Residents enjoy the area's good schools, convenient location and access to world class dining, shopping and services. The community name derives from "North Woods"

Learn more about Norwood NJ and the rest of the towns that comprise Bergen County and the Pascack and Northern Valley.

Norwood NJ Real Estate Sales Statistics - March 2009

Homes Sold: 2
Average List Price: $ 969,500
Average Sale Price: $792,500
Median Sale Price: $792,500
Average Sold/Listing Price: 81.743%

Norwood NJ Links

Norwood NJ Website
Norwood NJ Schools
Norwood NJ Homes For Sale
Norwood NJ City Data

Learn more about Norwood NJ real estate by visiting PaulaClarkRealtor.com or give me a call. I'm glad to help with your Norwood NJ home search.

Search all Bergen County real estate and homes for sale!

10 Questions To Ask Bergen County Home Inspectors

Paula Clark (Coldwell Banker) — Tue, 14 Apr 2009 05:54:26 -0500

Before you make your final buying or selling decision, you should have the home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective Bergen County home inspectors:

1. Will your inspection meet recognized standards? Ask whether the inspection and the inspection report will meet all state requirements and comply with a well-recognized standard of practice and code of ethics, such as the one adopted by the American Society of Home Inspectors or the National Association of Home Inspectors. Customers can view each group's standards of practice and code of ethics online at www.Ashi.org or www.Nahi.org. ASHI's Web site also provides a database of state regulations.

2. Do you belong to a professional home inspector association? There are many state and national associations for home inspectors, including the two groups mentioned in No. 1. Unfortunately, some groups confer questionable credentials or certifications in return for nothing more than a fee. Insist on members of reputable, nonprofit trade organizations; request to see a membership ID.

3. How experienced are you? Ask how long inspectors have been in the profession and how many inspections they've completed. They should provide customer referrals on request. New inspectors also may be highly qualified, but they should describe their training and let you know whether they plan to work with a more experienced partner.

4. How do you keep your expertise up to date? Inspectors' commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important in cases in which a home is older or includes unique elements requiring additional or updated training.

5. Do you focus on residential inspection? Make sure the inspector has training and experience in the unique discipline of home inspection, which is very different from inspecting commercial buildings or a construction site. If your customers are buying a unique property, such as a historic home, they may want to ask whether the inspector has experience with that type of property in particular.

6. Will you offer to do repairs or improvements? Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest. Contact your local ASHI chapter to learn about the rules in your state.

7. How long will the inspection take? On average, an inspector working alone inspects a typical single-family house in two to three hours; anything significantly less may not be thorough. If your customers are purchasing an especially large property, they may want to ask whether additional inspectors will be brought in.

8. What's the cost? Costs can vary dramatically, depending on your region, the size and age of the house, and the scope of services. The national average for single-family homes is about $320, but customers with large homes can expect to pay more. Customers should be wary of deals that seem too good to be true.

9. What type of inspection report do you provide? Ask to see samples to determine whether you will understand the inspector's reporting style. Also, most inspectors provide their full report within 24 hours of the inspection.

10. Will I be able to attend the inspection? The answer should be yes. A home inspection is a valuable educational opportunity for the buyer. An inspector's refusal to let the buyer attend should raise a red flag.

Are you a Bergen County home buyer with questions concerning home inspections? Give me a call. I'm happy to answer all your questions. Also, visit PaulaClarkRealtor.com to learn more about buying a Bergen County home.

Search all Bergen County real estate and homes for sale!

Information is courtesy of Realtor Magazine with permission by the National Association of Realtors.

Old Tappan of Bergen County calls all disco lovers to Dino's Brick oven Pizza tonight at 7:30. Join us in the celebration on Old Tappan road, in The Northern Valley of Old Tappan

Paula Clark (Coldwell Banker) — Sat, 11 Apr 2009 16:16:25 -0500

DINO'S CUCINA...Old Tappan Road, Old Tappan New Jersey, just south of Tappan NY Rockland County

I have wrote about Dino's before, but they were new, and I have been back to eat there with friends, family, and even some of my clients. As a Real Estate Agent in Old Tappan of Northern Bergen County New Jersey, I show many homes in this area. In the middle of showing homes, we take a lunch break, and stop at Dino's I am guaranteed a good meal, and go away feeling satisfied. Always knowing that my clients will not be disappointed that I brought them there. I am always greeted with a warm welcome, and meet many of my neighbors. Always nice to talk about the goings on of our town. Schools in Old Tappan, Norwood, Northvale, Harrington Park. Dino's offers a full bar, and the merlot they offer is a nice smooth wine that goes well with pizza. This is not just any pizza... all fresh herbs, fresh tomatoes, fresh garlic, arugula, basil, mozzarella, and parmesian. They make home made bread that you can smell from when you park your car in the parking lot. Dino's is so far a bit of a secret. All the locals know about it, but soon as the word gets around, River Vale, Hillsdale, Montvale, Park Ridge, Woodcliff Lake, Washington Twp, Westwood, Emerson, and all of The Pascack Valley will know about Dino's and there will be standing room only. Why don't you come and see what they're all about. Tonight the disco begins at 7:30. Get there early, eat, and be ready to boogie. As an 80's disco queen myself.. I won't miss it. Come and join me...won't you??? For more information: Call Paula Clark direct: -201-280-0056