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June 2013 Real Estate Newsletter

By Jeana Cowie

Real Estate Agent with RE/MAX Real Estate Limited

June 25, 2013 01:47 AM

June 2013 Real Estate Update & Newsletter

Call Jeana Cowie, your Bergen County REALTOR© C# 201-982-2200

Jeana Cowie, ABR, CRS, GRI, SRES

June 2013

Over 600+ Homes SOLD. Paramus Real Estate Agent Specialist. Selling Bergen County Real Estate for 20+ years.
Call Jeana Cowie today at cell 201-982-2200

What To Look For When Buying Real Estate

The first thing that most of us think of is the adage... "location, location, location". While that is certainly very critical, there are many other things to consider when buying real estate. Here are some universal guidelines.

How long you intend to stay in a home. This is an important question to consider because moving is quite expensive. If you're in a temporary job and may soon be relocating to another city or even state, renting rather than owning might be a better option.
While none of us entirely knows how our future will play out, understanding

Mortgage Rates

U.S. averages as of May 30, 2013:

30 yr. fixed:   3.81%
15 yr. fixed:   2.98%
1 yr. adj:        2.54%

View current rates

how long you expect to stay in your home allows you the chance to decide how large a home you want. If you're a young couple, a home that is able to grow with you might be appealing.

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Wondering What Your Bergen County Home Is Worth in Today's Market?

Call me for a free, no obligation market analysis 201-982-2200. Thinking of buying a Bergen County home? Call or email me today Email: jmcowie@optonline.net

Credit Scores Continue to Confound Consumers

It's just not surprising credit scores baffle 20 to 40 percent of consumers.

The Consumer Financial Credit Bureau (CFCB) recently reported credit scores sold to consumers aren't the same as the ones lenders use - and the difference between the scores can mean the difference between a lender approving or rejecting an application for credit, including a mortgage.

FICO says its new Mortgage Score considers a market shift in consumer credit behavior and is 7.5 percent more predictive of how a borrower will handle a mortgage than the old FICO Score.

Another new score, VantageScore 3.0, is designed to generate a score for tens of millions of consumers previously unable to score a score.

Some of the new scoring systems also include rent payments because renters are among the millions previously unable to score in older credit scoring systems.
What's surprising is that more consumers aren't pulling out their hair trying to keep score with all the scores.
In addition to the variety of credit scores and numerous scoring system changes, scammers abound luring vulnerable credit consumers with come-ons that include misleading and false information about improving credit scores.

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The Inside Scoop On
Outdoor Kitchens

     Outdoor kitchens make dining al fresco at home more appealing than ever.
      A rebounding trend in outdoor living reveals more and more properties feature outdoor kitchens that once were the province of only the very wealthy.
      Today, moving the home’s indoor central meeting place outdoors creates an open-air living space that’s both accessible and inviting as any indoor room.
      Great for gatherings and socializing, having a kitchen and dining area outdoors also eliminates some of the indoor mess and hassle of food preparation and makes for a more inclusive cooking experience.
      You can create outdoor living space that is an organic part of your yard or a discrete, open-air self-standing room or suite for your home.
      With features ranging from simple and functional to more extravagant, an outdoor kitchen investment comes with a return that’s at least equal to a major kitchen remodel - 80 percent or more.
      Talk to your real estate agent about the return on your investment in an outdoor kitchen in your specific neighborhood.
      If you are enterprising, hands-on and have budget constraints, you can put ideas into play yourself. If you need a truly professional look, hire a contractor to design and build the area.
      Here are a few elements to keep in mind when crafting your outdoor living space:

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Maywood, NJ home for sale $374,900

Maywood Cape Cod 4 Bedroom 2 Full Bath home for sale ~ $374,900

Housing 'Affordability'? It's Relative to Working Households

     Don't talk about housing "affordability" to more than a quarter of America's working stiffs.
      Sure, home prices remain well off housing boom peak prices, and are relatively affordable.
      Certainly, you can purchase distressed properties in many locations for a song. Bargains abound.
      However, if you can barely afford to cost of your current housing, big whoop.
      More than 26 percent of working renters spend more than half of their household take-home pay on housing - and those costs are rising.
      The Center for Housing Policy's (CHP) annual "Housing Landscape" report tracked working households' housing costs from 2008 to 2011 and

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Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.

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