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August 2013 Real Estate Newsletter

By Jeana Cowie

Real Estate Agent with RE/MAX Real Estate Limited

August 01, 2013 01:29 PM

August 2013 Real Estate Newsletter

presented by Jeana Cowie of RE/MAX Real Estate Ltd.

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

Jeana Cowie, ABR, CRS, GRI, SRES

August 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

Homebuyers Locking In Affordability

  Fully aware both home prices and mortgage interest rates are on the rise, home buyers are hedging their bets with fixed rate mortgages (FRMs) and sizable down payments to lock in affordable housing.
     A LendingTree survey revealed that 64 percent of prospective homebuyers expect mortgage rates to rise and 68 percent expect home prices to rise over the next 12 months.
     Those expectations of rising costs prompted 57 percent of respondents to say they plan to put 15 percent or more down toward the purchase of the home

Mortgage Rates

U.S. averages as of July 25, 2013:

30 yr. fixed:   4.31%
15 yr. fixed:   3.39%
1 yr. adj:        2.65%

View current rates

compared to only 44 percent opting for a down payment that's less than 15 percent.
Home buyers also plan to finance their home purchase with FRMs to keep

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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

How to Appeal Your
Property Tax

     As surprising as may seem (if you're not a cynic), property taxes do not always get adjusted according to market values. In fact, the National Taxpayers Union estimates that as many as 60% of properties are assessed at a higher rate than their actual market value. Furthermore, since many local governments are hurting for cash, property taxes are likely to be increased as municipalities seek ways to bridge budget gaps.
      It is possible to appeal or otherwise protest property taxes; people typically undertake the process when they feel their taxes have been assessed at too high a rate. Most appeals are not successful - estimates state that only between 20% and 40% of appeals are accepted. However, well-researched cases increase one's chances of succeeding.
      The first step to appealing a property tax assessment is to double check your assessment letter. Such letters are usually mailed to homeowners on a yearly basis, but depending on where you live, it may only be every two or three years. This assessment is conducted by the local government - not a private appraiser - and the value given in the appraisal is not necessarily the current

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Most Consumers Misunderstand Budgeting

     Budgeting goes hand-in-hand with planning to buy a home, but many consumers don't make the connection.
      A survey by the National Foundation for Credit Counseling (NFCC) revealed 57 percent of those who responded believe incorrectly that a budget is a restriction on how they choose to spend money.
      Fewer, 43 percent, understand that budgeting allows them to direct money spending to chosen goals.
      "A budget actually provides the structure through which a person can be in charge of his or her spending, directing the dollars to their best use," said Gail Cunningham, spokesperson for the NFCC.
      "Spending should be a reflection of a person's priorities, but without a plan, the priorities often get pushed aside in favor of the tyranny of the urgent," Cunningham added.
      A budget, often part of homeownership counseling curriculum, is designed to change spending habits from wants to needs. It does so by allowing you to see where your money is being spent.
      Once you know where your money goes, you can make changes to unnecessary spending and direct spending and savings toward practical financial goals, say, buying a home.
      NFCC's June Financial Literacy Opinion Index was conducted via the homepage of the NFCC Web site (www.DebtAdvice.org) from June 1 to June 30, 2013 and was answered by 793

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Real Estate Transactions
Go Green

     It's easier than ever to put a green spin on housing, but not always quite how you may think.
      "Green" real estate often refers to planet-friendly construction materials, energy efficiency and sustainability in both form and function for new and existing homes.
      The sense that Earth's resources aren't limitless is finally starting to hit home with many housing consumers. That can extend to real estate transactions as well, by eliminating paperwork and accomplishing more electronically.
      With virtually everyone equipped with a smartphone, there's no end to what can be achieved in a green way, especially in the real estate arena.

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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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