07006 declining market
07013 declining market
07052 declining market
07109 declining market
07110 declining market
You can use the link below to see if your area is a declining market. AIG has determined these zip codes as declining markets.
Here are some excerpts from Jeffrey's advice
"Hey NonRealtor in case you haven't heard life is risky."
"KG needs to commit to a Realtor who knows the area and be loyal to that agent. "
Life is risky for you Jeffrey. KGordon, it's like marriage when you hook up with Jeffrey--love, honor, and obey him. Good luck KG
Just thought I should jump in to let you know that deleting a post does not get rid of the thumbs down you received for that post. The thumbs down are still alive and well in our database and will continue to be part of your profile statistics.
Customer Service Representative
Jeffrey, I pulled the original question because I thought I could be more succinct, therefore, posed this one....thanks for the suggestions of houses in the area but the Hawthorne house does not appeal to us and we feel it is priced too high for what it offers....we drove by the whittle house and it is on a very odd corner and didn't go in because of it...a yard is important to us...
but getting back to the posed question...the lender told us there were only 4 counties that weren't distressed....and one is Bergen county...so we will be looking there now too...
Jeffrey, we have children on the way and we have to make sure we are making a good investment....so any other thoughts you have for Bloomfield would be appreciated....like I said we thought we would buy there and now we are backing away because of our lender....
Lastly, as far as committing to a particular Realtor...we have interviewed/met with and discussed with several...we haven't signed on with one in particular...not only are we looking for a very good agent who will rep us as BUYERS but also we need to be sure which county we will be using before we commit to anyone....and not all Realtors are experts in all counties...Thanks Again....
Carl - http://www.CarlWitzigHomes.com
Just for the record if you want to maintain high ratings, try adding some value and facts to your postings. You wouldn't get any "thumbs down" (which for the record...I didn't give you) or have to keep deleting and reposting if you would provide some useful information.
Good luck and feel free to reach out if you have and other questions or concerns.
As far as NonRealtor's suggestion...thank you for your opinion/suggestion, but Buying/Renting is not that simplistic ...everyone buys/rents for different reasons and personally we would rather buy...we have our own personal reasons and we will be smart and find the right home at the right price....
It is really quite condescending of you to not give the people here a little more credit and assume they have looked at renting versus owning.
I do have some thoughts I would like to share with you on Bloomfield so if you are interested you can get in touch via contact info on my website. I am glad that you found the link useful but again just remember that all real estate is local.
As far as going to Bergen keep in mind that just because the county is NOT defined as distressed by your bank doesn't mean that certain the towns are not. I'll be willing to bet that certain towns are defined as distressed in Bergen as well. In the price range you are looking many towns may not get you what you are looking for. I have had more than a few client that start in Essex and then think that Ridgewood, Paramus etc will get them what they want and after a few weekend of us going out give up and come back to Essex.
You are RIGHT for the all the reasons that you like the area and I feel a your lender has done you a disservice by not clearly explaining what it means when a BANK decides an area is distressed. It is an arbitrary criteria used to require the purchaser to put more equity into the property up front so the bank isn't as exposed. Look if we could tell you what the market will do in the next couple of years we would all be jumping into our giant pile of money like Scrooge McDuck.
You know your life plan and the time frame associated with those events. Based on that you make the best decision you know how for yourself and your family. After that life happens and you go along for the ride.
After reading the question and preparing to write my response, I read through the other responses and I couldn't have said it any better than Jeffrey. I never got a chance to read your first question but seeing Jeffrey's response I am assuming you are interested in the North End of Bloomfield. The North and South ends of Bloomfield are two totally different areas and should not be be comp'd together. I don't only sell the community, those are my roots and my family still lives there too. I am fully familiar with the entire town of Bloomfield, including but not limited to the entire Bloomfield market. As in many towns, Bloomfield has a lot of good buys on the market that are not distressed houses, foreclosures or short sales. Again, just as in Essex Fells, Fairfield, and many other towns, Bloomfield has its share of pre-foreclosures, foreclosures, and short sales but that doesn't mean it's a mistake buying in the town. We have no idea what forced some these homeowners into their unfortunate situation. Keep in mind that towns that have rail and public transit to NYC should hold better value than other towns which do not.
If you are looking for an area specialist and interviewing agents in the area, please contact me I'd love to work with you finding your new home.
Gina Chirico, Sales Associate/Realtor
Prudential NJ Properties
973-239-7700 ext 132
KG needs to commit to a Realtor who knows the area and be loyal to that agent.
Matthew did you not get the memo... people are reading the just released report from The Joint Center for Housing Studies (Harvard University) titled, â€œThe State of the Nationâ€™s Housing 2008â€. Here is an excerpt...
"Housing markets contracted for a second straight year in 2007. The national median single-family home price fell in nominal terms for the first time in 40 years of recordkeeping, leaving several million homeowners with properties worth less than their mortgages."
That can be scary when you are looking to buy if you don't have the fact. There is one that just came on last weekend that will probably have 8 offers. Some people have to buy and do see value.
AGAIN KG NEED TO WORK WITH SOMEONE WHO KNOWS THE AREA and can explain where there is value.
KG your agent should have explained to you that there is value in towns located along the midtown direct line. There are still lots of buyers that have rented or purchased in the city and now are looking for a place in the 'burbs as it were. Some are priced out of some of the other towns like Montclair which is looking at a possible 7% tax increase and/or cuts to services 1 year after the reassesment. Things are still selling that are priced right and yes still getting multiple offers in some cases...including Bloomfield.
You need the agent to specifically pull the numbers for the Brookdale and Oakview sections and not the whole town based on the area you are looking in. Did you every see the one on Whittle or Hawthorne?
Distressed typically is used to describe an area where there's a widespread unemployment and poverty compared to the state averages. Are you looking only in Bloomfield? There are many affordable opportunities in "northern" New Jersey outside Bloomfield. Let me know if you'd like more information!
ERA Statewide Realty
Office: (908) 874-7797, ext 519
Cell: (908) 444-3106