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Home Buying in Maplewood : Real Estate Advice

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  • Home Buying21
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Activity 31
Thu Feb 2, 2017
Kbanucci asked:
I am personally offended by the widget that is attached to the crime statistics. On the statistics for Maplewood NJ it lists specific incidents that are committed by "Black Males"…
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Sun Aug 2, 2015
Myfriendzac answered:
Low interest rates are enabling people to bid up the value of limited housing stock. It's limited stock because 15-20% of total housing stock is still underwater w mortgages worth more than the house.

have a look here: http://www.bloomberg.com/news/articles/2015-06-12/scariest-u-s-housing-chart-shows-nasty-scar-years-after-bust

It appears that this 15% of housing stock that is underwater, is likely going to remain off the market bc few homeowners want to bite the bullet and take the equity loss on a short sale; and this also means that this 15% of total housing stock may NEVER actually come back on the market at the same or higher level, because existing owners who are underwater, have little free cash avail to spend on upkeep and home improvement... so we're looking at a reduced-supply of housing stock for the next decade. that creates an imbalance in supply/demand, so demand is higher than supply will be for quite some time, particularly in old neighborhoods where there's no room for new stock to come in... hence the location location location mantra. People are bidding up limited stock largely because of location.

So what you are seeing is tight covenant and valuation control at the banks. They use forward interest rate curves in their analysis of valuation. This means that while the valuations at t=o present moment are exactly what you're willing to offer, the valuation is done to protect you (and mostly the bank), by factoring in what the settling valuation of the house will be later... It is very likely that the valuation assessment for housing will drop 8-15% over the next 6yrs as interest rates come up, and tha bank can do this math very precisely, once they have decided what they think the forward interest rate curve forecast is. So if you're buying a house and not planning on living in it for 10yrs or longer that will give inflation a chance to bring your home value back above what you're bidding on the house today, then be VERY careful about bidding too far above the bank's appraisal valuation. If the appraisal of the house comes back lower than you want and you are challenged by the bank to put up more equity to close the gap difference between their appraisal value and what you bid for the house, the answer to this is to challenge the appraisor on the interest rate forecast they used in determining the value of the house. You need to argue "lower for longer", meaning that rates will stay lower for longer than people think, and that they will not race higher in the near term 1-3yrs.

Alternatively, if you want to get a feel for what the appraisor and the bank are thinking. To get a sense of how they arrive at the valuation of your house, imagine how much you could offer if you had to factor your mortgage at 3%-4% higher rates than the current level.
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Tue Jul 7, 2015
NellyB. asked:
We will be relocating to NJ in the next 12 months from Queens to Maplewood or South Orange. My partner works in the Bronx so we are also considering Bergen County as well. Heard so much…
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Sun Jun 21, 2015
Robert Northfield answered:
Jill Sockwell is a great buyers agent http://www.jillsockwellhomes.com/
0 votes 5 answers Share Flag
Wed Jun 3, 2015
Amy Paternite answered:
Although most folks always think springtime, in the past few years more homes have gone under contract in June & July in Maplewood/South Orange than any other month!
Check out all homes for sale: http://idx.njmidtowndirectrealestate.com/idx/search/advanced
Good luck!
Regards,
Amy Paternite/Coldwell Banker Maplewood
917-442-5130
apaternite@live.com
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Tue May 20, 2014
Andrew Tisellano answered:
Hi

which listing are you talking about?
let me know and I will be glad to help you
0 votes 7 answers Share Flag
Wed May 14, 2014
Samantha Yakobchuk answered:
The one in the affordability part is just an estimate, or perhaps a national average. Regardless, it would do you well to ignore it unless you can change it in the calculator (it's been a while since I played with that, so I can't remember), especially if you're looking in Maplewood where taxes are especially high. ... more
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Sat Oct 12, 2013
Robert Northfield answered:
Here is a short video that will answer your questions and provide you with more info on the community http://www.MaplewoodSouthOrange.com
0 votes 11 answers Share Flag
Sun Oct 6, 2013
Jeanne Feenick answered:
I am going to disagree a bit with my peers - while I caution buyers and sellers that there is no direct straight line relationship between market value and township assessed, I would not dismiss a correlation between the two among comparable properties.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
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Sun Oct 6, 2013
Mark Slade answered:
It is highly recommended that Buyers use the services of a buyer's agent, in fact it doesn't cost the buyer any money to have an expert adviser to help with understanding the value of the home you may want to buy. I am an Accredited Buyer's Representative--ABR designation. You get the most bang for you buck when represented this way as ABR certified agents have extra training that is specifically earmarked to use when working with buyers.
That being said, sometimes you can still end up in a dual agency scenario (your agent works for a broker that is actually responsible for the transaction) even when you have taken the above steps as many of the agencies in the area are corporately owned and by definition, that can ironically make a transaction with two different offices a Dual Agency transaction.
By law, your agent is supposed to supply you with the Consumer Information Statement (CIS) that helps to explain the different types of "agency."
Lastly, you should have an increased chance of preventing this situation if you use a Keller Williams agency as there are each independently owned and operated (as a franchisee).
In the end, you need to be comfortable with the person you chose to represent you as that is what is truly most important and you never know, your agent may have the perfect listing for you!
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Mon Aug 26, 2013
Ken Krasner answered:
You can appeal with a lawyer or on your own. If you choose a lawyer i can recommend one who is very successful with tax appeals. if you choose to do it yourself, i'd be happy to provide comparable sales for you to use with the town. maplewood has had a revaluation fairly recently so some properties have come up and some have come down. tax appeals need to be filed in the spring. i'd need more specifics to be able to speak to the situation you describe. please contact me and i'd be glad to help and also help you negotiate a better price with the seller agent. 201 600 8141 ... more
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Sun Aug 18, 2013
Allison Ziefert answered:
I am finding that would have considered a significant locational issue at one time has turned into a huge selling point in my market place. Buyers are looking for proximity to the train station and Meeker is close to both S. Orange and Mountain Station. If you need more information about the area please feel free to contact me. You can also check out my website for Maplewood and S. Orange homes: www.bestnjtowns.com. ... more
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Thu Aug 1, 2013
Peter Lindsay answered:
The property is under Attorney Review. This means that a written contract has been submitted and is currently being reviewed by both the sellers and buyers attorney.
0 votes 2 answers Share Flag
Sun Jul 21, 2013
Marc Paolella answered:
Forget owner financing. Owners are not going to want to accept your poor credit scores any more than conventional lenders. Just rent for now, rebuild your credit, and re-enter the market when you are an acceptable risk. ... more
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Mon Jun 24, 2013
David Reilley answered:
No they cant move the date without you signing an extension. You can close sooner ,on or before xx/xx/xxx. Addendums have to be signed by both parties changing anything in the contract, Hope this helps. ... more
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Wed May 29, 2013
Cheryl Goldinger answered:
If you are in a position to pay cash and you do not want to have monthly payments, I would definitely do that.
Most people do not have the cash to buy a house, they also feel that since the interest rates are so low that they would rather hold onto their cash.
The prices are no longer going down in this area, they are actually moving up. The houses are selling quickly and selling well.
If you are in a position to buy now it is a very good time.
Using an agent really does not having anything to do with whether or not you pay cash or finance. Agents can negotiate a good price on the houses and also can help you with neighborhoods, inspections and many other things that you need to know to purchase a house.
Please let me know if I can be of help to you with purchasing.
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Wed May 29, 2013
Cheryl Goldinger answered:
When a property is marked with a T it means that it is temporarily off the market, it is not being shown temporarily.
0 votes 5 answers Share Flag
Tue Jan 22, 2013
Debra (Debbie) Rose answered:
Since this question was posted almost 1 1/2 years ago - let's hope Jad is happily living in his new home by now!
0 votes 14 answers Share Flag
Thu Jan 17, 2013
Amy Paternite answered:
Looks like your commute time question was thoroughly answered. If you're looking for an experienced Maplewood agent with a great track record, please give me a call. You can also check out over two dozen recommendations on my website, www.amypaternite.com or LinkedIn.
Regards,
Amy Paternite
Coldwell Banker Maplewood
917-442-5130
... more
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