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Midland Park : Real Estate Advice

  • All9
  • Local Info1
  • Home Buying1
  • Home Selling1
  • Market Conditions0

Activity 10
Sun Aug 28, 2016
Pcrane255 asked:
When I hit enter it added 6 % sales commission and deleted it from the price. than it deleted more things like title search escrow money etc these are costs normally paid by the purchaser…
0 votes 0 Answers Share Flag
Sun Jun 21, 2015
Noah Seidenberg answered:
Are you a Realtor? It depends on the feed. Only Realtors with an account on Trulia can edit listings
0 votes 1 answer Share Flag
Thu Oct 10, 2013
Diane Glander answered:
Yes and Yes!
Either party can end the contract without legal or financial ramifications while the contract is in attorney review in NJ. That's why when you are representing a buyer on a **hot** deal, you need to have a great attorney you know can get you out of review asap! And, in most markets in NJ now, there is a shortage of inventory which means every property is a hot property!
Working with the right agent is the first advantage you can have in this seriously intense market.
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Thu Apr 18, 2013
Debra Cirino answered:
Hi Toni, here is a link for you to look into through Midland Park Continuing Education http://midlandparkschools.k12.nj.us/Page/1502
0 votes 1 answer Share Flag
Fri Dec 24, 2010
Sean M Farley answered:
Laurie- Peter is right on. Age is not a factor. Just as with conventional loans, FHA financing requires certain credit scores, debt to income and debt to balance ratios. In addition, provable income and a certain amount of liquid capital still play a factor. One way to find out quickly if you qualify is to call a Mortgage Professional. Here is the name of a few pros who have helped my clients in the past:
1. Joe Rocamato: Silex Financial, 201-410-7080
2. Luke Chamberlin: NJ Lenders, 201-882-8294
3. Micky Pascucci: Wells Fargo, 973-725-9516

Good Luck

Sean
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0 votes 7 answers Share Flag
Wed Nov 17, 2010
Sean M Farley answered:
Hi Amy-

You ask a good and very important question as Days on Market is one the most important numbers to follow when trying to sell your home. It has a direct impact on how close you actually sell to your list price. The more Days on Market, the less value you get for your home. One thing to be considered when investigating averages, the broader you make your search criteria, the less accurate the information. So asking average Days on Market for Bergen County will not help your individual case. For what is happening in Midland Park is not the same as what is happening in Glen Rock or Fair Lawn. Different price ranges also have different trends. Best to be more specific to get a better idea of how long your home might take to sell.

Sean
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Wed Mar 31, 2010
Sean M Farley answered:
Don't rule out going to the Waldwick train station just minutes away for a peaceful ride to NYC. More leg room and drop the stop and go of a bus.Evaluate what works best for you.
1 vote 2 answers Share Flag
Fri Jul 18, 2008
Don Tepper answered:
Stay where you are...based on the information you've provided. To touch on a few points

The transaction cost in selling a property is, roughly speaking, around 10%. That means that, if you buy at market value, the market has to appreciate about 10% before you break even. Although no one has a crystal ball, and I don't know your geographic area, in many areas I think it's safe to plan for some further price declines, then a leveling off, then perhaps a slow climb. If there is a dip, it could take 2-4 years to get back to today's prices, and another year or two to see 10% appreciation. Sure, I could be wrong. But I really don't think that in the next 12-18 months values will appreciate by 10%. And remember: You need that 10% appreciation just to break even. So, to use some hypothetical numbers, let's say the house you like costs $600,000. You buy it. It declines 5% in value over the next 18 months. It's now worth $570,000. You decide to sell it. You might net, very roughly, $517,000. But you owe $600,000. Are you prepared to bring $83,000 to closing? (I know; you'd put some money down, but you'd still be out $83,000.)

But let's suppose prices just stay flat. No decline. You're still out about $60,000. Meanwhile, you've been paying $400 a month more for the pleasure of owning. Over 18 months, that's $6,000. Yes, you have saved some on the tax benefits--the interest and tax payments. Still, spread that $66,000 over 18 months, and (pre-tax) you've spent $3,667 a month more for the pleasure of owning.

Check with an accountant to determine the tax advantages of buying--it'll be affected by your taxable income and by the amount of deductions for interest and taxes. I suspect, though, that you might be better off, financially, renting.

Now, if you can get a fabulous deal on the house--say 20% or so below the comps--then you probably could buy, survive a further (moderate) decline in the market, and sell in a year or two and at least break even. Still, do you want to go through the hassle of buying, then trying to sell, meanwhile facing the uncertainty of the market? That's your decision, but a fair number of people would answer "no."

Consider waiting until after your daughter graduates from high school. You'll have a better sense of market conditions, then. You'll also probably have a better sense of whether you want to stay where you are or move somewhere else.

Hope that helps.
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1 vote 6 answers Share Flag
Thu Jul 17, 2008
Angela answered:
Hi Laurie!

I would have to say it all depends on where the home is you are looking to buy. Is the home currently listed lower than those in the area? Is the seller going into forclosure, etc. There are alot of things to think about and a real estate agent can help you with those. I also agree with Ken that if you are only looking to live there for under 3 years you may want to stay put and see what the market will do because not only could you loose equity but if you may not be staying in that area, you are paying alot of money in closing costs that you probably won't recoup.

Take care!
Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172
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