Wyckoff Real Estate

FIVE TIPS FOR DO-IT-YOURSELF WORK AROUND THE HOME

2012-01-15T18:54:00.000-05:00

Happy New Year!

Taking the care, upkeep, and maintenance of your home into your own hands can be an exciting and rewarding endeavor. Why not kick off the New Year by taking charge of a few projects around the house?

With this letter, I'm including a fun list of tips for the do-it-yourself homeowner. Please remember that I am always available if you need advice. You can reach me at (201) 970-6857 or visit my Web site at www.BryanLima.com.

FIVE TIPS FOR DO-IT-YOURSELF WORK AROUND THE HOME

1. Make a list: Spend some time taking stock of the kinds of maintenance and improvement projects you'd like to begin. A well-considered list will help you to set reachable goals.

2. Assess your skills: Make sure that you carefully consider which projects you are fully capable of completing. For example, unless you have sufficient experience with electrical, plumbing or construction work, you should probably leave those tasks to the professionals.

3. Establish priorities: Which projects are most important to you? Which projects will be the most costly? Which is more important: timeliness, quality or cost? Before beginning any do-it-yourself project, it is always wise to determine specific goals and priorities so that you are fully prepared when it comes time to begin.

4. Create a budget: For each project that you want to complete, make certain that you have a firm budget in place. Allowing for unexpected circumstances (such as errors or the need for additional materials) in your budget will keep you from overspending.

5. One step at a time: When it's time to begin, remember to pace yourself! Rome wasn't built in a day, and your new garden terrace will take time as well. Complete one task at a time, and soon you'll feel the wonderful sense of satisfaction and accomplishment that doing-it-yourself can bring!

Bryan J. Lima

Realtor, Short Sales and Foreclosure Resource

DeFino Realtors

201.970.6857

homes@bryanlima.com

www.bryanlima.com

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Price Reduction!! 17 Pierce Ave in Midland Park, NJ

2011-12-30T16:16:00.000-05:00

$365,000

FIRST FLOOR FEATURES ENTRY HALL, LARGE LIVING ROOM WITH HARD WOOD FLOORS, MODERN EAT-IN KITCHEN, NEWER HALF BATH AND DINING ROOM. THE SECOND FLOOR HAS THREE BEDROOMS AND A FULL BATH. THE UNFINISHED BASEMENT CONTAINS A LANDRY AREA. VERY DEEP BACKYARD, LARGE DRIVEWAY WITH PLENTY OF PARKING, NEWER ROOF, TWO-CAR GARAGE WITH NEWER DOOR AND LARGE SHED. WITHIN MINUTES FROM MIDLAND PARK AND RIDGEWOOD'S DOWNTOWN, THE MIDTOWN DIRECT TRAIN STATION TO NEW YORK CITY'S PENN STATION AND NEWARK LIBERTY INTERNATIONAL AIRPORT. THIS IS A GREAT OPPORTUNITY TO LIVE IN SOUGHT AFTER TOWN OF MIDLAND PARK WITH EXCELLENT SCHOOLS!!

Bryan J. Lima
Realtor, Short Sales and Foreclosure Resource
DeFino Realtors
201.970.6857
homes@bryanlima.com
www.bryanlima.com

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Pending Home Sales Rise Again

2011-12-30T01:44:00.001-05:00

DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 29, 2011

Pending home sales continued to gain in November and reached the highest level in 19 months, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain.
The last time the index was higher was in April 2010 when it reached 111.5 as buyers rushed to beat the deadline for the home buyer tax credit. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said the gains may result partially from delayed transactions. “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high,” he said. “Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage.

“November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead,” Yun added.

Pending home sales are not affected by the recently published rebenchmarking of existing-home sales because the index uses a different methodology based directly on contract signings, and is adjusted for seasonality.

The PHSI in the Northeast rose 8.1 percent to 77.1 in November but is 0.3 percent below November 2010. In the Midwest the index increased 3.3 percent to 91.6 in November and is 9.5 percent above a year ago. Pending home sales in the South rose 4.3 percent in November to an index of 103.8 and remain 8.7 percent above November 2010. In the West the index surged 14.9 percent to 121.2 in November and is 2.9 percent higher than a year ago.

Bryan J. Lima
Realtor, Short Sales & Foreclosure Resource
DeFino Realtors
201.970.6857
homes@bryanlima.com
www.bryanlima.com

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Happy Holidays from Wyckoff Real Estate

2010-12-19T21:56:00.005-05:00

I would like to extend my warmest wishes to you and your family for this wonderful holiday season. I truly hope you have a happy and healthy new year. If you need assistance with any real estate needs, please don't hesitate to contact me. And for your friends and family; the best compliment I can receive is a referral.

Season's Greetings - Happy Holidays!

Warm Regards,

Bryan J. Lima
Realtor, Short Sales & Foreclosure Resource
DeFino Realtors
201.970.6857
homes@bryanlima.com
www.bryanlima.com

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Open House at 33 Seton Hall in Oakland, NJ

2010-10-09T22:20:00.000-04:00

I will be hosting a public open house this Sunday, October 10th, from 12-3:00pm at 33 Seton Hall in Oakland, NJ. Come see this updated 3 bedroom ranch with attached garage in the Heights section.

BEAUTIFUL RANCH LOCATED IN THE HEIGHTS SECTION OF OAKLAND. HOME FEATURES LIVING ROOM & DINING AREA & 3 BEDROOMS W/HARDWOOD FLOORING THROUGHOUT; CEILING FAN LIGHTS; KITCHEN W/ENTRY TO BACKYARD PATIO AND BEAUTIFUL FLAT PRIVATE BACKYARD W/FENCE; FULL NEWLY FINISHED BASEMENT WITH LARGE FAMILY ROOM, NEW LAUNDRY ROOM, AND LOTS OF STORAGE SPACE; ATTACHED 1-CAR GARAGE. GREAT SCHOOLS AND RECREATION PROGRAM ADD TO THE OVERALL VALUE THIS HOME AND TOWN HAVE TO OFFER.

Price: $399,900
MLS#: 1039833

To view other listings available in the Bergen and Passaic County area, click here.

Happy 4th of July from Bryan J. Lima

2010-07-04T10:03:00.001-04:00

July is upon us and the summer market is now in full swing. Interest rates are at historic lows and it’s a great opportunity for first-time homebuyers to enter the market. The First-Time Homebuyer Tax Credit has already ended, but if you were under contract by April 30th of this year then you now have until September 30th to close. This date was recently extended from the original date of June 30th.

I would like to wish all of you a very safe and Happy 4th of July with your family and friends.

If you or somebody you know is looking to move or sell their home, please have them call or email me for assistance. For more local information or to search all listings on MLS, visit www.BryanLima.com.

Open House at 50-A Rock Rd in Hawthorne, NJ – April 25th

2010-04-24T12:30:00.001-04:00

I will be hosting a public open house this Sunday, April 25th, from 1-3:00pm at 50-A Rock Rd in Hawthorne, NJ. Come see this rare 1 bedroom condo with attached garage in the Rock Hollow condominium complex.

Click Here for Virtual Tour

This desired community borders the township of Ridgewood and Glen Rock. Features of this condo include a large 20 1/2 ' x 12' living room, 10' x 8 1/2 ' dining room, 8 1/2' x 9' kitchen with brand new stainless steel appliances, 13' x 15' master bedroom with large closet and full bathroom with shower over tub. This home has been meticulously maintained over the years and is in move in condition. Fantastic location with ease of access to major highway and the wonderful downtown areas of Ridgewood and Glen Rock. Other amenities include central air, laundry facility in unit, customer window treatments, along with separate garage and storage.

Price: $249,900

MLS#: 1010138

Click Here for Driving Directions

To view other listings available in the Bergen and Passaic County area, click here.

Bryan J. Lima Earns NAR Short Sales and Foreclosure Certification

2010-04-02T11:35:00.001-04:00

FOR IMMEDIATE RELEASE:

Contact:
Bryan J. Lima
DeFino Realtors
(201) 970-6857
homes@bryanlima.com
http://www.bryanlima.com/

Bryan J. Lima Earns NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

April 2, 2010 (Wyckoff, NJ) — Bryan J. Lima with DeFino Realtors has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORS® are required to take one core course and three Webinars. For more information about the SFR certification, visit www.REALTORSFR.org or call 1-877-510-7855.

For additional information contact Bryan J. Lima at DeFino Realtors, visit http://www.bryanlima.com/, call 201-970-6857 or email him at homes@bryanlima.com.

# # #

Unfinished Homes a Sad Symbol of Real Estate Downturn

2010-03-14T20:06:00.001-04:00

By Kathleen Lynn

RISMEDIA, March 13, 2010—(MCT)—The listing describes the new, six-bedroom, six-bath Colonial on Timberlane Road in Upper Saddle River, N.J., as “spectacular.” With an asking price of almost $1.6 million, it’s a “must see,” the listing says.

But up close, the picture gets more complicated. Though the home’s exterior is mostly finished, the brick facade is missing in spots. The front steps are temporary, made of plywood. The listing says it’s a short sale—in other words, expected to sell for less than is owed on the mortgage, if the bank approves. “Builder will finish the building if desired, currently sold as is,” the listing says.

Unfinished homes like this one are the most forlorn sign of the real estate market’s nosedive. One notable example is the “New American Home,” a showcase house built every year for the International Builders’ Show. This year’s home, in Las Vegas, was left only 75% done at the time of the show, because the builder lost his financing.

In North Jersey, such homes are rare. More common are the empty lots that builders once expected to fill with apartments, homes, offices and stores. Many of these projects have been shelved as the economy tanked and loan money dried up. But the half-done buildings are the more disturbing symbols of the downturn. “You have an aesthetic issue if the outside’s not done,” said Gary Montroy, the construction official in Mahwah. “If you leave plywood exposed, it will start warping and you end up having to rebuild. If water gets into the house, you’ll have to go back and do it over. “You’ve got neighbors looking at a half-finished property,” he continued. “It becomes a real eyesore. You can issue a summons on the property and take the owner to court. But they’ll say: ‘I have no money.’ ”

Often in these cases, another builder ends up taking over the project. In Edgewater, for example, a luxury riverfront development of 18 town houses and condos, called the Moorings, was begun in early 2007. The units were priced at $1.8 million to $3.9 million. But the housing market was sliding into its worst downturn in decades, and the bank shut off financing during the credit crisis of September 2008, according to builder Anthony Rinaldi. With seven town houses and four condos in place but not complete, construction halted in 2008. The lender began foreclosure proceedings last year on a $15 million loan, and the project was left half-done. Construction may soon start again. Edgewater builder Fred Daibes is representing a group of investors who bought the bank loans on the property; they hope to take possession of it and complete the project, possibly by the end of this year. The group paid about $9 million for two loans—a deep discount—and expects to spend $3.5 million to finish construction. Daibes says the town homes will sell for about $1.1 million, “much, much lower” than Rinaldi had planned. “There’s only one place in Bergen County where you can live on the Hudson River. That’s why we like this project,” said Daibes, who normally builds larger rental buildings.

For his part, Rinaldi blames not only the housing and credit markets for the Moorings’ problems, but also the long process of getting state permits to build on the waterfront. Without that years-long delay, he said, the Moorings would have been done before the economic storm hit.

Selling unfinished properties can be a challenge, because buyers worry they can’t complete the work at a reasonable price. The property’s no bargain if the buyer spends more to finish it than it would cost to buy a place that’s move-in ready.

In addition, even if a builder would like to finish these projects, credit is tight. “The question is, who’s going to release the money to build?” asked Fort Lee real estate broker Nelson Chen.

In Glen Rock, N.J., a three-bedroom house sits sheathed in insulation, waiting for siding. It’s listed for sale for $399,000, but the listing notes that it needs to be completed. The photos show that the inside is framed, but has no walls or other finishes. “Bring flashlight, no electricity,” the listing warns real estate agents who might show the property. Wendell Maki, the real estate agent listing the house, says that the home must be sold because of the death of one of the owners. The couple had taken out the mortgage based on two incomes. But when one of them died, the survivor couldn’t carry the loan. Maki estimates finishing the home would run $125,000 to $150,000—for a total cost of around $550,000. He considers that a good deal for new construction in a sought-after town like Glen Rock. But so far, no buyer has taken the bait. Financing is an issue because lenders won’t write conventional loans on unfinished homes, Maki said; any buyer would have to get a special Federal Housing Administration loan.

Working out a deal with a new builder can take time. In Clifton, for example, an age-restricted condo community called Royal Club at Winthrop Court was left half-finished when its builder, Stratland Homes of Westwood, ran into serious financial issues. Almost half of the units had been sold when construction halted in summer 2008. The rest of the complex was left in various states of completion: from a building that was finished on the outside but not inside, to one that was clad in plywood and partly open to the elements, to one that was only a foundation.

But 39 unfinished units are expected to be completed soon. The Pinnacle Cos. bought the debt on those units from their lender, Rutherford-based Boiling Springs Savings Bank, and expects to complete and sell the units over the next year or two, according to Brian Stolar, Pinnacle’s CEO. Stolar predicted that it will be a few years before all the troubled projects left by the housing bust are completed.

Distributed by McClatchy-Tribune Information Services.

Happy Valentine’s Day!

2010-02-14T10:13:00.000-05:00

Please Donate to the American Red Cross - Haitan Disaster Victims

2010-01-18T21:49:00.001-05:00

I would like to encourage you to donate to the American Red Cross and its efforts to help Haitian disaster victims.

On Tuesday, January 12th, a magnitude 7.0 earthquake that was centered just 10 miles from Port-au-Prince crippled Haiti; this is the strongest earthquake to hit this area in over 200 years. Communication and infrastructure networks have been severely disrupted and the vast devastation of this disaster is still coming into light.

Please consider making an immediate donation to the Red Cross or Yele to aid in the humanitarian relief effort. There are multiple ways to donate:

You can text "Haiti" to 90999 right now from your mobile phone and give $10 to the American Red Cross.
You can text "Yele" to 501501 right now from your mobile phone and give $5 to Wyclef Jean's Yele organization.
You can make a donation from the American Red Cross website by clicking here.
You can make a donation by visiting http://www.bryanlima.com/ and click on the American Red Cross Logo.

Your donation will help provide food, water, temporary shelter, medical services, and emotional support to the victims in Haiti who need it most. Please also encourage your friends and family to donate by forwarding them this message. Thank you!

Exterior Remodeling: Best Bang for Your Buck

2009-12-24T14:13:00.000-05:00

Despite a slow market and a slight decrease in the resale value of most remodeling projects, REALTORS® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by REALTORS® who completed a recent survey.

On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.
“Once again, this year’s Remodeling Cost vs. Value Report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “With exterior projects returning a high percent of project costs upon resale, Realtors® can help give your home curb appeal while adding value to the real estate transaction.
The 2009 Remodeling Cost vs. Value Report compares construction costs with resale values for 33 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the twelfth consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine, as REALTORS® provided their insight into local markets and buyer home preferences within those markets.

On a national level, the project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1 percent of remodeling costs compared to 73.8 percent in 2008. The only other interior project that landed in the top 10 was a minor kitchen remodel with 78.3 percent costs recouped.

Other exterior projects in the top 10 include midrange vinyl and upscale foam-backed vinyl sliding replacements, which returned more than 79 percent of costs. In addition, several types of window replacements – midrange wood, midrange vinyl, and upscale vinyl – all returned more than 76 percent of costs upon sale.
Similar to last year’s report, the least profitable remodeling projects in terms of resale value were home office remodels and sunroom additions, returning only 48.1 percent and 50.7 percent of project costs.

Regionally, cities in the Pacific states of Alaska, California, Hawaii, Oregon and Washington once again outperformed the rest of the nation in terms of remodeling costs recouped upon resale. The West South Central region of Arkansas, Louisiana, Oklahoma, and Texas; the East South Central region of Alabama, Kentucky, Mississippi and Tennessee; and the South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia also performed relatively well.

The regions that generally returned the lowest percentage of costs were New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont), East North Central (Illinois, Indiana, Michigan, Ohio and Wisconsin), West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota), and the Middle Atlantic (New York and Pennsylvania).

Golder commented that remodeling projects are just one of many factors that contribute to a home’s overall resale value. “As the first, best source for real estate information, REALTORS® are experts in providing insight into what projects and investments will make a difference in your house. It’s important to consult with a REALTOR® who can explain the variety of factors that affect a home’s value, such as location, condition of surrounding properties and the regional economic climate,” she said.

Results of the report are summarized in the January issue of REALTOR® Magazine. To read the full project descriptions, access national and regional project data, and download a free PDF containing data for any of the 80 cities covered by the report, visit www.costvsvalue.com. “Cost vs. Value” is a registered trademark of Hanley Wood, LLC.
Source: NAR

Another Big Gain in Existing-Home Sales

2009-12-22T19:31:00.001-05:00

Existing-home sales rose again in November as first-time buyers rushed to close sales before the original Nov. 30 deadline for the recently extended and expanded tax credit, according to the NATIONAL ASSOCIATION OF REALTORS®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.

Lawrence Yun, NAR chief economist, said the rise was expected. “This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead,” he said. “We expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires and balance should be restored to the housing sector with inventories continuing to decline.”

Conditions Optimal for Buyers
An NAR practitioner survey shows first-time buyers purchased 51 percent of homes in November, compared with an upwardly revised 50 percent of transactions in October. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.88 percent in November from 4.95 percent in October; the rate was 6.09 percent in November 2008. Last month’s mortgage interest rate was the second lowest on record after bottoming at 4.81 percent in April 2009.

NAR President Vicki Cox Golder said conditions are optimal for buyers in the current market. “Inventories have steadily declined and are closer to balanced levels, which indicate home prices in many areas are either stabilizing or could soon stabilize and return to normal appreciation patterns,” she said. “This means buyers still have good choices but are purchasing near the bottom of the price cycle with historically low mortgage interest rates. Throw a tax credit on top and it really doesn’t get any better for buyers with secure jobs and long-term ownership plans.”

Inventories Fall
Total housing inventory at the end of November declined 1.3 percent to 3.52 million existing homes available for sale, which represents a 6.5-month supply at the current sales pace, down from an 7.0-month supply in October. Raw unsold inventory figures are 15.5 percent below a year ago. The last time there was a lower supply of homes on the market was April 2006, when it was at a 6.1-month supply.

“Nearly all markets experienced a solid sales gain from one year ago,” Yun said. “The only markets with measurably lower sales were in San Diego, Riverside, and Sacramento (Calif.), where inventory shortages for lower-priced homes are limiting sales.”

Sales Rise Across the Board
For the second month in a row, sales have risen in all price classes from a year earlier. Prior to October, the only consistent gains were in the lower price ranges. The national median existing-home price for all housing types was $172,600 in November, which is 4.3 percent below November 2008. Distressed properties, which accounted for 33 percent of sales in November, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.

Single-Family Homes
Single-family home sales jumped 8.5 percent to a seasonally adjusted annual rate of 5.77 million in November from a level of 5.32 million in October, and are 42.1 percent above the pace of 4.06 million in November 2008. The median existing single-family home price was $171,900 in November, down 4.4 percent from a year ago.

Condos
Existing condominium and co-op sales in November were unchanged from a seasonally adjusted annual rate of 770,000 in October, but are 60.1 percent above the 481,000-unit pace a year ago. The median existing condo price was $178,000 in November, which is 3.1 percent below November 2008.

By Region
Sales in the Northeast rose 6.6 percent to an annual level of 1.13 million in November, and are 52.7 percent higher than November 2008. The median price in the Northeast was $223,400, down 13.1 percent from a year ago.

Existing-home sales in the Midwest increased 8.4 percent in November to a pace of 1.55 million and are 53.5 percent above a year ago. The median price in the Midwest was $140,800, a decline of 0.4 percent from November 2008.

In the South, existing-home sales rose 4.8 percent to an annual level of 2.39 million in November and are 44.8 percent higher than a year ago. The median price in the South was $151,400, down 1.4 percent from November 2008.

Existing-home sales in the West increased 10.6 percent to an annual rate of 1.46 million in November and are 28.1 percent above November 2008. The median price in the West was $231,100, which is 4.1 percent below a year ago.

Source: NAR

November - Energy Savings Tips for the Colder Months

2009-11-17T11:00:00.001-05:00

November is a great month - the holidays are fast approaching, we get to visit more often with family and friends, and colder weather makes us feel like getting cozy in our homes. Since you'll want to keep warm in the coming months, I'm including a list of tips for you this month that will help you to save money on your energy bill, while still staying warm and cozy!

I hope these tips help you as much as they've helped me. If you have any home or real estate questions, please feel free to call me at (201) 970-6857 any time or visit my website (www.BryanLima.com).

FIVE WAYS TO SAVE ENERGY IN THE COLDER MONTHS

1. Set the timer: Program your thermostat to reach lower temperatures while you're sleeping or out of the house. This simple action can save you a lot of money - and will ensure that your house stays at a comfortable temperature at all times.

2. Open and shut: During daytime hours, keep your blinds, draperies and other window coverings open. This will enable your home to absorb the warm afternoon sunshine and will effectively add heat to the entire house. Close all window coverings at night to keep the heat in!

3. Installation time: If you have a window or two that feels drafty no matter what you do, consider installing tight, insulating shades to those particular windows. You'll be surprised what a little bit of extra insulation can accomplish!

4. Light a fire: A fireplace is an easy solution to add extra heat to your home without adding to your energy bill. Capable of warming the entire room, you and your family can relax at home while keeping the thermostat at a lower temperature.

5. No leaks allowed: Check doors and windows for drafts and places where air might escape. Weatherizing windows and doors is a simple task that you can perform; your local home improvement warehouse will have all of the materials you need!

New Rules to Clarify Fees

2009-11-09T18:41:00.003-05:00

New regulations from the Department of Housing and Urban Development will require that closing costs be spelled out on a revised and consumer-friendly version of the good-faith estimate form that borrowers are supposed to receive within three days of applying for a mortgage. These rules will take effect Jan. 1, 2010.

Fees are divided into three categories:

Fees that cannot increase from upfront estimates to closing, including lender or broker's mortgage origination, processing, and underwriting charges, as well as lender or broker’s “points” based on the interest rate quoted and local transfer taxes.
Fees that can increase as much as 10 percent from upfront estimates, including services such as appraisals, title insurance, and recording fees from local governments.
Fees that can increase without limit because the amount is difficult to predict in advance, including home owners insurance, daily interest charges on the loan, and initial deposits by the borrower into an escrow account.

The new HUD-1 form will allow the borrower to easily compare what they were told the settlement fees will be with what they actually are at closing.

Source: The Washington Post Writers Group, Kenneth R. Harney (11/06/2009)

Home Buyer Tax Credit Extended and Expanded

2009-11-06T21:58:00.000-05:00

Today it was made official by Obama as he approved the extension and expansion of the homebuyer's tax credit. For first-time homebuyers, the credit of up to $8,000 has been extended through April 30, 2010. In order to qualify, you must have a written contract in place by April 30th, 2010 and close the transaction before July 1, 2010. In addition, the income limits for first-time homebuyers was increased to $125,000 for a single person and $225,000 for a married couple. Individuals earning up to $145,000 and married couples earning up to $245,000 will be eligible for a partial credit.

The program was also expanded to buyers who are current home owners and have lived in their home for five of the past eight years. However, these buyers will only receive a $6,500 tax credit.

For a fact sheet on the above program, click here.

If you have any other questions about the Home Buyer Tax Credit, feel free to contact me anytime. Or if you know anyone that may need the services of a Realtor, I always welcome and appreciate referrals.

Visit www.BryanLima.com today for information on buying and selling real estate in New Jersey.

A Greener and Cleaner Home

2009-11-02T20:03:00.003-05:00

There are some easy and effective ways to keep your home spotless while being kinder to the environment and your health. Research has shown that conventional cleaning products containing ingredients such as chlorine, benzene, and optical brighteners are too strong for household use. The following are easy to use, more economical, and in many cases are products that can already be found in your own pantry:

•Baking Soda: This could almost be called the miracle worker of natural products. Use baking soda and a damp sponge when you want to clean your kitchen and bathroom countertops, your tub and tile, or any surface that you want to thoroughly clean without scratching. Tough stains? First treat the area with a little white vinegar, and then use the same sponge and soda method to clean thoroughly.

•Toothpaste: Did you know you can use toothpaste (not gel) to remove water marks from wood? A little bit of the paste on a damp cloth is all you need. Toothpaste is also useful to clean gold jewelry!

•Basic Table Salt: Spills in the oven? Rather than using those nasty-smelling oven cleaners, try table salt. This method needs to be used shortly after the spill happens to be effective.

•Distilled White Vinegar: Great for cutting grease on most surfaces, it is also a great way to clean floors and windows. Add some lemon juice to create a nice fragrance and add extra cleaning power.

•Lemons: Speaking of lemons, there are many ways this citrus fruit can help your home sparkle. Mix with baking soda to get rid of mold and mildew stains. Use in place of chlorine bleach to clean wooden cutting boards and counter tops. Rule of thumb – don’t use lemon juice on stone countertops, the acid in it could be damaging to that material.

•Olive Oil: The wooden surfaces in your home will benefit greatly from an olive oil massage. Cleans, moisturizes, shines! Editor’s Special Tip: Olive oil is also a fantastic way to clean stainless steel appliances and sinks. Use a small amount on a soft cloth and rub gently to clean. Also makes the surface temporarily fingerprint resistant.

*Above tips courtesy of NJMLS.

Daylight Saving Time Reminder

2009-10-31T19:34:00.001-04:00

Daylight Saving Time

It's that time of year again to fall back an hour!

Daylight saving time officially ends at 2:00 a.m. on Sunday. But to make it easy, it's recommended you turn your clocks back one hour before going to bed on Saturday night. It's also a good time to change the batteries in your carbon monoxide and fire detectors. According to the National Fire Protection Association, four of every 10 home fires deaths in 2003-2006 resulted from fires with no smoke alarms. More than 90 percent of homes in the United States have smoke detectors, but one-third are estimated to have dead or missing batteries.

For the official U.S. time, click here.

I hope everyone had a fun and safe Halloween.

Wyckoff, N.J. Real Estate Market

2009-09-14T20:25:00.002-04:00

The average purchase price in Wyckoff, N.J. has not really fluctuated too much throughout 2009. We did see a significant spike in July mainly due to 4 of the homes that closed in July were over $1,000,000. One of those homes actually sold at $1,899,000, which had a large impact on average sale price.
The one positive trend I see is that the quantity of homes sold in Wyckoff has increased month over month for the past 5 months with the exception of August where we saw a slight drop from July. In my opinion, this is an indicator that buyers are still willing to pay more to live in this area. Whether it’s the beautiful neighborhoods, the excellent school systems, the close proximity to NYC, etc; Wyckoff, N.J. is an ideal place to live. For a virtual tour of Wyckoff, click here.

If you’re interested in buying or selling in Wyckoff or any other town in Bergen County; give me a call today at (201) 970-6857 or visit http://www.BryanLima.com/ for additional information.

Labor Day 2009

2009-09-07T01:47:00.000-04:00

Labor Day is just around the corner. I'm looking forward to spending some quality time with my family and letting my gas grill do some labor for a change! So here's a heartfelt Labor Day greeting from my family to yours!

Have you ever wondered how we came to celebrate a holiday with the odd name of Labor Day? Someone always asks, “Why is it called Labor Day when nobody labors on that day?”

While there is some disagreement regarding the original founder of Labor Day, we know that the first Labor Day parade was held by the Central Labor Union, September 5, 1882 in New York City. Common laborers were lobbying for recognition and appreciation for their long days and hard work (back then they received little pay and even less thanks). Over the next decade unions in other states began to adopt the day as a day of celebration and recognition of the contributions of the common laborer. Finally on June 28, 1894 Congress declared the first Monday in September a legal holiday.

For us Labor Day brings parades, festivals, speeches and picnics. Just as Memorial Day heralds the beginning of summer vacations, to most Americans Labor Day signals the waning of summer.

When this Labor Day roles around, don't be a workaholic! Take a well deserved rest and enjoy your family! I hope you and yours have a fun and safe Labor Day!

Mortgage Rates in Bergen County, NJ

2009-08-22T13:12:00.001-04:00

In Bergen County, NJ, for the week of August 17th, we saw a decrease in mortgage rates which should push some buyers and current homeowners looking to refinance off the fence. Read more

For first-time homebuyers, this is an excellent opportunity to purchase your home in Bergen County, NJ before the tax-credit of $8,000 expires. With the average closing taking 60 days, that doesn't leave much time before the expiration date of November 30th. For those first-time buyers that are still looking, you probably want to try to locate a property that you like before September 30th to allow enough time to complete the transaction.

For additional information on buying a home in Bergen County, visit YourWyckoffRealtor.com today.

Strong Gain in Existing-Home Sales

2009-08-21T19:26:00.011-04:00

For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of REALTORS®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from a level of 4.89 million in June. Sales are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.

Largest Gain in a Decade

Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.

The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.

“Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower-priced homes has spiked, and a lack of inventory is becoming a common complaint,” Yun said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.22 percent in July from 5.42 percent in June. The rate was 6.43 percent in July 2008.

"First-Time Buyer Tax Credit is Working"

An NAR practitioner survey showed first-time buyers purchased 30 percent of homes in July, and that distressed homes accounted for 31 percent of transactions. NAR President Charles McMillan said the first-time buyer tax credit is working. “In addition to first-time buyers, we’re also seeing increased activity by repeat buyers. While many entry-level buyers are focused on the discounted prices of distressed homes, they’re also freeing some existing owners to sell and make a move,” he said.

“Realtors are the best resource for consumers in these changing market conditions because the transaction process has become more complex. Since it’s now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September,” McMillan said. “Otherwise, they may miss the November 30 closing deadline.”

Inventory Up, Prices Down

Total housing inventory at the end of July rose 7.3 percent to 4.09 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, which was unchanged from June because of the strong sales gain. Raw inventory totals are 10.6 percent lower than a year ago when the number of unsold homes was at a record.

The national median existing-home price for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008. Distressed properties continue to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes.

Single-Family Homes and Condos

Single-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008. The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.

Existing condominium and co-op sales jumped 12.5 percent to a seasonally adjusted annual rate of 630,000 units in July from 560,000 in June, and are 5.9 percent above the 595,000-unit level a year ago. The median existing condo price was $178,800 in July, down 18.9 percent from July 2008.

By Region:

The Northeast surged 13.4 percent to an annual pace of 930,000 in July, and are 3.3 percent higher than July 2008. The median price in the Northeast was $236,700, down 15.0 percent from a year ago.
Existing-home sales in the Midwest jumped 10.9 percent in July to a level of 1.22 million and are 8.0 percent above a year ago. The median price in the Midwest was $157,200, which is 5.9 percent less than July 2008.
In the South, existing-home sales rose 7.1 percent to an annual pace of 1.95 million in July and are 5.4 percent higher than July 2008. The median price in the South was $164,500, down 7.1 percent from a year ago.
Existing-home sales in the West slipped 1.7 percent to an annual rate of 1.13 million in July, but are 1.8 percent above a year ago. The median price in the West was $202,300, which is 28.0 percent below July 2008.

If you're interested in buying and/or selling real estate in Bergen County, NJ, visit www.BryanLima.com or give me a call today at (201) 970-6857.

Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission."

5 Factors That Decide Your Credit Score

2009-08-14T11:45:00.003-04:00

If you're thinking about buying real estate in Bergen or Passaic County, NJ, you will want to make sure you understand your credit score and the 5 factors that decide your credit score. In order to qualify for a mortgage you will need to have a minimum credit score. Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage.

The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit http://www.myfico.com/.

To learn more about your credit scores or buying/selling real estate in Bergen County, NJ, visit www.YourWyckoffRealtor.com or give me a call today at (201) 970-6857.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved.

First-Time Homebuyers Running Out Of Time

2009-08-07T17:56:00.009-04:00

With November 30th fast approaching, first-time homebuyers are running out of time to take advantage of the $8,000 federal tax credit. Read more

If you're thinking about buying your first home or if you have not purchased a home in the past 3 years, you may be eligible for the first-time homebuyer tax credit. If you are, now is definitely a great time to buy. Prices in Bergen County are beginning to stabilize and mortgage rates are still at historic lows. Read more

If you or anyone you may know are in the market to buy (or sell) a home, I would be happy to assist them with their real estate needs. Please visit www.BryanLima.com for more information and resources. You can also contact me direct at (201) 970-6857.

To receive an electronic copy of my free Buyer's Guide click here.

Home Prices Rise in U.S.

2009-08-04T00:19:00.006-04:00

Home prices in the U.S. rose for the first time in 3 years according to Standard & Poor's Case-Shiller Index. This is the first increase after 34 months of continuous declines. This may be the news we're looking for to indicate that maybe the worst is behind us. Read more

Many economists actually do believe that we have already hit bottom and the worst is behind us. Although it’s a good sign that we’ve seen an increase, the year over year decline is still at about 17.1 percent. Read more

Mortgage Refinance up to 125%

2009-07-02T21:17:00.003-04:00

The Obama administration has enhanced their refinance program to now allow refinances up to 125% of the home's value. Prior to this, the limit was only 105% of the home's value. Because home value have decreased entensively in a lot of areas, this will allow a lot of homeowners that currently owe up to 125% of their home's value to refinance their current loans into a product with a better rate. This will ultimately make it more affordable for them to own their home and hopefully not have to go into foreclosure. Read more

Do's & Don'ts of Watering Your Lawn

2009-06-22T00:11:00.002-04:00

One of the joys of owning your own home is getting to sit back and admire that lovely emerald green stretch of lawn in your front yard. Of course, before you sit back and admire you have to bend over and use a little elbow grease.

Some people work harder than they have too in order to have a beautiful lawn. Grass is pretty tough. If you give it the right growing conditions your grass will defend itself from most weeds and diseases. One of the main mistakes folks make is in when and how to water the lawn. Here are some watering tips that will help your lawn be strong and healthy.

DO’S & DON’TS ON WATERING YOUR LAWN

DO water every 5-6 days during the warm season.
DO water early in the morning.
DO set sprinkler water spray close to the ground, not in high arcs.
DO soak the area for 30 minutes to 1 hour.
DON’T water during the heat of the day (you lose 1/3 of the water to evaporation).
DON’T over-water as you will lose nutrients and encourage rot and disease.
DON’T water too frequently, as it encourages shallow roots and weak grass.
DON’T water at night, as it encourages disease.

Bergen County, NJ

2009-06-13T17:55:00.006-04:00

New Jersey's high cost of living makes it very difficult to purchase a home. Bergen County, NJ is the highest among all markets in homeownership affordability and also happens to be the most populous county in NJ. The median home price in Bergen County is $481,250. According to a 2007 estimate by the US Census Bureau, the median income of a family is just shy of $97,000. If you assume that not more than 28% of the household income should be used for the mortgage payment, that would mean that it should not be higher than $2,263 per month. Based on today's mortgage rates, that would equate to about a $375,000 mortgage. If you go back to the median home price in Bergen County of $481,250 and assume that a buyer is putting down 10%, you would be left with a loan amount of $433,125. This is $58,125 higher than what the median family income can afford. Although homeownership affordability has improved lately; taxes, insurance and household expenses are constantly rising still making it very difficult for the average family to own a home in Bergen County.

Mortgage Rates Rise Sharply

2009-06-05T21:47:00.006-04:00

Over the past week mortgage rates have jumped drastically landing in the upper 5% range. Believe it or not, we are not very far from the 6.00% mark on a 30 year fixed mortgage. As of Thursday, the national average 30 year fixed mortgage was at 5.65% and from what I saw today, it only went up from there. Read more

If you're looking to refinance, you may want to hold off and see if mortgage rates come back down. It's definitely a gamble and nobody really knows for sure what's going to happen in the short or even long term. Read more

One thing is still certain; real estate continues to be a bargain and this market is still a great opportunity for buyers, especially first-time homebuyers. Mortgage rates are still under 6.00%, home prices are low and you have the $8,000 tax credit available for qualifying buyers. Remember, the $8,000 tax credit expires on December 1st of this year. Which means you have to close on the property before this date.

If you know anyone who may be looking to purchase or sell a home, or refinance their current mortgage, I will be happy to assist them. The best compliment I can receive is a referral.

Big Improvement to First-Time Buyer Tax Credit

2009-05-18T20:37:00.003-04:00

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Other Solutions for Today's Market

During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.“

We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”

The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

Source: NAR

Cities Where Home Prices Could Fall More

2009-05-12T21:00:00.009-04:00

With incomes falling and loans remaining hard to get, the best bargains are probably yet to come in some of the nation’s largest housing markets, predicts Forbes magazine.

To figure out which housing markets still haven’t hit bottom, Forbes calculated the spending power, unemployment, credit availability and housing stock over the last 27 years in the country’s 50 largest metropolitan statistical areas.

The projections determined how much each area’s home prices would have to change to bring that housing market into historical balance. Analysts said the employment rate is the great unknown. The more employment falls, the more likely home prices will follow.

Here are the 10 cities where Forbes believes prices are likely to continue to fall the most:

Orlando
Miami
Jacksonville, Fla.
Tampa
Los Angeles
Phoenix
Las Vegas
Oakland, Calif.
San Diego
New York

Source: Forbes, Matt Woolsey (04/17/2009)

Ways to Improve Curb Appeal

2009-05-10T23:40:00.000-04:00

Today I want to share some simple ways that you can improve the curb appeal of your home. Whether you have just moved in or are getting ready to sell, curb appeal is something every homeowner needs!

EASY WAYS TO IMPROVE CURB APPEAL

Walk across the street and look at your overall landscape. Are shrubs trimmed neatly? Windows and doors shouldn't be overshadowed by overgrown bushes. Clear your entry, sidewalk, and plant beds of leaves and debris. Add a new layer of attractive mulch to all planting areas. Are there bare spots or weeds in the lawn? Your local garden supplier can tell you the best way to remedy this problem. Hardscape (bird feeders or houses, simple water features, statuary) can add warmth and character to an otherwise drab terrain.

Make your front door more appealing with a fresh coat of paint or stain and new hardware.

Speaking of hardware, install new light fixtures on both sides of your door and change your old, scratched house number plates with shiny new ones.

Consider shutters or awnings to dress up your windows.
Well placed, low voltage landscape lighting is fairly inexpensive and will dramatically enhance your home when the sun goes down.

For additional ideas or if you're intersted in buying or selling a home, please contact me today. Also, if you know anyone who may need a real estate agent or a mortage specialist, please don't keep me a secret!

Maintenance Series:

11 Ways to Cut Your Energy Bill

7 Safety Tips for Your New Home

Get Ready for Spring Cleaning

New Home Appraisal Rule - Effective May 1st

2009-05-03T01:55:00.005-04:00

As of May 1st, the new home appraisal rule, formally known as the Home Valuation Code of Conduct, went into effect.

Home Valuation Code of Conduct Highlights:

Consumers cannot order an appraisal directly from the appraiser.
Mortgage brokers cannot be involved directly in selecting an appraiser.
Lenders must order appraisals through an appraisal-management company or an employee not involved in loan origination.
Lenders are allowed to own the appraisal-management company they use.
There is an exception for small banks that can't afford to hire a management company or separate staff to arrange appraisals.
The rules do not apply to government-insured loans such as FHA or VA loans.
They also do not apply to appraisals for loss mitigation, such as foreclosures and short sales.

The objective of the new rule is to reduce home-appraisal fraud, however, there are a lot of mortgage brokers and appraisers that oppose the new rule. Read more

Home Sales Slip, But First-Time Buyers Rise

2009-04-26T00:59:00.004-04:00

Existing-home sales eased in March but first-time buyers are responding to low mortgage interest rates and tax credits, according to the NATIONAL ASSOCIATION OF REALTORS®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 3 percent to a seasonally adjusted annual rate of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008.

Lawrence Yun, NAR chief economist, said the market appears to be stabilizing with modest monthly ups and downs, and that first-time buyers are driving the market. “The share of lower priced home sales has trended up, indicating a return of many first-time buyers, which we also see in a parallel member survey,” he said. “Sales in the upper price ranges remain stalled because of higher interest rates on jumbo loans.”

Although prices rose from February to March, the national median existing-home price for all housing types was $175,200, down 12.4 percent from March 2008. The price increase from February to March was 4.2 percent, which is much higher than the typical 1.8 percent seasonal increase between those two months. Distressed properties, which accounted for just over half of all transactions in March, typically are selling for 20 percent less than traditional homes.

First-Time Buyers Drive Market

An NAR practitioner survey in March showed first-time buyers accounted for 53 percent of transactions, based largely on contracts offered before the $8,000 first-time home buyer tax credit became available. “Buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit,” Yun said. “By early summer we should be seeing a positive impact on home sales from record-low mortgage interest rates in addition to the stimulus provisions.”

NAR President Charles McMillan said first-time buyers are crucial at this stage of a housing recovery. “The housing market always heals from the bottom up, and with large numbers of first-time buyers entering the market it will become a little easier for sellers to trade up or down, according to their needs,” he said.

“Although homeownership builds wealth over the long term, buyers need to evaluate their options. In this market, buyers and sellers who use a REALTOR® to represent them are making a smart move,” McMillan said.

Affordability Looking Good

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 5.00 percent in March from 5.13 percent in February; the rate was 5.97 percent in March 2008; data collection began in 1971.

“Record-high housing affordability conditions are helping markets recover, with home sales higher than a year ago in Minneapolis, Northern Virginia, Las Vegas, Phoenix and most areas of California and Florida.

”Total housing inventory at the end of March fell 1.6 percent to 3.74 million existing homes available for sale, which represents a 9.8-month supply at the current sales pace, compared with a 9.7-month supply in February.

Single-family home sales slipped 2.8 percent to a seasonally adjusted annual rate of 4.10 million in March from a pace of 4.22 million in February, and are 5.7 percent below the 4.35 million-unit pace in March 2008. The median existing single-family home price was $174,900 in March, which is 11.5 percent lower than a year ago.

Existing condominium and co-op sales fell 4.1 percent to a seasonally adjusted annual rate of 470,000 units in March from 490,000 in February, and are 17.8 percent below the 572,000-unit pace a year ago. The median existing condo price was $177,600 in March, down 18.7 percent from March 2008.

Regional Sales, Pricing Data

Regionally, existing-home sales in the Northeast fell 8.0 percent to an annual pace of 690,000 in March, and are 22.5 percent below a year ago. The median price in the Northeast was $231,700, down 18.4 percent from March 2008.

Existing-home sales in the Midwest were unchanged in March at a pace of 1.04 million but are 11.1 percent lower than March 2008. The median price in the Midwest was $141,300, which is 6.1 percent below a year ago.

In the South, existing-home sales slipped 1.7 percent to an annual pace of 1.71 million in March and are 10.9 percent below a year ago. The median price in the South was $146,900, down 12.2 percent from March 2008.

Existing-home sales in the West declined 4.2 percent to an annual rate of 1.13 million in March but are 18.9 percent higher than a year earlier. The median price in the West was $252,400, which is 11.1 percent below March 2008.

New Condo Listing - Paddington Square in Mahwah

2009-04-25T22:51:00.018-04:00

Brand New Listing in beautiful Paddington Square located in Mahwah, NJ.

$279,000

GREAT 1ST FLOOR ONE BEDROOM ONE BATH CONDO IN DESIRABLE PADDINGTON SQUARE. NEWER WOOD FLOORS AND CERAMIC TILE IN ENTRY FOYER AND KITCHEN. LIVING ROOM HAS SLIDING GLASS DOORS TO PATIO. NO STEPS. WASHER/DRYER IN UNIT. ASSIGNED PARKING SPOT #420 IN FRONT OF UNIT. AMENITIES INCLUDE TONS OF CONVENIENT PARKING, IN-GROUND POOL, PLAYGROUND AND CLUBHOUSE. PADDINGTON SQUARE IS CONVENIENTLY LOCATED CLOSE TO NYC TRANSPORTATION, MAJOR HIGHWAYS & SHOPPING. UNIT IS AWAY FROM STREET AND OFFERS QUIET LIVING. LOW TAXES AND MAINTENANCE FEES ADD TO THE GREAT VALUE OF THIS HOME. ALL FIRST-TIME BUYERS MAY QUALIFY FOR THE $8000 STIMULUS CREDIT.

1436 York St - Mahwah, NJ

Click here to view the NJMLS public listing. For further information, please feel free to visit http://www.bryanlima.com/ or contact me today.

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Now is the time to buy!

2009-04-12T21:46:00.005-04:00

In an earlier post I gave my opinion on why now is the right time to buy. The question was posed recently to the bankrate debt advisor in their FAQ forum. Read more

6 Reasons Why It's Still a Good Time to Buy

2009-04-03T10:12:00.000-04:00

The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.

Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.

People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.
Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.

11 Ways to Cut Your Energy Bill

2009-03-29T10:00:00.001-04:00

As I promised, I will be blogging about some helpful homeowner tips over the next couple months as part of my "maintenance series". Most recently I was reading up on ways to save energy costs and I found some really good advice. I hope you find these tips as useful as I did. Remember, if you or a friend has any mortgage or real estate questions, you can call or email me any time.

11 WAYS TO CUT YOUR ENERGY BILL

One of the easiest ways to cut your heating and cooling bill is to make sure that your attic has 7 inches (R-22) or more (up to R-49) of fiber glass or rock wool insulation.

A simple step we often ignore-replace or clean your AC vents once a month.
Don't leave your bathroom ventilator running longer than necessary, as it can drain your entire house of cooled or heated air in about an hour.

Don't leave the fleu of your fireplace open when not in use.
During the summer keep your drapes closed in the heat of the day. In the winter keep the south facing window drapes open.

Make sure all windows are caulked and weather-stripped to save 10% off your H/AC bill.

White window shades or blinds will deflect the heat away from your house.

Lower hot water costs by installing low-flow shower heads and faucets.

Insulate your water heater and set its thermostat at 115 degrees Fahrenheit.

You can cut up to 50% off your lighting costs by replacing 25% of the bulbs in your main-use areas with fluorescent lighting. Fluorescent lights are more expensive but also last 6-10 times longer than incandescent bulbs.

Plant trees ASAP. Well placed trees will not only lower your energy costs but will increase the curb-appeal of your home and make your yard a more enjoyable place to be.

Maintenance Series:

7 Safety Tips for Your New Home

Get Ready for Spring Cleaning

First-Time Homebuyer Tax Credit

2009-03-25T22:01:00.009-04:00

We first heard about the First-Time Homebuyer Tax Credit in February. If you still have some questions about the program or the requirements, the below video should clear them up.

If you still have questions or need clarification on something, please don't hesitate to call or email me today. You can also view an earlier post where I provided some FAQs regarding the credit.

Get Ready for Spring Cleaning

2009-03-23T10:00:00.000-04:00

Spring is upon us, and it's time to dust off the old mop and get ready to do some deep cleaning. Don't worry - spring cleaning can be a fun and rewarding experience, if you approach it with the right mindset! See for yourself - with this post, I've included a list of tips to help you get the most out of your spring cleaning experience. I hope you find these special tips useful this spring. Remember to call or email me with any mortgage or real estate questions you may have, and remember to tell your friends about me! In addition, feel free to visit my Website at http://www.bryanlima.com/.

FIVE FUN AND EASY SPRING CLEANING TIPS

Dance while you dust: This is the perfect time to fully indulge your musical interests; break out the iPod or turn up the CD player, and you'll be singing along to your favorite tunes and won't find cleaning to be a chore at all.

Clear out the clutter: Take the opportunity to dig into the closets, storage spaces and, of course the garage. You've probably got a veritable treasure trove of old clutter that's just taking up space - now's the time for a yard sale. Turn that clutter into cash!

Room by room: Try to focus on just one room at a time, and try to complete one room each day. This will make the whole job seem more manageable, and you'll probably get things cleaned more thoroughly than if you tried to tackle the whole house at once.

Just a little more laundry: One of the things that we rarely attend to is the state of our draperies, shower curtains and rugs. Now is your chance: gather up every spare bit of linen in the house and have it laundered; you'll be surprised by how much brighter your home will look.

A room with a view: It's time to tackle those windows! Set aside a special day to give your windows a good scrubbing. Clean off any screens while you're at it: your home will literally sparkle once you're finished.

Maintenance Series:

7 Safety Tips for Your Home

Is now the right time to buy?

2009-03-21T07:48:00.000-04:00

I'm sure there are many people asking the question, "Is now the right time to buy?". Nobody really knows for sure. However, there are some facts that you can look at to help evaluate whether or not now is the right time to buy. For one, mortgage rates are currently close to the lowest they've been in almost 50 years. In addition, home prices are low and probably close to the bottom. There may be a little more ways to go, but I think we're close. With the Spring homebuying season upon us, we may see an increase in sellers in the market, which will increase inventory and possible push home values even lower. Read more

According to Federal Reserve Chairman Ben Bernanke, an economic recovery will not begin until next year. Read more

Along with low home prices and low mortgage rates, there's also the First-Time Homebuyer Tax Credit of up to $8,000. This is an additional benefit, especially for anyone that has not purchased a home in the past three years. I have an earlier post that goes into more detail about this program.

So we go back to the ultimate question, is now the right time to buy? My answer really doesn't have much to do with whether or not we've hit bottom or if we're even close to the bottom. I feel that if you can buy a home in the right location, below the current market value, with a mortgage rate currently at historic lows, then I believe it's the right time to buy.

If you're interested in purchasing a home, please feel free to contact me anytime for assistance. I will be happy to help you out. To receive a copy of my 27-page Buyer's Guide, click here.

Homeowner Affordability and Stability Plan - Part IV

2009-03-19T20:57:00.010-04:00

I don't want to confuse anyone, but President Obama and his administration rolled out the "Making Home Affordable" Program today. As part of the roll out of this program, there is a website makinghomeaffordable.gov that went live to assist borrowers with refinancing or modifying their current mortgages. I'm not sure of the reason behind all these different names, but it's definitely very confusing to a lot of people out there. What you need to know is that a program exists to help current homeowners that are suffering some sort of hardship and are struggling to make their mortgage payments. Whether you've missed a payment or not, you may be eligible to refinance or modify your loan.

If you're still confused, don't worry because if you contact your lender to find out if you're eligible, there's a good chance they won't be able to provide you with an answer. It's going to take lenders some time to prepare for this program, if they even decide to participate. The Obama administration is asking borrowers to be patient with their lenders over the coming weeks. Read more

See below for related posts:

Homeowner Affordability and Stability Plan - Part III
Homeowner Affordability and Stability Plan - Part II
Homeowner Affordability and Stability Plan

Federal Reserve to Buy $300B in Treasurys

2009-03-18T20:56:00.004-04:00

The Federal Reserve announced today that they would start to buy up $300 billion in long-term Treasurys over the next 6 months. In addition, they also announced that they are planning to buy another $750B in mortgage-backed securities. With these announcement we should see rates immediately come down and probably remain low over the next few months. If you're planning to refinance, now would probably be the time. Read more

These are definitely very aggressive steps by the Fed to immediately lower long-term interest rates and keep them low for some time. The timing is definitely right as we move into the spring and summer buying/selling season. Read more

If you're interested in refinancing or if you have someone that may be interested, I would be happy to help out. Please feel free to email me or give me a call today.

Homeowner Affordability and Stability Plan - Part III

2009-03-15T15:27:00.010-04:00

It appears that Fannie Mae and Freddie Mac have decided to expand the type of properties available for the refinancing through the Homeowner Affordability and Stability Plan. This is great news for borrowers, especially current owners of second homes and multiple family (one to four units) dwellings. Originally, we heard that this program would only apply to owner-occupied primary residences.

The following article goes into more detail of the new rules of the program recently released by Fannie Mae and Freddie Mac to all participating lenders. Read more

See below for related posts:
Homeowner Affordability and Stability Plan - Part II
Homeowner Affordability and Stability Plan

Should you refinance your current mortgage now? Read more

Click here for current mortgage rates.

One of the COOLEST videos!

2009-03-11T22:02:00.006-04:00

You're not going to believe this! Whether you're a Formula 1 racing fan or not, this video will definitely capture your attention. It starts with a couple die hard Lewis Hamilton fans that worked on a side project where they placed a bluetooth receiver in an RC car and controlled the car with a BlackBerry Storm cell phone. When Lewis Hamilton's F1 team caught wind of this, they recreated this process in a real Formula One race car. You have to see this to believe it! By the way, there are less than 15 days left before the official start of the Formula One racing season.

7 Safety Tips for Your Home

2009-03-10T21:37:00.008-04:00

For all you current homeowners, this is my first post in my "maintenance series" of posts that I'm planning on blogging about over the next couple months. I hope you find this information helpful as you get settled in your new home. If you have any questions or need additional advice, remember that I'm just a phone call away.

When you first move into your new home it is a good idea to take care of a few small things that can make a big difference when it counts.

Change the locks on all your exterior doors. Unless your house is brand new you never know how many strangers may have a key to your front door.

Replace the batteries in all the smoke detectors in the house. Record the date in your calendar so you will remember to do the same thing next year!

Unless your heating/air units are new, have the vents and filters cleaned or replaced.

Create a fire-hazard plan with your family and conduct a practice drill with the children.
Replace or clean the exhaust hood filter above the range.

Check all your electric outlets for loose-fitting plugs, as these can pose a fire hazard. These outlets are inexpensive and fairly easy to replace.
Have the fireplace chimney cleaned. While you are at it go ahead and install a rain cap and a screen to keep the birds out of your chimney.

GOOG-411 - This is great!

2009-03-06T16:00:00.001-05:00

I recently discovered a great new service brought to you by Google. If you're tired of paying to call 411, this is a perfect alternative. It's called GOOG-411 and it's free!

All you have to do is dial 1-800-GOOG-411 from you phone. For all you BlackBerry users it's 1-800-466-4411. You can access the service from a mobile phone or a land line. It's also voice activated, so you don't have to press any numbers on your keypad if your driving or busy doing something else. It's very simple, just say where you're looking and what you're looking for. The service will then connect you directly with the business you've selected.

To find out more about GOOG-411 and how simple it really is, click here.

Homeowner Affordability and Stability Plan - Part II

2009-03-05T18:23:00.003-05:00

On March 4th, 2009, the Obama administration released detailed guidance on the Making Home Affordable Program.

Below are the key elements of the plan:

1. The Home Affordable Refinance Program. Under this program, eligible borrowers may refinance loans that Fannie Mae or Freddie Mac (the government sponsored enterprises, or GSEs) own or guarantee. The program can help homeowner-occupants who are current in making loan payments and have loan-to-value ratios (LTVs) above 80 percent but not more than 105 percent. Cash out refinancings are not permitted. The program ends in June 2010.

2. The Home Affordable Modification Program. This is a $75 billion program with lender, servicer, investor, and borrower incentives to make it work. The program is limited to homeowner-occupants who are at risk of default or already in default and who have loans at or below the maximum GSE conforming loan limit of $729,750 (or higher for 2-, 3-, and 4-unit properties). Loan modifications under the program may be made until December 31, 2012.

3. More Support for the GSEs. President Obama also announced more support for the GSEs, including doubling of potential Treasury investment from $100 billion to $200 billion for each GSE, to maintain their positive net worth. The plan also raises the cap on mortgages that the GSEs may hold in their portfolios by $50 billion to $900 billion.

For a more detailed summary of the program brought to you by the National Association of Realtors, click here.

Obama's plan was created to help millions of homeowners modify or refinance their current mortgages. To find out if you are eligible, click here. Once you land on the page, click on "FIND OUT IF YOU ARE ELIGIBLE".

Click here for some more details of the plan brought to you by Bankrate.com.

Homeowner Affordability and Stability Plan (HASP)

2009-03-02T09:00:00.000-05:00

On February 18, 2009, President Obama announced his Homeowner Affordability and Stability Plan (HASP), designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. Click here for a summary of the new housing plan.

There are three main elements of the HASP:

GSE Refinancing for Responsible Homeowners Suffering from Falling Home Prices.
$75 Billion Homeowner Stability Initiative to Reach up to 3 to 4 Million At-Risk Homeowners

Supporting Low Mortgage Rates by Strengthening Confidence in Fannie Mae and Freddie Mac

Some of the highlights of the HASP are:

Ability to refinance up to 105% of the loan-to-value (LTV)

Government subsidized loan modification up to 150% LTV

Uniform guidance for loan modifications

Bankruptcy judges can modify loans

The HASP will help many people, but not all. Also, lenders will be provided with incentives to help, but they do not have to participate. Click here to read more.

The guidelines of the plan are expected to be finalized by March 4th. At that time, all the requirements should be defined. Below you will find additional information provided by the U.S. Department of the Treasury.

Executive Summary

Fact Sheet

Consumer Q&A

Housing Example Sheet

First-Time Homebuyer Tax Credit

2009-03-02T00:01:00.008-05:00

I hope you had a great weekend and had some time to spend with your friends and family. As I'm sure you are aware, President Obama has signed the $787 billion economic stimulus bill into law and it's now official. I have been receiving a lot of questions specifically about the First-Time Homebuyer Tax Credit, which is part of this bill. In order to help with some of the confusion, I have provided a list of FAQs below.

Q: How much is the First-Time Homebuyer Tax Credit for?
A: $8,000 or 10% of the purchase price of the home, whichever is less.

Q: What types of property does the credit pertain to?
A: Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.

Q: Is there a limit based on your income?
A: Yes. The full credit is available for individuals with an adjusted gross income of $75,000 ($150,000 for joint filers). The credit phases out above those caps ($95,000 and $170,000 respectively).

Q: Does the credit only apply to first-time homebuyers?
A: Yes. The purchaser (and purchaser's spouse) may not have owned a principal residence in the three years prior to purchase.

Q: Do I have to repay the tax credit?
A: No. There is no repayment for purchases on or after January 1, 2009 and before December 1, 2009. However, if the home is sold within three years of purchase, the entire amount of the credit is recaptured on sale.

For additional information on how the stimulus can help you, click here. You can also find detailed information on the First-Time Home Buyer Tax Credit on a website launched by the National Association of Home Builders.

Fannie Mae & Freddie Mac Fee Increase

2009-03-01T16:03:00.002-05:00

Fannie Mae and Freddie Mac are both toughening their credit score and down-payment rules as of April 1st. Some lenders are already factoring in the higher fee, which reduces the effectiveness of the stimulus efforts. Under the new guidelines, buyers with down payments of less than 25% will be charged a three-quarter point add-on penalty, no matter how high their credit score. Buyers of duplexes, where one unit is owner-occupied and the other is rented, will be charged a 1% add-on. Refinancers who take cash out will be charged as much as three points if they have a low to moderate equity stake.

This will definitely not make it any easier to get a mortgage. Actually, it will do the opposite. To read more about the fee increase, click here.

Welcome!

2009-03-01T00:16:00.003-05:00

This is my first post on my blog titled "Bryan's Blog". I know...how original! As I didn't want to limit the scope, I decided to keep the title very general. With that said, I intend to write about different experiences in my life along with information pertaining to real estate, mortgages, the economy and probably much more. We'll see how it goes...

Thank you for taking the time to visit my blog and feel free to contact me anytime if you have any questions or if you just want to chat.