Happy Memorial Day 2012

As Memorial Day 2012 is fast approaching, I hope you will take a moment to remember those brave soldiers who have selflessly dedicated their lives to serve our country. To those men and women who have fought and died, past, present and those who continue to serve today, we salute you!

We normally celebrate the holiday here in America with parades, backyard BBQ’s, and consider the holiday a way to kickoff our summer each year.  However, we remember there is much more to the holiday that we can never forget. The meaning is the most important of all.

I want to wish you, your family and friends a very happy, healthy and safe Memorial Day.

"A hero is someone who has given his or her life to something bigger than oneself." – Joseph Campbell

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

$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

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

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

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.

Home Prices Rise in U.S.

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 Rates Rise Sharply

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.

Cities Where Home Prices Could Fall More

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:

1. Orlando
2. Miami
3. Jacksonville, Fla.
4. Tampa
5. Los Angeles
6. Phoenix
7. Las Vegas
8. Oakland, Calif.
9. San Diego
10. New York

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

New Home Appraisal Rule - Effective May 1st

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

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.

Now is the time to buy!

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