REAL ESTATE IN KEARNY/NEWARK....FROM A REALTORS VIEW

I am back!  

Yes, it's been too long for my random thoughts on the market. I have been busy listing and doing paperwork on the many foreclosures hitting the market.  Most are fraud cases where the owners scammed the bank and never lived in the home, very few are hard luck stories with adjustable rate mortgage horror stories, and even less are due to death or divorce. .. but it is a normal real estate cycle that I have seen before.  I remember the old Real Estate Prayer from the 80's.  "Please Dear Lord, let this cycle rebound and let me remember to save some money this time"  The abuse of cheap money, the greed of Wall Street and the mismanagement of Our money on the market has really really created a Perfect Storm.

There is a Light at the end of the tunner.   I see hope and windows of opportunity. My phone activity the last 30 days has almost tripled.  Buyers feel that the homes are now affordable and they want to take advantage of the low prices and low interest rates. The only problem is ... they are looking at foreclosures and short sales more often than the owner occupied home, or the rental properties in better condition. They are price shopping rather than value shopping.  BUT they are shopping, which hopefully leads to sales.

There are some GREAT priced homes on the market today.  Vacation homes (unless you are on the strip at the NJ shore) are down to values not seen since the mid 80's, Urban centers have values down to late 70's and mid 80's with low interest rates, and purchasing home repair supplies have not been easier with sales and discounts all around.

If you are a buyer and you are reading this blog. PLEASE take my advise on two items.

1. Get approved for a loan subject to the appraiser only. This makes it easier and faster to close on the home of your dreams and makes it easier to take advantage of the low interest rates.  ASK your mortgage rep about what is required on the property condition.  Foreclosed homes are sold AS IS, and while you are willing to put in in a kitchen or a new boiler, the bank may not be willing to lend on such.

2.  Work with a REALTOR®.  A REALTOR® is a member of the National Association of Realtors® and follows a strict code of ethics. He/She has access to the local market and has the tools to keep you posted faster and easier than you logging in and searching daily.

That's it.. A light at the end of the tunnel.

Ok for those of you who are reading, this month will top my best month ever,  AND I would have had another 3 of my listings sold in November if we were able to negotiate the deals in time.  It seems that the Holiday Sales are making people take notice to where they are and what they can buy.  Many tenants want to have their own traditions with their family, at THEIR OWN HOMES. 

No landlords, no other tenants complaining of noise, no fried fish smells in the hallways.. (wait, that's one of my other investment properties).  What I mean to say is that the Holidays are always nicer in your own home.  AND with prices and financing programs the way they are, all it will take is YOU to get out and look at homes.  Call me, or your Realtor® today and go see what is available.  Your Realtor® should be able to make some recommendations on which lender to use, and why, as well as how to guide you past some of the pitfalls of trying to negoiate everything on your own.  He/She is there to act as your guide towards Home Ownership.

See you all soon, 'cause today is Sunday and I am home sick in bed. The cold finally got me.  Had to be one of my competitors sneezing into an envelope, or my co-workers rubbing on the doorknobs, or...(joking here people)

Ok, in the cyclical cycle of real estate, my cycle is still rolling up.  I helped a lovely couple negotiate their first home, at a GREAT price, and in a GREAT town.

Did I think it would happen?  Not sure.  The market place has picked up and we were in a bidding war.  In a Bidding war, NO one wins. The seller feels he underlisted, the buyer feels they overpay, and the loser feels that they were not given enough consideration in their offer.  AND, the Realtors sit and wonder how they could have brought the deal to the table.  See, no one wins.

The buyers, I think are happy, but nervous. It's a common thing when it's your first home.  I get the same way when I buy a car.  Nervous but happy. I love it when it works out right.  Not for the money as much as the satisfaction that I could help someone.  The buyers are really nice people and I think this really is the house for them, but I really can't tell them because it makes me sound like a salesperson.  (I am a facilitator.  Buyers and sellers have to make their own decision, no matter what I say). 

Back to where I was.  Even on Sunday I have gotten phone calls and emails wanting to buy a house.  Investors and first time buyers. That's a real good sign, because when they are looking the regular market shouldn't be too far behind.

So far my investors are looking in the 07106 area code of Newark, and 07105 of Newark.  (Well, that's where the bulk of my listings are).  I am getting fewer requests for other areas, but the emails are coming in. 

Let's see what happens!

Seems like everyone has taken the internet as their own personal space on speaking out, or speaking up.

Well, this site is no different, except it's real time, from a real person, working and selling and  listing REO homes, and end users homes.  YEP, I sell and list foreclosed homes. 

No, the people who lose their homes are treated with respect and dignity, and the tenants are spoken to and called as we try to relocate them or work out rental agreements with them.  A foreclosed home can be a blight on the block or a blessing for a new buyer or investor. Depends on which side of the railbow you are on.

So, if you are thinking of buying a foreclosed home, please read through my lists of what you need to buy a home.  Understand that foreclosed homes are as is, unless something major is wrong, you are buying it.  And remember that this great opportunity of home ownership is NOW.  Call me, or your favorite Realtor® when looking to buy a home.

Oh, as to my  ramblings... come on back every couple of days, with the Almighty's assistance, I will still be here.

Well, the Roller Coaster in the Stock market continues, as does life.  But, as I said in my last update. ...  The first time buyers are there.  We are getting daily walk in's and phone calls.  They (the first time buyers) are looking in better neighborhoods, for foreclosed or short sale homes.  We, as Realtors, are showing them that there are regular homes loved and maintained by homeowners and tenants, that are similar if not better bargains.

According to polls, the time from first contact to sale is anywhere from 3 to 6 months on average.  That means AFTER the holidays, this spring, if the interest rates hold and jobs stay, then we should have a great spring.

Remind me in the spring if I am right or wrong.

Any opinions?