new jersey: Estate Sales in NJ - 12/02/14 11:17 AM
Setting Up and Finding Estate Sales in NJ

Reasons for estate sales vary from exciting life changes to emotional changes in the family and it’s important that you find a company that will honor the memories that each of the items hold. There are many estate sales in NJ and many companies in northern NJ that offer experience with sensitive matters and are professionals at getting the best prices for items. Below we will discuss how to find the perfect estate sale company and how to find estate sales in NJ.
Finding an Estate Sale Company
You can’t trust the sale of a … (1 comments)

new jersey: Real Estate Outlook - View From The Top - 06/25/10 05:22 PM
Last week I attended a lecture by Dr. Lawrence Yun, Chief Economist for the National Association of Realtors. He showed over 40 charts and graphs describing the mechanics of the recent real estate market and what's to come. He demonstrated why he thinks the worst is behind us and why he predicts a relatively stable market over the next year or two. In some markets, prices will continue to drop by single digits while in others prices have already begun to climb. He predicts a 2-3% price appreciation nationally in 2010.An interesting fact he brought to the table relates to new … (0 comments)

new jersey: Market Report March 2010 - Northern New Jersey - 04/16/10 04:13 PM
The New Jersey MLS has just started publishing a comprehensive real estate report for Bergen and nearby counties. At 37 pages it's quite an exhaustive overview.
But even more impressive than it's length is how strong the market is right now.
Here are a few sample statistics from the report:
Total properties under contract is up 31.8%
Number of Homes on the market is down 22%
YTD Solds is up 95.7%
(March 2010 compared with March 2009)
The report can be downloaded here in it's entirety.
- Michael Shetler

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new jersey: Tomorrow's Home Prices? Look At Today's Inventory. - 03/25/10 03:51 PM
Economists say that if the inventory of homes on the market is under 8 months, prices will remain stable. A look at the number of active homes around Bergen County shows that inventory in several exclusive areas is under 8 months, despite a county-wide average of 8.9 months. For more information about the inventory in your desired area, drop me an emailand I'll get back to you promptly.
 

 
source: NJMLS. Info deemed reliable but not guaranteed.
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new jersey: Single Families Tick Up, Multi-Families Tick Down - 02/25/10 04:11 PM
Median sold prices for single family homes and for condos/co-ops/townhouses have turned up in the last one to two months. But the median price of multi-family homes is trending slightly downward. That difference may be partially a result of the home buyer tax credits, which apply only to primary residences and not investment properties.  Now that the Super Bowl is history, we're officially in the spring market. Many new listings have been coming on and buyers have been showing up to see them. And they're not just window shopping. The number of homes under contract in Bergen County is up 24% … (0 comments)

new jersey: The bigger the home, the harder it fell. - 02/04/10 02:58 PM
The decrease in average sales price from 2008 to 2009 in northwest Bergen County was 11%. But a closer look at how it breaks down is very telling. Homes with two or three bedrooms were down only 7% while homes with six or seven bedrooms were down 31%. However even the high end of the market has begun to show signs of improvement with sales activity up 36% during the period 12/1/2009-1/31/2010 over the same period a year earlier.
 
- Michael Shetler
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new jersey: Bergen County Inventory at Five-Year Low - 01/21/10 11:34 AM

The number of homes on the market in Bergen County is surprisingly low. With 3,078 active homes, inventory hasn't been this low in January since 2005. In addition, the number of homes currently under contract in mid-January is at a three-year low. At the high end of the market, the news for sellers is also improving. The number of homes on the market with at least five bedrooms and three full baths is 161 -  down from 190 a year ago and 165 in January of 2008. - Michael Shetler  
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new jersey: Sales Activity Way Up - 12/11/09 05:03 PM
The improvement over last fall in the number of home sales is dramatic. In Bergen County, homes under contract over the last 30 days is up 50% over the same period last year. The median sales price is down 9.2%.In northwest Bergen County, where foreclosures are much less common, activity is up 54% and prices down only 0.4%.

Northwest Bergen Prices
source: NJMLS. Information deemed reliable but not guaranteed.
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new jersey: Northwest Bergen Prices Bounce Halfway Back - 11/07/09 11:25 AM
Last year at this time, Wall Street was in crisis. September saw the failure of Lehman Brothers and the takeover of several large banks. As a result, October home prices were down 21% from a year earlier in northwest Bergen County. But since then prices have come back over halfway - the average price of a single family home is now down only 8.5% from October of 2007.
- Michael Shetler 
 
 
source: NJMLS. Information deemed reliable but not guaranteed. October single-family home prices.

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new jersey: How many homes are on the market in Bergen County? - 10/22/09 05:53 PM
A comment I frequently hear is there are lots of homes for sale in the area. Local homeowners sensitive to market conditions tend to think there are more "For Sale" signs in the neighborhood than there used to be. In reality, the inventory of homes on the market in Bergen County is at its lowest level since 2005.
 

 
source: NJMLS. Information deemed reliable but not guaranteed.
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new jersey: Real Estate Prices Stabilize, Activity Increases - 10/01/09 01:44 PM
I've been reporting recently that the bottom half of the market has been active but the top hadn't yet seen a recovery. The latest data suggests the entire market is doing better. Activity has increased across the board from last September, and prices are down only marginally. As the year has progressed the market has been slowly gaining steam. As long as interest rates stay below 6%, we should continue to see a stable market. 

 
 
 
source: NJMLS. Information deemed reliable but not guaranteed. Single family homes in Bergen County.
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new jersey: Northwest Bergen Market Almost Too Good To Be True - 07/18/09 12:24 PM
The market for homes under $700,000 has been incredibly strong recently. I've seen many bidding wars in the last month, some driving the sale price over the list price. Activity has been surprisingly strong. As of today, there are 88 homes under contract in northwest Bergen County. Last year on this day there were only 65. In Ridgewood there are 20 under contract today versus 14 last year. But now for the real shocker - the median sold price July 1 -17 in Ridgewood is higher this year than last year, $764,000 in '09 vs $682,500 in '08. Across northwest Bergen, … (0 comments)

new jersey: Local Market Trends Upward - 06/14/09 12:38 PM
May turned out to be an even better month than April, which was 10% behind April of last year in sales activity. As you can see below, May was almost exactly on par with last year in terms of the number of homes going under contract.
The coming months continue to be difficult to predict, as there are conflicting trends. Mortgage rates have climbed considerably, yet the inventory of homes on the market is lower than it was last year at this time.

 
Northwest Bergen County single family homes. Source: NJMLS. Information deemed reliable but not guaranteed.
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new jersey: February Housing Data: A Mixed Bag - 03/05/09 05:52 PM
The February data for Bergen County shows a very mixed picture. While the volume of sales is clearly down across the board, the median sales price actually rose somewhat in northwest Bergen while sinking in the County as a whole. And the number of homes on the market, the most significant factor in determining near term home prices, actually fell across Bergen. So while the national economy continues to looks bleak, the local housing market is showing some resiliency.
 

 
source: NJMLS. Information deemed reliable but not guaranteed.
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new jersey: Bergen Real Estate - Hot and Cold - 01/22/09 02:31 PM
The lower end of the market is hot, the top is not. In the last two weeks I've seen several bidding wars on starter homes that were aggressively priced. In Ridgewood, for example, a split level priced at $549,000 received at least 3 offers in its first weekend on the market. In Fair Lawn, a home that had been on the market for some time dropped it's price by 10% and immediatley three offers came in. The high end of the market isn't experiencing as much activity. My rationale is that higher end buyers are much more dependent on Wall Street. … (0 comments)

new jersey: Interest Rates Improving - 12/06/08 09:52 AM
The big news over the last three weeks has been declining mortgage rates. On Oct 30, Bankrate's overnight average on a 30 year fixed loan was 6.5%. Today it's 5.6% and still heading down. And contrary to popular belief, mortgage money is not hard to come by in Bergen County. Local banks including Hudson City and Valley National have funds available.Okay, okay, but the real reason you read this newsletter is to get statistics about the local real estate market. How bad is it, you want to know. Over the last 30 days, the number of residential homes going under contract … (0 comments)

new jersey: Measuring Declining Home Prices - 11/20/08 11:37 AM
Here's a startling statistic - the median home price over the last 30 days in northwest Bergen County has dropped 21% from the same period a year ago. However, the average home price dropped just 8%. One explanation for this disparity is that less expensive homes have been selling better than high end homes. A look at the MLS data bears this out. Last year 37 homes sold in the price bracket of $900,000 or more. This year there were only 17 sales over the same period.
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new jersey: September Hot, October Not - 10/30/08 01:30 PM
This week we take a look at how deeply the real estate market has been affected by the economic downturn. Back in early September, before the AIG rescue and the bank mergers, the real estate market was healthy. The number of homes under contract in northwest Bergen was running slightly ahead of last year. Then the bailout plan was introduced around September 19th, and we still managed to finish out the month only 10% behind last September. But in October*, the number of homes under contract has fallen 31%.Another measure I use to gauge the market is how many online visitors … (0 comments)

new jersey: The Fall Market Decelerates - 10/13/08 08:10 AM
While there certainly has been a slowing of the real estate market over the last couple of weeks, it certainly has not dried up. The number of homes going into attorney review from October 1-9 in northwest Bergen is down 23% from last year. In the Pascack Valley, the decrease in activity was only 15%.Meanwhile the median sales price in Bergen County, which reflects contracts written approximately two months back, showed a 10.7% drop in September compared with sales in September of 2007.
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new jersey: Waiting for Congress - 10/13/08 08:08 AM
The question of the hour, besides whether or not the economy will collapse, is how local real estate prices are going to be affected. Until now, Bergen County has weathered the changing economy quite well. The decline in home prices has been much smaller than in most other areas of the country. But after the buyout/collapse/merger of the investment bank sector, Bergen will have a higher unemployment rate, particularly in more expensive towns. In addition, previously active buyers are reconsidering whether to buy now. Or they’re coming in with even lower offers than before. At the time of this writing, Congress … (0 comments)

 
Michael Shetler (Keller Williams Village Square Realty) Rainmaker large

Michael Shetler

Ridgewood, NJ

More about me…

Keller Williams Village Square Realty

Address: 257 E Ridgewood Ave, Ridgewood, NJ, 07450

Office: (201) 445-4300

Mobile: (201) 421-0506

Email Me

Observations and analytics on the real estate market in Bergen County, northern New Jersey. Special focus on Ridgewood and northwest Bergen. All facts and figures based on NJMLS. Info deemed reliable but not guaranteed.


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