Bergen County NJ Market Statistics

Bergen County has been holding its own when it comes to housing sales over the last 10 months in 2010 compared to the same time period of 2009. For more on this watch this video and go to www.century21eudan.com for the download

The Great Home Buyer’s Tax Credit hurts real estate in Bergen County NJ. PART 2

Over the second quarter of 2010 (April, May & June), there was no terrific spike in home sales in Bergen County. Yes there were more in April 2010 then in 2009. In April of 2009, things just started getting back to a little normal in the real estate market. Normal, that's the word people haven't heard in a long time when it was used in reference to the real estate market. When you look at the numbers of the year through June 2009 and compare it to the year through June, 2010, you see an 35% increase in home sales. Significant? Yes. Is it due to the tax credit? No. What we have seen in these time periods in Bergen County New Jersey is that the median price home has increased by 1%. It has taken between 90 and 120 days to sell a house. This is normal!

Taking a look at several towns in central and southern Bergen County in towns like Hasbrouck Heights and Wood-Ridge, where the price point has made the market saleable once again. Wood-Ridge New Jersey through the first 7 months of 2010 has shown a marked increase in sales of 63% with the price of homes has remained the same from the same period in 2009. Hasbrouck Heights, New Jersey actually showed a decrease of 11% in sales with an insignificant drop in price of 3%. Both Wood-Ridge and Hasbrouck Heights showed a relative non-change in the time it took to sell homes of between 80 and 100 days.

Carlstadt and Lodi showed 7 to 10 % increase in sales respectively, but with larger losses in average price.

There is nothing in the numbers to even remotely suggest in Bergen County, New Jersey, that the tax credit has helped the real estate market. One more tidbit for you: Business in February and March was not good at all...throughout the country. If the tax credit was so wonderful, why was there a 70% drop in mortgage applications during this time period. The reason is simple. Check out the weather throughout the country-cold, snow, torrential rains and flooding. The entire country had bad weather. In June of this year, for our company, CENTURY 21 Eudan Realty in Hasbrouck Heights and Wood-Ridge, New Jersey was excellent. July, not so good. Why? Weather, not the economy. Massive heat waves hit the entire country for the majority of July. There is a new factor that must be brought into the economic indicators-weather! Current Bergen County market statistics available
See our previous post-PART 1

The Great Home Buyer’s Tax Credit hurts real estate in Bergen County NJ. PART 1

The politicians and media are telling everyone how the tax credit has helped boost the economy, here in Bergen County and the rest of New Jersey and country. They are literally patting themselves on the back for this great thing they did for the American economy. If one looks at all of the statistics, especially in Bergen County New Jersey, it’s easy to see these politicians and media moguls should actually just shut up!
Their opinions are based on statistics. Okay, so let’s look at them. The National Association of Realtors® told us that in the first quarter of 2010, there was an increase in home sales in the Northeast in the first quarter of 35% over that of the first quarter of 2009. That is true with the same increase in Bergen County and towns like Hasbrouck Heights. What they don’t tell you, from a real estate market perspective is that the real estate market in the first quarter of 2009 was so bad, that if there wasn’t an increase, the suicide rate for real estate agents would be the highest of any profession.
Here is what this great tax credit did for us: It took people that would normally have bought a home and accelerated their decision time in order to get the offer or contract accepted by April 30, 2010. What it also did is give the future politicians-attorneys- the opportunity to put others off because they were “so busy” that they couldn’t return phone calls or do any other business so they could get these transactions completed by June 30, 2010, which was the originally date transactions had to be completed. (This deadline has since been extended to September 30, 2010, so we await more no return phone calls from attorneys around the last week in September). See part 2 where I examine local Bergen County Markets.

Quality of Sales Talk: Are you interesting?

As a salesperson comes into your home or you go to the mall and need to buy something but don’t know exactly what brand or model to buy, is it important for the salesperson to grab your attention? Of course it is important for them to grab your attention with their knowledge of products. This goes for real estate sales people as well. To perform in a presentation for a home seller is the manner in which the salesperson will show that they have the right stuff to sell the house
Having the knowledge to discuss real estate or products is essential to the “sales process.” Let’s face it, the process of selling and being able to convince someone to part with money for a feature that will benefit them is the basics of sales. So why do sales people talk so much? They have to or maybe they are insecure or maybe they want to impart the knowledge they have worked so hard to memorize.
The simple fact of the matter is that if someone keeps talking to you trying to sell you something, they have missed the point of sales. They are too busy trying to be interesting than interested in what you the customer-client really needs and wants.
When one is interested in the other’s desires, relationships get built. Being interesting is not the important part. Listening and caring is the most significant part of the “sales process.”
In discussions in our skills sessions with the sales people I work with, I ask the question, “What percentage of the time are you talking in a presentation?” If you are discussing pertinent facts, the customer should care and that is important. Listening and caring about what the customer is saying is extremely important. The salesperson’s reaction and answer will and should impart the knowledge of the market, the product and then be able to do the right thing and perform their job extremely well.
If you are interesting with your knowledge of the product or market, great-you should be. However, never over estimate the value of the relationship between the salesperson and customer. Be more interested than interesting if you want to exceed in sales. In other words, more ears than mouth. Your customer will love you!

A Great Lawyer

> YOU GOTTA LOVE THIS LAWYER > > A New Orleans lawyer sought an FHA loan for a client who> lost his house in Hurricane Katrina and wanted to rebuild.> He was told the loan would be granted if he could prove> satisfactory title to the parcel of property being offered> as collateral. The title to the property dated back to 1803,> which took the Lawyer three months to track down.> > After sending the information to the FHA, he received the> following reply.> > (Actual letter):> "Upon review of your letter adjoining your client's loan application, we> note that the request is supported by an Abstract of Title.> While we compliment the able manner in which you have prepared and> presented the application, we must point out that you have> only cleared title to the proposed collateral property back> to 1803. Before final approval can be accorded, it will be> necessary to clear the title back to its origin."> > Annoyed, the lawyer responded as follows.> > (Actual Letter)> "Your letter regarding title in Case No. 189156 has> been received. I note that you wish to have title extended> further than the 194 years covered by the present> application. I was unaware that any educated person in this> country, particularly those working in the property area,> would not know that Louisiana was purchased, by the U.S.,> from France in 1803, the year of origin identified in our> application. > > For the edification of uninformed FHA> bureaucrats, the title to the land prior to U.S. ownership> was obtained from France, which had acquired it by Right of> Conquest from Spain. The land came into the possession of> Spain by Right of Discovery made in the year 1492 by a sea> captain named Christopher Columbus, who had been granted the> privilege of seeking a new route to India by the Spanish monarch,> Isabella. The good queen, Isabella, being a pious woman and> almost as careful about titles as the FHA, took the precaution of > securing the blessing of the Pope before she sold her jewels to finance > Columbus' expedition. Now the Pope, as I'm sure you may know, is the > emissary of Jesus Christ, the Son of God, and God, it is commonly> accepted, created this world.> > Therefore, I believe it is safe to presume that God also> made that part of the world called Louisiana.. God,> therefore, would be the owner of origin and His origins date> back to before the beginning of time, the world as we know> it AND the FHA. I hope you find God's original claim to> be satisfactory. Now, may we have our damn loan?"> > He got the loan.