You’ll get all the listing info including address in most cases.

These are short sale properties that are currently on the market. Other sites may make you pay to get the info, or not sort the short sales from the regular sales.

Q. Why are they called “short sales”?

A. The seller won’t have enough funds to pay off his/her obligations at the closing table, so is short of funds. These obligations include their lender(s), taxes, attorney, real estate broker and any lienholders on the property.

Michael Shetler is short sale specialist having successfully completed the Short Sales & Foreclosure Resource (SFR) certification.

The number of homes under contract in Bergen County jumped 40% compared to January of last year.

Certainly the weather helped, with only one bad-weather weekend. Record low mortgage rates of 3.75% also contributed, as did the improving economy.

The limited inventory of homes this winter has created unusual conditions – homes coming on the market which are priced fairly and are in move-in condition have been getting multiple offers and selling close to asking price.

Going forward, the better-than-expected employment data released last week should contribute to consumer confidence and to buying activity.

Today – the day after the SuperBowl – is officially the first day of the spring market. Can’t wait to see what it brings.

Homes under contract in Bergen County

source: NJMLS. Info deemed reliable but not guaranteed. Residential properties only.

This Month In Real Estate

It’s being paid by new borrowers.

All mortgages closing after April 11 will have extra fees attached effectively raising the interest rate by 1/10 of a point. The fees are paid to Fannie Mae and Freddie Mac, who turn the funds over to the US Treasury. According to this article in BusinessWeek, the additional fees will remain in effect for the next ten years.

While 1/10th of a point doesn’t sound like a lot, it will add about $18 to the monthly payment on a $300,000 loan.

So if you’re shopping for a home right now, there’s an incentive to close before April 12th.

79 homes on the market translates to four months of inventory. A balanced market is between four and six months of inventory. Below four months is considered a sellers’ market and above six months is considered a buyers’ market.

What we’ll be watching is how many homes come on the market this spring. Inventory is historically lowest in January and rises dramatically in the following months. While there aren’t many distressed properties in Ridgewood (short sales and foreclosures), it’s possible they could affect the local market. Distressed properties will drag down the average sale price. RealtyTrac predicts the next wave of foreclosures is about to hit as a result of toxic adjustable rate mortgages that will experience pay shock.

Click for more Ridgewood market data.

* Source: NJMLS. Info deemed reliable but not guaranteed.

Inventory Levels for Ridgewood Real Estate - All Listings