Bergen County Real Estate and Community News

March 30, 2020

Thank You Local Businesses, First Responders & Many More

The Paula Clark Group would like to say THANK YOU to all the local businesses, first responders and many more who have made this difficult time a little easier.

Posted in Blog, Paula Around Town
March 28, 2020

Interest Rates & Housing Market Update with Chris Gallo, NJ Lenders

🎥 Great Interview with Chris Gallo of NJ Lenders Discussing Interest Rates & the Current Housing Market.

Contact Us for More Information About the Market, or if You Plan to Buy and/or Sell This Year. 

March 26, 2020

Why the Stock Market Correction Probably Won’t Impact Home Values

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With the housing crash of 2006-2008 still visible in the rear-view mirror, many are concerned the current correction in the stock market is a sign that home values are also about to tumble. What’s taking place today, however, is nothing like what happened the last time. The S&P 500 did fall by over fifty percent from October 2007 to March 2009, and home values did depreciate in 2007, 2008, and 2009 – but that was because that economic slowdown was mainly caused by a collapsing real estate market and a meltdown in the mortgage market.

This time, the stock market correction is being caused by an outside event (the coronavirus) with no connection to the housing industry. Many experts are saying the current situation is much more reminiscent of the challenges we had when the dot.com crash was immediately followed by 9/11. As an example, David Rosenberg, Chief Economist with Gluskin Sheff + Associates Inc., recently explained:

“What 9/11 has in common with what is happening today is that this shock has also generated fear, angst and anxiety among the general public. People avoided crowds then as they believed another terrorist attack was coming and are acting the same today to avoid getting sick. The same parts of the economy are under pressure ─ airlines, leisure, hospitality, restaurants, entertainment ─ consumer discretionary services in general.”

Since the current situation resembles the stock market correction in the early 2000s, let’s review what happened to home values during that time.Why the Stock Market Correction Probably Won’t Impact Home Values | Simplifying The MarketThe S&P dropped 45% between September 2000 and October 2002. Home prices, on the other hand, appreciated nicely at the same time. That stock market correction proved not to have any negative impact on home values.

Bottom Line

If the current situation is more like the markets in the early 2000s versus the markets during the Great Recession, home values should be minimally affected, if at all.

March 24, 2020

Bergen County Market Update...March 24, 2020

Learn the FACTS about the current Real Estate Market in Bergen County. 

What is happening as of TODAY? 

March 24, 2020

The Paula Clark Group is Here to Serve You

Our everyday goal is to make the real estate process EASY for you from start to finish.  Contact us if you are interested in buying or selling this year, or to see what your home is worth.

March 23, 2020

Virtual Open House: 30 Spring Hollow Rd, Old Tappan

🎥 VIRTUAL OPEN HOUSE TOUR Series:  30 Spring Hollow Road, Old Tappan 

For more info about this beautiful townhouse, call/text/email or ENTER your information below.

March 20, 2020

Oil Tank Removal Video in Harrington Park

Have You Ever Seen an Oil Tank Being Removed?

Check out my video at our listing in Harrington Park!

March 20, 2020

Coming Soon to Harrington Park

 

CALL/TEXT/EMAIL if you want to make an appointment to see this GORGEOUS Home!

March 4, 2020

10 Steps to Buying a Home [INFOGRAPHIC]

 

10 Steps to Buying a Home [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • If you’re thinking of buying a home and you’re not sure where to start, you’re not alone.
  • Here’s a guide with 10 simple steps to follow in the homebuying process.
  • Be sure to work with a trusted real estate professional to find out the specifics of what to do in your local area.
Posted in Blog, For Buyers
Feb. 25, 2020

Entry-Level Homeowners Are in the Driver’s Seat

One thing helping homeowners right now is price appreciation, especially in the entry-level market. In the latest Home Price Insights report, CoreLogic reveals how home prices increased by 4% year-over-year and projects prices will rise 5.2% by December 2020.

Why is this good news for the homeowners?

When prices appreciate, homeowners gain equity. In addition, those planning to sell this year, especially in the entry-level market, can potentially earn a substantial profit.

Dr. Frank Nothaft, Chief Economist at CoreLogic, says:

“Moderately priced homes are in high demand and short supply, pushing up values…Homes that sold for 25% or more below the local median price experienced a 5.9% price gain in 2019, compared with a 3.7% gain for homes that sold for 25% or more above the median.”

As Dr. Nothaft indicates, the lack of inventory continues to drive home price growth. This means there’s a high demand for homes in this tier of the market, making it a great time to consider using your equity to move up to a bigger or more premium home.

When you upgrade your home, you may be able to find the amenities or features you’ve dreamed of – such as a yard to plant or garden in with your family this spring, or more outdoor space for entertaining this summer. Maybe it’s the master bath you’ve always hoped for, or a garage to finally park your car inside.

Whatever you choose, if you’re moving out of an entry-level house, you’re likely going to be in the driver’s seat as a seller.

Bottom Line

If you’d like to own a bigger home, let’s get together to discuss your situation. You may be surprised by the current value of your home and the equity you’ve gained.