Hoboken & Jersey City Distressed Property Numbers and How to Prevent Becoming One

Hoboken and Jersey City are not immune to the foreclosure wave that has been sweeping across the U.S. over the past 2 years.

Realty Trac, the leading online marketplace for foreclosure properties released its Year-End 2010 U.S. Foreclosure Market Report™ which showed 3,825,637 foreclosure filings-default notices, scheduled auctions and bank repossessions which was an increase of 2% from 2009 and an increase of 23% from 2008.

Following are the current statistics from Realty Trac’s site for Hoboken and Jersey City. The statistics include condos, single and multiple family homes.

Hoboken:

Pre-foreclosure: 114

Auction: 2

Bank owned: 21

Jersey City:

Pre-foreclosure: 2124   (yes two thousand and twenty four!)

Auction: 62

Bank owned: 296

If you or someone you know is at risk of foreclosure in Hudson County, log onto ForeclosuresHudsonCounty.com where you can find tips on foreclosure solutions.

Do NOT go into foreclosure!  There are much better alternatives such as selling your property as a short sale or applying for a mortgage modification.

Call or email me with any questions.

Edward (Eddie) Perez

 

 

Green Ways to Clean your Hoboken Home

Many of today’s cleaning supplies commonly used in your Hoboken home may contain generous applications of chlorine, ammonia, lye and phosphates. In some brands you can even find acetone, formaldehyde and phosphoric acid. Household-cleaner manufacturers do not always list the toxic chemicals that are contained in their products, but some states are now starting to require them to do so.

When you mix together acetic acid and sodium bicarbonate, otherwise known as vinegar and baking soda it will kill bacteria and take care of most household grime without any trouble. All you need to do is add water and use baking soda as a paste; vinegar also works well as a straight solution. And by the way, it is also fine to use diluted bleach occasionally where disinfection is needed.

While vinegar and baking soda are great for cleaning your new home, for help in finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

Tips for Securing a Loan

Don’t forget that there are some important things to be done before locking in a mortgage rate. While loan rates have been at their lowest in a very long time, they are beginning to creep up again, so now is the time to buy that Hoboken home you have been considering.

One of the most important things to do is to be sure to shop around when looking for a Hoboken loan. Shopping for a mortgage is critical and some may say it is even more important than the actual home-buying process.

Following are a few helpful hits to consider while looking for a loan:

Be Sure to Find the Lowest rate. Something as simple as a fraction of a point can make a big difference in a loan, since it can be worth thousands of dollars during the lifetime of a loan.

Investigate Fees. There is lots of negotiation available for the cost of fees. Educate yourself regarding fees and know what you are required to pay.

Find Out About Penalties. Most loans do not include a pre-payment penalty fee but ask to be sure about this.

How Long is the Lock-in Period If you take the route to secure your loan before looking for a home. it is possible you may need more time to find the home you want to buy and a loan-lock loan period generally goes from 30 to 90 days and the timing of the lock-in is crucial.

Be sure to take the time to explore your options while searching for a loan. It will be time well spent in the long run.

For help with understanding the mortgage market, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

 

How to Keep a Dust-Free Home

Dust can really be a nuisance especially when you want to sell your Hoboken home and you need to keep it spotless. It can be a never-ending battle since dust can come from so many places. It has been said that the majority of dust in homes comes from outside, carried inside on shoes and clothing.

Surprisingly, there are also many inside sources of dust, including our own bodies, which shed hair and particles of skin. Fabrics also create dust by shedding bits of material. Forced-air heating and cooling systems and pets also contribute to the volume of dust in your home.

To take control over dust, the most important thing you can do is vacuum on a regular basis. A vacuum equipped with a HEPA (high-efficiency particulate air) filter will reduce the amount of dust in your home. It’s important to regularly vacuum floors and rugs, but don’t forget about upholstery and bedding.

Be sure to place door mats at all of the entrances in your home to be able to wipe your shoes before entering. Don’t forget about closet floors, they can be major dust collectors so be sure to keep them clean.

When you dust furniture, use damp cloths or special dust-collecting wipes. Try not to use dry rags or a feather duster, since they will just move the dust from one surface to another.

For help in finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

 

What are Points and Why Would You Want to Buy Them?

With 2011 quickly approaching, the following is information that will help you decide what route to go when searching for a home loan to purchase your new Hoboken dream home.

Loan points are also known as “buy-down” or “discount points”. These are up-front fees the borrower pays to the lender at the close of escrow to buy-down or lower the interest rate over the life of the home loan.

Each point is equal to one percent of your total loan amount. So, if you are taking a $150,000 loan, one point would equal $1,500. The more points you buy, the lower your interest rate for the loan will be, but because you have to pay point fees at the close of escrow, you will need more money at closing.

How do you decide whether you should buy points or not? The general rule of thumb is that it depends on how long you plan to live in the home, but other factors should also be considered.

For help with understanding how points work and whether or not it is in your best interest to buy points, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

 

Pre-Qualified or Pre-Approved: What Does it All Mean?

2011 is just around the corner, and it will be a great opportunity for first-time buyers to start looking for the Hoboken home of their dreams.

It is important to remember that before you start looking at houses, contact a real estate professional who can get you pre-qualified for a loan or go one step further and get pre-approved.

Being pre-qualified means that you have talked to a lender or mortgage broker and verbally given them some information that allows them to make an informal determination of the amount of mortgage you can afford. The decision is based on the information you tell them.

Being pre-approved is a guarantee in writing from a lender or mortgage broker that you will be granted a loan up to a specified amount based on information you have told them and based on information they have requested from you as proof of your financial situation.

There are advantages to being pre-qualified for a loan prior to looking at houses:

1)    Many realtors will not show you property without a pre-qualification letter.

2)    Sellers will find your offer on a home much more inviting if they know you are already pre-qualified.

3)    The length of time between signing the contract and closing on the transaction can be shortened if you are already pre-qualified.

For help in getting pre-qualified, as well as finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

Mortgage Interest Deduction Can Help Families Afford Homes

The home mortgage interest deduction saves the average homeowner thousands of dollars at tax time, helps support community home values and assists the first time buyer purchase a home.

A tax deduction for mortgage interest makes owning a home more affordable because the deduction lowers the amount of tax you pay.

It has been estimated that 37% of homeowners with an outstanding mortgage spend more than 30% of their income for housing. By paying less for housing will give you a larger disposable income for savings and other expenses.

By making the American Dream a reality for many will increase the number of renters who can afford to buy a home of their own. With more potential home buyers in the market, it will help keep home prices stable for current home owners.

A mortgage interest deduction will apply to any home owner who is a U.S. taxpayer and who itemizes their taxes. Mortgage interest from a primary residence or second-home debt totaling $1 million, and interest paid on home equity debt of as much as $100,000 will be eligible.

For help in finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

 

Is Now a Good Time to Buy a Hoboken Condo?

Is now a good time to buy a Hoboken condo?

I’ve found twenty nine 2 bedroom, 2 bathroom homes currently for sale in Hoboken that are priced $450,000 and under with the lowest price condo at $250,000.

AND…….today the Federal Home Loan Mortgage Corporation know as Freddie Mac said that 30 year fixed loans fell to their lowest level since 1971! The average rate for 30-year fixed loans fell to 4.17 percent from 4.24 percent last week.

So is this a good time to buy your first or move up Hoboken condo?

Edward (Eddie) Perez

A Permanent 9/11 Memorial is Coming to Hoboken

Hoboken is will soon be unveiling conceptual drawings for a proposed 9/11 memorial, which could be potentially completed next year in time for the 10th anniversary of 9/11.

The proposal features two raised, semi-circular platforms, each holding up one half of a glass panel that would be lit to represent the Twin Towers. The platforms will also have a place for visitors to sit and display mementos and flowers in honor of those who died in the attacks. There will also be a piece of steel from the World Trade Center site contributed by City Fire Chief Richard Blohm.

The proposed memorial was designed by Secaucus-based engineering firm Remington and Vernick and would be built in the middle of Hoboken’s Memorial Tree Grove next to Pier A Park where the temporary Tear Drop 9/11 memorial is currently located.

For more information on living in a progressive city like Hoboken, where they’re always coming up with new ways of making the city a better place to live, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

 

Hoboken House Tour is this Weekend

Hoboken, New Jersey – The annual Hoboken House Tour is this Sunday, October 24th, 10am to 4pm.

A truly fun and unique event where kind Hoboken homeowners open their doors to benefit the Hoboken Historical Museum.  Now regarded as one of the five “Grand Tours” in the Northeast by This Old House magazine, tour goers will again take to the streets to experience a wonderful and varied selection of Hoboken’s homes.

A few years ago, I had the privilege of opening the doors to my Victorian brownstone for this fantastic event and will definitely be in attendance for this one.

This years Hoboken tour will showcase an array of brownstones, and some of our hottest contemporary condos.  Make a day out of it and enjoy the self-guided tour.

Tickets are $25 in advance; $30 the day of and for Museum members.

They are redeemed at the Hoboken Historical Museum, 1301 Hudson Street (13th St. & Hudson St.), where you’ll pick up your House Tour Guidebook with descriptions of the homes and an easy-to-follow walking tour map to each address. Free 3-hour validated parking through the Museum at a nearby parking facility, as well as street parking and other commercial parking lots. Some restaurants also offer validated parking when eating at their establishment.

Tickets can be purchased at:

Hoboken Historical Museum

1301 Hudson St.

Sparrow’s Wines & Liquors

Shipyard Retail Complex

Amanda’s

908 Washington St.

Fleet Feet Sports

604 Washington St.

Sparrow’s Wines & Liquors

126 Washington St.

For more information on living in a progressive city like Hoboken, where they’re always coming up with new ways of making the city a better place to live, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market  includes Hoboken, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.