Real Estate in Bergen County

Home > Bergen County Real Estate News > January 2008 - week 3

Bergen county news with an emphasis on aspects affecting real estate, residency and community issues.

Real estate may better in Bergen County
Housing in Bergen County
New system to improve healthcare management in Bergen County
Rents in Bergen County estimated to rise
Pollution information for home buyers in Bergen County

Real estate may better in Bergen County

Bergen County Real estate experts now expect that financing and refinancing options will increase in the days to come. This came by, when long term mortgage rates were seen to go below 6% in the second week of January 2008. For example, in Clifton Savings bank, rates of 6% are being offered for 30-year fixed loans. Some banks are offering lesser interest rates for people with high credit scores. Such a fall occurred only for the second time in the past two years. Probably this is the main reason why loan applications in the US were noted to rise by 32% in the first week of January. The inkling towards home purchases was also noted to be high and applications for purchasing homes were seen to rise by 14%. Based on the current trends, economists predict that a rise in the number of people opting for refinancing options into more favorable terms of loan may give the economy a much needed lift.

Housing in Bergen County

Trends in Bergen County housing indicate that many continue to seek homes in the region, because of a good schooling system. However prices continue to be high in various towns, making it difficult to get good housing options. Many residents state that with a little research and bargaining, it is not quite difficult. Oradell is a good region, well opted for its elementary school that has approximately 700 students from elementary to the sixth grade. However pricing in the region is high and out of the 43 homes listed for sale by the New Jersey Multiple listing service, approximately 14 were noted to be priced above $900,000. Bogota is also well opted for its schooling system and approximately five schools that offer elementary education. The region also has a high school with classes from grades seven to twelve.

New system to improve healthcare management in Bergen County

Bergen County health services department is now adding a new tool to its arsenal. The Mergence health care data integration engine by Health Monitoring Systems (HMS) will now form a part of the community health management system. This package will help in data collection and its routing engine will allow users to easily integrate and manage clinical data from diverse sources. Through this system, the public health authorities, healthcare providers and laboratories will have a better insight into public health and safety. Bergen County has advanced healthcare facilities and the largest hospital in New Jersey. The department of health in Bergen County is also a member of Urban Area Security Initiative (UASI) of New Jersey which has been set up to combat and help in early detection of bioterrorism, diseases and other issues related to public safety and health. As per healthcare authorities, this system will further pioneer the efforts of Bergen County into providing better healthcare.

Rents in Bergen County estimated to rise

Rents are also expected to rise in 2008 in the various towns of Bergen County. As per real estate experts, rents are expected to grow by 4.5% to reach an average of $1500 per month. Vacancy rates of rental apartments are also expected to fall in the region. These trends have been indicated, mainly because of the high priced housing market which is making many home buyers wary of investing in buying homes. Many echo boomers (children of the baby boomer generation) and people seeking to buy first homes are thus staying on in rented apartments, waiting for the home prices to fall further. As per Marcus and Millichap, these trends place North Jersey on rank 19, among 20 of the nation's most desirable housing locations. Current trends indicate that the apartments available for rent in Bergen County currently amount to 32%, a figure that is expected to grow over the coming year. Besides this short term speculation, over the long term demand for apartments is expected to rise as children of the baby boomers finish schooling and buy or rent new homes.

Pollution information for home buyers in Bergen County

Evolving real estate trends in Bergen County and the neighborhood indicate that today buyers are growing increasingly wary of the properties they invest in. Besides the level of crime in the region, many are concerned about the levels of pollution in their neighborhood and are checking these pollution levels before buying a home. The trend for pollution check has been a regular part of industrial real estate transactions for quite some time now. However it is recent that many residential buyers are also checking pollution levels. Such checks are being undertaken by organizations like Environmental Data Resources (EDR) that provides analysis on local, state and federal hazard records so that prospective buyers have a better idea about the environmental problems that may be present in the real estate they are interested in. The cost of such analysis usually costs up to $150, however some information can also be accessed free of charge at the US Environmental protection agency website. Besides such direct information, buyers can also seek information from real estate agents in the region who are required to disclose environmental hazard information on houses that are situated within a mile to a contaminated site.

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