Buyers looking for new, single-family homes in New Jersey once had plenty to choose from. As the state's suburbs boomed in the second half of the 20th century, developers blanketed farm fields with new houses aimed at middle-income buyers.

Once again, fewer homeowners in South Bergen are opting to pursue tax appeals to have the assessment of their properties, and subsequently their tax bills, reduced. Under New Jersey law, homeowners have the right to appeal his or her property's assessment, which factors into how their overall property tax bill is determined.

On October 18, 2016, NAR sent a letter to the Consumer Financial Protection Bureau (CFPB) commenting on its recent proposed rule amending the Know Before You Owe (KBYO) regulation, or "TRID." While KBYO has resulted in more transparency for consumers and better accountability of financial institutions, ongoing compliance issues remain, costing time and money for consumers and the industry.

USDA Guaranteed Loan Fee Change

As of October 1, 2016, the upfront guarantee fee for USDA Guaranteed Loans is now 1.0% of the loan amount, a reduction of 1.75% from FY 2016. The annual fee is now 0.35% of the average scheduled unpaid principal balance for the life of the loan, a reduction of 0.15% from FY 2016.

Five Notable Nuggets from NAR's Home Buyer and Sellers 

When the first Profile of Home Buyers and Sellers was introduced 35 years ago by the National Association of Realtors, mortgage rates were over four times higher than they are today and first-time buyers made up a much larger share of overall sales (44 percent). Over time, homebuyer tastes and behaviors have changed, yet many have stayed the same. In anticipation of the 2016 survey release on October 31, NAR has identified five noteworthy real estate trends since the survey's inception.

Collections to Help Bergen County Residents this Fall/Winter 

• Wintercoats for NJ Cares - Contact Alicia Pugh at [email protected]

• Old Cell Phones for US Troops - Contact Robert Caravella at [email protected]

• Gently worn men and women's professional clothing & accessories for the Women's Rights Information Center & H.O.P.E - Contact Gerda Butt at [email protected]

A World of Opportunity: Trends and Tips for Building Global Business

According to the National Association of REALTORS® 2016 Profile of International Activity in U.S. Residential Real Estate, despite volatile conditions around the world, foreign investment in U.S. real estate remains strong and geopolitical trends are sparking unexpected opportunities. Foreign buyers purchased nearly $103 billion in U.S. residential real estate last year, down less than $1 billion from the year prior.

More Chinese Buyers Are Coming to America

 

 

Buyers from China rank first among foreign nationals purchasing property in the U.S., according to the National Association of REALTORS®. Home sales in the U.S. to the Chinese-born totaled $27.3 billion, but could reach $50 billion by 2025, according to a report by the Rosen Consulting Group and the Asia Society.