The Essex County Real Estate Tax vs School Performance Mashup

The Morris County Real Estate Tax vs School Performance Mashup

What do you take away from this information?

Obviously there has been a tremendous amount of media coverage, interest, comments as well as concern on this subject… What is your opinion? We’d like to know. Please share your thoughts and comments below. This is your opportunity to be your town’s local spokesperson!

To search for available properties in these cities, please visit our Morris County Property Search page.

Send me an email or call me immediately at 201-988-1393 for a personal and confidential conversation. Whether you’re considering buying or selling, we can help.

Footnotes
1. SAT scores are not the only student performance indicator. For more information, including state test scores (High School Proficiency Assessment results) for each high school, please visit NJ Department of Education.

2. *Calculation used to determine an average tax amount: average assessed home value of $250,000 x general tax rate x ratio. Data from State of NJ Treasury.

3. SAT scores are based on a total score of 600-2400. The SAT test consists of three categories: math, verbal and essay with a possible score of 600 points for each category to give a possible total score of 2400.

4. The high school with the highest total SAT score for each town was used in the graph. In some cases, the highest score is a vocational school.



How to Choose the Best Realtor for You

Buying or selling a home can be one of the biggest financial transactions you face. It is just as important to do your research on picking a realtor as it is in picking a home. Whether it is a buying or selling transaction, you must first make a list of your needs. Then interview at least three realtors to be confident in which one will represent you and your needs the best.

Do Your Homework
Word of mouth is of course one way to find a realtor. Most people know someone who’s used a realtor recently and can get their input or recommendations. However, you still must do your homework. Even if your friend had a successful transaction and his expectations were met, you have to make sure yours will be too. Every buying and selling situation is different. For example, if you are interested in buying a short sale or foreclosure, some realtors are very experienced in the process and some try to avoid it like the plague. Your friend might have been buying a property and you might need to put yours up for a short sale. In each case, a different set of needs must be met.

When Selling a Property
Ask each agent what they intend to do for you. These days selling a house is no longer as systematic as setting up signs and holding open houses. Make sure your realtor is internet savvy. The 2008 NAR Profile of Home Buyers and Sellers reported that 87% of all home buyers searched for a home online prior to contacting a realtor. It is not enough just to have your home listed on the agent’s web site. As a seller, it is important to find out on what web sites the realtor’s MLS listings are placed in order to assure maximum exposure.

Other information to find out is whether your realtor will show your home personally or will there be an assistant or no representative at all. Will the realtor be out of town such as on vacation when the house initially goes on the market. This is the most crucial time to have your realtor’s full attention. Ask the realtor to go through the house and give you advice on how it can best be staged. Although open houses are not as much of a priority as they once were, it is important to find out if your realtor plans to hold any and how important they are to you.

When Buying a Property
Does the agent have experience and knowledge of the area in which you wish to live? They should be well acquainted with the market in that location as well as the comp sales in the neighborhood. Make sure they are able to devote the time to look for a property that meets your needs as opposed to only showing you the homes you find on the internet. They also must do their homework in finding out any association fees, maintenance fees, estimated property tax, outstanding liens and any other costs that could affect your decision. Start with a structured approach, use a home buyers wishlist, which will help you decide what properties suit your needs.

A Senior Real Estate Strategist
Experienced and professional real estate support is essential in today’s unpredictable market. I have specialized in premium properties in Hudson County and the New York Metro area for over 10 years. My insight and expertise have also been featured in prestigious media outlets including The Wall Street Journal, The New York Times, Bloomberg Radio, Bloomberg International News Service, AOL.com, The Record and The Jersey Journal. More importantly, I grew up in the area and am also a resident.

Weichert Realtors and The Shallis Group
Weichert Realtors and The Shallis Group, specializes in luxury living in the hottest New York Metro area communities including the prestigious New Jersey waterfront area. With access to numerous condominium, townhome, commercial, residential, land development, single family, multi-family, and other real estate listings for sale, The Shallis Group is the premier agent for the metro area real estate and was awarded #1 in the region among all Weichert Sales Associates in June 2009!

If you are looking for experience and professionalism in a New Jersey realtor, please contact Sean T Shallis today for a personal consultation on your buying or selling needs at 201-427-1032. If you are looking for real estate elsewhere, please see the real estate directory at real-estate-blogs.com.

Weehawken, NJ Real Estate Question

I’m thinking of buying at Aristocrat Condos, 48th Street, Weehawken. Is this a good buy?

It has 16 units, 15 were sold out in an auction in April. One unit (1 bed, 1 1/2 bath) available to buy because the bidder who won the auction couldn’t get a mortgage. Is this property a good/safe buy? Will it appreciate in 5 yrs? Will it rent out easily?

Great question

I disagree with comments such as, “Nothing is safe”. If you’ve ever read anything from Warren Buffet on investing, he repeatedly says, “investing blindly or without knowledge is gambling… I’m not in the gambling business.”

Here are a couple of quick points to consider:

1. If fifteen out of sixteen sold at auction, obviously there is demand for these particular units.
2. It also depends on the acquisition price relative to the sold comps (other sold units).
3. Here is a question for you to consider: “Are you buying as an investment or primary residence? Are you looking for a home or a deal or both?” Its important to know if the acquisition is purely investment.

It’s all in the numbers

1. Figure two ways out before getting into the deal. “If I had to sell today, what is the property worth?” Then, take that number and minus 10%.
2. What is your ROI (Return on Investment)? Understand that in real estate you can still be profitable with a flat gross monthly income and expense. How you ask? The tax benefits for owning real estate are incredible. Talk to your accountant about a Real Estate Holding Company.
3. Do I want and or need to be a landlord?
4. Can I generate an equal or better ROI with less stress and effort on a more passive investment (maybe buying tax liens)?

Here is a great website to help you with this: mortgage-investments.com.

Another scenario:

Buying for me.
1. Does it suit your needs and desires? We all need to live somewhere. At one point in my life, I had a two bench seat car I lived in for three weeks. Now, I’m very blessed to live in Port Liberte in Jersey City on the Hudson with my family.
2. Can you buy the unit at a value similar to the others sold recently? For example, if it’s a one bedroom, look at all the one bedrooms that sold. Then, divide the sold price by the sqf. Get a multiple and then use that to determine if it’s a value of not.

Lastly, is now a great time to buy? YES! Go to my recent blog post in regard to my 90 day market review of Hudson County. for a detailed response to this question.

For a personal evaluation and more information on West New York, please feel free to call me immediately at 201-427-1032.

Great Realtor or Blogger: How do you tell the difference?

I’ve been told, “show your personality on your Blog posts.” So I’ve been reading several blogs focused in the Hoboken, NJ real estate market written by so called…”Real Estate Experts”?

What is the definition of a real estate expert in the Blogosphere anyway…?
The reality is that whether you’re buying or selling great information is important. One of the tricks in today’s changing real estate market is knowing if the so called “expert” giving you the information and analysis actually has the credentials and or the practical experience to help you interpret the information accurately.

Some other questions that come to mind when determining if the person or blog writer is actually an expert:

1. How do I know this person’s background and area of expertise?
2. What should I look for?
3. What should I be asking before committing to working with the so called expert?

Here is a simple analogy:
Your child gets sick and you go to the doctor and he says, “This is very serious. We need to operate immediately. It’s a matter of life and death..” You say to yourself, “Oh my god…It’s critical we find a “surgeon” or ”expert in the field” ASAP!

All the questions start to run through your head such as:

1. How many times a month does he do this operation?
2. Is he a specialist or a general surgeon?
3. What is his or her success rate?
4. How long is the recovery time?

Then your so called “expert/blogger” says..”Well…to be honest….”

Median Gross Personal Income of REALTORS®

Home Buyer Wish List

Buying a home can be both exhilarating and exhausting. What can start out as an exciting adventure can quickly turn into a stressful roller coaster packed with so many decisions and compromises you lose track of what you were looking for in the first place. Therefore, before you start your journey just as you would if you were embarking on a trip, it is important to write out a list of what you need or are looking for. This will become a working list that will change as you move through the home buying processes such as adding features you didn’t think about when you started and deleting ones that exceed your budget.


Some of the information you should collect can become vital such as what school district a property falls in or if there is a home owner’s association fee, which could make a big difference in your monthly payment. For example, if a mortgage payment with principle, interest, tax and insurance is $1500, it can become $1800 with a $300 a month association fee attached. If there is an association fee involved, it is also important to find out what is included such a gated community, community pool, snow removal, community maintenance and even your water or sewage usage.

With all there is to remember, hopefully the wish list form below will help keep your sanity in tact.

Download the home buyer wishlist (PDF) document. Meanwhile here’s a sneak preview of part of the wishlist:

Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.

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