14
The Observer | www.theobserver.com
Wednesday, July 7, 2021
REAL ESTATE SPOTLIGHT
A SPECIAL SECTION BY
Keller Williams
Mid-Realty Inc.
AFN Corp.
Billy Pena
Jarlynn Hyde
Mario Damiao
Billy Pena has been in real estate for decades now. And he’s committed himself to being a hyper-local agent for West Hudson and South Bergen counties. So if ever there’s someone out there who knows what this current, albeit strange, market is like, it’s Peña. He says it’s a great time to buy and sell — and it’s all because interest rates are at their lowest in years (thank COVID for doing something positive.). But he reminds buyers and sellers alike not to confuse low interest rates with they were during the subprime mortgage crisis circa 2008. “They are fantastic right now,” he says of the interest rates lenders are offering credit worth buyers. “Everyone benefits from this — buyers and sellers.” So what happens, then, when there is harsh competition among buyers for an individual home or property? He says the answer is simple. “Whoever wins the bid is in the best position,” Pena says. “And I also believe if people are willing to give something up — for instance, an inspection before the sale is complete — they stand a better chance.” Pena says making an offer higher than the asking price, anywhere from $10k to $30K more above asking which is unreal but real at the same time. Waving inspections or doing one for informational purposes is common, but they would still buy it as-is as long as there’s no structural or environmental issues. Also, they may waive the appraisal or bring $10K-$20K at closing on top of whatever it did appraise at. Contact Billy Pena at (201) 232-4339. Visit TeamPENA.com and Zillow.com/profile/BILLYPENA.
Jarlynn Hyde has been in the real-estate industry for almost 30 years and she’s never seen a market like this. And as such, she is very, very cautious in her recommendations to the public in general because of it. “It’s an unsettled time,” she said. “And with July and August upon us, things will naturally slow down as it does every summer. Until this market, the most anyone overpaid in my experience was $12,000. “In this recent market, they’re paying up to $90,000 over the ask.” Is it worth the risk? It depends, she says. She’s taking a hard stance and not recommending to any of her clients that they waive appraisals and home inspections — this is something buyers have been doing lately to make themselves more attractive to sellers. But the demand on this side of the Hudson River is that great. “People are heading west to New Jersey,” she said. “People from New York City, Jersey City, Hoboken, are heading to all parts of the state, to their west.” Just how much are people flocking to the west from the City? She noted her friend recently rented a two-bedroom apartment in a desirable Manhattan neighborhood with a buddy of his. He signed a twoyear lease at $2,600 a month. That same apartment would have run upward of $5,000 a month before the pandemic. So the demand here is much greater. Bottom line, she says, is to “proceed with caution.” Reach Ms. Hyde or one of her many professional agents at Mid-Realty where she is the owner and broker of record at her office at 572 Kearny Ave., Kearny. Call (201) 9915719. Or, visit www.midrealty.com.
The Bixler Group
Exit Golden Realty
Scott Bixler When asked to explain the current real-estate market, Scott Bixler, of the Bixler Group, Kearny, had a simple answer. “It’s like when there’s a hot toy out there for kids,” he said. “Everyone wants the toy. And the person who has the toy is in the driver’s seat. If it’s worth something to five people normally, there could be five times more people who want it because the demand is great, but the supply isn’t.” Such is the case in the current home market. The demand is high, supply is low, so sellers are in the so-called driver’s seat for now. “The demand, especially for single-family homes, is way up,” Bixler said. He pointed to a recent sale of a home on Kearny’s Argyle Place. Without an open house, the home had a whopping 68 showings in just 72 hours. Do the math — that’s astronomical. The house sold for $35,000 more than the asking price. So how, aside from offering above the ask, are people winning bidding wars? Bixler says people continue to waive the appraisals and home inspections. And just how long will this last? It’s hard to say, Bixler said, but if you want to sell your home within the next two years or so, he says not to wait. “Call us now while the iron’s hot,” he said. “Your home will be like that shiny new toy everyone wanted.” Reach Bixler by visiting his office at 758 Kearny Ave., Kearny; by calling (201) 600-2611; by visiting www. bixlerest1891.com; or by sending him an email to scott@ bixlerest1891.com.
Mario Damiao (Dr. Mortgage) has seen it all in real estate in the last 21 years as a mortgage loan officer, to Anchoring his live weekly real estate TV shows, to authoring a book, radio appearances, overseas seminars, newspapers columns and live classes. But he’s very cautious when it comes to an assessment of the current market conditions where some buyers are escalating their offers way over asking prices, waving home inspections and appraisals. Be careful with that, he says. Make sure your attorney gets involved. Dr. Mortgage says: “It is both, yes both ... a buyer’s and a seller’s market. I explain: buyer’s market due to record-low interest rates and seller’s market due to record-high home prices. If you are planing on selling your house in the next few years and will not buy one right now you may want to take advantage of the high values. On the other hand, if you are currently paying a ridiculously high rent, well buy a house with a ridiculously low interest rate.” Dr. Mortgage says the current market should not be compared to the mid- to late- 2000s when banks were lending to anyone who breathed. Lenders are much more cautious now and are doing so based on a borrower’s ability to repay — crazy no-docs loans are gone. As far as rates...shop around! Call me at (973) 418 4621. Main Office: 500 Craig Road, Suite 201 & 202, Manalapan 07726. Visit www.afncorp.com/mariodamiao.
Carlos “Alex” Jesus, of Exit Golden Realty, North Arlington, has a blunt message about the current real-estate market. “It’s a good time to be a seller because prices are at an all-time high, but it’s not a bad time to be a buyer either with interest rates so low. And, banks won’t lend if a deal doesn’t
make sense.” The lenders, he says, are looking for a combination of a borrower’s income (including rental income) and equity. But he also says these low interest rates eventually have to climb. “They will creep up,” he said. Still, if a seller’s intent is to put a home on the market in a couple years,
he suggests selling now, renting for a while if needed and then buying later. “You’d be selling at peak value,” he said. And if you’re able to rent, for some time, before buying again, it’s possible you’ll wind up with much lower buying prices down the line. Contact Alex at (201) 852-3753 or visit www.exitgolden.com.
All Golden RE Academy Alex Jesus has always had a passion for teaching. So when he came to a realization that there was a need for better prepared real-estate agents, he did the obvious — he opened up a real-estate school, right at 223 Kearny Ave., Kearny — the All Golden Real Estate Academy at www.allgoldenreacademy.com. “I was tired of improperly educated real estate professionals,” he said. “When you have a passion for education, this was the logical thing to do.” The academy has enrolled potential agents from all over New Jersey. It is currently in a hybrid-learning
model, with some taking the courses on Zoom, others in person — though Jesus admits the course is much better suited for in-person learning. Students learn the rules and regulations of selling real estate in New Jersey. At the end, future potential agents are required to pass a course-related examination. Most pass, he says. And then, once they pass the in-house exam, it is expected students would then be able to pass the state-licensing exam, which is taken separately. While the course is taught only in English, Jesus says the state needs to get with the times and allow him and others to teach the course
in Spanish. “Around 80% of the Spanish-speaking students want the course in Spanish,” he said. But he can’t do anything about it for now. He also says the course, one where the curriculum is set by the state, does not teach interpersonal skills, a vitally important element to becoming a great agent. So he offers such tips to all of his students outside the course. The course runs weekdays except Thursdays from 9 a.m. to 5 p.m. over two weeks or evenings from 6:30 to 9:30 p.m. for six and a half weeks. The academy takes a break in August. Find out much more at www.allgoldenreacademy.com.