Mortgage Market Insights: What Northern Bergen County Homeowners Need to Know

As we move deeper into fall, buyers and sellers across Northern Bergen County are wondering the same thing: Where is the real estate market headed? In this month’s market update, we break down two crucial topics shaping real estate today—mortgage trends and the latest local housing market conditions in towns like Ridgewood, Glen Rock, and beyond.

There’s been a lot of chatter in the mortgage world lately, especially around concepts like 50-year mortgages. At first glance, stretching out payments sounds appealing—lower monthly payments can certainly ease pressure.
But here’s the real story:

• 50-year mortgage rates are higher than standard 30-year loans

• You end up paying significantly more interest over time

• The short-term savings rarely justify the long-term cost

That’s why the industry’s attention has shifted to a far more intriguing idea: portable mortgages.

What Are Portable Loans — And Why Bergen County Sellers Care

A portable loan allows a homeowner to bring their current mortgage rate and remaining principal balance to a new home. Why does that matter?

Because over 70% of U.S. homeowners currently hold mortgage rates below 5%. These ultra-low rates are creating what experts call “golden handcuffs”—great financing that makes people hesitant to move.

For a homeowner with a 4% rate, the thought of jumping to 6% or higher can be enough to stall any plans to list their home—even if a move would better serve their family’s needs.

Portable financing could:

• Encourage more homeowners to list

• Unlock much-needed inventory

• Increase movement across Northern Bergen County’s real estate market

It’s still early, and we’ll see if this trend takes off, but it’s a development worth watching closely.

Northern Bergen County Real Estate Market Update: Still a Seller's Market

Despite seasonal shifts, Northern Bergen County remains firmly in a seller’s market, though with signs of stabilization.

Here’s what we’re seeing:

Homes Are Selling Closer to List Price

Across most towns, sale prices are settling close to the list price. This is a shift from the peak months when we regularly saw:

• 10% over ask

• 15% over ask

• Fierce bidding wars

Today, it’s a bit calmer—particularly in towns like Ridgewood and Glen Rock—which is a refreshing balance for both buyers and sellers.

Multiple-offer situations and highest-and-best deadlines haven’t disappeared, but they’re:

• Less frequent

• Less aggressive

• More manageable for buyers

This creates a healthier market overall.

Luxury Market Update: Homes Over $1.5M

In the luxury segment—homes priced over $1.5 million—we’re seeing longer days on market. Buyers at this level are more selective, and as the holidays approach, activity naturally cools down.

However, serious buyers remain active, and well-priced luxury homes continue to draw interest.

Why the Spring Market Actually Starts on January 15th

If you’re thinking you should wait until spring to prepare your home for sale—think again.

In real estate, the “spring market” unofficially kicks off on January 15th, not April.

That means now is the perfect time to:

• Have a pricing strategy conversation

• Prepare pre-market plans

• Schedule photography and staging

• Build out your marketing strategy

• Line up timelines for listing after the holidays

Enjoy the season with your family—and reach out when you’re ready to start planning.

Ready to Make a Move? Let’s Build Your Stress-Free Strategy

Whether you’re thinking about refinancing, renovating, upsizing, or listing your home in Northern Bergen County, I’m here to help you navigate the market with clarity—not chaos.

Let’s set up your strategy call and map out the best plan together.