End of Year Wrap Up!!!

Some people are still under the impression that after the summer is over, the Real Estate market dies at the shore. It just is NOT true. SMART Sellers still have their homes on the market, and even smarter Buyers are STILL looking for that right fit for them.
Across the country homes sales have been consistently on the rise for the past three months. In addition, last month mortgage rates, dropped again to an all time low. Smart Buyers locked in and made a purchase.

I am happy to report my 20 closings over the past 3 months.

OUR NEW SALES IN OCTOBER, NOVEMBER and DECEMBER!!!
Please join me in sending out congratulations to the Buyers and Sellers I represented in the past few weeks in successful transactions:

CONGRATULATIONS TO:

Gene & Rita L. on the sale of their home in Ventnor

Albert & Mary Beth R.& Kristin C. & Patrick R. on the purchase of their home in Ventnor

Cindy & Gregg G. on the purchase of their condo in Margate
Mark G. on the sale of his investment property in Ventnor
Debbi B.on the sale of her investment property (house) in Margate

Tami S. on the sale of her home in Margate

Gregg & Carrie S & Drew & Christine S. on the sale of their home in Ventnor

Mary C. on the sale of her condo in Margate

Lila B. on the purchase of her investment property (house) in Absecon

Remi & Jerry T. on the purchase of their home in Margate

Alan & Nancy E. on the purchase of their home in Ventnor

Michael & Brenda S. on the purchase of their home in Margate

Laraine F. & Bill M. on the sale of their home in Ventnor

Jessica & Bennett B. on the purchase of their condo/townhome in Atlantic City

James & Karen W. on the sale of their condo in Atlantic City

Ilene B. & Debbi B. on the purchase of their investment property (house) in Ventnor

Mark H. on the purchase of his investment property (duplex) in Ventnor

Jackie M. on the sale of her condo in Egg Harbor Township

Eric & Esther on the purchase of their investment property (condo)in Egg Harbor Township

Betty & Jerold R. on the sale of their home in Longport

UPCOMING SALES!!!

2010 is already off to a terrific start. In addition to these completed sales, I currently have 11 more properties under contract and scheduled to close in the coming weeks. Please be sure to check out my web site http://www.markattheshore.com/. In addition to my current listings I will be adding some very exciting new homes and condos.

Wishing everyone a very happy, healthy and prosperous new year!

HAPPY 2010!!!

November Home Sales SOAR 7.4 %

There was a great story filed four days ago by Alan Zibel of the Associated Press.


I thought I would share it with my readers.


WASHINGTON — Home resales surged last month to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from the worst downturn since the Great Depression.
Buyers were racing to complete their sales before the original expiration date of a tax credit for first-time buyers that was scheduled to expire Nov. 30. Last month, Congress decided to extend and expand the credit to ensure the housing market could sustain its recovery.
"Things are stabilizing," said Pete Flint, chief executive of real estate Web site Trulia.com. "There is a significant amount of buyer interest out there."
About 2 million homebuyers have taken advantage of the credit so far, the National Association of Realtors said Tuesday. The group forecasts that another 2.4 million will use it by the middle of next year. First-time buyers made up about half of all transactions last month, driving sales up 44 percent above last year's levels, a record jump.
"In the short run, its an effective stimulus," said John Ryding, chief economist at RDQ Economics. "If you give someone money to spend on something, they will spend it."
November's sales rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million, from a downwardly revised pace of 6.09 million in October, the Realtors group said. It was the highest level since February 2007. Sales had been expected to rise to an annual pace of 6.25 million, according to economists surveyed by Thomson Reuters.
Sales are now up 46 percent from the bottom in January, but down 10 percent from the peak more than four years ago. The inventory of unsold homes on the market fell about 1 percent to 3.5 million. That's a healthy 6.5 month supply at the current sales pace, the lowest level in three years.
The median sales price was $172,600, down 4.3 percent from a year earlier, and up 0.2 percent from October.
The housing market recovery, however, is still facing strong headwinds.
Unemployment is high and employers are going to be slow to rehire because economic growth is weaker than expected. The economy grew at a pace of 2.2 percent in the third quarter, which was lower than the initial 2.8 percent reading, the government said Tuesday.
What's more, mortgage defaults are still setting records, and lenders are regularly rejecting applications from borrowers who don't have good credit or enough money for a down payment.
Many experts warn that hundreds of thousands of foreclosed properties have yet to be put up for sale. Plenty of traditional sellers are also keeping their homes off the market, hoping for a better price.
"When they start thinking they can sell them, we could see a surge in homes for sale," wrote Joel Naroff, president of Naroff Economic Advisors.
In the meantime, home buyers can take advantage of record-low mortgage rates, deeply discounted prices and federal incentives. Besides the existing tax credit of up to $8,000 for first-time buyers, homeowners who have lived in their current properties for at least five years can now claim a tax credit of up to $6,500 if they relocate. To qualify, buyers must sign a purchase agreement by April 30.
Analysts expect that the new tax credit deadline means sales will drop during the winter months and recover in the spring.
Without the looming deadline, "buyers have no sense of urgency now," said Gary DeRosa, an agent with ZipRealty Inc. in Seattle.

Copyright © 2009 The Associated Press. All rights reserved.

Merry Christmas!!!

The Right Time To List Your Home is Always NOW!!!

Last week I met a man looking to sell his home in Mays Landing so that he could move to Ventnor or Margate. While he was ready to make the move, he wasn't sure if he should wait until after the holidays to list his home.

The simple fact is that if your home is not listed, it can not be sold. People are looking every day regardless of the time of the year.

So we listed the house in Mays Landing on December 17th, and on December 20th we had our first showing. On December 21st, we had a "meeting of the minds" and agreements were drawn. On December 22nd, agreements were signed...
JUST 5 days after the home was listed.

This ideal situation doesn't happen very often. But it obviously it does happens. It could happen to you if your house is priced right.


Remember:

If your home is not listed, it can not be sold. People are looking every day regardless of the time of the year.

It’s a Buyer’s Market…OR IS IT???

So last week I took one of my Buyer’s to a house in Margate that they really loved. The location was perfect, the price was terrific and aside from a couple of small changes it was just what they were looking for…so we negotiated a deal.
Now normally I will put together an Agreement of Sale (a contract), present it and wait for a response from the other agent, but in this situation, the other agent and I presented the “proposed” terms between the Buyer and the Seller prior to the signing of the agreement and all parties appeared to be in accord. However, my Buyer chose to wait over night to go over their numbers.

The next day, my Buyers were ready to sign the agreement, HOWEVER, one change need to be made. Settlement could not occur as soon as we had previously agreed. They wanted settlement TWO months later. Knowing that this was a major factor for the Sellers, agreements were prepared and signed anyway and sent to the Seller’s agent and presented to the Sellers.

More often than not the settlement date is a key factor in contract negotiations. Every additional month that a Seller owns their property, they have the carrying expenses and they do not have use of their money from the sale.

In this case the Sellers were not pleased with the delay at all and took several days to reconsider my Buyer’s offer. In the interim, a second offer came in.

Now the Sellers had a choice and an even better ability to negotiate with new Buyers to get exactly what they wanted. In the end these Sellers chose to accept the new offer.

As a Buyer you can’t beat yourself up, because you can only do what you can do. Sometimes it isn’t meant to be.
Is it a Buyer’s market? Absolutely! Prices have never been better and mortgage rates have never been lower. However, it quickly becomes a Seller’s market when a unique well priced property comes on the market. In the past year I have personally been involved in at least five properties that received multiple offers, because the property was desirable and priced right.

If you are a Buyer and you find a home you love. Do not hestitate or you can lose it. The same rule is true for Sellers. If you have an offer from a Buyer, don’t wait too long to respond or the Buyer may lose interest or find another home. Figure out what you want and what you need and be realistic. Don’t waste time and don’t play games. No one ever wins!

Happy Chanukah!

To all my friends and clients who celebrate!

If You Don't Buy a House Now, You Are Stupid or Broke

"If You Don't Buy a House Now, You Are Stupid or Broke" is the title of a great article that appeared in the December 8th, 2009 issue of Business week, by Real Estate columnist, Marc Roth. As harsh as the title may be, it is a great read with some terrific points.



Check the full article out on line by clicking the link:

http://www.businessweek.com/lifestyle/content/dec2009/bw2009127_753974.htm

Two Great Opportunities In Margates

I am very excited to tell you about two great opportunities in Margate.

101 S. Quincy Avenue is a Beach Block Parkway home. This 4BD 3BA home boast large rooms with an easy flow, and a newly renovated kitchen to meet all the demands of a modern lifestyle. The home sits majestically upon an oversized 75 x 90 lot and the extensive grounds includes a massive wrap around porch with ocean views, and a patio off the dining room for outdoor entertaining. previously priced at $1,800,000, this home has just been reduced by $100k to $1,700,000.

65 Bayside Court is a steal! Flawless design and impeccable details have been combined to create this haven of comfort and style. A dramatic living room flows effortlessly into the dining room & fully equipped Chef’s kitchen. 1st floor master bedroom suite offers a gas fireplace & private deck. Second level has two large BDs, full BA, and two more decks. Other noteworthy features include an attached garage, mature landscaping, & stain-resistance Ipaltick treated stucco. Previously priced at $599k, this home has just been reduced by $50k to $549k

Please feel free to give me a call today at 609-402-5885 to arrange a showing of either of these great homes.

Low Mortgage Rates Like Holiday Sales Will Not Last Forever!

Sellers and Buyers be advised. While we are currently enjoying the LOWEST mortgage rates we have ever seen (please read my last blog entry), experts are predicting that in the not too distant future , rates WILL climb again.
If you are a Buyer hesitating on that purchase, this may be the time to "get off the dime." If you are a Seller that has been holding out on an offer that was not quite "up to snuff", Buyers may be less apt to come up to your price if their mortgage rate costs them more money.
Mortgage rates effect EVERYONE...not just Buyers. Take advantage when you have the opportunity. It could be a while before the next bus comes along.

Mortgage Rates At All Time Low!!!

For shore home buyers sitting on the fence, I thought I would share some choice excerpts from an article published in the Wall Street Journal on December 4th by Joan E. Solsman, entitled:

FREDDIE: Rate for 30-Year Mortgage At 38 Year Low
"Mortgage rates generally fell again this week, with the average rate on 30-year fixed-rate mortgages reaching the lowest level in at least 38 years, according to Freddie Mac's weekly survey.
"Interest rates for 30-year and 15-year fixed-rate mortgages fell for the fifth consecutive week to an all-time low while the average rate on five-year (adjustable-rate mortgages) hovered near its record set in the previous week," Frank Nothaft, Freddie's chief economist, said Thursday.

Earlier this week, the National Association of Realtors said its forecasting gauge of housing-market activity climbed to its highest level in more than three years in October. Last week, the association said October sales of existing homes jumped 10% as buyers continued to take advantage of a first-time-home-buyer tax credit, low prices and low mortgage rates.
The 30-year fixed-rate mortgage averaged 4.71% for the week ended Thursday, down from last week's 4.78% average and 5.53% a year ago. Rates on 15-year fixed-rate mortgages were 4.27%, down from last week's prior low of 4.29% and 5.77% a year earlier. Freddie has tracked 15-year rates since 1991.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.19%, up from last week's record low of 4.18% but were down from 5.77% a year earlier.
One-year Treasury-indexed ARMs were 4.25%, its lowest level since June 2005, down from 4.35% last week and 5.02% a year earlier.
To obtain the rates, the 30-year mortgage required payment of an average 0.7 point, while the rest required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest. " 

Trident Mortgage Co. is a subsidiary of Prudential Fox & Roach Realtors. If you would like to get a quote today. Please call our Mortgage Consultant, Gary Freedman at 609-487-7202 or visit his web site at garyfreedman.tridentmortgage.com.

The Shore is Dead After The Summer: An Urban Myth

From the time I started in Real Estate I have been told by EVERYONE...especially other Realtors, "The Shore is Dead after Labor Day"...This my friends is an URBAN MYTH.

Are there less Buyers than the height of the summer...of course! We are a beach community and our busiest time is from Memorial Day through Labor Day, however, SERIOUS Buyers continue to look for homes ALL YEAR ROUND...even in November AND December.

Personally I rarely take time off. I try to be available at all times for my Sellers and Buyers because you never know when they will decide to come down.

About a year and a half after I had been in the business, I hadn't taken a day off and everybody told me to take a vacation in December because "it was DEAD."

So that September I booked a cruise that left a few days before Christmas and returned a few days after. As we approached December, I got busier and busier and in the first week of December I sold 7 houses. All of these homes would require home inspections and my Buyers and Sellers would require my guidance and advice.

Thankfully everything was able to be coordinated prior to my departure and all transactions went through without a hitch. I learned a lesson and now I have a story to tell my clients who believe that December is a "dead month."

In the last 2 weeks of November, my Buyers and Sellers have written or received a total of 9 offers on homes. Seven of these contracts have been agreed to on both sides and 2 are still in negotiation.

The Shore is Dead After The Summer - Definitely An Urban Myth!

HAPPY THANKSGIVING!

We are grateful every day for the part that our friends and clients have played in helping to grow our business.

Wishing you and your family a very Happy Thanksgiving!

New Listings...New Prices

In addition to the Buyers on the hunt for a good deal, Sellers are bringing new inventory on the market, while others are making price adjustments.
This week I am listing 3 new homes on the market: 2 in Ventnor and 1 in Atlantic City.

• The first is the most magnificent home I have ever seen, located on beach block in the prestigious St. Leonard's Tract section, this grand estate was built in 1925 in a huge 75' x 125' lot and was totally renovated in 2006 by one of Absecon Island's best builder/renovators, Remarkable Renovations. This 7 bedroom, 4.5 bath home has a separate 2 car garage with private living quarters above, and is being offered at $3.6 mil.
  
• The second home, also in Ventnor, is a 3 BD 2.5 BA home just 2.5 blocks to the beach. It features a newly renovated kitchen with granite counter tops, renovated bathroom, fenced yard, garage and full basement. This house is a real buy at $329k

• The last home being listed this week is BRAND NEW CONSTRUCTION in Atlantic City. This 3 BD 2.5 BA home features a Chef's kitchen with granite counter tops, hardwood floors throughout the home, an attach garage and fenced yard. Another great buy at $315k

Interested in one these homes? Please give me a call or email me.

In the meantime keep your eyes open though the holiday season...
New homes and great buys are coming on the market all the time!

Buyers, Buyers and More Buyers

Weekends are often the busiest for Realtors. Most people work during the week and weekends are the best opportunity for them to see homes or to talk with you.

Yesterday I had three different buyers scheduled to see homes. One Buyer is a long time year round resident seeking a new home, having sold his home earlier this year. Another Buyer is a couple that owns a home several blocks from the beach who would like to move up to beach block. The third Buyer is a couple that own a condo as a summer residence and have decided to buy a house at the shore as a primary residence.

I think the part of my job I enjoy the most is getting to know the people I am working with to understand what their needs are, what they are really looking for and helping them to find it. There's kind of an "ah ha" moment when you find the right house for them and watching them light up when they tell you that they love the house.

Now of course the road is not all rose petals and skipping along singing to the settlement table. Just yesterday one of my Buyers had a home inspection scheduled at a condo, and the home inspector tripped the power making it impossible to open the garage door. Unfortunately the electric panel is IN the garage so there was no solution yesterday. But on Monday we will get it fixed and all will be well. (hopefully!)

Part of the process of riding out the bumps in the road with the Buyers and Sellers. At the end, most of the time everybody is smiling and happy.

THE BUYERS ARE AT THE SHORE!!!

While the shore traffic slowed down right after labor day and seemed to slow to a dead stop during a few weeks in October, life has returned again with kids settled into to school and the Jewish holidays over.

Last week Buyers I am working with made offers on five properties;

• 1 condo in Atlantic City
• 1 condo in Ventnor
• 1 single family house in Ventnor
• 1 single family house in Margate
• 1 condo in Egg Harbor Township

All five offers were accepted. YEAH!!!

Yesterday I received a very good offer (close to asking price) on one of my listing in Margate. We are currently in negotiation.

With the economy still in recovery mode, I am often asked;
"Are houses are selling?" and "Are there Buyers?"


YES..YES..YES!!!

Homes that are priced correctly and marketed well are selling!!!

There are real Buyers out there. Pricing is important but Buyers needs to be reached through inventive and state-of-the-art marketing techniques.

Social Media : Socialnomics - The New Wave

Two weeks ago I attended a Prudential Fox & Roach meeting for top sales producters. These meetings are held quarterly and the topics vary. This time the topic was Social Media and how it can build your business. We saw a powerful 4 minute video on Social Media that changed my way of thinking about the Internet.

It was very impressive and I immediately re-activated my Face Book (Yes, I had one and shut it down - that's another story) as I recognized the power of the connections.

Two days later one of clients/friends contacted me having seen me on Face Book and email me the same video.

I am sharing with you this video by Erik Qualman. I think it will change your view of technology and how we connect with people today.

Click Here for 4 min Video - four-minute video

Congress Passes Homebuyer Tax Credit

The House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.

The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.For the first time, the new legislation makes buyers who already own a home eligible for a credit.

A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

Read the full story at Real Estate Economy Watch.

Why Is The Jersey Shore a Better Buy?

Today I received an email from a potential Buyer who was concerned about buying in Margate. She sent me this email:

"I am not sure Margate is a good investment. $400/square foot for a home, although renovated, built in 1925 doesn't sound like a great investment in this economy....considering that it is about $160/sq foot to build brand new.....to your personal specifications. Average price per square foot for Margate City NJ was $247, a decrease of 49.9% compared to the same period last year. The median sales price for homes in Margate City NJ for Jul 09 to Sep 09 was $407,500 based on 52 home sales. Compared to the same period one year ago, the median home sales price decreased 6.9%, or $30,000, and the number of home sales decreased 13.3%. "

This was my response:

I understanding your concerns but let me give a few facts and opinions about the market here.

There are two major factors that I think have not been considered in the data you shared with me:
1) Location, Location, Location!!! - I have heard the analysis of how much you are paying per square foot for a home in Margate before. That is because it is a standard used in New York and Colorado and I am sure many other places. Unfortunately or fortunately that is not the measure that determines value here.
Location is "King" here, because that can not be changed.

An older home is often preferred, but again condition is a major determining factor. Homes are not quantified merely by square footage. Location, views, condition, history and even renovation potential effect the value.
2) How Does That Compare To The Rest Of The Country?
Margate home prices, like the rest of the country, have experienced price reduction over the past two years. That is exactly why it is the right time to buy. Luckily while the rest of the country experienced a "National home crisis" with reduction of 30-50% in home prices, and short sales and foreclosures rampant, Margate only experienced minor price reductions (about 7-10% depending upon the price point) and a small decrease in the number of sales. This made Margate an excellent investment.

There are a few good reasons that Margate has held its value:
1) proximity to the beach, 2) accessibility to nightlife and the city, 3) it is not a weekly rental community and 4) there is a quality and pride of ownership of the homes.

So let's talk about now.

The stock market broke 10,000 again.

It goes up and down but it's been announced on the news repeatedly that the recession is over.
Nationally, existing home sales jumped 9.4% in September to their highest level in two years. Consumers are optimistic and the home market and our economy is recovering.
Personally I believe in Margate as a financially opportunity. I also believe it is a window that is closing for greatest opportunities; especially with mortgage rates as low as they have been. The market is not perfect and it did go down, but that to the Buyer's advantage. The good news is that our market is so strong that even a crisis that the last one we experienced did not have a major effect on it. If Margate is not the right opportunity, I would be very interested in knowing a better place to invest my money.

END OF SUMMER WRAP UP!!!

As you can imagine, the past two months as predicted were very busy with sales at the shore. Historically the months of August and September are even busier months. More people seem to want to rent during the month of August; rentals cost more during August; and with summer is ending perhaps Buyers and Sellers see it their last opportunity before they return to their "other" life.

In addition, mortgage rates, while still very low, have not maintained the same 4.5% or 5% as they were in the early months of the summer, threatening prospective Buyers a "one last chance" feeling on home loans. In any case, it is nice to see our market still doing so well. It appears that every price point is selling... as long as it is priced right.

OUR NEW SALES IN

AUGUST & SEPTEMBER!!!

Please join me in sending out congratulations to the Buyers and Sellers I represented in the past few weeks in successful transactions:

CONGRATULATIONS TO: Bill & Caryn R. on the purchase of their duplex in Margate
Jerry & Cathy S. on the purchase of their home in Ventnor
Bill & Wendy M. on the sale of their commercial property in Mays Landing
Dawn & Jerry C. on the purchase of their commercial property in Mays Landing

Bill & Janice E. on the sale of their home in Ventnor

Mary M. on the sale of their condo in Margate

Stephanie & Norman L. on the purchase of their home in Margate

Kristina C. on the sale of her townhouse in Mays Landing

John C. on the purchase of his home in Mays Landing

Mark & Carol C. on the purchase of their home in Ventnor

UPCOMING SALES!!!
In addition to these completed sales, I currently have 15 more properties under contract and scheduled to close in the coming weeks. Good news for you and good news for the shore. Still a great place to invest your money and great place to share with friends and family.