Not just selling shore homes, selling a shore way of life. Your resource for the best homes, hotspots, & happenings in Margate, Ventnor, & Atlantic City.

Saturday, August 29, 2009

HURRY UP HONEY..We Forgot to Buy A House!!!

As predicted, the pent up demand to buy a home has reached a breaking point. People are now looking to buy Real Estate all over the country. Factors contributing to this are a strong and stable stock market, banks willing to lend money, and a stabilization of home prices.

If you follow the news, you have been relieved lately
to hear some very positive things about the economy and about the National housing situation across the country. Home sales leaped unexpectedly in July to hit their highest level since last September, and this upward swing has continued through August and into September.
Here at the Shore, we have been inundated with prospective Buyers . . . and it’s a good thing. Now even REALTORS® who found themselves developing a great tan are scheduling home tours on a regular basis. But while being overwhelmed with Buyers may sound like a good thing, a REALTOR® can quickly turn into an unpaid tour guide if Buyers (and Sellers) are not educated about realistic home prices and the home buying process.
There are many kinds of prospective Buyers (first time buyers, investors, second home buyers, etc.) but they all have one thing in common: everyone wants the best possible deal. In order to get the best deal for a Buyer, a REALTOR® needs to know what the Buyer’s top requirements are (e.g.:3 bedrooms, 2 baths, porch, no more than 3 blocks to the beach, price range, conditions, pet requirements . . . the list goes on). This way the REALTOR® can select properties specifically geared to the Buyer’s needs. The REALTOR® will guide and educate a Buyer as needed about the area and the houses on the market, including days on market, current sales and homes under contract. The REALTOR® should also make sure that the Buyer’s expectations are realistic. And to some requirements, the only reasonable response may be: “You want a beachfront house for under $500K? Me too, but it’s not happening!” Now there are less extreme examples, but honestly, with what has gone on in the rest of the country, the expectation of a lot of Buyers is “I want to steal something”.
So make a list, be realistic, and above all PRIORITIZE! Together with your REALTOR®, eliminate and pare down all of the properties currently on the market based upon your price range and priorities. If at this time, there isn’t anything that meets all of your needs, you either need to adjust your priorities or look at the next price point to see if it includes a property that you might consider the “right one” for you. In the meantime, and this is key, a relationship is being built between a Buyer and REALTOR® and when the right property comes on the market, or when a price change occurs on one that you are interested in, your REALTOR® will contact you.
If nobody knows what you want, you risk missing out on the perfect property. Some Buyers prefer to be “free agents” and not work with a REALTOR® beyond a particular home they find on the Internet or a yard sign. They call the specific REALTOR® for one house and will only work with that REALTOR® on that particular house. When they find another house, they move to the next REALTOR® and do the same thing. Unfortunately, if you are not working with a REALTOR® who knows what you are looking for, when that next perfect property does “pop up” or has a price reduction, there will be nobody to notify you. So it pays to have a REALTOR® working just for you, keeping an eye out for the properties you are looking for.
Sellers want to sell and Buyers want to buy, so deals are happening, but only when everyone involved is realistic. While there is optimism in the air and Buyers are plentiful, one must temper these factors with the reality that Buyer and Seller must still have a meeting of the minds. Buyers must realize that while they are going to get a great value on a good property, they are not going to “steal it”. Conversely, similar concepts must be applied to Sellers when they are presented with an offer on their home, and every consideration should be given by both sides to try to arrive at an agreement that both can live with.
So sit down today and make a list of your priorities, ranking them in order of importance. Call your financial institution to determine your price range and call your REALTOR® of choice to assist you to find a great property. Chicken Little can, literally, GO HOME: The sky has stopped falling and so have housing prices!

Monday, August 3, 2009

Hot Times At The Shore - Summer Update

June and July have been very busy months for us. The shore seems even more crowded than it did last year and Buyers have been out in number looking for a good buy. The national news certainly fuels our Buyer's optimistic view of the economy since home sales Nationally has been up for the last three months and whether you agree or not, the cover of Newsweek last week proclaimed, "The Recession is Over".
In any case it is nice to hear some positive news from the media for a change.
In addition to the sales that did settle in June and July there are many more deals finalized that will not close until after the summer. In some situations the Sellers wants to enjoy one last season in their home or perhaps the Buyers already have a place and don't want two; or the property being sold is already rented for the season and the new Buyer can not gain possession until after the season.

In any case, the market is HOT and the shore is selling. This month we even had to deal with several properties that received multiple offers. In this case, the Seller will either select which ever Buyer has offered the most favorable terms, or the Seller may go back to and ask all potential Buyers to bring their "highest and best offer". Potential Buyers then have the option to keep their original offer or make any changes they want. This can include an increase of the amount of money being offered, how quickly they want to settle, or even removing contigencies, like obtaining a mortgage or doing a home inspection.
In the end, it will be the Seller's choice in selecting the Buyer they feel is offering them the best deal. Your Realtor will act as your trusted advisor to guide you in making the best choices.


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


Dawn & Jerry C. on the purchase of their townhouse in Galloway
Larry & Alise O. on the purchase of their condo in Margate
Mark & Cass B. on the purchase of their Duplex in Margate
Aliza R. & Bryan C. on the sale of their home in Ventnor
Kim F. & Michael S. on the purchase of their home in Northfield
Lila B. on the purchase of her home in Margate
Shirley & Sunny B. on the sale of their duplex in Margate
Harry H. on the sale of his home in Margate
Mark & Beth S. on the sale of their home in Margate
Joe D. on the purchase of his home in Absecon
Erik & Bryna on the purchase of their home in Margate
Bill & Janice E. on the purchase of their home in Margate
Shirley & Sunny B. on the purchase of their home in Ventnor

In addition to these completed sales, I currently have 11 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.