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

Thursday, December 31, 2009

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


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

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 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!!!

Saturday, December 26, 2009

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 "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.

Tuesday, December 22, 2009

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.


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

Thursday, December 17, 2009

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!

Tuesday, December 15, 2009

Saturday, December 12, 2009

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:

Thursday, December 10, 2009

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.

Tuesday, December 8, 2009

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.

Saturday, December 5, 2009

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