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!