Choosing the Right REALTOR® : Part One....

OK, so it’s a Buyer’s market and things are HOT! You’ve got the money to buy now, but SLOW DOWN! Don’t let it burn a hole in your pocket just yet. 

Whether this will be your primary residence, your summer getaway or an investment property, you really need to make sure you are working with a professional REALTOR® who will help you to identify the right property, negotiate the best possible price, and close the deal in the appropriate time frame. While many REALTORS® are skilled to work on either or both sides of the deal, here are some guidelines and pitfalls to keep in mind as you begin your selection process in choosing a REALTOR®



The Basics


• Speak with people you trust to obtain recommendations about REALTORS® they have used and with whom they have had positive experiences. However, don’t assume it will be a good match for you just because it was good for your friend.

• Avoid being hijacked by a close friend or relative “in the business” out a sense of obligation. Ask them to refer you to a colleague that can do the right job.

• Make sure you and the REALTOR® communicate with each other very well. Real Estate does not have to be a “foreign language” so make sure you are on the same wave length.


While Desperately Seeking the Right REALTOR® there are several other good sources to use:

• Surf’s Up... Checking the Net: Doing an on-line search for available homes in the neighborhood you are most interested will give you an idea of some of the REALTORS® that list properties in those areas.

• What’s Your Sign?...Observing Yard Signs: Driving around your favorite neighborhoods will also give you an indication of which REALTORS® are listing the kinds of properties you may be interested in.

• Hittin’ The Streets... Open Houses Open Doors: Most weekends there are an assortment of open houses to explore, giving you the perfect opportunity to meet and interact with REALTORS® hosting these events. If you find a REALTOR® who comes across as knowledgeable and you feel comfortable with him or her, take a business card and check out their web page after you leave. (Please note that a REALTOR® hosting an Open House may or may not be that home’s Listing Agent.)

• EXTRA, EXTRA – READ ALL ABOUT IT...Trade Magazines and Publications: Pick up the local Real Estate trade magazines and Real Estate sections of the local newspapers. Not only will you be able to identify geographic locations that the REALTOR® may specialize in, but you will also see the price range, style of homes and diversity. Some REALTORS® will even specify in their ads that they are Buyer’s Agents. Some have earned the ABR® (Accredited Buyer’s Representative designation).

Using these guidelines should make the process of choosing a REALTOR® easier. Once you have found the REALTOR® that you feel most comfortable with, it is best to make a commitment to work exclusively with just that individual. Why? Because then that the REALTOR® is making a commitment to you also. As your designated “Buyer’s Agent”, your REALTOR® will be your scout on a constant search to find properties matching the criteria you have discussed. Your REALTOR® will also create an automatic email through the area Multiple Listing Service to send new listings directly to you the minute they come on line. Keeping you in mind on a daily basis with each new property, your REALTOR® will be in constant contact with you, informing you not only of new listings that are coming on the market, but also price reductions of properties you may have expressed interest in, as well as any relevant trends or sales in the area.

I am always thrilled when I am selected, but if not, I hope I have been able to assist you in finding a REALTOR® who is right for YOU, as well as help you in refining your ideas about the types of properties you want to look at.

In the next issue I will write about what to expect (and what to look out for) once you do find the right REALTOR® and are ready to get started on your search for the right property. In the meantime I would be delighted to hear from you on this subject: MarkArbeit@aol.com - or please feel free to review my listings or search all the available listings at the shore using my web site at MarkAtTheShore.com.


(This column appears in the latest issue of Homes and Land Magazine.  Copies available in local venues or please email me for a free copy.)

"SPRING FLING" Day Two - Margate

The weather at the shore was FABULOUS yesterday and today will be even nicer!!! FINALLY!!! Yesterday was the first day of our "Spring Fling" Open House Bonanza - The Best Of Beach & Bay in Ventnor.   It was great to see lots of people coming to our houses, some old friends and many new people who came to check out our homes for sale.


Today from 12-2 we continue our "Spring Fling" Open House Bonanza with The Best Of Beach & Bay in Margate.  Today we have five Open Houses in Margate.


They are :

7803 Bayshore Drive

7805 Bayshore Drive

101 S. Quincy Avenue

2 S. Clermont Avenue










and

9717 Beach Avenue














Come on Down to the Shore...It's going to be a beautiful day!!!


We are serving pastries from Margate's Aveersa's Bakery too!

COME TO OUR SPRING FLING OPEN HOUSE EXTRAVAGANZA THIS WEEKEND

Spring is FINALLY here so we are celebrating with our "SPRING FLING" Open House BONANZA!!!

2 DAYS - 10 GREAT HOUSES

Come To Our Open Houses Today and Tomorrow!!!

Three homes we are especially proud of are hosting an Open House this weekend:


Saturday, March 13 - 11-1 PM

The Franklin House Ocean view Townhouses, Margate - The Residence at “The Franklin House” Ocean view Townhouses redefines excellence. These residences offer a Shore living experience that is unparalleled in Margate. Each 3 BD 4BA unit features a unique designer layout, named “The New Model for Margate” for its superior design & construction by architect Robert Kiedjan. Highlights include 4 private balconies, elevator, 2 gas fireplaces, oak & pecan hardwood floors, custom kitchen w/granite counter tops & Sub Zero & Wolf appliances, central vac & 2 car garage.

Saturday, March 13 - 2-4 PM

103 S. Newport Avenue - Beach Block, Ventnor - Tranquil & serene; sunny & spacious, best describes this newly renovated contemporary beach block home. This 5 BR, 3.5 BA beach getaway boasts unparalleled ocean views, a 2 story great room featuring custom cabinetry & gas fireplace & huge DR perfect for people who love entertaining. The newly renovated kitchen is equipped w/ S/S appliances & granite counters, while the master suite affords privacy, unrivaled comfort along w/ocean views. Other highlights includes an oversized garage & multiple decks.

Sunday, March 14 - 12-2 PM

501 N. Delavan Avenue, Margate - Situated on a huge corner lot & professionally landscaped, this immaculate 3 BD 2BA home has been totally renovated. Inside the home is breathtaking. The expansive gourmet eat-in kitchen features custom cabinets, granite counters, Sub-Zero appliances, 2 ovens & 2 sinks. The master suite is large & both. Baths have been fully renovated to perfection. The 3rd BD has custom built-ins & the house also has new AC & water heater, a large covered front porch, an attached garage & rear patio. Shows like new construction!

It's rainy but warm today so we hope you will join us and experience these great homes.

Good Weather is FINALLY HERE!!!

I have lived at the shore for over 10 years. It has snowed on occasion. When it has snowed in general the snow that landed vanished in a day or two. After all...we are at the beach!!!


During the past 3 months we...like most of the Northeast...experienced the worst snow storms seen by most in YEARS!!! If it didn't keep us at the shore snowed in, it most certainly kept the people up north from traveling down to our area. Every time we thought we would get a little bit of relief...we got another dumping of snow. It was ridiculous!!!


Happily after a bit of rain and a few weeks of 50 degree weather the snow is all but a bad memory. People are flocking down to the shore again and houses are selling and renting. For a while it felt like ALASKA AT THE SHORE...but I am happy to say that life is back to normal again!

WHY BUY NOW???

1. Is the market recovering?

2. Is this the right time to buy?
3. Is Real Estate a safe place to invest my money?

4. I think I will just RENT again this year…maybe prices will come down

5. I’m looking for a STEAL!!! Someone who is desperate.

6. I’m waiting for the “bottom of the market”

As a Realtor I hear all of the above from Buyers on a regular basis. So let’s take a look at these and address each one so as a Buyer you can accomplish your goals and avoid any pitfalls.

1. Is the market recovering? ALL REAL ESTATE IS LOCAL! There is a general misconception about the shore housing market. While the price of homes were severely impacted across the country over the past 12-18 months, the same was not true of cities like Margate, Longport and Ventnor. Sales did decease around 7-10%, but to compare our market to places like Florida, Las Vegas and even cities in Northern, NJ is misleading and inaccurate. ALL REAL ESTATE IS LOCAL! Absecon Island experienced one of smallest percentage changes in the country during the National Housing Crisis.

2. Is this the right time to buy? If not now, WHEN? At the shore, homes prices have stabilized and are lower than they have been in over 5 years. There is an abundance of homes for sale in all sizes, prices and conditions which you can choose and consider. Top notch renovators are also available to remodel to perfection your dream home in the “perfect” location. If you are a first time home buyer and this will be your primary residence, you may qualify for the $8,000 tax credit. Conventional mortgage rates continue to hold around 5%, close to the all time low in the past 38 years.

3. Is Real Estate a safe place to invest my money? A Buyer commented to our mortgage representative that he was nervous about putting his bonus money into the purchase of an $800k home. The mortgage rep. remarked: In the stock market, if you purchase stock for $800k, the cost is $800k. Hopefully it will go up in value, but it will cost you $800k. To purchase an $800k home, you don’t come up with $800k, just a percentage down and you have an investment that you will immediately use, enjoy, share with your family and create memories that will last a lifetime; month after month, year after year. You have also created an investment that will be increasing in value over time. And you did not tie up $800k to buy this $800k home!

4. I think I will just RENT again this year…maybe prices will come down! Maybe they will…Maybe they won’t. Most experts predict that mortgage rates will increase over the coming year. In addition, the average full summer rental is $15-$25,000 for a house, money that could be used towards a down payment. A number of my savviest Buyers have purchased a home and immediately rented it out for the summer, or a portion of the summer. This gave them a good investment property purchased at a good price with some income to defray costs, while at the same time still owning a shore home that they were able to use for part of the year.

5. I’m looking for a “STEAL”…”SOMEONE WHO IS DESPERATE!!!” Last week I received an offer from a Buyer on a beach block home in Margate that was $700k off the asking price. He thought that since the Seller had the property on the market for a while he might be “desperate” to sell. All I can say is, you can’t blame the guy for trying. But the fact remains that EVERYBODY who is looking to purchase a property wants the best possible deal and most Sellers are very eager to sell their homes, but for FAIR MARKET VALUE. If a similar house on the same block sold in the past few months for $800k, chances are that the house two doors down is NOT going to sell for $400k, or significantly less even if the Seller actually is desperate. 

6. I'm waiting for “the bottom of the market” mirrors the child’s chant on a long trip: “Are We There Yet?”... I have been telling some Buyers for about a year now: If you are waiting for the bottom of the market at the shore, you will continue to miss out on many great opportunities, because the only way to know for sure is after it has already happened, and by continuing to wait for “the absolute bottom of the market” many Buyers will inevitably miss out on properties that were great buys. From these Buyers I am already hearing, SHOULDA, WOULDA, COULDA!

There ARE great buys at the shore, but both Buyers and Sellers must be realistic about the numbers, and the numbers are all about market value. The numbers are not about what you would want them to be if you could have it all your way. The shore housing market is strong and will continue to get stronger in the coming years. The Time to Buy is NOW!!!

SNOW...AT THE BEACH...IT JUST DOESN'T HAPPEN!!!

When I moved here in December 1999, I was very pleased to discover how mild the winters are at the beach.  Having moved here from Boca Raton, Florida, I was not looking forward to freezing my "tush" off.

Yes, I knew it would be cold from December through February...but I am not a fan of snow.

Happily in the ten years I have lived in Ventnor and Margate there had been only ONE major dumping...in the winter of 2003.  It was one snow storm of about 18 inches and it was surprising to all of us.

The past few weeks have been a true anomaly...the storm of last week that dumped almost 2 feet of snow is so uncharacteristic for our area.  As we brace for what could be one more storm this week we who live on this wonderful island that enjoys such mild weather most of the year must sit back and reflect and be grateful for the fact that this is truly an exception and NOT the rule of our area.

Perhaps the best part is it reminds us all about how much we should appreciate the beach, the warm sun and the escape that this island offers the year round and seasonal residents.

Stay warm and drive safely!!!