Making the Change From Renter to Owner

Home-price adjustments in markets around the country have opened doors of opportunity for many renters. This is true for the true first time home buyer and the people who own a primary residence and have been renting a secondary residence at the Jersey shore.

If you are transitioning from renter to homeowner, the prospect of making such a large investment may be exciting, while at the same time overwhelming. But it doesn’t have to be.

Here are six common mistakes to avoid.

1. Not understanding the home buying process. Educate yourself. Find a homebuyer seminar that you can attend or research online. The U.S. Department of Housing and Urban Development Web site (www.hud.gov) has an entire section devoted to homebuyers with common questions of first-time homebuyers, mortgage and home-buying programs information, downloadable tools such as a wish list and home-shopping checklist, tips on selecting a Realtor, etc. Likewise, Prudential Real Estate’s popular Web site, prudential.com/realestate, offers consumers brand-new tools for the homebuying process, such as free home environmental reports, Value Range Estimates and Property Profiles, among other resources.


2. Not asking questions. There are many facets and intricacies to the home buying process, so although you may gain a basic knowledge, you will still have questions. Don’t hesitate to let your Realtor know that you are new to the process. Make sure you choose a sales professional who is willing to spend time with you and walk you through the entire process. He or she will expect you to have questions at each step—from house hunting, to making an offer to the closing. Remember, this is one of the largest financial transactions of your life, so you want to have a clear understanding of what’s going on.

3. Buying on impulse. Don't feel pressured into making an offer on the first home you see. Buyers, especially first-timers, may be impressed by the first two or three homes they view. Look at a good selection. List the positives and negatives about each home. Narrow the prospects to three or four and then return for a closer look. When you decide to make a bid on a property, work with your Realtor to get all of your questions answered before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.
4. Looking outside your price range. Before beginning your home search, consider getting pre-qualified to so get an idea of how much you may be able to borrow. Use this information as a starting point in determining your price range. Then take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, homeowners insurance, utilities, private mortgage insurance (PMI) and maintenance.

5. Not planning ahead. Think about personal changes you are planning in the next five to seven years. For instance, are you starting a family, and if so, is the home large enough and will it continue to be? If this will be a starter home or if you think you’ll be relocating in a few year, you’ll probably want to pay closer attention to appreciation and resale value. If a double-income is necessary to qualify for financing and to make your payments, do your plans foresee an income sufficient to continue making payments?

6. Failure to focus on location. Don’t just focus on the house. Examine the community. Does it suit your lifestyle? Is the area safe, well-maintained, close to work, stores and schools? Find out about zoning and what new construction is planned on vacant land in the immediate area. Also consider the property marketability when it’s time to sell.

Above all, remember knowledge is key. No question is a silly question. Your real estate agent can be an invaluable asset throughout the process. Making smart home buying decisions will make the home-buying process less scary and your first home purchase a rewarding experience.

Blog Entries : Few and Far Between

This entry is a simple apology to our readers for not keeping up with my Blog this month.

Please forgive me.
I am happy to say that with the influx of Shore residents, the time constraints have made my time in June very limited. June has been an extremely busy month making it a little more difficult to find the time to do everything. Unfortunately, Blog entries were a casualty of the my lack of time.




I will try to keep my Blog more up to date in the future.

Sales before Summer!

With the season upon us and summer residents already moving in, Atlantic County is busier than ever and so are the Realtors. Its time for another update on the State of the Market down here are the shore.
New inventory is hitting the market and eager buyers are flooding the shore area cash and

credit approvals in hand. Even the media is finally chiming in with positive reports proclaiming the end of the "home sale crisis" and that homes sales are up all over the country.

Again I reiterate. ALL REAL ESTATE IS LOCAL and while I am thrilled to finally have the media projecting a positive spin on the market, our market never dipped, slumped or stopped the way the rest of the country, so please be aware when you listen to the news.

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

CONGRATULATIONS TO: Ellen & Michael M. on the purchase of their condo in May in Margate
Dawn & Jerry C. on the purchase of their condo in May in Galloway

Louis and Louise L. on the sale of their condo in May in Margate
Mark R. on the sale of his home in May in Lower Chelsea, Atlantic City
Bryan C. and Aliza R. on the sale of their home in May in Ventnor ($125k over asking price!)

Christopher and Christine S. on the purchase of their home in May in Ventnor
Frank G. on the sale of his home in May in Margate

Debra & Martin B. on the purchase of their home in May in Margate
Wendy and James P. on the purchase of their condo in May in Margate
UPCOMING SALES!!!
In addition to these completed sales, I currently have 9 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.

The Best In Show - Gaining The Edge When Selling Your Home

Now that the decision to sell your home has been made and assuming you found the right Realtor to market your property you are over the first hurdle.
Your next challenge is to make your home “show ready” so that people will be eager to come in and see all of its best qualities of your home. This can be a real challenge for many people.


Curb Appeal and the WOW! Factor

75% of a buyers’ decision is made when they pull up to the door. Some buyers will even ask their Realtor for a list of the properties they will be going to so they can do their own “drive by” so they can eliminate the ones they are not interested in seeing.

First impressions do matter!

Most people can get away without painting their house. Simple clean up can make a world of difference. Rack the leaves, pick up debris that has blown into your yard and make sure your lawn is mowed. If you have a driveway, make sure it is clear and unobstructed. Plant flowers in the springtime, baskets of mums in the fall. Use window boxes if you don’t have beds. The purpose is to add color. The buyers will be standing on your front porch and staring at your front door while the agent opens the door. Buy a new door mat and make sure the porch is clear and clean. Touch up the front door if it needs a coat of paint. If you haven’t seen your neighbor’s lately because you can’t see out your windows, wash them. Do whatever you can to give the exterior of your property that “WOW” factor. If you are in a condo, that “WOW” factor will have to happen when they open your unit door. If you live in a condo and they don’t vacuum your hall enough, complain to management, but vacuum outside your door. It can only help you.

It’s An Inside Job – It is a simple fact; less is more. When buyers enter your home, you want them to see your home, not “your stuff.” We want them to see the best aspects of the home, the space and the features. The home should reflect your personality but it is often filled to the brim with memorabilia and collectables that can be distracting and detract from the best features of a home. Remember you are selling your home; not your collection of tea pots, your assortment of wind chimes or the shrine of family photos you have scattered throughout the house. If you have made the decision to sell your home, we need to put enough of your “personality” away so that there is enough room for a buyer to put themselves in your place.

Rooms that are filled with too much furniture make it difficult for a buyer to envision the actual size of the room or how their own furniture will fit. Closets crammed to capacity where another shirt or box can not fit will render the buyer with concerns about how their belongings could be accommodated. “If they can’t fit their stuff in the closet, how will I?” The result will be the wrong impression being given to a buyer about a home that may have great flow and ample closet space. You are selling your home so you may as well start packing now. It is time to give away things to those favorite relatives, pack up the things you will never part with and store it in the attic or move it to relatives.

Equal in importance to prospective buyers coming through your home is cleanliness. Get ready folks because if your house is not clean, 9 out of 10 buyers are turn off big time. Realtors will tell other Realtors about a house that “shows well”. They will also tell each other about the house that "smells like cat". Some buyers will not enter a house that looks unkempt others will enter it but will eliminate it because of the way the home has been maintained. Buyers assume that if your home is not clean and fresh smelling, you are not maintaining other aspects of the house. Even if they do decide they want to make an offer to purchase your home, it can effect the amount of the offer.

Simple housekeeping tips would include not leaving the garbage sitting for days, vacuum the house regularly, make the beds and don’t leave dishes in the sink (a real turn off).

Kitchens must be clean with clear surfaces. Remove all of the useless appliances you never use (ice-cream makers, pasta makers, etc) and store them or re-gift them. Your kitchen must show as much open space for food preparation as possible. Make sure the kitchen counters and appliances are wiped down and clean. Remove the kitchen magnets (even the Realtor’s magnet calendar), artwork and “to do lists” from the refrigerator. You will be surprised how nice your naked “frig” will look.

Bathrooms should be clean and clear in spite of the fact that we use it every day. Store your personal belongs away. Toothpaste, hairspray, medicines and the like should be kept in a basket and stored under the sink. Clean the mirror and put the seats down on the toilets. If you can smell it you may not sell it.

Most of us love pets. Unfortunately, if buyers smell it in your home they may go running out. You may not mind the odor or may even be oblivious to it, but you can bet that it will be the first thing that some potential buyers notice. Stale cigarettes or pet aromas are instant turn offs to most people, making your home appear dirty and unsanitary. If you are selling your home and you smoke, start smoking outside or at least try to contain it to one room. Empty and dispose of old cigarette butts and open windows. Start changing the litter box as often as possible and bath the dog regularly. Also pet odor neutralizers can be effective.

Ok, so your house is clean and de-cluttered. The dog is bathed and you made your husband stop smoking.

The Realtor just called and someone is coming to see your house.

What do you do?

1. Turn on every light in the house and open every drape or shade unless the window overlooks something undesirable like a brick wall, a messy neighbor or a parking lot. A sunny home not only looks more cheerful it also looks larger.

2. Turn on soft music if you have it.

3. Turn off dishwashers, TVs, washing machines or any other noisy machines that disturbs the tranquility of your home.
4. Air out the house if you are a smoker or you have pets. Room fresheners can help too, but only if you don’t over do it. Don’t spray till you make people gag.

5. If you have a dog, take it with you during the showing. Not every buyer is an animal lover.

6. If you have a gas log fireplace, turn it on, but only if the weather permits. Set the thermostat to a proper temperature. Don’t freeze your buyers in the winter or make them sweat in the summer. Use your HVAC system appropriately to keep them comfy.
7. Leave the house BEFORE the buyers arrive. If they happen to get there while you are leaving, do not engage them even if they try to talk with you. Be polite but avoid conversations. This is for your own protection. Sellers often reveal unnecessary information to buyers and their agents that work against them. If the other Realtor asks you questions, tell them to please speak to your Realtor.

8. If you can’t leave the house, avoid hovering. Give the buyers their privacy as much as possible. Step outside or go into your car. Buyers will spend a fraction of the time in a house if the owner is there. It is not easy to open someone else’s closets when they are standing over them.

So grab a bucket and a broom. Pack it away or throw it out. Your home is ready to win “Best in Show” in this very competitive market.

Taking The PULSE of the Shore Market for 2009

The summer season is quickly approaching and March and most of April are already behind us. Its time for another update on the State of the Market down here are the shore.

New sales continue to rack up all over the island as eager Buyers come down to try to take advantage of the "The Perfect Storm", the combination of affordable home prices and low mortgage rates ( Trident Mortgage is currently offering 5.0% for a 30 fixed mortgage).

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

CONGRATULATIONS TO:

Chuck and Eileen L. for the purchase of their duplex in March in Ventnor

Barb & Ken Z. on the purchase of their home in March in Ventnor

Jennifer & Mark S. on the sale of their home in March in Margate

Earl & Deena R. on the purchase of their home in March in Margate

Martin & Debra B. on the sale of their home in April in Margate
Jay & Randi H. on the purchase of their home in April in Margate

Jennifer & Mark S. on the purchase of their home in April in Margate

Paul P. on the sale of his multi-family home in April in Atlantic City

Rich & Michele B. on the purchase of their home in April in Ventnor

Dina & Jim D. on the purchase of their home in April in Margate

UPCOMING SALES!!!

In addition to these completed sales, I currently have 10 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.

Margate Seeks Performers for "Thrilling Thursdays"

This summer the streets in the business district are going to take on the air of fun as entertainers will be stationed along Ventnor and Atlantic Avenue to help locals and visitors enjoy "Thrilling Thursdays."
Beginning June 25 and running for 10 consecutive weeks, Margate will host Thrilling Thursday, a day dedicated to giving residents and visitors memories that are worth coming back for week after week. Thursdays will feature select entertainers who can intact with children and adults. "Like you find in the Village in New York - where a caricarturist might be working on a corner and you hear a great saxophone player on the next - we want the atmosphere in margate to be very positive and upbeat," said Anna Marie Blescia, director of the Margate Business Association. Blescia says the MBA wants Margate to become a destination for visitors and shoppers with attractions such as the Margate Community Farmers Market on the grounds of Steve & Cookie's on Thursday mornings that began last year.
Merchants will be cooperating with draws such as in-store specials, sidewalk sales and lunch and dinners along the avenue on Thurdays.
The city also announced recently the no badges will be required on the city's beaches on Thursdays.
All that, coupled with the addition of the street performers just might put the thrill in "Thrilling Thursdays".
The Margate Business Association is looking for talent to showcase on the streets this summer. it is seeking local performers, jugglers, magicians, caricature artists, puppeteers, mimes, balloon artists, clowns and musicians.
"This is a great chance for some of our local performers to get some exposure." Blescia said.
Performers and artists are asked to send a resume or send a demo or sample for MBA members to review. They should provide the specific dates they are available to facilitate scheduling and make sure everyone who qualifies has a chance to shine.
Email - annamarie@marvelousmargate.com
Or Visit http://www.marvelousmargate.com/ to complete Registration Form.
The above article was written by Shaun Smith and appeared in the Downbeach Current on April 16, 2009

Creating Your Own Perfect Shore Getaway

Before

Just two months ago (see blog entry February 2, 2009) I told you about a house located at 104 N. Clermont Avenue in Margate.

After

When it came on the market, most of the people, Realtors included considered the house a "tear down". Well, with a little bit of money and the innovative concepts of builder/developer, Remarkable Renovations' Debra Buchalski this outdated house, has become an elegant and modern beach getaway complete with every amenity one could hope for in a home of this size tailor made to suit the needs of the people that purchased it.

Originally a traditional 3 BD 2 BA house with tiny kitchen, this home was transformed into a 4 BD 2.5 BA house with an open floor plan that includes an eat in kitchen w/granite counter tops with breakfast bar, new hardwood floors, corner gas log fireplace. There is a first floor master suite, and the enclosed staircase was opened and replaced with decorative railings found in high end homes. The old alcove kitchen has been turned into a small bonus bedroom with a pull down Murphy bed.

Upstairs there are two large bedrooms that share a beautiful bathroom with tub shower. The outdoor space includes a large front porch with wood capped railings, and there is a fenced yard with pavers and grass with room for barbeques and the enclosed outdoor shower. There is also an attached one car garage. Just 2.5 blocks to the beach, the new owners purchased the finished products for $525,000 on April 6, 2009.

Remarkable Renovations has another new project beginning in May, not yet on the market. This new home will have direct ocean views. We are very excited about it.

Our area is not lacking for Buyers, and based upon the current mortgage market, there is no better time to buy. The true challenge we face is finding a home that meets the needs of the Buyer. Smart Buyers discover that a house in the right location is worth fixing. Perfect homes do not exist, but with the right people, you can make a home to meet most of your needs.