Wednesday, November 24, 2010

Happy Thanksgiving Ocean County, NJ!

We just wanted to extend our Thanksgiving to all of our friends, family and customers. Thank you!


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Thursday, November 18, 2010

Did YOU Know "They" Want to Take Your Mortgage Interest Tax Deduction Away?

As a Home-Owner, or Prospective Home-Owner, in Ocean County, NJ, did you know that the Obama Administration's National Commission on Fiscal Responsibility and Reform has proposed limiting the mortgage interest rate deduction on taxes?
According to a November report, as reported through HousingWire.com, one option excludes citizens from deducting interest payments on second residences, home equity loans or mortgages over $500,000.
Why this is a BAD idea!

Steve Harney and his Crew over at Keeping Current Matters summed it up best:

1. Homeownership is a Major Part of the ‘American Dream’

It has been proven that homeownership is critically important to American culture. A home is more than just a financial investment. It is a parents’ investment in their children. It is a family’s investment in their community. It is the people’s investment in America. With housing attempting to recover from its most trying time, it seems ludicrous to remove one of the most enticing reasons to own a home.

2. This Could Lead to another Wave of Foreclosures

Even if we just look at this from a purely financial perspective, it makes no sense. There are thousands of families struggling to pay their mortgage every month. Many of these homes are in a negative equity situation. Many in this situation have already decided to strategically ‘walk-away’ from their mortgage obligation. Others are sacrificing in different areas of their families’ lives in order to continue to pay their mortgage. Taking away the mortgage tax deduction could be the straw that either financially or emotionally breaks that camel’s back. How many new foreclosures will be created? How will that impact the values of neighboring properties? This makes no sense financially.

What can WE do as Home-Owners, Prospective Home-Owners and Real Estate Practitioners in Ocean County, NJ? WE CAN RAISE OUR VOICE AND JUST SAY "NO" TO THE "O"!


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Tuesday, November 16, 2010

Myths: The Earth Is Flat and Newspapers Sell Houses

This post is just too good not to re-post. Thank you Steve Harney and Keeping Current Matters!

Myths: The Earth Is Flat and Newspapers Sell Houses

Tuesday, November 9, 2010

The Compelling Argument to List Your Home Today in Toms River, NJ

We have all heard of Seasonal Affective Disorder (SAD) but never has it been more prevalent than in real estate. Just how does(SAD)relate to listing your home for sale in Toms River, NJ?

Typically, this time of year (Nov & Dec), we hear the following statement from prospective Home-Sellers; "I'm going to wait until after the Holidays to put my home on the market".

Just what does "waiting until after the Holidays" actually COST a potential Home-Seller in Toms River, NJ? The answer lies in the historical data:

--Nov & Dec 2006; Toms River had almost 10.8 months of inventory available*
--Jan & Feb 2007; Toms River had almost 12.6 months of inventory available

--Nov & Dec 2007; Toms River had almost 10.9 months of inventory available
--Jan & Feb 2008; Toms River had almost 15 months of inventory available

--Nov & Dec 2008; Toms River had almost 12.3 months of inventory available
--Jan & Feb 2009; Toms River had almost 18.6 months of inventory available

--Nov & Dec 2009; Toms River had almost 10.5 months of inventory available
--Jan & Feb 2010; Toms River had almost 17.6 months of inventory available

*Months of available inventory = How long it would take to sell off the existing supply of homes if NO other homes were to come on the market.

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Long story short; "waiting until after the Holidays" will COST you between 2 and 7 months on the market and we all know "time is money". So, if you want more money for your home, it behooves you to list your home in Toms River, NJ, today!

Thursday, November 4, 2010

Happy New Year Toms River, NJ!

Yes, we know it's November...but we like to believe November 1st is actually New Year's Day in the real estate industry. Why? Because when we start PLANNING for the coming year in November, we actually see results in January! So, what are YOUR PLANS if you want to buy, or need to sell, a home in Toms River, NJ, in 2011?

If you plan to BUY a home in 2011:

-When do you plan on moving?
-Where do you plan to start your search?
-When do you plan on getting pre-approved for a mortgage?
-When do you plan on working with a real estate professional?

If you plan on SELLING a home in 2011:

-When do you plan on moving?
-Where do you plan on going?
-How do you plan on getting there?
-When do you plan on meeting with a real estate professional?

These are just a sample of the some of the questions you may need to ask yourselves now, in November, if you PLAN on buying, or selling, a home in Toms River, NJ, in 2011.

Here's more to consider:

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Wednesday, October 6, 2010

Who will you listen to? Don't be a "Little Jimmy"!

With all the misinformation being disseminated by the various media outlets (including the National Association of Realtors), it is no wonder that today's home-buyers and home-sellers, in Ocean County, NJ, don't know who to listen to! The NAR just released their latest, Existing Home Sales Report, which shows sales of existing homes in August 2010 were 19% below sales in August of 2009. What almost everyone has forgotten, or doesn't bother to read further than the first paragraph, is that August of 2009 was 90 days prior to the expiration of the Original Home-Buyer Tax Credit!

So, what are the facts today?

Most "experts" agree that home prices have returned to levels unseen since October of 2003. AND, even the "Castaways on Gilligan's Island" know mortgage interest rates are the lowest in 50 years (still averaging 4.75% for a 30 year fixed as of this post). So, as the KCM CREW so deftly point out in their excellent post, Look at the Cost, Not Just the Price:

"Let’s assume for the sake of this example that you purchased a home and borrowed $200,000 via a mortgage. In 2003, your monthly mortgage payment (principle and interest) would have been $1,192.68. If you borrowed the same $200,000 today your monthly payment would be $1,013.37. Same house, same price but the COST is $179.31 less a month. That’s a savings of over $2,000 a year! Over the life of a 30 year mortgage, you would save over $64,000."

I know what you're thinking now...

Well, that's all well and fine, coming from a real estate broker but you have your own agenda!

Yes, I do. And here it is:

video

Ok, ok; still have your doubts about buying a home in Ocean County, NJ? Have you ever heard of John Paulson? Perhaps, you may be interested in hearing what he had to say about the "Housing Market" last week?

“If you don’t own a home, buy one. If you own one home, buy another one. And if you own two homes, buy a third and lend your relatives the money to buy one.”

– John Paulson 9/27/2010

Monday, September 13, 2010

How's the Market this week in Toms River, NJ (Sept. 13th, 2010)?

How's the real estate market in Toms River, NJ, this week? As the saying goes, "All real estate is LOCAL" and despite the dismal headlines over the last few weeks, sales of Single Family Homes in Toms River continue to surpass our neighbors! It is still a phenomenal "Buyer's Market" with an abundance of inventory, low home prices and record low mortgage rates. This week; new listings DID NOT outpace the number of homes absorbed (sold)! We will need to keep our eyes on this to see if a trend develops...otherwise, the market will continue to favor the buyer and this "Extreme Buyer's Market" will be here a while.

Let's take a look at ALL of the Toms River zip codes which includes South Toms River, Holiday City Berkeley and Pine Lake Park (Note; Altos Research does not distinguish between Single Family Homes and Adult Communities):



Fortunately, the Condo Market in Toms River was stable this week, with less homes coming on the market(5) than those selling off(11). Tighter lending requirements and competition from the Single Family Home Market will continue to weaken the Condo Market, in Toms River, for the foreseeable future:



As far as prices in Toms River go, we are experiencing a decline in prices due to the "Post Tax Credit Affect"; without the artificial demand created by the Tax Credit, the Law of Supply and Demand has resumed it's natural course of action and the result is diminishing home prices. This "affect" was not unexpected and prices are expected to continue to diminish as we enter the last third of the year:

Medium Chart

So, "How's the Market in Toms River, NJ"? If you are in the market to buy a home, "it just doesn't get much better than this!" If you MUST sell your home, PRICE IT RIGHT now as prices WILL continue to fall. If you WANT to sell but don't HAVE TO sell, take your home OFF the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Toms River, NJ, this week!

How's the Market this week in Manchester, NJ (Sept. 13th, 2010)?

How's the real estate market in Manchester, NJ, for the week of September 13th, 2010? As the saying goes, "All real estate is LOCAL" and it is still a "Buyer's Market" with an abundance of inventory, lower home prices and record low mortgage rates. Let's take a look (Note; Altos Research does not differentiate between Single Family Homes and Adult Community Homes):



Unfortunately, the Condo Market in Manchester appears to be diminishing as 2 units sold in the last week and BUT 3 new units came on the market:



Home prices appear to be falling, across the board, in Manchester, over the last 90 days:

Landscape Chart

So, "How's the Market in Manchester, NJ"? If you are in the market to buy a home, IT JUST DOESN'T GET ANY BETTER THAN THIS! If you MUST sell your home, price it right now as prices are falling again. If you WANT to sell but don't HAVE TO sell, take your home off the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Manchester, NJ, this week!

How's the Market this week in Island Heights, NJ (Sept.13th, 2010)?

How's the real estate market in Island Heights, NJ? As the saying goes, "All real estate is LOCAL" and despite the dismal headlines over the last few weeks, sales of Single Family Homes in Island Heights appear to be stabilizing! It is still a "Buyer's Market" with an abundance of inventory (33 is an abundance in Island Heights), lower home prices and record low mortgage rates . Let's take a look:



Fortunately, the Condo Market in Island Heights is specific and stable; there is only one community. There are currently 3 units on the market with no new sales and no new listings:



As far as prices in Island Heights go, we are experiencing a steeper decline in the higher price points while the lower end (under $400,000) appears to be stabilizing:

Intermediate Chart

So, "How's the Market in Island Heights, NJ"? If you are in the market to buy a home, "it just doesn't get much better than this!" If you MUST sell your home, price it right now as prices will continue to fall. If you WANT to sell but don't HAVE TO sell, take your home off the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Island Heights, NJ, this week!

How's the Market in Brick, NJ, this week (Sept. 13th, 2010)?

How's the real estate market in Brick, NJ, for the week of September 13th, 2010? As the saying goes, "All real estate is LOCAL" and sales of Single Family Homes in Brick have slowed in the last 2 weeks. This may be the result of the late "Labor Day weekend/Back to School" affect? It is still a phenomenal "Buyer's Market" with an abundance of inventory, low home prices and record low mortgage rates and will continue to be as long as new listings outpace sales of existing inventory! Let's take a look:



Unfortunately, the Condo Market in Brick continues to suffer over the past 2 weeks, with more homes coming on the market than those selling off. Tighter lending requirements and competition from the Single Family Home Market will continue to "soften" the Condo Market in Brick for the foreseeable future:



As far as prices in Brick go, the overall median sales price of Single Family Homes continued it's decline due to the "Post Tax Credit Affect"; without the artificial demand created by the Tax Credit, the "Law of Supply and Demand" has resumed it's natural course of action and the result is diminishing home prices. This "affect" was expected and prices are expected to continue to diminish as we enter the last third of the year. Surprisingly, the median sales price of condos in Brick has remained stable over the last 90 days despite the increase in inventory and decrease in sales! Take a look:

Medium Chart

So, "How's the Market in Brick, NJ"? If you are in the market to buy a home, "it just doesn't get much better than this!" If you MUST sell your home, price it right now as prices will continue to fall. If you WANT to sell but don't HAVE TO sell, take your home off the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Brick, NJ, these past 2 weeks.


Monday, August 30, 2010

How's the Market in Toms River, NJ, this week (Aug 27th, 2010)?

How's the real estate market in Toms River, NJ, for the week of August 27th, 2010? As the saying goes, "All real estate is LOCAL" and despite the dismal headlines last week, sales of Single Family Homes in Toms River continue to surpass our neighbors! It is still a phenomenal "Buyer's Market" with an abundance of inventory, low home prices and record low mortgage rates. As long as new listings continue to outpace the number of homes absorbed (sold), the market will favor the buyer and it looks as if this "Extreme Buyer's Market" will be here a while. Let's take a look at ALL of the Toms River zip codes which includes South Toms River, Holiday City Berkeley and Pine Lake Park (Note; Altos Research does not distinguish between Single Family Homes and Adult Communities):



Fortunately, the Condo Market in Toms River was stable this week, with the same number of homes coming on the market as those selling off(2). Tighter lending requirements and competition from the Single Family Home Market will continue to weaken the Condo Market, in Toms River, for the foreseeable future:



As far as prices in Toms River go, we are experiencing a steep decline in prices due to the "Post Tax Credit Affect"; without the artificial demand created by the Tax Credit, the Law of Supply and Demand has resumed it's natural course of action and the result is diminishing home prices. This "affect" was not unexpected and prices are expected to continue to diminish as we enter the last third of the year:

Medium Chart

So, "How's the Market in Toms River, NJ"? If you are in the market to buy a home, "it just doesn't get much better than this!" If you MUST sell your home, PRICE IT RIGHT now as prices WILL continue to fall. If you WANT to sell but don't HAVE TO sell, take your home OFF the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Toms River, NJ, this week!

How's the Market in Manchester, NJ, this week (Aug 27th, 2010)?

How's the real estate market in Manchester, NJ, for the week of August 27th, 2010? As the saying goes, "All real estate is LOCAL" and despite the dismal headlines last week, sales of Single Family Homes in Manchester appear to be stabilizing in certain price ranges. It is still a "Buyer's Market" with an abundance of inventory, lower home prices and record low mortgage rates. Let's take a look (Note; Altos Research does not differentiate between Single Family Homes and Adult Community Homes):



Fortunately, the Condo Market in Manchester appears to be stabilizing as 5 units sold in the last week and only 1 new unit came on the market:



Home prices appear to be stabilizing, across the board, in Manchester, over the last 6 months:

Medium Chart

So, "How's the Market in Manchester, NJ"? If you are in the market to buy a home, don't wait too long as it appears home prices may be stabilizing! If you MUST sell your home, price it right now as prices may begin to fall again in the fall? If you WANT to sell but don't HAVE TO sell, take your home off the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Manchester, NJ, this week!

How's the Market in Island Heights, NJ, this week (Aug 27th, 2010)?

How's the real estate market in Island Heights, NJ, for the week of August 27th, 2010? As the saying goes, "All real estate is LOCAL" and despite the dismal headlines last week, sales of Single Family Homes in Island Heights appear to be stabilizing, in certain price ranges. It is still a "Buyer's Market" with an abundance of inventory (33 is an abundance in Island Heights), lower home prices and record low mortgage rates . Let's take a look:



Fortunately, the Condo Market in Island Heights is specific and stable; there is only one community. There are currently 3 units on the market with no new sales and no new listings:



As far as prices in Island Heights go, we are experiencing a steeper decline in the higher price points while the lower end (under $400,000) appears to be stabilizing:

Large Chart

So, "How's the Market in Island Heights, NJ"? If you are in the market to buy a home, "it just doesn't get much better than this!" If you MUST sell your home, price it right now as prices will continue to fall. If you WANT to sell but don't HAVE TO sell, take your home off the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Island Heights, NJ, this week!

How's the Market in Brick, NJ, this week (Aug 27, 2010)?

How's the real estate market in Brick, NJ, for the week of August 27th, 2010? As the saying goes, "All real estate is LOCAL" and despite the dismal headlines last week, sales of Single Family Homes in Brick appear to be stabilizing. It is still a phenomenal "Buyer's Market" with an abundance of inventory, low home prices and record low mortgage rates but sales outpaced new listings in Brick last week. Let's take a look:



Unfortunately, the Condo Market in Brick was not as fortunate this week, with more homes coming on the market than those selling off. Tighter lending requirements and competition from the Single Family Home Market will continue to "soften" the Condo Market in Brick for the foreseeable future:



As far as prices in Brick go, we are experiencing a steep decline in prices due to the "Post Tax Credit Affect"; without the artificial demand created by the Tax Credit, the Law of Supply and Demand has resumed it's natural course of action and the result is diminishing home prices. This "affect" was expected and prices are expected to continue to diminish as we enter the last third of the year:

Landscape Chart

So, "How's the Market in Brick, NJ"? If you are in the market to buy a home, "it just doesn't get much better than this!" If you MUST sell your home, price it right now as prices will continue to fall. If you WANT to sell but don't HAVE TO sell, take your home off the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Brick, NJ, this week.

Saturday, June 19, 2010

Video Tour of Island Heights, NJ, Summer 2010

We were shooting video of some of the highlights of living in Island Heights, NJ, for our client, Conza Estates, and thought perhaps others may be interested in viewing?

Some of the scenes include; the boardwalk, the pavilion, the post office, the Artist's Guild, the "Peto House", the ball fields and of course, the river and the bay!

Please let us know if we did a thorough job of capturing the essence of living in Island Heights, NJ? We may be professional REALTORS but we're still amateur videographers. Your feedback is welcomed and encouraged!

We hope you enjoy this video tour of Island Heights, NJ:

video

Monday, June 14, 2010

Living in Deer Hollow

Living in Deer Hollow

Just CLICK on the TITLE to WATCH the VIDEO of this amazing home!

Friday, June 4, 2010

Waterfront Cape on Green Island, in Toms River, NJ!




Green Island Waterfront Cape!
























Overview

Maps

Photos

Features

Description

Neighborhood

Market Stats








































































$438,500
Single Family Home
For Sale

Main Features

4 Bedrooms
1 Bathroom
1 Partial Bathroom
1 Unit


Location

50 Pilot Road
Toms River, NJ 08753



To get updates on open home dates and other property events, please click the "Like" button below:














Jim Flanagan


Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com





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Monday, May 17, 2010

YOUTUBE Turns 5! What Does That Mean For Real Estate In Ocean County, NJ?

"The times they are a changin..." or so the song goes.

YOUTUBE turns 5 years old this week! What does this mean for the real estate market in Ocean County, NJ? Let's take a look back at 2009 first:

  • 1 billion – The total number of videos YouTube serves in one day.
  • 12.2 billion – Videos viewed per month on YouTube in the US (November 2009).
  • 924 million – Videos viewed per month on Hulu in the US (November 2009).
  • 182 – The number of online videos the average Internet user watches in a month (USA).
  • 82% – Percentage of Internet users that view videos online (USA).
  • 39.4% – YouTube online video market share (USA).
  • 81.9% – Percentage of embedded videos on blogs that are YouTube videos.
With the amazing advances in mobile technology (iphone/ipad, Blackberry, Android, etc.), it's inconceivable that these numbers will do anything except GROW!

Who's watching ALL of these videos? Today's home-buyer and/or home-seller; that's who. Consider the success of Coldwell Banker's "On Location"; their dedicated YOUTUBE channel has surpassed over 1 million views in it's first year!

Ok, Ok, so what does this mean for real estate in Ocean County, NJ, in 2010? NAR reports that over 90% of all prospective home-buyers start their home search on the internet. So, if 82% of ALL internet users, in the USA, viewed videos online last year, you can bet your home that today's home-buyer and home-seller in Ocean County, NJ, knows YOUTUBE turns 5 this week!


video

Tuesday, April 20, 2010

Tic Toc; 10 Days and Counting in Ocean County, NJ!



Only 10 Days Remain for Home-Buyers to take advantage of the Tax Credit in Ocean County, NJ!
What does this mean for "First Time" Home-Buyers in Ocean County?
It means; if you are NOT "under contract" on your new home by April 3oth, 2010, you are NOT eligible for a Tax Credit of up to $8,000!

What does this mean for "Repeat Buyers" in Ocean County?
It means; if you are NOT "under contract" on your new home by April 30th, 2010, you are NOT eligible for a Tax Credit of up to $6,500!

What does this mean for Home-Sellers in Ocean County, NJ?
It means, on May 1st, 2010, your home will be worth LESS than it is today as the artificial demand created by the Tax Credit will dissappear!

Won't the Government "extend" the Tax Credit again?
NOT likely! All indications are the Tax Credit will be history come May 1st, 2010!
What could I still do to make the deadline?
Contact a professional real estate agent right away! There is still plenty of inventory available and as long as you are "under contract" by the April 30th deadline (and meet the other requirements to qualify), you are eligible to receive the Tax Credit, provided you "close" on your new home in Ocean County, NJ, by June 30th, 2010!
















Thursday, April 1, 2010

30 Days and Counting; Don't Be An April Fool!

April Fool's Day is the perfect opportunity to take a little liberty and express an opinion in a manner which may appear a little unorthodox on other days. So, here goes:

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Happy April Fool's Day!

And the rest of the day to you...

Wednesday, March 24, 2010

5 Reasons to buy that home in Toms River, NJ, NOW!


5 Reasons to buy that home in Toms River, NJ, NOW!

In his excellent post, 5 Good Reasons to Buy that Home NOW!, Steve Harney details exactly why this may be the best time to buy a home. We’ve taken Steve’s 5 reasons and specifically applied them to buying a home in Toms River, NJ.

1) The Homebuyers Tax Credit

As of this post, there are 37 days left for prospective homebuyers to take advantage of the Tax Credit (up to $8,000 for “First Time Buyers” and up to $6,500 for “Move Up Buyers”). More good news; current home prices in Toms River, NJ, literally ensure the maximum Tax Credit! Even more good news; homebuyers ONLY need to be “under contract” by April 30th, 2010 and “closed” by June 30th, 2010! To see if you may qualify, please visit http://www.realstorynj.com/Home-Buyer-Tax-Credit#FTB

2) Low Mortgage Interest Rates Currently Available

The Fed announced they would discontinue buying mortgage backed securities effective March 31st, 2010. What does that mean for prospective homebuyers in Toms River, NJ? It means the rare, historically low, mortgage rates will begin to climb out of the 5’s and some even speculate we may see 7% mortgage rates again! For current rates visit http://www.bloomberg.com/markets/rates/keyrates.html

3) Location, Location, Location or Inventory, Inventory, Inventory

It’s the “Law of Supply and Demand”! With over 17 months worth of available inventory on the market in Toms River, NJ, homebuyers literally have their “pick of the litter”. That means; if NO other homes were to come on the market in Toms River, it would take over 17 months to sell off the existing inventory of homes at the current sales pace. To see more Toms River, NJ, market statistics, visit http://www.trulia.com/real_estate/08753-Toms_River/market-trends/#average_listing_price_chart_container

4) Real Estate Has Always Been A Good Long Term Investment

Even though home prices in Toms River, NJ, may continue to fall slightly in 2010, the real estate market has historically outperformed the stock market, including over the past decade! We are seeing price levels near the 2004/2003 levels in Toms River, which means when the real estate market rebounds (which it always does and some say it is poised to do so now), homebuyers in Toms River, NJ, could expect to see a return on their investment.

5) The House Is A Home First and An Investment Second

A “Return to Basics” value has replaced the “Credit Card” mentality of home ownership as a result of the “Great Recession”. Homebuyers in Toms River, NJ, are looking for the necessities that a shelter provides and the comfort of a home rather than “get rich quick”, flipping mentality of HGTV’s mid-decade seasons. A home in Toms River represents a marriage, family, childhood and/or a lifetime memory!

What Does This Mean To You?
If you have been thinking about or considering, whether or not this truly is “a good time to buy” a home in Toms River, and you are looking to settle down and enjoy the comforts of home ownership, then perhaps it is time to act and buy a home in Toms River, NJ, now?

Friday, February 26, 2010

What the Tax Credit means for Home-Sellers in Ocean County, NJ!

I was taking advantage of the "snowicane" last night by catching up on the lives and adventures of my "friends" on FaceBook, when I read an article posted by Keeping Current Matters. Now, I am already a "fan" of The KCM Crew but this particular post, "Success Strategies for March", really got me thinking:
  • Do home-sellers understand the Tax Credit?
  • Are their real estate agents explaining the significance of this "window of opportunity" to them?
  • Do real estate agents realize it is their fiduciary responsibility to make their sellers aware of the significance of pricing their home right, right now?
  • Do home-sellers realize their home is WORTH MORE NOW than it will be on May 1, 2010?
So, I decided not to take any chances, threw my boots on and trudged through the "snowicane" to the office in order to make this short video and sleep well tonight!

video

And the rest of the day to you...

Wednesday, February 17, 2010

Snowmageddon and the Tax Credit

With just over 2 months left for prospective home-buyers to find their new home and enter into a contract, in order to take advantage of the $8,000 and $6,500 Tax Credits, the last thing we needed in Ocean County, NJ, was a ton of snow in February. Why?

Watch Jim Flanagan, Broker of Record, Coldwell Banker Flanagan Realty, as he shows us why:


video

Saturday, January 30, 2010

90 Days to Cash In On the Opportunity of a Lifetime in Ocean County, NJ

TODAY officially marks "90 days" for Home-buyers to be "in contract", in order to take advantage of the TAX CREDIT!

The recently "extended" and "expanded" Home-Buyer Tax Credit expires on April 30th, 2010, but allows until June 30th, 2010, for qualified home-buyers to actually close on their new home. That means qualified home-buyers ONLY have 90 days to take advantage of what Jim Gillespie, CEO of Coldwell Banker Real Estate Corporation, calls; Triple "I" P!
What does Triple "I" P stand for?
  • The first "I" stands for INVENTORY! Currently, there are 3798 single family homes "For Sale" in Ocean County, NJ. This represents a "saturation factor" of almost 21 months (how long it would take to sell of the existing supply of homes if no other homes were to come on the market)! Translation; there are plenty of homes to choose from!
  • The second "I" stands for Mortgage INTEREST Rates which remain at historically low levels! Some economists are already predicting rising mortgage rates as early as the second quarter of 2010. Translation; waiting may cost you MORE in the form of a monthly payment!
  • The third "I" stands for INCENTIVES! Aside from the standard tax deduction which comes with Home Ownership, Home-Buyers may be eligible for up to an $8,000 Tax Credit this year! Translation; if you buy a home before April 30th, 2010, you could get a check back from Uncle Sam of up to $8,000!
  • And last, but not least, the "P", which stands for PRICES! The average sales price of a single family home in Ocean County, NJ, was $342, 378 in 2009, as compared to $373,775 in 2008. Translation; home ownership has never been more affordable!

In a nutshell; the factors which comprise Triple "I" P will disappear in 90 days! Will you look back at this historic opportunity to buy a home in Ocean County, NJ, as the wisest decision you ever made, or the biggest mistake (not buying now)?



























Monday, January 25, 2010

Why Is NOW the Best Time to Buy a Home in Ocean County, NJ?

3 Reasons Why NOW Is the Best Time To Buy A Home In Ocean County, NJ:

1. The “Bottom” was 2008!

When we look at the chart below, we can see that sales in Ocean County “bottomed” out in 2008 and started to climb back up in 2009 (thanks in large part to the $8,000 Tax Credit)! With the “Extension” and “Expansion” of the Home-Buyer Tax Credit until April 30th, 2010, we should sales in Ocean County, NJ, continue to increase in 2010.



2. Home Prices Should Continue to Decline in 2010!

As we can see in this chart below, although sales in Ocean County rebounded in 2009, prices continued to drop! Many “experts” are forecasting an increase in the number of “distressed properties” (foreclosures and short sales) entering the real estate market in 2010. Combined with an existing inventory of homes in Ocean County averaging a sales pace of 13.15 months (How long it would take to sell of the existing inventory of homes if NO other homes were to come on the market), today’s home-buyer has a wide selection of homes to choose from a la the law of “Supply and Demand”.



3. Mortgage Interest Rates Are STILL Historically Low!

What’s the old saying? “What goes up must come down”. Well, the reverse is also true and the “era” of 5% mortgage interest rates may be coming to an end sooner than we think! Sooner or later, we will have to start paying off this entire “stimulus package” in the form of higher interest rates which translates to higher monthly payments. Notice the graph below which illustrates that we may NEVER see an opportunity to buy a home in Ocean County, NJ, like this again!

Saturday, January 16, 2010

Toms River, NJ's Monthly Real Estate Market Report for December 2009


Monthly Real Estate Market Report for Toms River, NJ – December 2009
December by the numbers:

• 56 The number of Single Family Homes CLOSED during the month

• $387,928 Average LIST price for December*

• $354,078 Average SALES price for the month*

• 109 Average DAYS ON the MARKET for December

• 91.27% The SALES price to LIST price RATIO for the month

• 686 Number of Single Family Homes ACTIVE on the market in December

• 12.25 Number of MONTHS it would take to SELL OFF the existing supply of homes on the market, in Toms River, at this rate, if NONE were to come on the market!

December 2009 saw 56 Single Family Homes CLOSE in Toms River, as compared with 63 in December of 2008. THIS MARKS THE FIRST MONTH, IN THE LAST 6, WHERE SALES HAVE NOT SURPASSED THE SAME MONTH OF THE PREVIOUS YEAR! Of those 56 homes, 20 were in the price range of $200,000 to $299,999 (36%). Clearly, the $8,000 Tax Credit for First Time Homebuyers resulted in the gains in this particular price range during 2009!

*These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc. This may result in "higher than actual" averages for Toms River, NJ's Monthly Real Estate Market Report.

Friday, January 8, 2010

Sometimes, even GREAT homes don't sell!

Ok, so you had your home on the market, with a real estate brokerage, and it didn't sell. Why not?

Rick Deluca, National Real Estate Speaker, suggests there are 5 reasons even GREAT homes don't sell. Watch Jim Flanagan, Broker of Record for Coldwell Banker Flanagan Realty, as he explains these 5 reasons:

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Friday, January 1, 2010

Top 3 New Year's Resolutions!

Each and every "new" year, we make "resolutions". Whether we stick to them, or not, is another story. Here are the Top 3 New Year resolutions, according to Squidoo.com, and how real estate may help us keep these resolutions, this year!

video

Now, a few things to keep in mind:

I did not receive any compensation from, nor do I have any relationship with, Squidoo, Marlboro, Kraft and/or Ramen.

I meant to say; "If you bought your home AFTER 2003"!

Resolution Number 4; Don't take things so seriously...

Happy New Year!