Ocean County's Real Estate Market Watch

Ocean County Market Report; The First Half of 2011

2011-07-11T08:29:00.000-07:00

How was the real estate market in Ocean County, NJ, in the first half of 2011? Well, that depends; were you looking to sell, looking to buy or “just looking”? Before we answer these questions, let’s LOOK at the numbers. The chart below shows everything (Single Family Homes, Condos, Adult Communities, etc.) that CLOSED/SOLD, in Ocean County, during the first six months of 2011:

Ocean County First Half of 2011

CLICK HERE TO READ MORE!

How Many Adult Communities Are There In Ocean County?

2011-07-06T07:00:00.000-07:00

Rumor has it that Ocean County, NJ, is second only to Florida when it comes to “Adult Communities” and “Retirement Homes”. But, exactly how many Adult Communities and Retirement Homes are we talking about? According to the Ocean County Department of Planning, as of January 2010, there were 90 “Adult Communities” with a combined total of 65, 049 units in Ocean County, NJ.

Which Townships are Home to the Most Adult Communities in Ocean County?

Welcome to the Renaissance!

According to the Ocean County Department of Senior Services, Manchester Township leads the pack with 15 Adult Communities, followed by Brick Township with 12 and a three way tie for third with 9 Adult Communities each (Berkeley Township/Jackson Township/Toms River Township). For the complete list of Adult Communities in Ocean County, download the one page PDF here!

Which Adult Communities in Ocean County Have the Most Units?

CLICK HERE TO SEE!

Ocean County's Housing Market in the Second Half of 2011

2011-07-01T03:49:00.000-07:00

Posted on June 8, 2011 by Jim Flanagan

Six months ago, I recorded my predictions for the Ocean County Housing Market in 2011. To date, that video has been our most viewed video on our YouTube Channel. Just the other day, we received the following comment on said video:

The brief recovery in…2009…has now been entirely snuffed out, and the average American home now costs 33% less than it did in 2007. The fall in house prices in the Depression was 31%, and prices took 19 years to recover. Prices are back to their 2002 levels…”The national index fell 4.2% over the first quarter alone, and is down 5.1% compared to its year-ago level,” David Blitzer, the chairman of the Index Committee at S&P Indices, said.

—The Independent 1 June 2011 MrBloograss 2 days ago
CLICK HERE TO SEE MY RESPONSE!

The Impact of Distressed Properties on Homes in Ocean County

2011-06-17T08:38:00.000-07:00

Posted on May 7, 2011 by Jim Flanagan

Distressed Inventory

Our friends at Keeping Current Matters just wrote an excellent piece on The Impact of Distressed Properties on Neighboring Values. We, here at Coldwell Banker Flanagan Realty, have been warning our Ocean County residents about the “Shadow Inventory” since the beginning of the year. The BIG QUESTION has always been, just when will all of these distressed properties come to market? According to The KCM Crew, we should expect to see larger numbers of distressed homes coming on the market over the next 6 months in Ocean County, NJ.

How will this “Distressed Inventory” affect home values in Ocean County, NJ?

CLICK HERE TO READ MORE!

Ocean County's Adult Community of the Week: The Renaissance!

2011-06-09T12:20:00.000-07:00

Posted on May 3, 2011 by Jim Flanagan

Welcome to the Renaissance!

Last month we reported about the Ocean County Adult Community Real Estate Market for the First Quarter of 2011. This month we decided to take a “snapshot” of a specific Adult Community each week and we are beginning with the Renaissance in Manchester.

For a comprehensive look at most of the Retirement Villages in Northern Ocean County, NJ, check out this “White Paper”.

The Renaissance is Manchester’s Premier Adult Community.

Manchester is home to a number of Adult Communities and Retirement Villages, including those located in the Whiting section of the township. What makes the Renaissance stand out from the crowd?

In 2010, 49 homes sold at an average sales price of $284,000 in the Renaissance. The average sales price for all of the Adult Communities in Manchester for 2010 was $95,000.

FIND MORE INFO ON THE RENAISSANCE HERE!

Existing Home Sales in March (Ocean County)

2011-05-01T06:28:00.000-07:00

: Let’s Look Locally!

According to the National Association of Realtors (NAR): Existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.

How Did Ocean County’s Existing Home Sales Compare to the Nation’s?

CLICK HERE TO SEE!

It Is Time to Buy Again, Ocean County!

2011-04-25T17:45:00.000-07:00

Graphs property of FORTUNE!

Shawn Tully, editor-at-large for FORTUNE Magazine offered this optimistic and powerful argument why now is an excellent time to invest in real estate. Tully opens his argument by introducing us to Mike Castleman, the founder and CEO of a company called Metrostudy. What Metrostudy does, and does well, is collect the number of homes that are vacant and for sale in each city, and the number of months it takes to sell all of them.

Today Castleman is witnessing an extraordinary reversal of the new-home glut that helped sink prices just a few years ago. In the 41 cities Metrostudy covers, a total of 78,000 houses are now either vacant and for sale, or under construction. That’s less than one-fourth of the 343,000 units in those two categories at the peak of the frenzy in mid-2006, and well below the level of a decade ago. “If we had anything like normal levels of buying, those houses would sell in 2½ months,” says Castleman. “We’d see an incredible shortage. And that’s where we’re heading.”

READ MORE!

Ocean County's Waterfront Home Market; 1st Quarter 2011

2011-04-17T12:36:00.000-07:00

Sinking Fast or Still Afloat?

How is Ocean County’s Waterfront Home Market Performing; 1st Quarter 2011 vs. 1st Quarter 2010?

Would it surprise you if we told you that Ocean County’s Waterfront Home Market is 39 sales ahead of the same time last year (Jan. 1st through March 31st)? What if we told you that even as sales of Waterfront Homes increased this year, the Months Supply of Waterfront Homes has remained steady at just over 21 months? Now, what if we SHOWED you that the Average Sales Price of Waterfront Homes in Ocean County fell from $659,495 in March of last year to $422,419 in March of 2011?

TO LEARN THE ANSWERS

CLICK HERE!

How Important is Video to Home-Sellers in Ocean County?

2011-04-14T14:26:00.000-07:00

According to PostLing.com, 73% of homeowners say they are more likely to list with a Realtor offering to do video…

73% vs. 12%

…Yet only 12% of the real estate industry currently have YouTube accounts?

So, what does this have to do with Selling Your Home in Ocean County, NJ?

CLICK HERE TO FIND OUT!

Toms River Real Estate Report-1st Quarter 2011

2011-04-10T16:13:00.000-07:00

by Jim Flanagan on April 6, 2011

in Uncategorized

Single Family Homes in Toms River (First Quarter 2011):

Toms River Real Estate-1st Quarter 2011

This chart displays the sales and inventory of Single Family Homes in Toms River, NJ. The high-lighted area focuses on the first quarter of 2011. As we can see, sales dropped in February before spiking in March but the supply of homes for sale spiked in February and dropped in March (despite the current inventory increasing by over 120 homes)! Both of these factors could be attributed to March traditionally marking the beginning of the “Spring Selling Season”, when we historically see more homes come on the market in anticipation of more buyers entering the market, and January being the “snowiest” month in New Jersey in over 60 years.

Single Family Homes in Toms River (First Quarter 2010):

Toms River Real Estate-First Quarter 2010

Notice the significant differences in the high-lighted areas between February and March of 2010; sales shot up while inventory dropped! This is because we were entering the last 2 months of the “Extended Home-Buyer Tax Credit” here in Toms River. So, with the Federal Government offering up to $8,000 to home-buyers at this time last year, Toms River is only 12 sales behind, year-over-year. Why?

Sold/Closed Profile of Single Family Homes in Toms River (Year-Over-Year):

Sold Profile of Single Family Homes in Toms River (Y-O-Y)

This chart illustrates the four distinct “types” of home-buyers that were active in Toms River during the First Quarter:

The “Investor” clearly; when was the last time we heard of a sale in Toms River UNDER $100,000?
The “First Time Home-Buyer”; and they are competing with the “investor” for homes UNDER $200,000.
The “Move Up Buyer”; who is taking advantage of the price of larger homes that have fallen UNDER $500,000.
The “High End Buyer”; who understands money and is purchasing a home (that cost near a million dollars just a few short years ago) for UNDER $800,000 today.

In a nutshell; without the artificial demand created by the “Extended Home-Buyer Tax Credit”, home prices have depreciated to levels that have made them attractive to investor buyers (short sales/foreclosures), first time home-buyers, move up buyers and high end buyers alike. Combined with slowly but steadily climbing mortgage interest rates, home-buyers may be jumping off that proverbial fence in Toms River, NJ.

Retirement Homes in Ocean County-First Quarter 2011

2011-04-09T09:22:00.000-07:00

Posted on April 6, 2011 by Jim Flanagan

Ocean County’s Adult Community Real Estate Market Report for the First Quarter of 2011:

Adult Communities in Ocean County-1st Quarter

This chart displays the sales and inventory of Homes in all of the Adult Communities in Ocean County, NJ. The high-lighted area focuses on the first quarter of 2011. As we can see, sales dipped in February but rebounded strongly in March. Both of these factors could be attributed to a “snowier” than usual January in 2011. The most significant factor to observe is the “Months Inventory”, which SOLD OFF 3 months worth of supply of homes in one single month (March)!

Year-Over-Year Comparison with the First Quarter of 2010:

Ocean County's Adult Communities-1st Quarter of 2010

Notice the major differences, between this year and last, are the number of sales in January of this year (137 over 115) and the HUGE DIP in the “Months Inventory” in March of last year. The latter is because we were entering the last 2 months of the “Extended Home-Buyer Tax Credit” here in Ocean County. So, even with the Federal Government offering between $6,500 and $8,000 to home-buyers of Adult Communities at this time last year, Ocean County is 29 sales ahead of last year! Why?

Sold/Closed Profile of Adult Communities in Ocean County (Y-O-Y):

Profile of Sold/Closed Homes in Adult Communities

As we can easily see, there was a SURGE in sales UNDER $100,000 in the Adult Communities of Ocean County in the first quarter of 2011! There were also significant increases in sales between $350,000 and $450,000.

In a nutshell; without the artificial demand created by the “Extended Home-Buyer Tax Credit”, home prices in the Adult Communities have depreciated to levels that have made them attractive to two “distinct” classes of retirees. Remember, beginning January 1, 2011; 10,000 “Baby Boomers” turn 65 each and every day, and will do so for the next 19 years! Obviously, they are finding what they want, need and can AFFORD in the Adult Communities of Ocean County, NJ.

Ocean County, NJ-Real Estate Market Report-First Quarter 2011

2011-04-06T14:48:00.000-07:00

Ocean County real estate market in the first quarter of 2011:

First Quarter of 2011 in Ocean County

This chart displays the sales and inventory of Single Family Homes in Ocean County, NJ. The high-lighted area focuses on the first quarter of 2011. As we can see, sales have steadily increased month-over-month but the supply of homes for sale has remained relatively stable at just over 19 months. Both of these factors could be attributed to March traditionally marking the beginning of the “Spring Selling Season”; when we historically see more homes come on the market in anticipation of more buyers entering the market.

The Ocean County real estate market in the first quarter of 2010:

The First Quarter of 2010 in Ocean County

Notice the significant differences in the high-lighted area between February and March of 2010; sales shot up while inventory dropped! This is because we were entering the last 2 months of the “Extended Home-Buyer Tax Credit” here in Ocean County. So, with the Federal Government offering up to $8,000 to home-buyers at this time last year, Ocean County is only 24 sales behind, year-over-year. Why?

Sold/Closed Profile of Homes in Ocean County (Year over Year):

Sold/Closed (Year over Year) Ocean County

As we can plainly see, the most active price ranges (between $100,000 and $500,000), saw the most significant changes in the $100,000 to $149,999 and $150,000 to $199,999 price ranges; +54% and +23% respectively.

In a nutshell; without the artificial demand created by the “Extended Home-Buyer Tax Credit”, home prices have depreciated to levels that have made them attractive to investor buyers (short sales/foreclosures) and first time home-buyers alike. Combined with slowly but steadily climbing mortgage interest rates, home-buyers may be jumping off that proverbial fence in Ocean County, NJ.

Sally Got Fired?

2011-04-01T14:40:00.000-07:00

Posted on March 28, 2011 by Jim Flanagan

Purchased from istockphoto.com

Last week, one of my freshman sales associates, Sally (not her real name), came into my office and confessed that she had been fired by her “buyers” the night before. What exactly did Sally do that prompted her “clients” to fire her? Her job!

Her former clients, whom I had the pleasure of meeting and consulting with myself the previous weekend, were a young couple looking for their “First Home” in Toms River. Sally had found them a NEW 3 bedroom, 2 bath Ranch listed for $208,900. It wasn’t in the greatest of locations but it was a BRAND NEW home for just over $200K. The young couple liked it so much, they asked his father to come take a look at it…and he did!

Herein lies the problem! As I wrote in a previous post, “No Secrets Here…”;

So, here we are again in Ocean County, 12 years later. The local housing market is poised for a recovery; home prices and mortgage interest rates are at historic lows and their is an abundance of homes to choose from (limited by price range of course). Let’s learn from history and not repeat it; your friends and family may mean well but they just may cost you the home of your dreams. Trust and listen to your real estate professional. Unless, you want to live with mom and dad for the next 12 years!

The father KNEW EVERYTHING about real estate and construction (it only costs $75 a finished square foot) and advised these “kids” to offer $135,000 with a mortgage or $125,000 cash. Now, I happened to be in the office when Sally returned with her “kids” to write up the offer and she did advise me as to the father’s instructions. My initial response to my sales associate was, “is the father with them now”? Unfortunately, he was not so I went with Sally to counsel our clients about their offer.

This is what is known as a NO WIN scenario. How do you counsel a young couple that their father is going to cost them the house they like? I did it as delicately as I could, with Sally observing, and we let them know we would submit their written offer but beware of the consequences (losing the house, not even getting a counter-offer, alienating the seller, etc.). Despite our cautious counseling, the “kids” stayed the course with the father’s directions and…Sally was able to get a counter-offer of $202,000 from the Seller…that’s when they fired her!

They said, and I quote, “that they didn’t like it that we were discouraging them from short sales and foreclosures and they agreed with their father that there are houses to be bought in that price range“. There are…but NOT in Toms River and NOT in that CONDITION and NOT in that (their) time frame! So, we were fired for being honest.

I told Sally to send them a “Thank You” card, for sparing her from the long, painful, frustrating “hell” that their business relationship would have become. She was now FREE to work with buyers that understand the opportunity that exists and WANT a home of their own!

Is There HOPE for Unemployed Homeowners in Ocean County, NJ?

2011-03-22T14:54:00.000-07:00

Posted on March 21, 2011 by Jim Flanagan

Hope for NJ's Unemployed Home-Owners?

I was reading Ask Tara @Trulia, again, when I discovered this potential gem in her post, 5 Mortgage & Foreclosure Myths:

5. Myth: If you’ve lost your job and can’t make your mortgage payment, you might as well mail your keys in. Until recently, this was essentially true – virtually every loan modification and refinancing opportunity required that your economic hardship be over before you could qualify. And documenting income has always been high on the requirements checklist. But there are some new funds available in the states with the hardest hit housing and job markets, which have been designated specifically for out-of-work homeowners.

According to Tara, New Foreclosure-Prevention Programs will be made available to Home-Owners in 18 states and the District of Columbia…yes, New Jersey made the list!

The US Treasury Department’s Hardest Hit Fund has allocated $7.6 billion to 18 states so far– all of which are now using some portion of these funds to offer up to $3,000 per month for up to 36 months in mortgage payment assistance to help unemployed homeowners avoid foreclosure.

According to the official “Fund Site” for the State of New Jersey, The New Jersey Home Keeper Program, is “anticipated to START in the near future”? We will keep you posted as to when the “Fund” becomes available to unemployed home-owners in Ocean County, so be sure to check back here OFTEN!

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Move UP in a DOWN Market in Ocean COUNTY...SOON!

2011-03-20T10:26:00.000-07:00

Posted on March 18, 2011 by Jim Flanagan

In our last post, There May Be a Window of Opportunity OPEN for “Move Up” Home-Buyers in Ocean County, we wrote about the economic and financial conditions that may make the next 90 days the “perfect” time to MOVE UP to your next home in Ocean County, NJ. We are so confident about this “opportunity” for our local residents, that we decided to make a video to better illustrate the benefits of “Moving Up” soon:

If you agree with us and believe that this just may be the opportunity you have been waiting for, please do not lose any more time. Fill out the “Contact Form” at the bottom of this post and we will begin the process of helping you “Moving Up” in the down market here in Ocean County!

WE'RE READY TO MOVE UP NOW!

Contact Information

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Window of Opportunity OPEN for "Move Up" Home-Buyers in Ocean County, NJ

2011-03-15T03:18:00.000-07:00

Posted on March 14, 2011 by Jim Flanagan

Purchased from istockphoto.com

Both the national and local real estate news is “abuzz” with activity concerning mortgages lately. If you read our last post, you are aware that applications for home mortgages jumped to their highest level in three months last week. But, there was also a lot of “buzz” that many of us, in Ocean County, outside of the mortgage and real estate industries, may not be aware of…

A proposal to phase out the government subsidized entities of Fannie Mae and Freddie Mac has been drafted and is already affecting borrowers even though it hasn’t been finalized. Fannie Mae and Freddie Mac were created by the government, after the second World War, as a means to increase home-ownership in the United States by requiring lower down payments to make home-ownership more affordable for more Americans.

By phasing out these government entities, the administration has all but guaranteed higher down payments and higher mortgage interest rates in the not too far future. As a matter of fact, effective April 18th of this year (one month from now), the FHA will be increasing their Mortgage Insurance Premium .25 of a percentage point on all registered FHA loans. As an example, a borrower putting down the minimum 3.5% on a $150,000, will see increase in their payment of $32/month.

Ok, so I can see the the window of opportunity for First Time Home-Buyers. Where’s the window for “Move Up” Home-Buyers in Ocean County?

Here it is:

With the rush of First Time Home-Buyers entering the Ocean County real estate market, anyone currently living in a 3 bedroom ranch style home that may be too small for their “growing family” could benefit by “buying UP in a DOWN market”! It is simply the “Law of Supply and Demand”.

There are NOT enough “good” homes on the market for First Time Home-Buyers in Ocean County right now. But, there are PLENTY of “Move Up” homes available! So, a family living in that 3 bedroom Ranch could get a “good” price for their home (provided they purchased it before 2003) and buy that 4 bedroom, 2.5 bath Colonial for a “great” price, with a 30 year fixed rate mortgage, at a historically low rate! Here’s an example of how a “Move Up” Home-Buyer could benefit from this window of opportunity in Ocean County:

CLICK on pictures to ENLARGE!

Loss

Gain!

Slides courtesy of KeepingCurrentMatters.com

So, the “window” is “open”, Ocean County…who is going to “Move Up” soon?

Mortgage Applications Up 15% & Mortgage Rate Forecast

2011-03-12T12:55:00.000-08:00

Posted on March 11, 2011 by Jim Flanagan

Courtesy of Matthew Guiro, (MBS) [Matthew.Guiro@mortgagefamily.com] Mar 9, 2011 (www.nytimes.com)

Applications for home mortgages jumped to the highest level in three months last week, buoyed by improvements in the job market, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 15.5 percent in the week ended March 4.

It was the highest level since the week ended December 10 and was the biggest increase since June 11.

“An improving job market is beginning to pave the way for an improving housing market,” Michael Fratantoni, MBA’s vice president of research and economics, said in a statement.

We wonder; does this increase also reflect the FHA’s announcement that Mortgage Insurance Premiums will increase .25 of a percentage point effective April 18, 2011?

Courtesy of Bankrate.com

RATEFORECAST

Mar 10, 2011 (Bankrate.com)

Will rates rise or remain relatively unchanged this week?

Industry experts and analysts provide their insights.

0% of respondents expect rates to fall in the coming weeks

53% predict a further increase in mortgage rates while the remaining

47% forecast that mortgage rates will remain more or less unchanged

So, the question you have to ask yourself is; “Do I feel lucky?” or “Do I understand my window of opportunity may be closing?” Well, DO YOU?

Does the current administration want us to own or rent our homes?

2011-03-08T04:30:00.000-08:00

Posted on March 7, 2011 by Jim Flanagan

And while we believe that all Americans should have access to affordable, quality housing, our goal is not for every American to become a homeowner.

Those are the exact words of Treasury Secretary, Timothy Geithner, in his prepared testimony before the House Committee on Financial Services!

Photo purchased from istockphoto.com

What does this mean?

In short, it means the current administration is shifting its “Housing Focus” from one of “Pro-Homeownership” to one of “Pro-Renter”. Mr. Geithner, and his peers, want to privatize the mortgage market, through the elimination of Fannie Mae and Freddie Mac, and subsidize the rental market through the FHA.

The Administration will explore ways to provide greater support for rental housing. One option would be to do so by expanding FHA’s capacity to support lending to the multifamily market.

What does that mean?

That means, if the current administration has its way, it will become almost impossible for people with low incomes, and more difficult for people with moderate incomes, to own homes. On the flip side; those wealthy enough to afford the new, privatized mortgages will benefit immensely by their new ability to purchase “multi-family” housing (subsidized by the FHA) and collect rent from those less fortunate. Now that’s the true definition of Redistributing Wealth!

Is there still hope of one day realizing the American Dream?

Of course there is. These things have not happened yet and they may not happen at all. But, to be on the safe side; if you are ready, willing and able…DON’T HESITATE! For the rest of us; we, as Americans, must decide which America we want. For a more thorough and informative post on this subject, please read Redistributing Wealth to the Rich?

What are your thoughts, beliefs and/or opinions?

How is the market in Ocean County?

2011-03-06T12:01:00.000-08:00

Posted on March 5, 2011 by Jim Flanagan

We are just over 2 months into 2011 and about to enter the traditional “Spring Real Estate Market” here in Ocean County, NJ. So, how is the market in Ocean County looking so far?

Looking back at January and February of this year, Ocean County saw 199 and 194 Single Family Homes sell (respectively). The median sales price averaged $260,000 for both months and the sales to list price ratio averaged 93%. We currently have over 21 months of inventory available in Ocean County, which means; at the current pace of sales, if no other homes were to come on the market, it would take over 21 months to sell off the existing supply of homes for sale!

Slide courtesy of Keeping Current Matters!

As we can see, based on the chart above, we are experiencing an Extreme Buyer’s Market here in Ocean County. Home prices will continue to fall as inventory levels continue to increase (not including the Shadow Inventory wild card). Last year, at this time, the HomeBuyer Tax Credit was driving demand. What factors may affect this year’s “Spring Market” in Ocean County?

Well, according to some industry experts, 2011 could be the end of the housing crash! What are the economic factors in play signaling this possibility? Let’s take a look:

Mortgage Interest Rates remain at Historic Lows
Housing “Affordability” is the best it has been in decades
Unemployment reached its lowest level in 2 years
Consumer Confidence is growing
The Stock Market is re-bounding
Inflation is looming

Any, and or all, of these factors may be behind the recent “spurt” of buyer activity we are currently experiencing here in Ocean County…not to mention the snow finally melted!

In a nutshell; if you are in the market to buy a home in Ocean County, BUY NOW! If you are in the market to sell a home in Ocean County this spring, DO IT NOW! If you don’t WANT to buy and don’t NEED to sell, please stay off of and out of the market in Ocean County! Thank you.

Could 2011 be the End of the Housing Crash in Ocean County,NJ?

2011-03-01T13:49:00.001-08:00

Posted on February 28, 2011 by Jim Flanagan

A good friend of mine just called to tell me about an article he saw on YAHOO, concerning the real estate market, Why 2011 May Be the End of the Housing Crash. I don’t know which interested me more; the fact that the Wall Street Journal published something positive about real estate or the amazing amount of “comments” attempting to discredit the author, the Wall Street Journal and everyone and anyone who ever had anything to do with real estate?

Now, I don’t know anything about them (the commenters) but I do know that the sources used by Simon Constable are not exactly known for agreeing with the terminally optimistic perspective of the National Association of REALTORS. I’m specifically talking about the S&P/Case-Shiller Home Price Index and the analysts from Moody’s Analytics; both of which have historically opposed the “sunny” outlook of NAR’s Chief Economist, Lawrence Yun.

Housing is the most affordable it has been in decades, according to analysts at Moody’s Analytics. They don’t just look at house prices. They also look at incomes.

So, why then, is it so difficult to believe the “end” of the housing crash may be near? Perhaps it is because many of these “commenters” suffered some sort of financial setback as a result of the “Housing Bubble” or just because of the economy in general? Or is it just too easy for anyone with a computer and too much time on their hands to “comment” on anything and everything?

So as not to be lumped in with the latter, I’ll let the local real estate market speak for itself:

The “activity” we are currently experiencing in Ocean County, NJ, would tend to agree with Mr. Constable, the Wall Street Journal and Moody’s Analytics. But, I would be interested in the “comments” of our local community here in Ocean County…so, if you have a computer and a little time on your hands, be my guest!

Any First-Time Homebuyers in Ocean County, NJ, interested in a $10,000 Grant?

2011-02-27T13:42:00.000-08:00

Posted on February 25, 2011 by Jim Flanagan

What if we told you the County of Ocean has a program to assist First-Time Homebuyers with down payments and closing costs? What if we told you that “eligible” First-Time Homebuyers could receive a “grant” from Ocean County toward those down payments and closing costs in the amount of $10,000? What if we told you that as long as you live in (and own) the home you purchase, with the assistance of the “County Grant”, for a minimum of six years, you won’t have to pay it back? Would you buy a home in Ocean County, NJ?

The County of Ocean Consortium receives HOME Investment Partnership Program block grant funding annually from the U.S. Department of Housing and Urban Development to create affordable housing for low and moderate income households. Ocean County has allocated funding from the HOME Program to initiate the First-time Homebuyer Program for income eligible households.

To discover if you may be an “eligible” First-Time Homebuyer, visit their website here!

Here’s a quick checklist to see if you may be eligible:

Must be an Ocean County resident
? Must have three percent (3%) down payment funds (at least 1-1/2% MUST be from your own funds and evidence by over 3 months steady savings account; NO gifts allowed to meet the 1-1/2% down payment requirement; recent lump sums of deposit will also be verified).
Meet income limit requirements (see below).
Meet credit guidelines – a credit score of 620 or above is required to qualify for acceptance into the program (mortgage ready)**
Income to support mortgage payments.
Steady employment history.
Have an established pattern of savings.
Must be a U.S. citizen or a qualified alien.
Attend OCEAN, Inc.’s free eight-hour HUD certified homeownership education program.

This outstanding program is administered by the Ocean County Department of Planning and funded with the cooperation of the following Financial Lenders:

So, if you think you might qualify as a First-Time Homebuyer in Ocean County, NJ, and would like to see if you would be “eligible” for the $10,000 grant, visit this website, or just send us an e-mail with the subject line; Ocean County Grant! We’ll help you discover whether you qualify and we’ll help you buy your first home in Ocean County, NJ!

Picture purchased from istockphoto.com

NO secrets, for First Time Home-Buyers, in Ocean County, NJ!

2011-02-23T13:58:00.000-08:00

Posted on February 23, 2011 by Jim Flanagan

NO Secrets!

I just finished reading this post from Trulia, Surprising Insider Secrets for the 5 Stages of Buying Your First Home. The author, Tara-Nicholle Nelson, is a real estate broker in San Francisco, CA. She makes some excellent points, but ONE jumped out at me more than the others; your family and your friends can cause you to lose your dream home! This is NO secret to real estate professionals here in Ocean County, NJ, but to our potential first time home-buyers; you may need to get your “believers” fixed.

Stage Four: Negotiations
Insider Secret: Your family and friends can cause you to lose your dream home.
Why: With so much information on the web and the news every day about the recession and the buyer’s market, everyone seems to be an armchair economist/real estate savant. But much of that news is national and based on medians, averages and trends. That is, it might not necessarily apply to every home on the market in every city, and more importantly, it might have nothing to do with “your” particular home.

I remember, way back in 1999, when I was sophomore sales associate, helping a young lady find her first home. We found it; a cute 2 bedroom home in the Money Island section of Toms River, NJ, listed at $99,000. This home needed absolutely no work and was perfect for my young, first time home-buyer. We wrote up the offer and agreed on a “negotiation strategy”; we offered $90,000 and agreed on eventually meeting the Seller in the middle at $95,000. I presented the contract, in person, and obtained the “expected” counter-offer of $97,500. Long story short; my buyer decided to “dig in” at $92,500, after discussing it with her mother’s boyfriend…we lost the house over $2,500. Today, even after the “housing market collapse”, that home is worth over $150,000!

So, here we are again in Ocean County, 12 years later. The local housing market is poised for a recovery; home prices and mortgage interest rates are at historic lows and their is an abundance of homes to choose from (limited by price range of course). Let’s learn from history and not repeat it; your friends and family may mean well but they just may cost you the home of your dreams. Trust and listen to your real estate professional. Unless, you want to live with mom and dad for the next 12 years!

Photo purchased from istockphoto.com

Is SANITY beginning to creep back into the banking industry?

2011-02-17T13:56:00.000-08:00

Posted on February 17, 2011 by Jim Flanagan

An old high school friend sent me this article from the Wall Street Journal and asked:

Jim,
Is SANITY beginning to creep back into the banking industry?? Check out China’s typical mortgage requirements, and see how well they handled the global meltdown–coincidence? I think not. Not gonna make your job any easier, but I think it’s a necessary step. Your thoughts?
Mike

Well, here are my thoughts:

“Gradually” increasing the minimum down payment on conventional loans is a non-issue; conventional borrowers are savvy enough to understand and appreciate the potential benefits; specifically, avoiding or eventually eliminating paying mortgage insurance.
The FHA has already announced they will be increasing the “monthly” mortgage insurance premium by .25 of a percentage point beginning April 18, 2011. As over half of all home purchases last year involved FHA loans, I don’t see that number changing as the increase equates to an average of an additional $3o a month (less than a tank of gas).
Obviously, we want to learn from history and NOT repeat it. By gradually increasing down payments and marginally increasing mortgage insurance premiums on non-conventional loans (FHA/VA), risk will be reduced and short sales and foreclosures may be prevented.
As far as attempting to compare and contrast the situation with China, I am not familiar enough with their financial and housing dynamics to speculate at this time.

Our job, as real estate professionals, will never be easy (despite the opinion of those without licenses) because buying & selling a home is as “emotional” a decision as it is “financial”. And, as longs as 70% of Americans still view home-ownership as being part of their American Dream, their WILL is sure to find a WAY!

Home is where the Heart is; Happy Valentine's Day Ocean County!

2011-02-14T15:07:00.000-08:00

Home is where the Heart is...

As the population of Ocean County, NJ, observes Valentine’s Day, in their own personal way today, we thought we would take the time to recognize the “Love Affair” our nation still has with the Dream of Home-Ownership!

The basis of our post today is a recent survey conducted by Trulia, which shows that 70 PERCENT OF AMERICANS VIEW HOMEOWNERSHIP AS PART OF PERSONAL AMERICAN DREAM!

This report was brought to our attention by our friends at Keeping Current Matters, in their wonderful post, “Own Thy Own Home”! Basically, the survey revealed the following:

70% of Americans still view home-ownership as being part of their American Dream.
78% say their homes are the best investment they ever made.
88% of 18-34 year old renters aspire to be homeowners.

Trulia’s Survey revealed much more interesting data and we hope you take the time to read it in it’s entirety but perhaps the most revealing statement was the sub-title of the survey itself; Despite Nightmarish Housing Market, 78 Percent of Homeowners Describe Home as the Best Investment They Ever Made!

What does this mean for Ocean County, NJ?

We are a “snap-shot” of Americana. Coldwell Banker Flanagan Realty believes the dream of home-ownership is alive and well and beating in the hearts of the next generation of Home-Owners! All the factors that make NOW quite possibly the “best time to buy a home in the history of real estate”, are in place. Will you make your dream a reality?

Happy Valentine’s Day, Ocean County!

Will the Groundhog see it's "Shadow Inventory" in Ocean County?

2011-02-02T04:22:00.000-08:00

Will Home-Sellers in Ocean County, NJ, SEE the benefits of an early Spring by listing and pricing their homes to sell? Or will they SEE their "Shadow Inventory" come to market and suffer 6 more MONTHS of Wintry Price Declines?

February 2nd may be Groundhog Day to most of us, but if you NEED to SELL your home in Ocean County this Spring, February 2nd may be the day you see the light and list your home for sale with a professional at a compelling price!

Here's why:

Fannie Mae is delaying their foreclosures for 45 days!
Once these foreclosures hit the market; Fannie Mae, Wells Fargo and Bank of America have projected house prices will drop by mid-year!
Existing Home Sales jumped last month which means DEMAND exists TODAY!

So, contrary to popular belief; "waiting until Spring" to put your home on the market in Ocean County, NJ, could cost you a lot of money and a lot of time! Instead; climb out of that hole, shake yourself off and hire a knowledgeable, skilled professional to market your home at a compelling price before you SEE your "Shadow Inventory" bite you in the...

Oh yeah; Happy Groundhog Day!

One of these homes is NOT like the others...

2011-02-01T11:17:00.000-08:00

What do 5 out of 6 of these homes have in common?

Yes, they are ALL in New Jersey!
Yes, they are ALL on "The Shore" (Bayhead/Mantoloking Area)!
Yes, they are ALL over $1,000,000 (4 of them are over $2,000,000)!

Give up?

ONLY 1 was SHOVELED OUT this past weekend! Yes, you read that right; 5 out of 6 "Million Dollar" homes, listed "For Sale", by brokerages on the "Jersey Shore", were NOT SHOVELED out from the last snowstorm...and probably the 2 before that too.

When asked how she was supposed to show her ready, willing & able buyer these Luxury Shore Homes, our agent was advised, "have your buyer bring a shovel" by the Listing Broker of 2 of these homes...REALLY?

FAIL!

Here's Our Winner!:

And we wonder why our public perception is lower than used car salespeople and lawyers...C'mon man!

And the rest of the day to you...

An Open Letter Concerning "Short Sales" to Prospective Home-Buyers & Real Estate Agents...

2011-01-29T04:16:00.000-08:00

Dear Prospective Home-Buyers;

If you are in the market for a new home and may be considering a "Short Sale" in Ocean County, NJ, please take the 3 and a half minutes to watch this video first. Then, share it with your real estate agent!

Dear Fellow Real Estate Agents;

If you represent prospective home-buyers considering "Short Sales" in Ocean County, NJ, please take the 3 and a half minutes to watch this video. Then, share it with your clients!

As if the local housing market didn't have enough challenges, do we really need to complicate things by "enabling" our prospective home-buyers (many of whom suffer from the misconception that banks like to lose money) by allowing them to submit "offers" we know will never be approved?

Perhaps, these are the very same real estate agents that still take listings, at the Home-Seller's price, with the "intention" of working the price down over the next 6 months of agony? Ah, but that is another post entirely!

Here is what we know:
Slide courtesy of Keeping Current Matters.

We also know that mortgage interest rates have been trending UPWARDS recently. Which means that while some of us allow our clients to suffer the purgatory that is "waiting for a response from the bank", our prospective home-buyers may actually end up spending more money for their next home in the form of a higher monthly payment!

We have the power to stop the insanity. Let's educate our prospective home-buyers in Ocean County, NJ, perform our fiduciary responsibilities and actually earn a living!

What does the "Shadow Inventory" mean for Home-Buyers in Toms River, NJ?

2011-01-21T07:28:00.000-08:00

We received this great comment on our last post, What is this "Shadow Inventory" and how will it affect the real estate market in Toms River, NJ, from Jeff Coon, of Freedom Mortgage:

For buyers, this does not mean you should wait, however- getting into a home with a low interest rate loan that is now available ( & may not be for much longer )and starting to build equity will offset any small reduction in the value of the home you are buying. Homes should not be bought for or as an investment, unless you are a real estate investor. Your home can & will turn into a profitable long term investment for you, so don't assume that you should wait just because prices are going lower.

Jeff beat me to the punch on this post as to why Home-Buyers in Toms River, NJ, should not wait to buy their next home even though home prices will continue to fall in the first half of 2011. Let us show you what we mean:

Slide courtesy of Keeping Current Matters!

So, as we can plainly see; even if home-prices continue to fall (up to 10% in this graph), the slightest rise in mortgage interest rates eliminates what ever savings the home-buyer perceives they are gaining and in some instances, the same home could COST them more in their monthly payment! For an excellent explanation of "Cost vs. Price", read this post by our friends at Keeping Current Matters.

How high will mortgage interest rates go?

That remains to be seen. What we do know is how mortgage rates are trending and they are trending UP!

Slide courtesy of Keeping Current Matters!

So, if you want to buy a home in Toms River, NJ, this may be the BEST time to buy despite the "shadow inventory" and even though home prices will continue to fall in the first half of 2011! And please remember, a house is more than a financial investment; it's a home, a lifestyle and it's all yours.

What is this "Shadow Inventory" and how will it affect the real estate market in Toms River, NJ?

2011-01-17T07:49:00.000-08:00

We keep hearing the term, "shadow inventory" thrown around the real estate room these days. Exactly what is it and how will it affect me in Toms River, NJ?

Shadow Inventory refers to the "as of yet" unknown number of homes currently "in foreclosure" which have NOT been released to the market yet by the banks!

Slide courtesy of Keeping Current Matters!

So, what does that mean to me?

Well, if you NEED to SELL your home in Toms River, in 2011, there is currently a 13 month supply of homes on the market. That means; if no other listings were to come on the market from this day forward, it would take ONE YEAR and ONE MONTH to sell off the existing supply of homes in Toms River at the current sales pace.

Now, ADD the influence of the Shadow Inventory into the mix and 13 months turns into ? And there in lies the challenge; we DON'T KNOW how much actual Shadow Inventory is out there NOR do we know when it is actually coming on the market. What we do know is that this Shadow Inventory will ADD to the existing supply of homes and drive home prices down even further!

Our best guess-timate as to when this Shadow Inventory will come on the market is provided by 3 of the largest lending institutions themselves...the first half of 2011!

So, in a nut-shell; if you need to sell your home in Toms River, NJ, in 2011, your best bet to get the "highest possible price", is to list your home NOW, at a COMPELLING PRICE, before the Shadow Inventory is released some time in the first half of this year!

What will happen in the Housing Market in Ocean County, NJ, in 2011?

2011-01-01T10:22:00.000-08:00

Before we can guess-timate at what may happen in the housing market in Ocean County, NJ, in 2011, we must take a look back and recognize exactly what occurred in real estate in 2010. Here's a short video summarizing the significant events in housing last year and their repercussions:

As we plainly see, the government's intervention in the housing market was well intended but mostly ineffective. The 3 major initiatives; Mortgage Modification (HAMP), The Home-Buyer Tax Credit and the unprecedented purchase of Mortgage Backed Securities, were all designed to stabilize Home Prices. FAIL!

For a more thorough and in-depth analysis of the Housing Market in 2010, please check out this blog post from the experts at Keeping Current Matters!

Now, understanding the "Law of Unintended Consequences", what will happen to the Housing Market in 2011? Without the interference from our government, the natural cycle of the free market should be able to run it's course (at last)! Here's another excellent post on this subject from the KCM CREW.

Here's our predictions for real estate in 2011:

So, to summarize; the "Laws of Supply and Demand" will be allowed to determine home values, Mortgage Interest Rates will continue to rise as the economy is allowed to recover and INTELLIGENT and REALISTIC Home-Buyers and Home-Sellers will benefit from the historic opportunity of a lifetime in real estate!

If you plan on living in Ocean County, NJ, 2011 is your year to buy a home! If you plan on "moving up" to a larger home in Ocean County, NJ, 2011 is your year to buy that home! If you plan on leaving Ocean County, NJ, in 2011, do it now before prices fall even further!

And the rest of the day to you...

Happy Thanksgiving Ocean County, NJ!

2010-11-24T13:24:00.000-08:00

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

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

2010-11-18T07:40:00.000-08:00

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"!

Myths: The Earth Is Flat and Newspapers Sell Houses

2010-11-16T14:24:00.000-08:00

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

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

2010-11-09T08:22:00.000-08:00

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.

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!

Happy New Year Toms River, NJ!

2010-11-04T07:23:00.000-07:00

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:

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

2010-10-06T16:39:00.000-07:00

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:

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

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

2010-09-13T11:51:00.000-07:00

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):

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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:

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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:

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)?

2010-09-13T10:52:00.000-07:00

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):

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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:

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

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)?

2010-09-13T10:26:00.000-07:00

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:

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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:

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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:

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)?

2010-09-13T09:15:00.000-07:00

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:

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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:

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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:

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.

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

2010-08-30T15:09:00.000-07:00

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):

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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:

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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:

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)?

2010-08-30T11:27:00.000-07:00

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):

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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:

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

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)?

2010-08-30T10:35:00.001-07:00

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:

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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:

Frames not supported

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:

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)?

2010-08-30T07:55:00.000-07:00

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:

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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:

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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:

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.

Housing Market Trends in Toms River, NJ, for the week of August 20th, 2010

2010-08-25T16:49:00.000-07:00

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Just listed: 228 Franklin Ave, Seaside Heights, NJ 08751 for $259,900

2010-07-12T09:35:00.000-07:00

Just listed: 228 Franklin Ave, Seaside Heights, NJ 08751 for $259,900

228 Franklin Ave

2010-07-12T09:16:00.000-07:00

228 Franklin Ave

Click on address above for Video Tour!

Just listed: 1285 West Todd Road, Toms River, NJ 08755 for $590,000

2010-06-28T15:28:00.000-07:00

Just listed: 1285 West Todd Road, Toms River, NJ 08755 for $590,000

Dynamic North Dover Colonial!

2010-06-28T15:05:00.000-07:00

Create your own video slideshow at animoto.com.

Video Tour of Island Heights, NJ, Summer 2010

2010-06-19T10:43:00.000-07:00

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:

Living in Deer Hollow

2010-06-14T08:32:00.000-07:00

Living in Deer Hollow

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

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

2010-06-04T10:17:00.001-07:00

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

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

Listed by: Coldwell Banker Flanagan Realty

Our recent listings

Green Island Waterfront Cape!
Conza Estates

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See more Toms River, NJ real estate for sale

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

2010-05-17T20:23:00.000-07:00

"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!

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

2010-04-20T15:47:00.000-07:00

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!

OPEN HOUSE: 124 Siddons Court, Island Heights, NJ 08732 for $995,000

2010-04-10T12:18:00.000-07:00

Just listed: 124 Siddons Court, Island Heights, NJ 08732 for $995,000

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

2010-04-01T18:35:00.000-07:00

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:

Happy April Fool's Day!

And the rest of the day to you...

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

2010-03-24T15:07:00.000-07:00

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?

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

2010-02-26T14:05:00.000-08:00

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!

And the rest of the day to you...

Snowmageddon and the Tax Credit

2010-02-17T08:46:00.000-08:00

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:

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

2010-01-30T10:11:00.000-08:00

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)?

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

2010-01-25T10:01:00.000-08:00

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!

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

2010-01-16T08:33:00.000-08:00

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.

Sometimes, even GREAT homes don't sell!

2010-01-08T14:19:00.000-08:00

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:

Top 3 New Year's Resolutions!

2010-01-01T09:39:00.000-08:00

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!

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!

Home For The Holidays!

2009-12-24T17:55:00.000-08:00

In this, the age of "transparency", I thought it appropriate to capitalize on the rampant commercialism that has become Christmas. Is this video a parody, a shameless plug or, just maybe, is it the truth?

You be the judge:

Merry Christmas,

Father Christmas

November's Numbers for Real Estate in Toms River, NJ!

2009-12-16T09:27:00.000-08:00

Photo Credit

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

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

• $322,726 Average LIST price for November*

• $303,988 Average SALES price for the month*

• 87 Average DAYS ON the MARKET for November

• 94.19% The SALES price to LIST price RATIO for the month

• 714 Number of Single Family Homes ACTIVE on the market in November

• 10.50 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!

November 2009, saw 68 Single Family Homes CLOSE in Toms River, as compared with 47 in October of 2008. THIS MARKS THE FIFTH MONTH IN A ROW; WHERE SALES HAVE SURPASSED THE SAME MONTH OF THE PREVIOUS YEAR! Of those 68 homes, 33 were in the price range of $200,000 to $299,999 (48%). Combined with the CLOSINGS from the First 3 Quarters of 2009, this represents an INCREASE in SALES of 49%, in this particular price range, over the same time last year!

*These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc.

A Brief History of Thanksgiving, as told by Jim Flanagan

2009-11-25T14:26:00.000-08:00

I was inspired to create the video below by an e-mail I received this morning. Here, in their entirety, are both the e-mail and the video. Enjoy and Happy Thanksgiving!

Good Morning! It is now Thanksgiving week, and every year I struggle to find the right words to express my gratitude and appreciation for your support and hard work. I think most of you would agree, as 2009 has evolved, it has turned out to be one tough year! I wonder how it would compare to the challenges faced by our forefathers as they began to shape our country. It has been nearly four centuries since the Pilgrims survived their first winter at Plymouth. As it is told, that first winter was brutal—nothing like anything they had ever experienced before. But they prevailed with the resiliency that Americans have demonstrated time and time again In so many wonderful ways, we come together at this time to cherish what unites us. As we sit down to our Thanksgiving Day meal, we must remember that not everyone will be with their family and loved ones this Thanksgiving. We have the men and women of our armed services, who have given up their holidays and time with their families to make sure we can safely be with ours. My sincere thanks to each of you, and your families for their support of your efforts. Coldwell Banker thrives because we have the best people, with a common set of values, working to make a difference in people’s lives. As you gather with your family and friends, I hope you will find many blessings for which to be thankful.

Warm wishes for a Blessed and Happy Thanksgiving! P.Dawn Covahey Executive Business Consultant| Coldwell Banker Real Estate LLC

Tis the Season to get a Tax Credit!

2009-11-10T14:15:00.000-08:00

On November 6th, 2009, President Obama signed, into law, legislation extending and expanding the Homebuyer Tax Credit.

What does this mean for "First Time Home Buyers"?

What does this mean for "Move Up" Buyers?

Let's see, shall we:

October Marks 4 Consecutive Months of Increased Home Sales in Toms River, NJ!

2009-11-06T08:22:00.000-08:00

Monthly Real Estate Market Report for Toms River, NJ – October 2009

October by the numbers:

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

• $382,092 Average LIST price for October*

• $356,125 Average SALES price for the month*

• 120 Average DAYS ON the MARKET for October

• 93.20% The SALES price to LIST price RATIO for the month

• 737 Number of Single Family Homes ACTIVE on the market in October

• 10.52 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!

October 2009, saw 70 Single Family Homes CLOSE in Toms River, as compared with 58 in October of 2008. THIS MARKS THE FOURTH MONTH IN A ROW; WHERE SALES HAVE SURPASSED THE SAME MONTH OF THE PREVIOUS YEAR! Of those 70 homes, 28 were in the price range of $200,000 to $299,999 (40%). Combined with the CLOSINGS from the First 3 Quarters of 2009, this represents an INCREASE in SALES of 41%, in this particular price range, over the same time last year!

*These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc.

Tax Credit Extended!

2009-11-05T14:29:00.001-08:00

News Release

NATIONAL ASSOCIATION OF REALTORS^Ò

The Voice For Real Estate®

500 New Jersey Avenue, NW

Washington DC 20001

PUBLIC AFFAIRS

For further information contact:

Lucien Salvant, 202/383-1176

lsalvant@realtors.org

Tax Credit Extension a Positive Step Toward Sustained Real Estate Recovery, Say Realtors^®

WASHINGTON (November 5, 2009) – The National Association of Realtors^® today commended the U.S. Senate and House of Representatives for passing a bill that includes an extension and expansion of the current home buyer tax credit as an important step in ensuring a real estate and economic recovery.

"Realtors^Òappreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners," said NAR President Charles McMillan, a broker with Coldwell Banker Residential Real Estate in Dallas-Fort Worth. "As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nation's housing market."

McMillan praised the efforts of several senators to put the recovery above politics. They are Sen. Johnny Isakson, (R-Ga.); Senate Majority Leader Harry Reid (D-Nev.); Finance Committee Chairman Max Baucus (D-Mont.); Sen. Chris Dodd (D-Conn.), chairman of the Banking, Housing and Urban Affairs Committee; and Sen. Joe Lieberman (I-Conn.), chairman of the Homeland Security and Governmental Affairs Committee.

NAR economists estimate that the current tax credit has contributed approximately $22 billion to the general economy, and approximately 2 million people will take advantage of the tax credit this year.

"The substantial rise in home sales we've seen over the past few months proves that the tax credit is working and is being used by buyers who were waiting for the right opportunity to get into the market," McMillan said. "This important incentive is helping to stabilize the housing market, stimulate the economy and create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through homeownership."

-more- #129 Tax Credit Extension a Positive Step – add 1

The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.

Detailed information about provisions in the tax credit legislation is available on Realtor.org.

The National Association of Realtors^®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.

Senate Makes Tentative Agreement to Extend and Expand Tax Credit

2009-10-30T14:20:00.000-07:00

Here's the latest from NJAR (New Jersey Association of Realtors):

Within the past 72 hours, some misinformation regarding the extension and expansion of the first-time home buyer tax credit has been disseminated through various media outlets. As of today, no formal bill regarding an amended tax credit program has been passed. On Wednesday, October 28, 2009, Senate leaders reached a tentative agreement to extend and expand the federal first-time home buyers' tax credit originally set to expire November 30. While the method for passage remains uncertain, the deal would extend the $8,000 credit for first-time buyers until April 30, by which point they must have sales agreements in hand. These buyers would have until June 30, however, to go to settlement. The agreement would also provide a $6,500 credit for current homeowners who purchase a new residence in this time frame. To qualify, the homeowners must have lived in their primary residence for five continuous years. Qualifying income limits would also be raised to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000.

The Senate has not yet agreed whether the extension will be put up for a vote as its own bill or in conjunction with other legislation. Once it passes the Senate, the measure must be voted on by the House and signed into law by President Obama. Stay tuned to www.njar.com and the Week in Review e-newsletter for further developments. Until then, NJAR® continues to urge its members to respond to the NATIONAL ASSOCIATION OF REALTORS® (NAR) Call for Action (CFA) if they have not already done so.

On Monday, October 26, 2009, shortly before the tax credit deal was made in the Senate, NJAR® joined Congressman Leonard Lance (NJ-07) at a press conference in support of the extension and expansion of the federal first-time home buyer tax credit for residents across the state through 2010. Earlier this month, Lance introduced the Homebuyer Tax Credit Fairness Act (H.R. 2779) which would specifically extend and expand the popular tax credit from $8,000 to $15,000 through December 1, 2010, and open it to all people buying a primary residence regardless of income or past homeownership. For more on the press conference, view the press release and read the Asbury Park Press and NJ 101.5 news pieces on the NJAR® “In the News” page.