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Monday, January 18, 2010

Real Estate Deal-Breakers That Shouldn't Be

Real Estate Deal-Breakers That Shouldn't Be


Purchasing a new home can be a very stressful experience. Most people are making the largest single purchase of a lifetime when selecting a primary residence. In addition to the monetary implications of such a large purchase, the actual process of buying a home contributes significantly to this stressful event of purchasing a home. Especially in today's markets, buyers must be well informed and have a good understanding of a property's underlying value before making the purchase decision. Prospective buyers saw real estate values plummet across the country during the mortgage meltdown

Even in a difficult market, once buyers are able to select a residence that meets their personal criteria, it is important for them to remain diligent until the property closes. Buyers should not let the home of their dreams escape them over minor differences during the buying and negotiating processes. Let's examine some of these minor roadblocks and maybe you will be able to overcome, or at least recognize, them when you decide to purchase your dream home.

Aesthetics

Prospective buyers should not let minor aesthetic differences hinder their big picture view of their dream house. If appliances or the decorative theme are not up to your expectations, keep in mind that most of these things can be easily modified over time.

Perhaps more important when viewing the interior of the home is to check for overall structural soundness and try to focus on potential rather than current appearance. So, how do you do this? A good strategy is to secure a licensed home inspector prior to closing on your deal. The inspector will provide a detailed analysis and cost breakdown on actual required repairs. Depending upon which state you reside in, the home inspection can be part of the actual contract. The home inspector will assess every aspect of the home's interior and exterior. The inspection findings may be legally used as leverage in the home buying process:

If the cost of repairs exceeds a preset dollar amount, the contract can be revoked if that is explicitly stated in your contract. For example, if the home inspection requires $8,000 worth of repairs for "structural soundness," but your contract states that you will not purchase the home unless repairs are below $1,000 then you have legal recourse for getting out of the deal. Typically, you are responsible for the non-refundable cost of the inspection, but most people are willing to incur that cost in order to save thousands of dollars down the road. The idea here is to focus more on the integrity of the home itself as a first step rather than your distaste for the current interior design or d├ęcor.



Sweat Equity

Buyers should not get discouraged when their potential dream homes require some old-fashioned manual labor to get it up to their standards. Real estate professionals refer to this as sweat equity. ." Sweat equity” is a time investment by the potential buyer to clean, redo and repair the potential property once the purchase is complete. Rarely are homes purchased that require no effort on your part. New construction is perhaps an exception, but a poor real-estate market can be littered with short sales and foreclosures - many of which are neglected, vacant properties. Also, many purchases are older properties with excellent construction characteristics but needing some "elbow grease."
by Stephan Abraham
 
Forbes


Buying or Selling a home in Stone Harbor or Avalon, or if you need a Summer Rental, it would be my pleasure to help you with your Real Estate needs.


e~mail me at Nancy@NancyMAlexander.com or Call me! I love to talk Real Estate! Call my cell 609.425.7521

Please visit The Address For Luxury Real Estate at http://http://http://www.nancymalexander.com/// . I'd love to be your Realtor


View Stone Harbor Market Video http://realtytimes.com/REUv/NancyAlexander

Nancy's Newsletter http://realtytimes.com/130/NancyAlexander




Nancy M. Alexander
Stone Harbor and Avalon NJ Real Estate

Thursday, January 14, 2010

The Real Story on New Jersey Real Estate from NJAR & NAR

About the NJ Market
The first-time home buyer tax credit has been extended from its original November 30, 2009


deadline, and it now provides an incredible incentive for existing owners too.

New and repeat buyers can take advantage, as long as they act before April 30, 2010.

Some more details:

• “First-time home buyers” are defined as buyers who have not owned a principal residence

during the three-year period prior to the purchase. So if you’ve owned before, but don’t now,

you could still be eligible for up to $8,000.

• Existing homeowners who have owned their home for five consecutive years out of the last

eight are eligible for a tax credit of up to $6,500 ($3,200 for those who are filing separately).

• The income limits to qualify for the full credit are $125,000 for a single person and $225,000

for a married couple. Individuals earning up to $145,000 and married couples earning up to

$245,000 are eligible for partial credit.

• In order to qualify, you must have a written, binding contract in place before April 30, 2010,

and close the transaction before June 30, 2010. There is a maximum sale price of $800,000.

• Claiming your credit is easy, but you will need to include documentation of the purchase with

your tax return and the form for claiming the credit.

Let a REALTOR® shed light on today’s housing market and the

extended and expanded home buyer tax credit.

Have a look at  tax credit FAQ flyer, which will clear up any confusion regarding the new tax credit program and the New Jersey Housing and Mortgage Finance Agency’s Pre-fund Loan Program by answering some of prospective buyers’ most frequently asked questions. These helpful materials

The local real estate markets in the Garden State have opportunities for both buyers and sellers. Knowing all the facts about local real estate conditions and about New Jersey’s advantages is crucial to making the most of these opportunities.



Get the Facts

Find out more about the real estate market in New Jersey. Educate yourself and make an informed decision. You might be surprised to see why now is a great time to get into the market in New Jersey.
New Jersey’s Homegrown Advantages

With unique and attractive neighborhoods, great schools, and other benefits, New Jersey is a great fit for the three rules of real estate – location, location, location. See what makes the Garden State such a great place to live and check out our interactive map to see specific county information and local real stories.



Local Conditions

The market varies throughout the Garden State. Find out more about local markets with recent metro area reports from the NATIONAL ASSOCIATION OF REALTORS




Nancy M. Alexander
Stone Harbor and Avalon NJ Real Estate

Monday, January 11, 2010

Avalon Real Estate Sales Update January 2, to January 11,2010


Avalon Real Estate Statistics Single Family Homes and Condos January 2 to January 11, 2010


 There are currently 191 single family homes for sale in Avalon



Average list price is $2,549,753 and average days on the market is 345 days.

These properties range in price from $499,000 for a two bedroom home at 138 29th street to a whopping $16,875,000 for a seven bedroom south Avalon beach front home on 75th street on a 120x110 lot.




There are Seven single family homes Now Under Contract in Avalon




1-156 9th street ,a 3 bedroom,1 bath home on a 50x110 lot and listed at $765,000, goes to settlement 1/31/2010

2-274 16th street, a 4 bedroom,2 bath home on a 50x110 lot and listed at $825,000,goes to settlement 1/23/2010.



3- 124 10th street, a 4 bedroom,2 bath home on a 50x110 lot and listed for $1,050,000 and goes to settlement 2/15/2010



4-254 6th street, a 3 bedroom,1 bath home on a 50x110 lot listed for $1,095,000 is Under Contract after just 7 days on the market, and goes to settlement 4/30/2010



5-242 6th street, a 5 bedroom,4 bath home on a 50x110 lot went Under Contract in just 7 days and goes to settlement 4/30/2010



6-2888 Ocean Drive, a 5 bedroom,4 bath home on a 50x110 lot and listed for $1,995,000 goes to settlement 3/1/2010.



7-56 E.26th street, a 5 bedroom,2 bath home on a 65x110 lot and listed for $2,200,000,goes to settlement 2/5/2010



One Single Family home SOLD in Avalon since January 2,2010



1-285 38th street, a 5 bedroom,4 bath home on a 50x110 lot and listed at $1,499,000,went to settlement 1/8/2010. SOLD for $1,425,000



Avalon Real Estate Condo/Townhouse Sales Activity January 2,to January 12, 2010



There are now 116 condo/townhouses for sale in Avalon ranging in price from $169,000 for an efficiency unit at 7900 Dune Drive, up to $2,095,000 for a 4 bedroom, 3 bath unit at 65 E. 28th street



Average condo list price is $ 789,523 and the average days on market is 313 days.


There are Seven condos in Avalon now Under Contract ranging in price from $635,000 to $1,290,000



1- 277 27th street, a 4 bedroom,3 bath unit listed at $635,000, goes to settlement 2/12/2010



2- 258 58th street ,a 4 bedroom,2 bath unit listed at $649,000 ,goes to settlement 1/29/2010



3-1708 Ocean Drive, a 3 bedroom,2 bath unit listed at $695,000,goes to settlement 1/15/2010



4- 255 35th street, a 4 bedroom,2.5 bath unit listed for $ 849,000, goes to settlement 1/22/2010




5- -241 E.33rd ST .a 4 bedroom,2.5 bath unit listed at $849,000,goes to settlement 1/30/2010



6- 3546 Ocean Drive, a 4 bedroom,3 bath unit listed at $1,259,000,goes to settlement 1/23/2010



7- 7 Marine Way, a 3 bedroom,3 bath unit listed at $1,290,000,goes to settlement 1/29/2010





The data for this market report is based on statistics provided from the Cape May County MLS (private sales are not included)





Buying or Selling a home in Stone Harbor or Avalon, or if you need a Summer Rental, it would be my pleasure to help you with your Real Estate needs.



e~mail me at Nancy@NancyMAlexander.com or Call me! I love to talk Real Estate! Call my cell 609.425.7521



Please visit The Address For Luxury Real Estate http://http://www.nancymalexander.com/// . I'd love to be your Realtor





View Stone Harbor Market Video http://realtytimes.com/REUv/NancyAlexander



Nancy's Newsletter http://realtytimes.com/130/NancyAlexander





Nancy M. Alexander
Stone Harbor and Avalon NJ Real Estate

Wednesday, January 6, 2010

How to Understand the Flag Folding Ceremony at a Veteran’s Funeral.

Here is How to Understand the Flag Folding Ceremony at a Veteran’s Funeral.


Do you know that at military funerals, the 21-gun salute stands for the sum of the numbers in the year 1776?


Have you ever noticed the honor guard pays meticulous attention to correctly folding the United States of America Flag 13 times? You probably thought it was to symbolize the original 13 colonies, but we learn something new every day!
The 1st fold of the flag is a symbol of life.


The 2nd fold is a symbol of the belief in eternal life.


The 3rd fold is made in honor and remembrance of the veterans departing the ranks who gave a portion of their lives for the defense of the country to attain peace throughout the world.


The 4th fold represents the weaker nature, for as American citizens trusting in God, it is to Him we turn in times of peace as well as in time of war for His divine guidance.
The 5th fold is a tribute to the country, for in the words of Stephen Decatur, "Our Country, in dealing with other countries, may she always be right; but it is still our country, right or wrong."


The 6th fold is for where people's hearts lie. It is with their heart that They pledge allegiance to the flag of the United States Of America, and the Republic for which it stands, one Nation under God, indivisible, with Liberty and Justice for all.
The 7th fold is a tribute to its Armed Forces, for it is through the Armed Forces that they protect their country and their flag against all her enemies, whether they be found within or without the boundaries of their republic.


The 8th fold is a tribute to the one who entered into the valley of the shadow of death, that we might see the light of day.
The 9th fold is a tribute to womanhood, and Mothers. For it has been through their faith, their love, loyalty and devotion that the character of the men and women who have made this country great has been molded.
The 10th fold is a tribute to the father, for he, too, has given his sons and daughters for the defense of their country since they were first born.


The 11th fold represents the lower portion of the seal of King David and King Solomon and glorifies in the Hebrews eyes, the God of Abraham, Isaac and Jacob.


The 12th fold represents an emblem of eternity and glorifies, in the Christians eyes, God the Father, the Son and Holy Spirit.
The 13th fold, or when the flag is completely folded, the stars are uppermost reminding them of their nations motto, "In God We Trust!"



After the flag is completely folded and tucked in, it takes on the appearance of a cocked hat, ever reminding us of the soldiers who served under General George Washington, and the Sailors and Marines who served under Captain John Paul Jones, who were followed by their comrades and shipmates in the Armed Forces of the United States, preserving for them the rights, privileges and freedoms they enjoy today.



There are some traditions and ways of doing things that have deep meaning. In the future, you'll see flags folded and now you'll know why.









Nancy M. Alexander
Stone Harbor and Avalon NJ Real Estate

Sunday, January 3, 2010

Avalon Real Estate Update December 21 to January 2 .2010


Avalon Real Estate Activity Single Family Homes and Condos December 21, 2009. To January 2, 2010

There are currently 185 single family homes for sale in Avalon



Average list price is $2,533,361 and average days on the market is 352 days.



These properties range in price from $499,000 for a two bedroom home at 138 29th street to a whopping $16,875,000 for a seven bedroom south Avalon beach front home on 75th street on a 120x110 lot.



There are Thirteen single family homes Now Under Contract in Avalon



1-156 9th street ,a 3 bedroom,1 bath home on a 50x110 lot and listed at $765,000,goes to settlement 1/31/2010



2-274 16th street, a 4 bedroom,2 bath home on a 50x110 lot and listed at $825,000,goes to settlement 1/23/2010.



3- 124 10th street, a 4 bedroom,2 bath home on a 50x110 lot and listed for $1,050,000 and goes to settlement 2/15/2010



4-73 W. 11th street, a 4 bedroom,2 bath home on a 50x110 lot, listed at $1,095,000goes to settlement on 12/29/2009



5-254 6th street, a 3 bedroom,1 bath home on a 50x110 lot listed for $1,095,000 is Under Contract after just 7 days on the market, and goes to settlement 4/30/2010



6-285 38th street, a 5 bedroom,4 bath home on a 50x110 lot and listed at $1,499,000,goes to settlement 1/11/2010



7-242 6th street, a 5 bedroom,4 bath home on a 50x110 lot went Under Contract in just 7 days and goes to settlement 4/30/2010



8-154 36th street, a 5 bedroom,3 bath home on a 40x110 lot and listed for $1.949,000, goes to settlement 12/29/2009



9-2888 Ocean Drive, a 5 bedroom,4 bath home on a 50x110 lot and listed for $1,995,000


10 6329 Dune Drive, a 6 bedroom,6 bath beach block home listed at $1,999,999,goes to settlement 12/30/2009







11 225 75th street, a 7 bedroom,7 bath home on a 60x110 lot and listed at $2,149,00,goes to settlement 12/30/2009



12-56 E. 26th street, a 5 bedroom,2 bath home on a 65x110 lot and listed at $2,200,000,goes to settlement 2/5/2010





13-184 70th street, a 5 bedroom,5 bath beach block home on a 60x110- lot and listed at $3,995,000,goes to settlement 12/29/2009



Two Single Family Homes have SOLD in Avalon since December 21, 2009


1-3754 Dune Drive, a 5 bedroom, 4 bath home on a 50x110 lot and listed for $1,495,000,SOLD 12/23/2009 for $1,400,000



2-246 16th street, a 5 bedroom,4 bath home on a 50x110 lot listed for $1,550,000 went to settlement 12/19/2009 SOLD for $1,475,000



Avalon Condo/Townhouse Sales Activity December 21, 2009 to January 2,2010.



There are now 115 condo/townhouses for sale in Avalon ranging in price from $169,000 for an efficiency unit at 7900 Dune Drive, up to $2,095,000 for a 4 bedroom, 3 bath unit at 65 E. 28th street




Average  condo list price is $ 792,937, and the average days on market is 323 days.




There are Seven condos in Avalon now Under Contract ranging in price from $635,000 to $1,290,000

1- 277 27th street, a 4 bedroom,3 bath unit listed at $635,000, goes to settlement 2/12/2010



2- 258 58th street ,a 4 bedroom,2 bath unit listed at $649,000 ,goes to settlement 1/29/2010



3- 1708 Ocean Drive, a 3 bedroom,2 bath unit listed at $695,000,goes to settlement 1/15/2010



4- 344 41st street, a 5 bedroom,3 bath unit listed at $795,000



5- -241 E.33RD ST .a 4 bedroom,2.5 bath unit listed at $849,000,goes to settlement 1/30/2010



6- 3546 Ocean Drive, a 4 bedroom,3 bath unit listed at $1,259,000,goes to settlement 1/23/2010



7- 7 Marine Way, a 3 bedroom,3 bath unit listed at $1,290,000,goes to settlement 1/29/2010




One condo has SOLD in Avalon since December 21, 2009.



1100 Ocean Drive, a 3 bedroom,2 bath unit listed at $1,399,000, SOLD 12/23/2009 for $1,300,000



The data for this market report is based on statistics provided from the Cape May County MLS (private sales are not included)




Buying or Selling a home in Stone Harbor or Avalon, or if you need a Summer Rental, it would be my pleasure to help you with your Real Estate needs.



e~mail me at Nancy@NancyMAlexander.com or Call me! I love to talk Real Estate! Call my cell 609.425.7521



Please visit The Address For Luxury Real Estate http://http://www.nancymalexander.com// . I'd love to be your Realtor



View Stone Harbor Market Video http://realtytimes.com/REUv/NancyAlexander

Nancy's Newsletter http://realtytimes.com/130/NancyAlexander




 Nancy M. Alexander
Stone Harbor and Avalon NJ Real Estate