AddThis

Wednesday, February 10, 2010

National Weather Service Blizzard Warning for Cape may County

Blizzard Warning


...WINTRY WEATHER LAST NIGHT WILL INTENSIFY TODAY AND CAUSE

DANGEROUS CONDITIONS ESPECIALLY THIS AFTERNOON INTO EARLY

TONIGHT...

.AN EXPLOSIVELY DEVELOPING NOR/EASTER WILL BRING HEAVY SNOW TO

MUCH OF OUR AREA TODAY AND THIS EVENING...WITH BLIZZARD CONDITIONS

EXPECTED FOR MANY AREAS.

...BLIZZARD WARNING IN EFFECT UNTIL MIDNIGHT EST TONIGHT...


...WINTER STORM WARNING IS CANCELLED...


THE NATIONAL WEATHER SERVICE IN MOUNT HOLLY HAS ISSUED A BLIZZARD

WARNING...WHICH IS IN EFFECT UNTIL MIDNIGHT EST TONIGHT. THE

WINTER STORM WARNING HAS BEEN CANCELLED.

A COASTAL STORM DEVELOPING OFF THE CENTRAL MID ATLANTIC COAST

BEFORE SUNRISE WILL INTENSIFY EXPLOSIVELY TODAY. SNOW...AS WELL AS

SLEET AND EVEN SOME FREEZING RAIN NEAR...SOUTH...AND EAST OF

PHILADELPHIA WILL CHANGE TO ALL SNOW DURING THIS MORNING AS THE

STORM MOVES NORTHWARD. THIS WILL CAUSE WINDS TO BACK TO NORTHEAST

AND NORTH AND BRING COLDER AIR INTO THE REGION. WITH HEAVY SNOW

EXPECTED TO DECREASE VISIBILITIES...AND STRONG WINDS GUSTING TO 35

TO 45 MILES AN HOUR THIS AFTERNOON...BLIZZARD CONDITIONS ARE

EXPECTED AT TIMES MAINLY FROM ABOUT MIDDAY AND THROUGH THE

AFTERNOON...POSSIBLY PERSISTING INTO EARLY TONIGHT BEFORE TAPERING

OFF. HOWEVER...WINDS WILL CONTINUE TO BE STRONG THIS EVENING SO

THERE WILL BE PLENTY OF BLOWING SNOW WITH REDUCED VISIBILITIES AS

WELL TONIGHT.

TOTAL SNOW ACCUMULATIONS ARE EXPECTED TO RANGE FROM 12 TO 22

INCHES INTO EARLY TONIGHT...WITH THE HIGHEST AMOUNTS STRADDLING

THE INTERSTATE 95 CORRIDOR.

NEAR-BLIZZARD OR BLIZZARD CONDITIONS ARE RARE FOR OUR AREA...SO

IT IS LIKELY THAT PEOPLE WILL NOT REALIZE THE PERIL THAT EXISTS

IN VENTURING OUT IN SUCH STORMS. LIFE-THREATENING CONDITIONS ARE

POSSIBLE...AND DRIVING WILL BE HAZARDOUS AT BEST DURING THIS

WINTER STORM TODAY AND EARLY TONIGHT. IT IS HIGHLY RECOMMENDED

THAT TRAVEL BE CURTAILED DUE TO THE DANGEROUS CONDITIONS...AND

ONLY DRIVE IF IT IS TRULY AN EMERGENCY SITUATION.

A BLIZZARD WARNING MEANS SEVERE WINTER WEATHER CONDITIONS ARE

EXPECTED OR OCCURRING. FALLING AND BLOWING SNOW WITH STRONG WINDS

AND POOR VISIBILITIES ARE LIKELY. THIS WILL LEAD TO WHITEOUT

CONDITIONS...MAKING TRAVEL EXTREMELY DANGEROUS. DO NOT TRAVEL. IF

YOU MUST TRAVEL...HAVE A WINTER SURVIVAL KIT WITH YOU. IF YOU GET

STRANDED...STAY WITH YOUR VEHICLE.

http://www.weather.gov/alerts-beta/wwacapget.php?x=NJ20100210093300PHIBlizzardWarningPHI20100211050000NJ





Nancy M. Alexander
Stone Harbor and Avalon NJ Real Estate

Tuesday, February 9, 2010

Real Estate Facts for 2010 From NJAR

EDISON — The turn of a new year comes with both question and promise regarding New Jersey real estate. To prepare for the year ahead, the New Jersey Association of Realtors (NJAR) has assembled a list of 10 facts regarding the current state of real estate to offer some perspective on what to expect in 2010.


"NJAR's quarterly housing statistics over the past year have generally indicated home sales rising and prices stabilizing throughout the state," said NJAR 2010 President Judy Appleby. "These increases in buyer activity should spur further confidence in Garden State housing. Plus, expiration of the federal home buyer tax credit in April should spark a dramatic spring buying season that will hopefully set the tone for the remainder of the year in many of New Jersey's various markets."

1) First-time buyers are taking action, and for good reason. In 2009, first-time buyers made up 52 percent of the New Jersey real estate market, compared to 49 percent in 2008 and 36 percent in 2007. First-timers were spurred by high affordability, low rates, and the $8,000 federal tax credit, which has been extended to April 30, 2010. An estimated 45,700 first-time buyers took advantage of the credit last year, and it is expected to be a strong incentive for first-time buyers early this year.

Source: 2009 Profile of NJ Buyers and Sellers

2) Homes in the Garden State are a good investment. The seven-year home appreciation rate in New Jersey is 37.1 percent, more than five times the national rate of 7.1 percent. Likely due to the inherent advantages that the Garden State has to offer (great schools, unique neighborhoods, proximity to New York and Philadelphia, and access to the shore), New Jersey outperforms the national average in home appreciation.

Source: NJ Market Summary, June 2009

3) It's a great time to trade up. The 2009 federal tax credit for first-time buyers has been expanded to include repeat buyers. That means that existing homeowners can qualify for up to $6,500 (or $3,200 for those filing separately) when they buy a home - a significant incentive to trade up to that dream home.

4) Waiting for prices to drop could cost you. A buyer obtaining a 30-year mortgage of $300,000 today at a 5 percent interest rate will pay approximately $1,610 each month in principal and interest. If that same buyer waits until sale prices drop five percent, he/she runs the risk of interest rates going up. A 30-year mortgage of $285,000 at a 6 percent interest rate will cost the buyer $1,708 per month in principal and interest. Those few percentage points can equate to thousands of dollars over the course of a mortgage.

5) Owning a home in New Jersey builds long-term wealth. New Jersey home buyers who purchased their homes seven years ago accumulated an average of $81,100 in home equity. Over the last decade (1998-2008), the median prices of homes in almost every metropolitan statistical area that covers the state have more than doubled.

Source: The NATIONAL ASSOCIATION of REALTORS (NAR)

6) It's a prime time to buy a second home. Especially in a state like New Jersey, with a great second home market in shore towns and other vacation destinations, now is a great time to purchase a second home. The 2009 median price of a second home in New Jersey was $246,300. Because of the relatively high amount of inventory, there are plenty of affordable options that, when paired with low interest rates, could be once-in-a-lifetime opportunities. Who wouldn't want their investment to double as a vacation getaway and a foundation to build lasting memories?

Source: 2009 Profile of New Jersey Buyers and Sellers

7) There is still time to take advantage of historically low interest rates. Many experts agree that the rates won't stay too low for long, but there is still time in early 2010 to take advantage of rates that have dropped significantly. Consider that in the third quarter of 2008 the average Northeast rate was 6.27. For the third quarter of 2009, the rate was 5.22.

Source: Federal Housing Finance Board

8) Good news for sellers: New Jersey consumers are "buying in" to real estate. The vast majority of New Jersey buyers (86 percent) saw their purchase as a good financial investment, with 57 percent saying it is a better financial investment than stocks. Also, when asked about the primary reason for the timing of their home purchase, 46 percent of first-time buyers said it was just the right time.

Source: 2009 Profile of NJ Buyers and Sellers

9) Lower prices make homes more affordable. The median price of a single family New Jersey home in the 3rd quarter of 2009 is 11 percent lower than in the 3rd quarter of 2008. The housing affordability index during the same time period increased by 22 percent. NAR's housing affordability index measures whether or not a typical family could qualify for a mortgage loan on a median-priced, existing single-family home. Increasing levels of affordability mean a home purchase is within reach for more New Jerseyans than the same time the year before.

Source: New Jersey Home Sales Report, 3rd quarter 2009

10) There are 50,000 Realtors in New Jersey that can provide you with localized information. Whether you are buying or selling, Realtors provide expertise on market trends, property conditions, and many other aspects of a real estate transaction. 85 percent of home buyers used a real estate agent or broker to purchase their home, as compared to 84 percent in 2008 and 76 percent in 2007. 88 percent of sellers were assisted by a real estate agent in selling their home.

Source: 2009 Profile of New Jersey Buyers and Sellers


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.


You can reach me by 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://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/135/NancyAlexander

 
Nancy M. Alexander
Stone Harbor and Avalon NJ Real Estate