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 décor.



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

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Nancy M. Alexander
Stone Harbor and Avalon NJ Real Estate

Stone Harbor Real Estate Activity Update for September 1 to September 22 , 2009.

Stone Harbor Real Estate Activity Update for September 1 to September 22, 2009


There are currently 117 single family homes for sale in Stone Harbor, ranging in price from $459,000 for a two bedroom home on Weber Court to $6,500,000 for a new beach front home at #1 105th street.


Average list price is $2,235,503 and average time on market is 332 days.

There are ten single family homes currently Under Contract in Stone Harbor.
1-261 84th street, 3 bedroom,2 bath home on a 50x55 lot and listed at $725,000,goes to settlement 10/5/2009


2-11021 Second Avenue, 3 bedroom,1 bath , on 55x41 lot and listed at $789,000,goes to settlement on 11/30/2009


3-222 91st street, a 3 bedroom.2 bath home on a 50x110 lot, listed at $997,000, goes to settlement on 10/1/2009


4-280 109th street, a 4 bedroom,4 bath home on a 80x55 lot , and listed at $1,495,000,goes to settlement on 9/18/2009


5-305 84th street, a 4 bedroom, 2 bath home on a 55x90 lot, listed for 1,595,000,
goes to settlement on 9/26/2009


6-134 110th street, a 6 bedroom,4 bath home on a 66x100 lot, listed for $1,849,000


7- 9901 First Avenue, a 4 bedroom,4 bath home on a 60x110 lot and listed at $2,389,000, goes to settlement on 10/10/2009


8-10514 Second Avenue, a 5 bedroom,4 bath home on a 50.4x110 lot, and listed for $2,675,000, goes to settlement on 9/25/2009


9-134 87th street, a 5 bedroom,5 bath home on a 50x110 lot, and listed for $2,825,000


10-129 109th street, 5 bedroom,5 bath home on a 66x100 lot and listed for $3,195,000, goes to settlement on 10/2/2009


One single family home SOLD in Stone Harbor since September 1,2009

1- 236 95th street, a 5 bedroom,4 bath home on a 62.5x110 lot which was listed at $1,395,000 SOLD for $1,200,000 on 9/2/2009



Stone Harbor Condo/Townhouse Now For Sale

There are now 55 condos for sale in Stone Harbor ranging in price from $229,900 to $1,299,000 for 13 93rd street

There are now three condos Under Contract in Stone Harbor
1-10120 Third Avenue, listed at $194,500, goes to settlement 10/13/2009

2-9501 Sunset,2 bedroom,2 bath unit listed at $369,899

3-208 99th street, a 2 bedroom 1.5 bath unit listed at $595,000,goes to settlement 10/17/2009



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.
to talk Real Estate! Call my cell 609.425.7521


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 www.NancyMAlexander.com . I'd love to be your Realtor
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Stone Harbor Real Estate Activity Update for August 14 to September 1, 2009.

Stone Harbor Real Estate Activity Update for August 14 to September 1,2009



There are currently 112 single family homes currently for sale in Stone Harbor ranging in price from $475,000 for a two bedroom home on Weber Court to $6,500,000 for a new beach front home at #1 105th street .


Average list price is $2,220,968 and average time on market is 343 days.

There are six single family homes currently Under Contract in Stone Harbor.

•1- 11021 Second Avenue, a 3 bedroom,1 bath home on a 55x41 lot and listed at $789,000,has been on market 709 days and goes to settlement 11/30/2009



•2- 236 95th street, a 5 bedroom,4 bath home on a 62.5x110 lot which was listed at $1,395,000 ,goes to settlement on 9/2/2009



•3- 280 109th street, a 4 bedroom,4 bath home on a 80x55 lot listed for $1,4495,000 and on market for just 61 days, goes to settlement on 9/18/2009



•4- 134 110th street, a 6 bedroom,4 bath home on a 66x100 lot and listed at $1,849,000, is under contract after just 87 days on the market



•5- 10514 Second Avenue, a 5 bedroom,4 bath home on a 50.4x110 lot and listed at $2,675,000 goes to settlement 9/25/2009



•6- 134 87th street, a 5 bedroom,5 bath home on a 50x110 lot and listed for $2,825,000,goes to settlement 9/12/2009 after 259 days on the market



One single family home SOLD in Stone Harbor since August 14

306 94th street, a 5 bedroom,4 bath home on a 70x110 lot and listed at $1,795,000,SOLD 8/28/2009 for $1,650,000 after 357 days on the market


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.
to talk Real Estate! Call my cell 609.425.7521


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 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

Avalon N.J. Real Estate Sales Activity Report for April 27 to May 5, 2009

Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon.
Here is a summary of the Avalon Real Estate Market Activity April 27 to May 5.

There are currently 232 single family homes for sale in Avalon ranging in price from $549,000 for a two bedroom home at 667 22nd street to a whopping $16,875,000 for a seven bedroom south Avalon beach front home on 75th street.

There are Eleven single family homes now Under Contract in Avalon.
742 Sunrise Drive, a 3 bedroom,1 bath home on 46x92’ lot listed for $550,000,goes to settlement 6/30/2009 after only 28 days on the market

246 44th street, a 4 bedroom,3 bath home on a 50x110 lot listed for $1,250,000 goes to settlement 4/25/2009

245 67th street, a 4 bedroom,3 bath home on a 60x110 lot and listed for $1,550,000 goes to settlement 5/6/2009

146 28th street, a 5 bedroom,5 bath home on a 50x110 lot and listed for $1,595,000 and goes to settlement 5/16/2009

568 22nd street, a 5 bedroom,5 bath home on a 50x110 lot and listed for $1,695,000 goes to settlement 10/30/2009

74 W. 11th street, a 5 bedroom,5 bath home on a 50x110 lot and listed for $1,750,000 goes to settlement 4/21/2009

6799 Dune Drive,a 4 bedroom,4 bath home on a 65x110 lot and listed for $1,989,000 goes to settlement 5/29/2009

2888 Ocean Drive,a 5 bedroom,4 bath home on a 50x110 lot and listed for $1,995,000 goes to settlement in 2012

693 Sunrise Drive,a 5 bedroom,4 bath home on a 60x130 lot and listed for $2,000,000 goes to settlement 5/14/2009

4618 Fifth Avenue,a 5 bedroom,3 bath home on a 60x155 lot goes to settlement 5/8/2009



Five Single Family Homes SOLD in Avalon April 27 to May 5

118 22nd street, a 5 bedroom,5 bath new home listed for $1,695,000,SOLD 4/29/2009 for $1,675,000 after 202 days on the market

53 W. 15th street, a 5 bedroom,5 bath new home listed for $1,795,000,SOLD 5/2/2009 for $1,725,000 after 204 days on the market

249 64th street, a 4 bedroom,2 bath home on a 60x110 lot which was listed at $1,025,000 SOLD 4/27/09 for $1,100,000 after only 31 days on the market.

314 76th street a 4 bedroom,2 bath home on a 60x110 lot which was listed at $1,125,000 ,SOLD 5/1/2009 for $990,000 after 70 days on the market

3701 Dune Drive,a 6 bedroom, 6 bath home listed for $2,795,000,SOLD 4/30/2009 for $2,275,000 after 210 days on the market.



Condo/Townhouse Avalon

There are now 145 condo/townhouses for sale in Avalon ranging in price from $169,000 for an efficiency unit at 7900 Dune Drive, up to $2,200,000 for a beach front,4 bedroom,3 bath unit at 65 east 28th street

There are eight condos in Avalon now Under Contract ranging in price from $305,000 to $899,000

Four Condos have been SOLD in Avalon 4/27 2009 to 5/4 2009

460 20th street, a 1st floor,3 bedroom,1.5 bath unit listed for $399,000 SOLD 5/1/2009 for $350,000 after 567 days on the market

460 20th street, a 2nd floor unit with 3 bedrooms,1.5 baths listed for $469,000,SOLD 5/1/2009 for $445,000 after 567 days on the market

363 40th street, a 4 bedroom, 2,5 bath unit list for $799,000,SOLD 5/1/2009 for $725,000 after 533 days on the market.

3318 Ocean Drive, a 5 bedroom,4 bath bay front unit listed for $1,399,000,SOLD 4/30/2009 for $1,300,000 after 116 days on the market

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 at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor

With Affordability Up, Home Buyers are Starting to Return

Thanks to record low mortgage rates and declining home prices, 55 million families – or half of all U.S. households -- can afford today’s $200,000 median-priced new home, according to figures released by the National Association of Home Builders (NAHB).

"That’s an increase of 17 million households from conditions just two years ago and the best housing affordability number we have seen in years," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "We are now seeing the first signs that buyers are returning to the marketplace."

Based on data from the U.S. Census Bureau comparing home prices, mortgage rates and minimum income needed to purchase a median-priced home in February 2007 and February 2009, a typical family today can purchase a house with $20,000 less in household income and save nearly $500 per month on their principal, interest, taxes and insurance. The number of households that can afford to purchase a home today is 55.4 million, compared with 38.4 million two years ago, according to figures compiled by NAHB.

"With affordability up dramatically, reports from our builders in the field indicate that foot traffic in new homes is on the rise and consumer interest is increasing with each passing day. These are encouraging signs that the housing market may be finally reaching a bottom," said Robson.

Entering the crucial spring home buying season, there are other signs that buyers are starting to return to the market.

Single-family permits were up 11 percent in February, new and existing home sales also posted gains and the huge inventory backlog is being slowly whittled down. In a survey for Century 21 Real Estate last month among prospective first-time home buyers who indicated they were likely to purchase a home in the next two years, a majority – 78 percent – said that now is a good time to buy a home. Of those responding to the online poll, 68 percent said that now is a better time to buy than six months ago.

Another sign that consumers are considering jumping back into the housing market is the growing interest in the $8,000 first-time home buyer tax credit included in the recently enacted economic stimulus package. During February and March, 1.5 million visitors logged on to NAHB’s consumer Web site, federalhousingtaxcredit.com, to learn more about the tax credit. Further, a new survey commissioned by Move, Inc. found that nearly 20 percent of those who plan to purchase a home this year are doing so to take advantage of the tax credit, which expires at the end of November.

"With home values in many markets at the lowest level since 2003, an $8,000 tax credit available to first-time home buyers, fixed-rate mortgages under 5 percent, and an outstanding selection of homes to choose from, buyers are starting to recognize that this has the makings for a one-time opportunity to break into the market," said Robson.

Housing is a critical component of the U.S. economy, accounting for about 15 cents of every dollar spent in this country, so any upturn in the housing market should be viewed as good news for the overall economy, said Robson.

Construction of an additional 500,000 single-family homes – the difference between today’s anemic construction rate and one that would move closer to meeting the underlying demand for housing – would generate 734,000 jobs and $35 billion in wages in the construction industry and another 790,000 jobs and $37.7 billion wages in manufacturing, trade, and service sector jobs, he noted.

Additionally, another half-million housing starts would bolster the tax base for government, generating $45 billion in federal, state and local tax revenues. And the benefits go well beyond the completion of each home. Within the first year after buying a home, those half million households will spend about $2.5 billion more on appliances, furnishings and property alterations.

"Clearly, housing will be central to any economic recovery we experience in the months ahead," said Robson.


Written by Realty Times Staff
For more great Real Estate articles fom My Monthly Newsletter, Click here http://realtytimes.com/126/NancyAlexander

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://www.StoneHarborRealtor.com/. I'd love to be your Realtor

Update of Stone Harbor Real Estate Activity for April 20th to April 29th, 2009

Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon
Stone Harbor Real Estate Market Activity Report for April 20th to April 29th,2009.


There are currently 118 single family homes currently for sale in Stone Harbor ranging in price from $475,000 for a two bedroom home on Weber Court to $5,990,000 for a beach front home on 97th street.

Seeing more evidence of Stone Harbor Consumer Confidence . More homes Under Contract recently than we have seen in a while.

There are seven single family homes currently Under Contract.
356 89th street, a 3 bedroom, 1 bath home listed for $990,000, went Under Contract on 10/9/2008 and goes to settlement 3/28/2009.This has been on market 434 days.

222 108th street listed at $998,000 goes to settlement 6/1/2009
100 108th street listed at $1,750,000 goes to settlement 6/8/2009
8626 First Avenue listed at $5,195,000 goes to settlement 5/15/2009
8726 Sunset Drive listed at $1,099,000 goes to settlement 6/1/2009
9911 Sunrise Drive listed at $2,495,000 goes to settlement 4/30/2009
8501 Pennsylvania Avenue listed at $3,695,000 goes to settlement 5/4/2009.
This is a Custom new 4 bedroom,3 bath home on a 55x110 lot and on market just 17 days .

8626 First Avenue, a 5 bedroom,3 bath Victorian home on a 110x110' beach block lot with pool is listed for $5,195,000 went Under Contract 2/27 and goes to settlement 5/15/2009. This has been on the market 281 days.

9911 Sunrise Drive is a 4 bedroom, 2 bath bay front home on a 95.9x110 lot listed for $2,495,000 .It has been on market 120 days and goes to settlement 4/30/2009

8726 Sunset Drive is a 4 bedroom,2 bath home on a 35x80 lot listed for $1,099,000 and goes to settlement 6/1/2009. It has been on market 239 days.


Stone Harbor NJ Condo Sale Activity April 20th to April 29th 2009


There are currently 65 Stone Harbor condos currently for sale ranging in price from $174,900 for an efficiency unit at 10120 Third Avenue up to $1,725,000 for a 5 bedroom, 3.5 bath townhome with pool at 261 89th street.

Average asking price is $722,048
Average Days on the market - 283 days

Three Condos are now Under Contract in Stone Harbor

A beach front condo 9600 First Avenue Unit #1 is now Under Contract after only 81 days on market. Listed for $845,000, and goes to settlement on May 15th .

A Carnival Bay unit at 10808 Sunset is Under Contract after 300 days on the market. Listed for $725,000,This goes to settlement May 9,2009

420 99th street,a 3 bedroom,1 bath unit which was listed at $445,000 went under Contract after only 33 days on the market. It goes to settlement 5/28/2009.


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

Interest rates continue to be in the 5% range for conforming loans. 6% for loans over $417,000 and just like the "old days", lenders want verification of income to qualify for the loan, and good credit.

The overall price increase for properties in Stone Harbor and Avalon from 1998 to 2008 was 180.99%! This reflects an appreciation rate of 18.9% according to The Otteau Report .
With historically low mortgage rates and huge inventory and sellers willing to negotiate, buyers are jumping in realizing it does not get better than this.
If you are interested in purchasing a summer home, take advantage of the current market and send me an e-mail with your wish list. You'll be pleasantly surprised with the options available. There is something here now for everyone.
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 and see Hundred of Stone Harbor and Avalon Rental & Sale Properties at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor.
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Home Builders Optimistic About Turnaround In the Market!

Home Builders, the most depressed segment of the real estate industry are expressing optimism about a modest turnaround in the marketplace!
By Kenneth R. Harney

April 21, 2009

When home builders, the most depressed segment of the real estate industry, begin expressing optimism about a modest turnaround in the marketplace, maybe it's time for even the most dour doomsayers to listen.

Last week's home builders sentiment survey released by Wells Fargo and the National Association of Home Builders produced the single biggest monthly jump since 2003.

The survey focused on builders' perceptions of traffic at sales sites and expectations of sales in the coming six months, both were up sharply from the previous month.

Builders cited low prices, low interest rates, and the $8,000 federal home purchase tax credit as key reasons for their positive outlook.

Mortgage rates continued their decline into the upper 4 percent range last week -- averaging just 4.7 percent for 30-year fixed rate loans and 4.5 percent for 15 year money.

Some large builders have been sweetening those rates even more by "buying down" interest costs for purchasers to 3 percent or less, fixed for 30 years.

Of course, big improvements in traffic and sales projections do not necessarily mean that builders - or the real estate market as a whole -- are out of the woods.

To put the builders' sentiment survey into perspective: It's still far below the point where the builders themselves rate market conditions as "good." Most builders still rate their situations as "fair" to "poor." But they do see movement toward much better conditions ahead.

In that sense, home builders may be tuned into a much larger public perception change underway about the national economy. The Gallup polling organization's latest "Consumer Mood Index" rose sharply last week, and is now higher than it was at the same time last year.

Federal Reserve chairman Ben Bernanke expressed a similar, mildly optimistic view last week in public comments, as did President Obama.

Meanwhile, there's fresh evidence that, despite all the moaning and groaning about real estate being in the doldrums, there's a rising amount of business getting done. Wells Fargo reported a three billion dollar first quarter profit, much of it because of record results from its home mortgage operations.

Home sales in a number of hard-hit local areas continue to soar. In Orlando, Florida, for example, March sales were nearly 50 percent higher than March 2008.

And listing prices in major markets defied expectations by showing small monthly increases, according to a new report from Altos Research and Real IQ. In sixteen of the largest U.S. housing markets, according to the survey, listing prices were up by an average 1.1 percent.

Bottom line here: Think positive -- at least a little.


For more great Real Estate articles from my Realty Times Newsletter Click Here
http://realtytimes.com/125/NancyAlexander

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 or Direct 800.708.5792
Please visit The Address For Luxury Real Estate at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor

Update of Stone Harbor Real Estate Market Activity for April 12th to April 20th,2009

Update of Stone Harbor Real Estate Market Activity for April 12th to April 20th,2009

Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon
Stone Harbor Real Estate Market Activity Report for April 12th to April 20th,2009.


There are currently 116 homes currently for sale in Stone Harbor ranging in price from $475,000 for a two bedroom home on Weber Court to $5,990,000 for a beach front home on 97th street.

Stone Harbor Consumer Confidence is evident! More homes Under Contract recently than we have seen in a while.

There are six single family homes currently Under Contract.
356 89th street, a 3 bedroom, 1 bath home listed for $990,000, went Under Contract on 10/9/2008 and goes to settlement 3/28/2009.This has been on market 434 days.
4/20/2009. This has been on market 206 days
222 108th street listed at $998,000 goes to settlement 6/1/2009
100 108th street listed at $1,750,000 goes to settlement 6/8/2009
8626 First Avenue listed at $5,195,000 goes to settlement 5/15/2009
8726 Sunset Drive listed at $1,099,000 goes to settlement 6/1/2009
9911 Sunrise Drive listed at $2,495,000 goes to settlement 4/30/2009

8626 First Avenue, a 5 bedroom,3 bath Victorian home on a 110x110' beach block lot with pool is listed for $5,195,000 went Under Contract 2/27 and goes to settlement 5/15/2009. This has been on the market 281 days.

9911 Sunrise Drive is a 4 bedroom, 2 bath bay front home on a 95.9x110 lot listed for $2,495,000 .It has been on market 120 days and goes to settlement 4/30/2009

8726 Sunset Drive is a 4 bedroom,2 bath home on a 35x80 lot listed for $1,099,000 and goes to settlement 6/1/2009. It has been on market 239 days.

Stone Harbor Single Family Homes SOLD
165 93rd street, a 3 bedroom,2 bath home on a 50x110 lot , listed for $1,395,000 went Under Contract on 3/1/2009 went to settlement 4/20/2009 SOLD for $1,281,000 after 256 days on market
43 Weber Court, listed at $559,000 went to settlement 4/15/2009 SOLD for $508,000 after 58 days on market

Stone Harbor NJ Condo Sale Activity April 5th to April 12th 2009


There are currently 65 Stone Harbor condos currently for sale ranging in price from $174,900 for an efficiency unit at 10120 Third Avenue up to $1,725,000 for a 5 bedroom, 3.5 bath townhome with pool at 261 89th street.

Average asking price is $722,462
Average Days on the market - 283 days
Two Condos are now Under Contract in Stone Harbor

A beach front condo 9600 First Avenue Unit #1 is now Under Contract after only 81 days on market. Listed for $845,000, and goes to settlement on May 15th .
A Carnival Bay unit at 10808 Sunset is Under Contract after 300 days on the market. Listed for $725,000,This goes to settlement May 9,2009


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

Interest rates continue to be in the 5% range for conforming loans. 6% for loans over $417,000 and just like the "old days", lenders want verification of income to qualify for the loan, and good credit.

The overall price increase for properties in Stone Harbor and Avalon from 1998 to 2008 was 180.99%! This reflects an appreciation rate of 18.9% according to The Otteau Report .
With historically low mortgage rates and huge inventory and sellers willing to negotiate, buyers are jumping in realizing it does not get better than this.
If you are interested in purchasing a summer home, take advantage of the current market and send me an e-mail with your wish list. You'll be pleasantly surprised with the options available. There is something here now for everyone.
e~mail me at Nancy@NancyMAlexander.com, or Call me! I love to talk Real Estate! Call my cell @ 609.425.7521 or Direct Line @ 800.708.5792

Please visit The Address For Luxury Real Estate and see Hundred of Stone Harbor and Avalon Rental & Sale Properties at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor.
:

Great Article in The Washington Post with some good news on the housing market

Week April 20-24
Housing Data Could Signal If Bust Is Over
THURSDAY

Economy-watchers are searching for evidence that the housing market is starting to hit bottom. And in recent months, there has been some evidence that the end of the great housing bust may be near.
This week offers a reality check, with three key pieces of housing-related data coming out. But to interpret the data, it helps to realize that the end of the housing bust means different things, and could come at different times, depending on what data you consider.
Home sales will likely hit a bottom first -- and may have already done so. Data on existing home sales in March is scheduled to come out Thursday and new home sales on Friday. Both measures of housing activity picked up in February, a sign that between cheap foreclosed-on houses and low mortgage rates, the volume of sales may finally have stopped falling. This week's data will be a test of that thesis. Analysts are expecting a mixed bag, with new-home sales rising modestly but existing home sales falling a bit.
Whatever the March numbers say, there are good reasons to think that home sales will improve as the spring selling season gets underway. Anecdotal reports suggest that low mortgage rates and an $8,000 first-time home-buyer tax credit are coaxing buyers back into the market. And while foreclosures are set to rise as banks begin to move on delinquent homeowners, that actually could boost home sales as banks auction homes for whatever the market will bear.
The prospects are less promising for home prices, a report on which is set to come out Wednesday. Analysts expect the Federal Housing Finance Agency's price index to have fallen 0.6 percent. The new wave of foreclosures may help home sales activity but is likely to keep driving home prices down.
Time lags are another issue. Even if low rates and tax credits bring buyers back into the market, it could take months for that increased demand to meaningfully affect prices, simply because of the time it takes a person to go from deciding it's time to shop again to actually closing on a house.
NEIL IRWIN'S MUST-READS include lessons learned from the CEO of Goldman Sachs and 10 principles from professor Nassim Nicholas Taleb, author of "The Black Swan."

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 to see Hundreds of Stone Harbor and Avalon Rental and Sale Properties at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor

Stone Harbor Real Estate Market March 29 to April 5th 2009

Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon. Here is a summary of the Stone Harbor Real Estate Market Activity for March 29 to April 5th,2009.

There are currently 118 homes currently for sale in Stone Harbor ranging in price from $475,000 for a two bedroom home on Weber Court to $5,990,000 for a beach front home on 97th street.

There are six single family homes currently Under Contract.

356 89th street, a 3 bedroom, 1 bath home listed for $990,000, went Under Contract on 10/9/2008 and goes to settlement 3/28/2009.This has been on market 434 days.

165 93rd street, a 3 bedroom,2 bath home on a 50x110 lot , listed for $1,395,000 went Under Contract on 3/1/2009 goes to settlement 4/20/2009. This has been on market 206 days

43 Weber Court, listed at $559,000 goes to settlement 4/15/2009

222 108th street listed at $998,000 goes to settlement 6/1/2009

100 108th street listed at $1,750,000 goes to settlement 6/8/2009

8626 First Avenue listed at $5,195,000 goes to settlement 5/15/2009

8626 First Avenue, a 5 bedroom,3 bath Victorian home on a 110x110' beach block lot with pool is listed for $5,195,000 went Under Contract 2/27 and goes to settlement 5/15/2009. This has been on the market 281 days.

43 Weber Court, a two bedroom, one bath cottage listed for $559,000 went Under Contract same day it hit the market. it goes to settlement 3/31/2009

Stone Harbor NJ Condos – March 10 to March 29th 2009. Market Recap:

There are currently 64 Stone Harbor condos currently for sale ranging in price from $174,900 for an efficiency unit at 10120 Third Avenue up to $1,725,000 for a 5 bedroom,3.5 bath townhome with pool at 261 89th street.

Average asking price is $729,936
Average Days on the market - 277 days
A beach front condo 9600 First Avenue Unit #1 is Under Contract. Listed for $845,000,this goes to settlement on may 15th after 81 days on the market.

One two bedroom, one bath condo at 312 88th street which was listed for $399,000, SOLD 3/27/2009 for $351,120. This was on market for 256 days


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 at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor.
:

Five Ways to Wow Buyers

Here is excerpt from my April issue of Newsletter In Realty Times

These days, tax credits and high housing inventory make it a buyers' market. If you're a seller, don't despair. There are a variety of renovations that can help make your home stand out. Many buyers look at numerous homes when shopping for a house; so enhancing your home to make it more memorable is vital and increases the chances of a successful sale.

Clearing clutter, taking down personal photos, applying a fresh coat of paint, making minor repairs, and keeping a pleasant aroma are all basic techniques to make your home more appealing. But there are a few other creative enhancements that you can do to wow buyers without emptying your wallet. The results not only attract more attention, but also paint a picture of a well-cared-for home.

While not everyone has the same taste in housing, typically buyers are attracted to larger kitchens, extra storage space, light and bright rooms, and open floor plans. Special finishing touches on a home can be the needed incentive to generate an offer.

Kathy Gerstenberg has owned her home for nearly 20 years. Over the decades she's made many improvements but now she's considering selling and wants to make sure she gets top dollar in a down market. So, she's examining her home the way a buyer would.

"We live in a tract home and I know there are many homes for sale; we don't want ours to be seen as the same 'cookie-cutter' model as the others," says Gerstenberg.

With that in mind, Gerstenberg has carefully made enhancements that make her home more comfortable and aesthetically pleasing. "I wanted to do improvements that would catch a buyer's eye and also make it enjoyable for our family," says Gerstenberg.

As she scouts the market for her next home there are various aspects of a potential home that she notices right away. "I love crown molding and finished doors and windows," says Gerstenberg. She adds, "So many times builders just don't complete the look of a home but when you frame a door or window and add some crown molding to a room it gives it a finished look."

Industry experts agree; Americans are expected to spend $217 billion on remodeling in 2009. Here are five areas where homeowners may spend some of their remodeling money to add the "wow" factor to your home.

1. Go green. Energy efficient products and household goods are attractive to buyers. Renovations or replacements that help make the house more energy efficient are popular. Things such as better insulation, replacing old windows, caulking, and adding skylights can increase value.

2. Crown molding and wider baseboards. Some homeowners are shy to experiment with this, especially if they live in a small home, but it can be very attractive in any size home. Wider baseboard. The measly baseboard that builders often use in tract homes doesn't draw attention. Adding a wider baseboard and a fresh coat of paint makes the room come to life. Also, framing windows and doors helps complete the look of a room.

3. Textured paint. Faux finishes, accented walls, or even just a little fresh paint on them makes a lasting impression. Choose colors and textures wisely. Don't get carried away with a color you love (e.g. purple walls—I've seen it in a home for sale). Remember, that you want your home to appeal to the masses. You can always paint your new home purple—and then change it when it comes time to sell it!

4. Improved flooring. Wood, tile, and new carpet can be a showstopper. But if the flooring is chipped, torn, or dirty, you'll get the opposite reaction from buyers. They'll think your home hasn't been cared for properly which could result in a lower offer -- or no sale at all.

5. Add a deck. Adding a deck can add value to your home. It's a nice feature in a yard and many buyers are happy to purchase a home that already has a deck so that they don't have to take on that home improvement project.
For more of my newsletter,click here http://realtytimes.com/125/NancyAlexander


Written by Phoebe Chongchua Realty Times

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://www.StoneHarborRealtor.com/. I'd love to be your Realtor.

Stone Harbor Real Estate Market March 10 to March 29,2009

Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon. Here is a summary of the Stone Harbor Real Estate Market Activity for March 10 to March 29,2009.

There are currently 115 homes currently for sale in Stone Harbor ranging in price from $475,000 for a two bedroom home on Weber Court to $5,990,000 for a beach front home on 97th street.

There are six single family homes currently Under Contract.
356 89th street, a 3 bedroom, 1 bath home listed for $990,000, went Under Contract on 10/9/2008 and goes to settlement 3/28/2009.This has been on market 434 days.
165 93rd street, a 3 bedroom,2 bath home on a 50x110 lot , listed for $1,395,000 went Under Contract on 3/1/2009 goes to settlement 4/20/2009. This has been on market 206 days

43 Weber Court, listed at $559,000 goes to settlement 4/15/2009
222 108th street listed at $998,000 goes to settlement 6/1/2009
100 108th street listed at $1,750,000 goes to settlement 6/8/2009
8626 First Avenue listed at $5,195,000 goes to settlement 5/15/2009

8626 First Avenue, a 5 bedroom,3 bath Victorian home on a 110x110' beach block lot with pool is listed for $5,195,000 went Under Contract 2/27 and goes to settlement 5/15/2009. This has been on the market 281 days.

43 Weber Court, a two bedroom, one bath cottage listed for $559,000 went Under Contract same day it hit the market. it goes to settlement 3/31/2009

Stone Harbor NJ Condos – March 10 to March 29th 2009. Market Recap:

There are currently 63 Stone Harbor condos currently for sale ranging in price from $174,900 for an efficiency unit at 10120 Third Avenue up to $1,725,000 for a 5 bedroom,3.5 bath townhome with pool at 261 89th street.

Average asking price is $738,419
Average Days on the market - 276 days
One two bedroom, one bath condo at 312 88th street which was listed for $399,000, SOLD 3/27/2009 for $351,120. This was on market for 256 days


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 at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor.
:

Avalon New Jersey Sales Activity for the Weeks of March 10th to March 29, 2009

Avalon Sales Activity for the Weeks of March 10 to March 29, 2009


Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon. Here is a summary of the Avalon Real Estate Market Activity.

There are currently 223 single family homes for sale in Avalon ranging in price from $549,000 for a two bedroom home at 667 22nd street to a whopping $16,875,000 for a seven bedroom south Avalon beach front home on 75th street.

There are thirteen single family homes now Under Contract in Avalon.
A 4 bedroom,3 bath bay front home at 6600 Ocean Drive which was listed for $1,989,000 SOLD 3/21/2009 for $1,700,000. This was on the market for 365 days.


Condo/Townhouse Avalon
There are now 131 condo/townhouses for sale in Avalon ranging in price from $169,000 for an efficiency unit at 7900 Dune Drive, up to $2,200,000 for a beach front,4 bedroom,3 bath unit at 65 east 28th street

There are fourteen condos in Avalon now Under Contract ranging in price from $305,000 to $719,000.
A 4 bedroom,4 bath townhome at 502 20th street which was listed for $719,000 SOLD 3/21/2009 for $617,000. This was on the market for 570 days
.

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 at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor
,

Avalon New Jersey Sales February 22 to March 10, 2009

Avalon Sales Activity for the Weeks of February 22 to March 10, 2009


Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon. Here is a summary of the Avalon Real Estate Market Activity.

There are currently 222 single family homes for sale in Avalon ranging in price from $549,000 for a two bedroom home at 667 22nd street to a whopping $16,875,000 for a seven bedroom south Avalon beach front home on 75th street.

There are ten single family homes now Under Contract in Avalon.


Condo/Townhouse Avalon
There are now 156 condo/townhouses for sale in Avalon ranging in price from $169,000 for an efficiency unit at 7900 Dune Drive,up to $2,200,000 for a beach front,4 bedroom,3 bath unit at 65 east 28th street

There are ten condos in Avalon now Under Contract ranging in price from $315,000 to $719,000.

Six condo units have Sold and Settled.
Three units at 7929 Dune Drive .One Sold for $340,000,and one Sold for $377,296,and one Sold for $417,025.

321 40th street, a 5 bedroom,4 bath unit listed for $775,000 SOLD for $700,000 on 2/27/2009 after 818 days on the market.

323 40th street, a 5 bedroom,4 bath unit listed for $825,000 SOLD for $722,500 on 2/27/2009 after 1000 days on market.
2008 N. Ocean Drive,a 4 bedroom,2.5 bath unit listed for $969,000 SOLD on 3/7/2009 for $890,000 after 153 days on market.


.

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 at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor

Mortgages That Survived The Credit Crunch

Excerpt From My March Newsletter in Realty Times

Today's mortgages are a far cry from boom time home loans, but they do exist and some lenders have money to burn. "People used to qualify with stated income. Now there is more documentation. And they aren't just documenting your income, but looking for assets in addition to your income and low debt-to-income ratios and low loan-to-value ratios," said Asmaa Egal, mortgage broker, Loan Republic Financial in San Francisco.
The new brand of home loan has been customized with tighter controls and fewer defects to replace old mortgage models that crashed and burned when the economy hit the skids. "You have to qualify. You have to prove your income. They have make-sense underwriting," said, Quincy Virgilio, 2009 president of the Santa Clara County Association of Realtors.
FHA-insured mortgages
The new darling of the homebuyer set, Federal Housing Administration-insured mortgage programs, have been available for decades. especially for low- to moderate-income families who may not meet requirements for conventional loans.
But with new loan limits as high as $625,500, they've become especially attractive in high cost areas. FHA loans are expected to account for 25 percent of the mortgages signed in 2009, according to the National Association of Realtors. Because of previously lower loan limits, FHA loans amounted to less than 4 percent of homes sold from 2003 and 2006.
The new FHA model also comes with low down payments and eased credit requirements.
"They are much more lenient (compared to conforming Fannie Mae and Freddie Mac mortgages) on how they look at credit scores. The score can be in the 600s vs. 700s, said Cheryl O'Connor, a finance expert with O'Connor Consulting in Danville, CA.
FHA features include:
• As little as 3 percent down.
• Financed closing costs.
• A 1 percent (of the mortgage) ceiling on the amount lenders can charge for closing costs.
• No prepayment penalties.
• Relaxed debt-to-income requirements.
• FHA-approved lenders only.
• FHA-approved appraisals only.
Virgilio says buyers who don't have 20 percent or more down will pay an upfront mortgage insurance fee amounting to as much as 1.75 percent (of the loan) and a monthly mortgage insurance premium that effectively tacks on another 0.5 percent to the interest rate.
"But you can structure your loan with participation from the seller paying closing costs. Not down payment assistance, but closing costs, but in this marketplace the seller is going for that," said Virgilio.
The best rates (typically fixed, rather than adjustable) go to those who have financial reserves, savings or investments amounting to at least two months worth of a PITI (principle, interest, taxes and insurance) mortgage payment.
Likewise, the best deals go to buyers with a 30 to 33 percent debt-to-income ratio when the debt includes housing and all other monthly debt payments.
In addition to FHA home-buying loans, the "Housing and Economic Recovery Act of 2008" created "Hope For Homeowners" which allows troubled mortgage holders to avoid foreclosure by refinancing into a more affordable, FHA Secure mortgage, provided Uncle Sam gets a piece of the equity-growth action and provided the existing lender approves.
Members only
Credit unions largely survived the credit crunch because, as non-profits, the fundamentals apply. They take in deposits. They make loans based on sound underwriting principles. They charge more on those loans than they pay on deposits.
Without the profit motive, there was no incentive to get involved in the subprime racket, no reason to sell and repackage loans as investments and no need to otherwise venture into untried and untrue investment schemes.
Along with fixed-rate 30-year mortgages at rates often lower than banks they also offer conventional adjustable rate mortgages (ARM) and hybrids all with rates typically lower than conventional lenders. "Credit unions have a tendency to be more lenient if you have a bank account with a credit union," O'Connor said.
Credit union originations rose a whopping 10.1 percent during the first half of 2008, according to the industry's federal regulator, the National Credit Union Administration (NCUA). Conventional mortgage lender loan originations took a nose dive, falling 17 percent during the same period.
Rural home loans
Don't get your knickers in a knot over the term "rural." Loans backed by the United States Department of Agriculture's (USDA) Rural Development Housing and Community Facilities Programs are limited, but you don't have to grow corn or raise chickens.
The loans are for:
• People living in designated rural areas where the population is less than 20,000.
• People with incomes under 115 percent of household median income for the area. In most areas, the upper income limit for borrowers will be $60,000 to $70,000 per year.
• People buying homes, not refinancing or taking out equity loans.
USDA Programs include no-money down loans, home improvement and rehabilitation loans and grants, construction loans, loans for minorities and true to the work-ethic of rural life, sweat-equity loans that require buyers to help build their own homes.
Local, state agencies
O'Connor says don't overlook local -- city, county and state -- housing assistance programs that often cater to first-time and or low- to moderate-income home buyers as well as government and service workers including teachers, police officers and fire fighters.


Written by Broderick Perkins
Read the rest of my March Newsletter here http://realtytimes.com/124/NancyAlexander

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 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.StoneHarborRealtor.com/. I'd love to be your Realtor

Good News for Real Estate Investors Looking for Financing

As of last Friday, there is good news for real estate investors with more than 4 financed properties. Fannie Mae is lifting their ban on financing investors with more than 4 financed properties raising the total number to 10. According to Fannie Mae, the rationale for the change is that experienced investors can “play a key role in the housing recovery”. Until now, foreclosure auctions have gone at less than full speed because investors unable to pay cash have been halted by the existing 4-property Fannie Mae limit.

These new guidelines will take effect on March 1st, 2009. There are some particulars to keep in mind however if you are an investor looking to capitalize on this. Investors buying a 5th, 6th, 7th, 8th, 9th or 10th home must meet the following standards:

720 credit score
25% downpayment for a 1-unit (30% for a 2-4 unit)
No mortgage delinquencies in the last 12 months
6 months of reserves for each investment property
Going forward, expect a more expedient foreclosure liquidation nationwide which should, in turn, provide further support for the housing market. This should help get things flowing again. Also, if you are an investor that has more than 4 financed properties currently, you can now look to refinance and capitalize on the historically low interest rates.
Author: Steve Heideman • URL: http://www.arizonamortgagenews.com
February 16th, 2009 •


If you turn down Pandora and listen closely, you can hear real estate investors in Chicago cheering all the way from Cincinnati.
Read the Fannie Mae official announcement -- you get the sense that the nationalized group is getting with the program. This excerpt comes from the lead paragraph: "Fannie Mae is committed to providing financing opportunities for high-credit quality, bona fide investors. Experienced investors play a key role in the housing recovery."
The use of the phrases "high-credit quality," "bona fide" and "experienced" was a conscious one, by the way. Fannie Mae is averse to first-time investors and other foreclosure opportunists. Instead, it wants to serve individuals with a history of owning and successfully managing rental property.
To that end, Fannie Mae will now finance the purchases of one-unit homes for investors with an interest in between 5-10 properties, provided that all of the following guidelines are met:
• 25 percent down payment on the investment property; • Minimum credit score of 720; • No mortgage payments late within the last 12 months; • No bankruptcies or foreclosures in the last seven years; • Two years of tax returns showing rental income from all rental properties; • Six months of principal, interest, taxes and insurance reserves on each of the financed properties. And lastly, to reduce fraud, Fannie Mae will now require all real estate investors to sign a form granting lenders permission to verify supplied tax returns against the official, IRS-filed version. This document is less commonly known as a 4506-T. But lest we think this guideline change is Fannie Mae's olive branch to the people, let's remember that our nation's banks are holding record numbers of foreclosed homes on their balance sheets right now while the most likely buyers of those homes have been to-date locked out from financing. Real estate investors want to buy REO, but Fannie Mae had made it impossible. The guideline change is meant to extend banks and lenders a lifeline first; bringing experienced investors back into the fold is just how it's getting done.
That said, real estate investors are lovin' it. For the first time since September, investors can go to auction and know that (relatively) cheap financing will be available from the government. This should speed the reduction of REO inventory nationwide. In addition, with more investors eligible for financing, expect greater competition for prime foreclosed properties, helping to keep home prices from falling into the abyss. The rollback gives a secondary benefit to investors, too -- even those not buying additional property. See, when the four-property restriction went into effect it was a surprise , 11th-hour announcement made on the Friday before Fannie Mae's nationalization. This date, meanwhile, has come to be known as the day before the refi boom started. So, on the following Monday, when mortgage rates instantly plunged three-quarters of a percent, homeowners with five properties or more found themselves ineligible. They couldn't refinance their investment homes; they couldn't refinance their vacation homes; and they often couldn't refinance their primary homes, either. While rates fell for nearly every borrower class, experienced real estate investors were locked out. Today, that's no longer the case. "High-credit quality, bona fide" real estate investors are back in the game. It's good for them; it's good for the banks; and it's good for housing.
Not every bank sells loans to Fannie Mae, however, so if you think the new guidelines will impact your mortgage plans, be sure to check with your loan officer first. Originally posted at The Mortgage Reports blog, Copyright (c) Dan Green [6]





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 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.StoneHarborRealtor.com/. I'd love to be your Realtor

Stone Harbor Sales Activity for the Weeks of February 8 to February 22, 2009

Stone Harbor Sales Activity for the Weeks of February 8 to February 22, 2009


Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon. Here is a summary of the Stone Harbor Real Estate Market Activity.

There are currently 112 homes for sale in Stone Harbor ranging in price from $525,000 for a one bedroom home on Weber Court to $5,990,000 for a beach front home on 97th street.

In the two week period February 8 to February 22,2009, one beach block home at 120 114th street which was listed for $2,900,000 SOLD for $2.400,000 on 2/11/2009 after 125 days on the market.

There are three single family homes currently Under Contract.
356 89th street ,a 3 bedroom,1 bath home listed for $990,000,goes to settlement 2/27/2009.This has been on the market 434 days.

8801 Pennsylvania Avenue, a 5 bedroom,5 bath home with a pool,listed for $2,849,000. which has been on market for 409 days.This goes to settlement March 7,2009

43 Weber Court,a two bedroom,one bath cottage listed for $559,000 went Under Contract same day it hit the market. it goes to settlement 3/31/2009

Stone Harbor NJ Condos – February 8 to February 22nd 2009. Market Recap:

58 Stone Harbor condos currently for sale ranging in price from $299,000 for an efficiency unit on 99th street up to $1,725,000 for a 5 bedroom,3.5 bath townhome with pool at 261 89th street.

Average asking price is $766,591
Average Days on the market - 297 days

One Condo in Stone Harbor is now Under Contract
312 88th street. Asking price $399,000
Days on the market-72 days

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 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.StoneHarborRealtor.com/. I'd love to be your Realtor.

Buy Now And Beat The Spring Rush

Here is an Excerpt from My February Newsletter 2009 in Realty Times



Down market. Up market. It doesn't matter. Spring showers typically bring spring buyers.
But if you wait for the seasonal thaw you'll join what could be a throng of market savvy buyers who have already scoped the lay of the land and are elbowing for position.

In many communities, an over-supply of homes for sale with reduced prices, foreclosures, auction sales and sellers shopping for short sale buyers, all make it an opportune time not to procrastinate.

"We are seeing a confluence of events that contributes to the increase in the number of closed sales," said Quincy Virgilio, president of the Santa Clara County Association of Realtors in San Jose, CA.

"Interest rates are at a record low and the affordability index nears a 5-year high. For first-time buyers, rents are skyrocketing and that's an added incentive to buy a home now," added Virgilio.

That doesn't mean every home is a Blue Light Special or that you can shop with reckless abandon. It's a better idea to prepare now, become a savvy buyer and beat the spring rush.

To help get you started we've gleaned some key tips from "Buying Your First Home Now" (Nolo.com, $24.99), by Ilona Bray, Alayna Schroeder, Marcia Stewart and a dozen contributing experts knowledgeable in everything from credit, borrowing and buying to escrow, insurance and taxes.

• Check your home-buying pulse. Just because there's a convergence of favorable market conditions doesn't mean it's your time to buy.
Base your decision solely on the state of your housing market and you'll overlook why the current market is littered with the former homes of those who borrowed more than they could afford.

Likewise, if you wait for prices to fall more your could miss out. No one knows when the market will hit bottom until it begins a sustained upward turn and you can look back and actually see bottom.

Buy a home because, for you, it's the right thing to do. Buy because it's more affordable than renting, because you plan on staying put until it pays off, buy because it is a good fit for your lifestyle and your personal goals.

• Learn your local market. While you certainly need to be up on the most recent housing news, get news from your local media outlets, your real estate agent and data providers that regularly generate information about your community.

• Get some basic training. Even if you've purchased before, bone up now. Regulations, local practices and market conditions change. Use well-established, frequently-updated information sources on and off line. Attend real estate industry-sponsored seminars, workshops, counseling sessions and post-secondary level realty classes.

• Examine your credit. Pull your credit report and check your credit score before your lender does. You need to make sure both are where they need to be to land you a home loan. AnnualCreditReport.com (also at 877-322-8228) is the one and only official, federally sanctioned program giving you free annual access to your credit report. The nominal fee to obtain your credit score from one of the three credit reporting agencies is worth the cost.

• Shop with money in your pocket. Get a mortgage approved before you begin to shop for a home. You need to know how much you can afford and how much home you can buy so you can negotiate from a position of strength. Shop around for the best mortgage possible.

• Buy like a savvy investor. Buy low now, sell high later. Shop in the least expensive neighborhood in the best community or the least expensive city in the region. Drill down to buy the least expensive home on the best block or the cheapest home in a neighborhood in transition.

•Your Real Estate Agent. Use your real estate agent as your point person, tell friends, family and co-workers you are in the market.
For the immediate future, look for distressed properties to continue flooding the low-performing markets, which will keep sales high but hurt property values. In the more stable markets, the upper end will continue to cool, but record-low interest rates should keep demand relatively strong for well-positioned mid-value properties.



Read rest of my newsletter here
http://realtytimes.com/123/NancyAlexander
Wondering What Your Home Is Worth? -- Let me show you.


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 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.StoneHarborRealtor.com/. I'd love to be your Realtor

Frequently Asked Questions About the $8,000. Federal Tax Credit

Frequently Asked Questions About the $8,000. Federal Tax Credit Recently Approved by Congress

Q:
A: How much is the tax credit?
The tax credit would be $8,000 or 10% of the purchase price, whichever is less.

Q:
A: Who is eligible?
Similar to the $7,500 tax credit included in the Housing and Economic Recovery Act of 2008, the $8,000 tax credit (included in the 2009 economic stimulus plan) is available for the purchase of the primary residence by first-time homebuyers.

Q:
A: If this is for first-time homebuyers, how do I know if I am eligible for the tax credit?
According to the IRS, any taxpayer who has not owned a home during the 3 years prior to the date of purchase can qualify for the credit.

Q:
A: Do I have to repay the $8,000.?
No. Unlike the previous $7,500 tax credit, the $8,000. does not have to be repaid UNLESS, the home is sold within three years of purchase; at that time, the credit will be reversed.

Q:
A: Are there any income limitations on the tax credit?
Yes. The tax credit is strictly for individuals with adjusted gross income of under $75,000 or $150,000 for joint filers.

Tax Credit vs. Tax Deduction

This is a tax credit, not a tax deduction, meaning its a dollar-for-dollar decrease to your tax liability. Also, the tax credit is refundable, meaning you can receive the full value of the credit even if you do not have an $8,000 tax liability.

Phase-Out


The tax credit phases-out for individuals making $75,000 or over modified adjusted gross income (MAGI), and couples making $150,000 or over MAGI. Below are examples of how the phase-out will apply to the two different scenarios.

Individual Making $75,000 or Over


Assume that an individual homebuyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Couple Making $150,000 or Over

Assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time homebuyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Who Cannot Take the Tax Credit

If any of the following apply, you cannot take the tax credit:

1. Individuals making $95,000 or over MAGI, and couples making $170,000 or over MAGI; meaning you receive no tax credit if your income is this much or more a year.

2. You buy your home from a close relative, including: parent, sibling, spouse, grandparent, child, etc.

3. You sell your home within the first three years of purchasing it. If this occurs, the tax credit must be repaid.

4. You are a non-resident alien

First-time Homebuyer Definition

A first-time homebuyer is defined as someone who has not owned a home within the last three years. If married filing jointly, both spouses must meet the first-time homebuyer definition to take the tax credit.

When Can the Tax Credit be Claimed?

The $8,000 tax credit can be claimed for your 2008 tax year (filed by April 15th 2009), 2008 amended return or 2009 tax year.

Homes That Qualify

The tax credit is applicable to any home that will be used as a principle residence. Based on that guideline, qualifying homes include single-family detached homes, as well as attached homes such as townhouses and condominiums. In addition, manufactured or homes and houseboats used for principle residence also qualify. For new construction, the purchase date is considered the day you occupy the home; therefore you must move-in by November 30th 2009 to qualify for the tax credit.

Also, homes in the District of Columbia qualify for the tax credit.

How About Those Who Purchased Homes in 2008?

Homes purchased in 2008 are subject to the $7,500 repayable tax credit.

President Obama unveiled his plan to help stabilize the housing market and keep millions of borrowers in their homes.
The Homeowner Affordability and Stability Plan includes two initiatives to help struggling homeowners. One is a refinancing program for homeowners with less than 20% equity in their homes, or who owe more than their home is worth. The second program attempts to lower monthly payments for homeowners at risk of losing their home. In addition, the plan includes a third initiative to support low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.

Many of the plan’s details are still being worked out and will not be announced until March 4, here is an overview of the plan’s main components.

Refinancing Initiative
Under current rules, those families who own less than 20% equity in their homes have a difficult time refinancing and taking advantage of the historically low interest rates. Therefore, the refinancing initiative in the new plan provides refinancing help for homeowners with less than 20% equity in their homes or who owe more than their home is worth. This initiative is open to homeowners who have conforming loans which are guaranteed by Fannie Mae and Freddie Mac, and who owe up to 5% more than their home is worth.

According to the plan, “credit-worthy” or “responsible” homeowners can refinance their mortgage into a 30- or 15-year, fixed-rate loan based on current market rates. The refinanced loan, however, cannot include prepayment penalties or balloon payments. For many families, this low-cost refinancing may help reduce their mortgage payments by up to thousands of dollars per year.

As with the rest of the plan, details about this initiative will be released at a future date—including what, if any, credit score requirements will be included.

Stability Initiative
This initiative aims at providing help to individual families as well as entire neighborhoods by helpingreduce foreclosures and stabilize home prices. It is intended to help homeowners who are struggling to afford their mortgage payments, but cannot sell their homes because prices have fallen significantly.

The goal of this initiative is simple: “reduce the amount homeowners owe per month to sustainable levels.” To accomplish this, lenders are encouraged to lower homeowners' payments to 31 percent of their income by lowering their interest rate to as low as 2% or by extending the terms of the loan. In addition, lenders can also lower the principal owed by the borrower, with Treasury sharing in the costs.

Homeowners who are current on their mortgages but are struggling can still apply for this program. As such, this is one of the few programs designed to help homeowners who may face delinquency soon, but are current at the moment.

Since the focus of this initiative is on helping families and neighborhoods, investment properties do not qualify. This initiative also includes a number of additional elements and incentives that benefit homeowners and lenders alike, including:

Incentives to Help Borrowers Stay Current: To provide an extra incentive for borrowers to keep paying on time, the initiative will provide a monthly balance reduction payment that goes straight towards reducing the principal balance of the mortgage loan. As long as a borrower stays current on his or her loan, he or she can get up to $1,000 each year for five years.
Reaching Borrowers Early: To keep lenders focused on reaching borrowers who are trying their best to stay current on their mortgages, an incentive payment of $500 will be paid to servicers, and an incentive payment of $1,500 will be paid to mortgage holders, if they modify at-risk loans before the borrower falls behind.
Supporting Low Mortgage Rates
As part of the Homeowner Affordability and Stability Plan, the Treasury Department is increasing its funding commitment to Fannie Mae and Freddie Mac to ensure the strength and security of the mortgage market and to help maintain mortgage affordability. This portion of the plan will use using funds already authorized in 2008 by Congress for this purpose.

The increased funding will enable Fannie Mae and Freddie Mac to carry out ambitious efforts to ensure mortgage affordability for responsible homeowners, and provide forward-looking confidence in the mortgage market.

Again, the government plans to unveil the final details of the plan on March 4, 2009. For now, you can download a sheet of common Questions and Answers produced by the government at: www.treas.gov/initiatives/eesa/homeowner-affordability-plan/ConsumerQA.pdf
FREE Home Buyer Tax Credit Webinar – April 3 at Noon

The countdown to December 1, 2009 has begun. Learn how to take advantage of the tax credit during a free Get the Real StorySM webinar on Friday, April 3, 2009 at noon. Register for the webinar on Friday by visiting http://www.njar.com/rs_register.php. The website address for participating will be e-mailed to you in advance of the event. Please note, space for the live event is limited.





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 or Call me! I love to talk Real Estate! Call my cell 609.425.7521

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Stone Harbor Sales Activity January 1 to January 23,2009

So was there any sales activity in Stone Harbor in January?
Check out the numbers below:
Stone Harbor Single Family Homes – January 1 to January 23, 2009 Market Recap:

106 single family homes are currently for sale in Stone Harbor with asking prices range from $525,000 to $5,990,000
Average asking price is $2,387,687
Average Days on the market - 246 days

Two single family homes in Stone Harbor are now Under Contract.
356 89th street listed for $990,000
9200 First Avenue, a Beach Block home listed for $1,985,000
No Single Family has SOLD/SETTLED in Stone Harbor as of January 23rd.

A Duplex at 241 109th street which was listed at $785,000 SOLD 1/23/2009 for $600,000 after 415 days on the market.


13 homes in Stone Harbor expired from the market during January without selling.


Stone Harbor NJ Condos – January 1 to January 23 2009. Market Recap:

53 Stone Harbor condos currently for sale

Average asking price is $732,456
Average Days on the market - 310 days

Two Condos in Stone Harbor are now Under Agreement
275 103rd street. Asking price $789,000
Days on the market-695 days

312 88th street. Asking price $399,000
Days on the market-72 days

One Stone Harbor Condo SOLD
234 84th street, which was listed for $620,000, SOLD for $620,000 on 1/14/2009 after 696 days on the market.

Are you considering a move ? If you are thinking of buying or selling a home, in Stone Harbor or Avalon, please visit the address for Luxury Real Estate at www.StoneHarborRealtor.com. I'd love to be your Realtor.
It would be my pleasure to help you with your Real Estate needs. Call me ...I Love To talk Real Estate! You can reach me at Nancy@nancymalexander.com