How About a Home Inspection? Do We need one? You Bet!

Just a few short Years ago, home inspections were virtually unheard of in a residential real estate transaction.
Buyers then would rely only on their own judgement of the home and the representations of the seller's real estate agent. Today it is a different ballgame. Dramatically different!

Included in the Agreement For sale is a clause giving the buyer the right to order one or more professional home inspections before completing the purchase.


Your Realtor will recommend several well-qualified home inspectors. The tricky part is selecting the best candidates among the group. Here are seven points to consider:

1. Qualifications. Ask open-ended questions about the inspector's training and experience as it relates to home inspections. The inspector should have some training in construction and building maintenance standards and a track-record of experience in the home inspection business. Depending on the location and age of the home, you may need to hire an inspector who's qualified to deal with asbestos, lead-based paint or other potentially hazardous substances. In some cases you may also require a structural engineer.

2. Exactly What Is Covered in This Inspection? Make sure up front what is and is not covered in the inspection Ask the inspector which parts of the property are and are not - included in the inspection. Will this inspector check out the roof? How about the swimming pool? How about the built- in appliances?
A bay front property will need a separate inspection for the bulkhead.

3. Ask to see a sample of the report. Ask the inspector to provide a sample of his checklist or inspection report. Will his report include a narrative description or just check-off boxes? Is the information presented and explained clearly and completely? Does the report highlight and summarize any problems that could present a safety hazard?

4. References. Request names and telephone numbers of several homeowners who have used his services. Call those people . Wouldn’t be a bad idea to talk to some people who have owned their home for a few months or longer. Some problems overlooked by an inspection can take a while to surface.


5. Qualifications. Is he licensed? Many good inspectors don't belong to a national or state association of home inspectors. However, all else being equal, an association membership is a plus. These groups provide their members with training and certification programs and up-to-date information about industry practices and inspection standards.

6. What happen If he misses something? Even top-notch inspectors are only human and can make errors or overlook problems they probably should have noticed. What is the company's policy in such situations? Does the company have insurance for errors and omissions? Will the inspector or his company stand behind the report? Many companies ask customers to sign a waiver limiting the company's liability to the cost of the inspection.
7. An excellent idea is a pre-listing home inspection. Talk to your sellers about the value of a thorough evaluation by a professional inspector to help get a property into tip-top shape. It’s tempting for owners to assume that they know everything about a home’s condition. But even sellers in a house for 25 years may not realize they’ve been living with a dangerous electrical outlet or plumbing leaks. Taking care of problems early offers a competitive edge.



Hope this information is helpful to you! If you have any questions, or need more information, please e-mail me at http://Nancy@NancyMAlexander.com
call me...... I Love To Talk Real Estate!
800.708.5792
Nancy M. Alexander CRS,GRI ,e-PRO

http://Nancy@NancyMAlexander.com
http://NancyMAlexander.com
CONTENTS COPYRIGHT NANCY M. ALEXANDER 2008

Real Trends Newsletter

COMMENTARY
The New Year: The Worst Looks to be Behind Us
According to the REAL Trends Housing Market Report released on January 17, closings for the fourth quarter 2007
were down 21 percent from the same quarter in 2006. However, the good news is that closings for each month from
October 2007 through December 2007 were down fairly uniformly from the same months in 2006.
Prices were down in much the same pattern. Prices for closed homes were off about 1.5 percent for the quarter, but
were off fairly uniformly for each month of the fourth quarter.
Hence, while business is down, it did not appear to be declining much throughout the fourth quarter of 2007.
The REAL Trends Housing Market Report was launched in October of 2007. It is a
compilation of closed home sales from brokerage firms representing nearly 40
percent of all broker assisted sales throughout the country. The report covers all
states and MSAs and represents a cross section of price ranges and types of homes.
A new report from REAL Trends, the Pulse, a survey of 750 brokerage CEOs that
we launched in January, indicated that many brokerage firms improved in January
over the prior month. Sixty-four percent of CEOs said they strongly supported or
somewhat supported the statement that their business was measurably better as of
the end of January. Almost 70 percent strongly said that a temporary raising of the
conforming loan limit would have a material positive impact on their business –
which Congress and the President appear ready to sign.
Mortgage rates dipped on interest rate cuts by the Federal Reserve Board as economists
indicated that the risk of recession was near or upon us. Retail sales and credit card
growth were down measurably in December and January, indicating that consumers are
cutting back. While a recession is not an event to be sought, it can lead to an easing of
credit demand and lower rates. Lower rates can stimulate housing demand, even in
the fact of a downturn in employment, as we saw in the modest downturn of 2001.
Lower rates for mortgages and softer prices for homes mean a rise in affordability, all
other factors being equal. All of these trends should support increased buyer activity.
According to many sources, housing price indexes prices are down. The REAL
Trends Housing Market report showed that prices for closed homes were down
1.5 percent from the year before. NAR and OFHEO show soft house price declines.
Zillow’s Zindex and Cyberhomes show 3-5 percent home price declines on a
national basis. Even the S&P/Case-Schiller Index, the most bearish indicator of
house prices, says that there are many markets that remain healthy.
While homebuilders continue to report record soft sales and starts, a drop in the
supply of new homes is not bad for this housing market. Also, there are numerous
reports of investors gathering portfolios of distressed mortgages and real estate.
When large pools of investors are beginning to purchase real estate, it signals that
professional investors smell the bottom of the market.
We do not think most markets will decline much further in terms of transactions.
However, should the predicted recession be more than a mild one or the Fed
becomes more worried about inflation than a growing economy, then 2008 will not
likely be a year where housing turns upward.

Nancy@NancyMAlexander.com
www.StoneHarborRealtor.com

Realtor Magazine Article Home Improvements Cost vs Value

This article was published on: 12/01/20062006 Cost vs. Value Making Home Improvements Pay What’s the return for remodeling? Remodeling magazine’s annual report compares construction costs with resale values for 25 common remodeling projects in 60 U.S. markets.Prices for most remodeling projects continue to climb, while the recoup value of improvements at resale is declining to levels last seen in 2002. These are the findings of Remodeling magazine’s 19th annual Cost vs. Value Report — the eighth prepared in cooperation with REALTOR® Magazine. None of this should come as much of a surprise to you: This year’s recoup values confirm the housing slowdown many parts of the country are experiencing. With both home-sale and remodeling activity at record levels in the last five to six years, some cooling is inevitable. Indications are that the current downturn represents a return to “normal” levels. A number of improvements designed to make the report more reliable and useful has also affected both cost and value data. For starters, Remodeling took a fresh look at the specs for the 25 projects it studies each year. (REALTOR® Magazine, in the past, has limited the number of projects it included in its coverage.) The cost-to-construct figures (which include labor, material, subcontractors, and gross profit) are higher than in previous years, but also more accurate. (Read full project descriptions at www.remodelingmagazine.com.) The estimates of resale value are also more accurate than ever before (see “Survey confidence is high,” below), thanks to the more than 2,000 members of the NATIONAL ASSOCATION OF REALTORS® who completed Remodeling’s e-mail survey this past summer. In addition, the report introduces nine regional averages, following the divisions established by the U.S. Census Bureau. This breakdown provides higher confidence levels than could be achieved with the four larger U.S. regions measured in previous years. What the numbers meanWhen comparing cost estimates for actual projects, remember that averaging tends to have a leveling effect on “Job Cost” data. And, seemingly small differences in size, scope, or quality of finishes can dramatically affect the final project cost. Remember, too, that, even in neighborhoods in the same city, local conditions can affect both the cost and value of a remodeling project, making our numbers appear too high or too low. In an actual real estate transaction, the “cost recouped” for a given remodeling project depends on a variety of factors. These include the condition of the rest of the house, the value of similar homes nearby, and the rate at which property values are changing in the surrounding area. A home’s urban, suburban, or rural setting also affects its value, as does the availability and cost of new and existing homes in the immediate vicinity .

Nancy@NancyMAlexander.com
www.StoneHarborRealtor.com

Avalon Single family Homes Sold since September 07

Multiple Listing Statistics show 44 single family homes have SOLD in Avalon since September 1st to present (2/28/08) with Average sale price of $1,746,091 and average days on market 289.

Nancy@NancyMAlexander.com
www.StoneHarborRealtor.com

Avalon Bayfront Homes Sold since September 2007

4725 Fourth Avenue. 60x250 lot. 5 bedrooms,2 baths. Listed for $2,575,000.Sold 1/15/08 for $2,200,000
50 Flamingo Dr. 93x141 lot. 6 bedrooms,4 baths. Listed for $5,195,000. Sold 10/1/07 for $4,725,000
Please e-mail me for more Avalon bayfront information.

Nancy@NancyMAlexander.com
www.StoneHarborRealtor.com

Bayfront Homes SOLD in Stone Harbor since September 2007

8522 Sunset Drive. 59.5x100 lot. 3 bedrooms, 2 baths. Listed for $1,695,000. Sold 12/7/07 for $1,431,000
10518 Corinthian Dr. 33.6x107 lot. 4 bedrooms, 2 baths. Listed for $1,845,000. Sold 9/13/07 for $1,635,000
11113 Third Ave. 48x130 lot. 4 bedrooms, 2 baths. Listed for $2,200,000. Sold 8/25/07 for $1,950,000
9811 Sunset Dr.73.9x110 lot. 5 bedrooms, 3 baths. Listed for $2,485,000. Sold 2/21/08 for $2,185,000
10032 Corinthian Dr.100x110 lot. 3 bedrooms,2 baths. Listed for $3,500,000.Sold 10/15/07 for $3,350,000
558 Berkley Rd. 133.5x110 lot. 4 bedrooms,4 baths. Listed for $10,500,000. Sold 2/15/08 for $8,500,000
Please e-mail me for more Stone Harbor Bayfront property information.

Nancy@NancyMAlexander.com
www.StoneHarborRealtor.com

Beachfront Homes SOLD in Stone Harbor since September 2007

#1 83rd street, 50x110 lot. 4 bedrooms, 3 baths.Was Listed for $4,295,000 and Sold 9/21/07 for $3,650,000

#4 107th street 75x100 lot. 7 bedrooms, 3 baths was Listed for $6,150,000 and Sold 9/29/07 for $5,450,000

#1 105th street 50x108 lot. 4 bedrooms, 3 baths was Listed for $4,395,000 and Sold 10/16/2007 for $3,500,000
Please e-mail me for more Stone Harbor beachfront property information.

Nancy@NancyMAlexander.com
www.StoneHarborRealtor.com

Prime Stone Harbor Commercial Real Estate Location:

261 - 96th Street, Stone Harbor, NJ Harbor Square Mall
$5,995,000.00

(click here for commercial brochure)

Prime Stone Harbor Real Estate Location:Not too often does the most prime location in possibly the best business district at the Jersey Shore become available for purchase.
Harbor Square Mall located in the prestigious business district of Stone Harbor is a Colonial Brick Mall with 18 units including a restaurant with a liquor license, specialty shops and an open food court.The property runs from 96th Street through 97th Street offering frontage on both Avenues. The building with it's brick exterior is very inviting and offers excellent opportunities for all of the 18 condominium units.Total square footage of the property is 29,015 feet with 110 foot frontage on both 96th & 97th Streets.Sale of the property includes the liquor license presently in operation. Leasing information on the property is available upon request.Don't miss this once in a lifetime opportunity to own the best location in the Jersey Shore's gem of a business district. Stone Harbor, New Jersey.

Nancy@NancyMAlexander.com
www.StoneHarborRealtor.com

Looking to buy or rent in Stone Harbor or Avalon?

Known as a wealthy and exclusive town, Stone Harbor sports a trendy, upscale central business district along 96th Street and Second Avenue. In 2006, Forbes magazine ranked Stone Harbor (08247) as #47 on its list of the most expensive zip codes in the United States, based on median home sale prices.

Feel free to bookmark this site now as your comprehensive source of information and services for buying, selling or renting real estate in Avalon & Stone Harbor, New Jersey. The Cape May County communities of Avalon, Stone Harbor , Sea Isle City , and Wildwood are all included in this site with direct access to the latest properties for sale in the area.

• Buying a home
• Selling your home
• Investment property
• Vacation rental
• Local Stone Harbor and Avalon Real Estate information
• Financing
• New Construction
• Market evaluation

MESSAGE FROM THE MAYOR-Thank you for choosing our beautiful island as your vacation destination. Whether you have been here before or this is your first visit, we are sure you will find all you need for a wonderful vacation right here. Stone Harbor is proud to boast that we have some of the best shopping and finest restaurants in the area, and we also have an ever increasing amount of recreational activities and special events. We are committed to providing our visitors and home owners with a safe, clean, friendly, family atmosphere while maintaining our tradition of quality that has made us unique among seashore communities. We hope that you enjoy your visit with us and that you will return again and again.

If you currently own real estate and are looking for a Stone Harbor NJ Realtor or Avalon NJ Realtor to list your home for sale you have found the best of the best! Nancy M. Alexander has 30+ years real estate experience in the area.

Contact Realtor Nancy M. Alexander for luxury home sales and vacation rental information at the Jersey Shore .

Nancy@NancyMAlexander.com
NancyMAlexander.com