MarketWatch has reported that resales of U.S. single-family homes and condos rose 3.6% in June to a seasonally adjusted annual rate of 4.89 million, the highest level since last October, the National Association of Realtors reported Thursday. Resales have risen for three straight months.
The housing market appears to be healing, said Lawrence Yun, the NAR chief economist. The increase was higher than expected.
Inventories of unsold homes are still elevated and putting pressure on prices. The inventory of unsold homes on the market fell to a 9.4 month supply at the June sales pace, down from 9.8 months in May. Yun said that inventories would have to be at a 7 month supply to get price stabilization.
The median sales prices fell 15.4% in the past year to $181,800. Resale activity is concentrated in lower-priced home as a result of tax incentives, analysts said. Distressed properties (meaning short sales, foreclosures and bank owned properties) accounted for 31% of sales in June.
Another important thing to note is that in New Jersey, the number of home sales in the month of June 2009 increased by a whopping 12% more than the number of home sales for June 2008. In addition, there is now a nine-month inventory of homes for sale in NJ; that number was 16.9 months in January. That is an astounding 41% improvement in the amount of homes just sitting on the market that were unsold!
Robert Noble | Century 21 Chapel Realty | 267-625-5441
416 Tulpehocken Ave., Elkins Park, PA
BEAUTIFUL & WELL MAINTAINED SPLIT LEVEL HOME WITH BRAND NEW CONTEMPORARY KITCHEN.....DESIRABLE LOCATION NEAR ALVERTHORPE PARK.
3BR/1.5BA Single Family House
offered at $250,000
Year Built
1972
Sq Footage
1,420
Bedrooms
3
Bathrooms
1 full, 1 partial
Floors
Unspecified
Parking
Unspecified
Lot Size
8,230 sqft
HOA/Maint
$0 per month
DESCRIPTION
BEAUTIFUL & WELL MAINTAINED SPLIT LEVEL, Desirable location near Alverthorpe Park. Gorgeous NEW upgraded kitchen features granite, maple cabinets & stainless steel appliances. Hardwood & ceramic floors throughout. Large backyard great for relaxing or entertaining. Reasonable taxes & top-ranked Abington Township schools. MUST SEE HOME!
COMFORTABLE 1-BEDROOM APARTMENT IN DESIREABLE NEIGHBORHOOD, NEAR SINGLE-FAMILY HOMES, MINUTES FROM THE SUBURBS
1BR/1BA Apartment
$550/month
Bedrooms
1
Bathrooms
1 full, 0 partial
Sq Footage
Unspecified
Parking
None
Pet Policy
Cats, Small dogs (< 25lbs)
Deposit
$1,650
DESCRIPTION
Comfortable 1-bedroom/1 full bath apartment in a desireable neighborhood (Oak Lane section; Near Cheltenham Ave. & Melrose Park).
*Large living room
*Plenty of closet space
*New mini blinds
*Freshly painted
*Private entrance
This apartment has been consistently rented. Last tenant lived there for 3 years straight. Units don't become available often.
Tenant pays heat, gas, electric. Landlord pays water.
Public transportation, laundrymat and shopping in walking distance.
20 minute drive to Center City.
OPEN HOUSE DATE:
SATURDAY, JUNE 20, 10:00AM-1:00PM
Please call 267-625-5441 to make an appointment to preview the apartment at the Open House.
see additional photos below
RENTAL FEATURES
Living room
Basement
Yard
Cable-ready
LEASE TERMS
One-year lease. Tenants pay gas, electric & heat. Owner pays water bill.
WHAT'S REQUIRED TO MOVE IN?
In order to move in, tenant must fill out application (which includes fee for credit check), show proof of steady full-time employment in writing via paystubs, provide three non-family references and posess a good rental history. First month ($550), last month ($550) and one month security($550) due prior to moving in. $1,650 total. Available for immediate occupancy.
I'm sure you've heard that expression..."the early bird gets the worm"...right? What about "time waits for no one?"
Well both sayings are the truth and nothing but the truth.
When we step up to the plate early(be it in business or in our personal lives) not only do we free up our time to pursue other goals but we also give ourselves a chance to take advantage of great opportunities that may be right in front of us.
Since time keeps moving even when we don't, it's critical to devise a plan of action to help us accomplish our goals in a timely fashion.
Here are my Top 5 tips to help you clear off your plate early in the game, so you can seize the moment and move forward in life and business with momentum:
1. Write it down! Create a "To Do" list. Research shows that when you write something down, your chances of actually following through on the goal are increased dramatically.
2. Schedule it! When you know you have a task that must be completed, be sure to put it on a wall calendar or schedule it in your Blackberry or phone calendar.
3. Tackle the hardest or longest tasks first! If you focus on getting the biggest challenges out of the way first, doing the easiest things later will be a piece of cake.
4. Learn how to delegate! If you find yourself getting stuck on the minor things you need to get accomplished, learn how to delegate that task to someone else who can help lighten your load. Whether it's an assistant, intern, friend or relative...don't be afraid to ask for help.
5. Like NIKE Just Do It! The hardest part of doing anything is taking the first step. Don't worry about doing it "right"... Just do it. If you make a mistake, you can always go back and re-do it.
Memorial Day Weekend was quite busy for me. I spent all of Friday working with buyer clients, most of Saturday doing the same and Sunday (the day before the actual holiday) I decided to hold an open house at one of my listings, located at 57 South Shore Drive in South Amboy in Lighthouse Bay.
Oh sure, there was nothing more tempting than the thought of joining my friends and family who were basking in the sun at the beach, sipping on a cool drink, with the sounds of waves splashing in the background.
Some might call me crazy....actually a few agents in my office did call me crazy...lolol...but I know without a doubt, sacrificing a vacation in a far off land was the right thing to do for my sellers and my business. :)
You see, the community where I held the open house is called Lighthouse Bay. It's a very unique and beautiful resort-like community located in a quaint yet thriving waterfront town called South Amboy in central New Jersey.
LIVING IN LIGHTHOUSE BAY MAKES EVERYDAY FEEL LIKE A VACATION!
Lighthouse Bay is a collection of more than 250 luxury, multi-level townhouses and single family homes ranging in price from $425,000 to $1,695,000 like this beauty located at 29 Lighthouse Drive.
There's no better time of year to appreciate a resort-like community like Lighthouse Bay and it's newest addition, Harbor Village at Lighthouse Bay, then during a beautiful holiday weekend like Memorial Day weekend.
The sun was shining on Sunday, May 24th, the waterfront was buzzing with people from all over, homeowners entertained relatives & friends at their houses, the private community pool had it's annual grand opening and everything was just perfect! So much so that I had the pleasure of entertaining nine (9) REAL prospective homebuyers at my open house at 57 South Shore Dr.
There's a public boat slip and ramp to launch your jet skis on the Raritan Bay
Beautiful public access beach and waterfront prime for kayaking or fishing
Lovely sidewalk cafes, restaurants and shops in town
Public schools and private Catholic Schools that are becoming increasingly competitive
Property taxes that are far more reasonable than just about any town in North Jersey
So while it would've been fun to have been a beach bum for a day, I'm glad I traded in my sunblock for an open house sign in GORGEOUS Lighthouse Bay on the South Amboy waterfront. If last Sunday was any indication of the growing demand for the benefits this one-of-a-kind community offers... the best is yet to come!
SHORT SALES 101: The Five "P's" Everyone Needs To Practice When Dealing With Short Sales
"RUMOR vs. REALITY CHECK"
=
Real Solutions To Help NJ Homeowners Avoid Foreclosure
(May 2009 edition)
1. PREPARE: Make sure you mentally and emotionally PREPARE yourself for the level of transparency that will be required in order to complete a short sale. This means ultimately you'll be required to share details with your Realtor, your attorney, your CPA and the bank about why you are unable to pay your mortgage. Depending upon your specific circumstances this could include job loss, medical problems or any number of issues. You have NOTHING to be ashamed about!
2. PLAN OF ACTION: As a Realtor who is experienced with short sales in NJ, I can tell you that proper PLANNING is a huge part of successfully executing a short sale. The Realtor you choose to handle your short sale listing needs to have a real MARKETING PLAN to get your home exposed to buyers, as well as a real STRATEGIC PLAN to effectively deal with your mortgage lender/bank. If you are a seller who is experiencing financial trouble, and are considering listing your home with a Realtor as a short sale, please do yourself a favor..research the Realtor before you choose one.
3. PERFECT HONESTY: The only way your short sale Realtor can help you is if you are PERFECTLY HONEST with them about the obvious things about your financial status, as well as the not-so obvious. If you know of additional liens that are currently levied against your home, it's very important that tell your agent in the very beginning.
4. PATIENCE: Short sales typically take a bit longer than most traditional home sales. In order for the buyer, seller and the agents to get what they all ultimately desire (a closed transaction), everyone is going to have to commit upfront to remain PATIENT during the process.
5. POSITIVE ATTITUDE: In addition to being PATIENT, everyone involved in a short sale transaction needs to keep a POSITIVE ATTITUDE. This means the seller of the short sale home and their Realtor needs to support each other as they navigate through this tough process. The buyer's agent needs to regularly check-in on the short sale buyer to make sure they keep a POSITIVE ATTITUDE while everyone waits for the bank to render a decision about approving the short sale. Being pesimistic and negative will only get you frustrated. Keep a POSITIVE ATTITUDE throughout the short sale process, and you will likely wind up with a positive outcome!
This 3-bedroom + 2.5 bath townhome was listed at $290,000 and sold for $280,000.
**NOTE** This home actually closed on 4/13/2009, and it sold for $12,000 more than a different home (that was the exact same model) sold for less than 3 months prior.
The former homeowners/sellers for this home had experienced a legitimate hardship, and were searching for a Realtor in Marlboro specializing in short sales. They researched me online at my main site, as well as my blog here on ActiveRain.com before inviting to their home to discuss the sale of their home.
They had already done the necessary due diligence, by discussing loan modification optionswith their mortgage lender. As much as they wanted to continue to stay in their home, it became apparent to everyone involved that by excercising a successful short sale, they'd be afforded an opportunity to regroup and start over in the near future.
The community this townhome is located in is "Point de Jardin"in the Morganville section of Marlboro Township in New Jersey.
Towhomes in this particular development don't stay on the market very long for the following reasons:
1. The entire community offers (which is equip with an outdoor pool and gorgeous landscaped grounds) is affordably priced 3-bedroom + 2.5 bath units only (no 2-bedroom units) ranging from the upper $200K's to the mid $300K's.
2. Point de Jardin is located in Marlboro Township NJ, a highly sought after area in central NJ known for having top-ranked schools. Details about before & after care are available here.
3. NYC commuter Park-N-Ride lots and public transportation via NJ Transitare conveniently located on Route 9 mere minutes from the entrance of Point de Jardin.
The interest in this home was strong from the first day I listed it.
However, selling it wasn't a cinch for a variety of reasons. Namely, the home was listed as a "short sale" and that alone scared a few buyers who clearly were misinformed about the HUGE opportunity buying a short sale presents.
In general, buyers who are scared of purchasing short sale homes are usually apprehensive, because of stories they may have heard from friends or even certain Realtors who have not been successful with these types of distressed properties.
After 2 short months on the market, 2 price reductions and 45+ showings, we finally received 2 written offers from buyers. I reviewed the offers with the sellers, and they chose the one that whose overall terms were most appealing.
I was able to get a FULL SHORT SALE APPROVAL for the first offer on this short sale listing within 3 weeks of turning in all the appropriate paperwork. Anyone who is really familiar with how short sales work can attest that an approval in 3 weeks is a very fast turnaround! Unfortunately, the buyer was represented by an agent who was admittedly clueless when it came to short sales, and shortly after we received bank approval the buyer's attorney backed them out of the deal.
When I broke the news to the sellers they were initially nervous. Foreclosure was the last thing in the world they wanted. I encouraged them to stay positive, and reassured them that I would get their home SOLD! Sure enough...we had a breakthrough...We canceled the deal with the "flighty" buyer, did one final small price reduction and voila! 4 additional written offers poured in. The sellers chose to accept a buyer who was represented by agent whom I felt confident would do what was necessary to keep her client patient and focused, while we waiting for the seller's mortgage lender to approve this new contract. Within 10 business days I had a new approval from the lender, and 14 days later the home SOLD successfully! The sellers were happy, the buyers were thrilled and myself & the other agent felt relieved. The #1 key to success with short sales is being PREPARED for anything!
Short sales in stable and well-established condo/townhouse communities such as Point de Jardin in Marlboro, NJ don't necessarily come along everyday. So when one does come along, the majority of buyers clamor for a chance to purchase in this development, because they know they will very likely get a good deal. In this case it gets very competitive amongst buyers and buyer's agents. If you see a good short sale deal in this type of community don't let it pass you by!
GORGEOUS & SUPER CLEAN 3-BD + 2.5 BATH "CRESTMONT" MODEL END UNIT OFFERS A HUGE FULL BASEMENT, PLUS A GARAGE & DOUBLE-WIDE DRIVEAWY!
3BR/2.5BA Townhouse
offered at $340,000
Year Built
2005
Sq Footage
2,015
Bedrooms
3
Bathrooms
2 full, 1 partial
Floors
Unspecified
Parking
Unspecified
Lot Size
13,068 sqft
HOA/Maint
$157 per month
DESCRIPTION
THIS GORGEOUS & SUPER CLEAN 3-BD + 2.5 BATH "CRESTMONT" MODEL END UNIT OFFERS A HUGE FULL BASEMENT, PLUS A GARAGE & DOUBLE-WIDE DRIVEAWY! Upgrades include high 9 ft. ceilings throughout 1st floor, crown molding, recessed lighting, 42" maple cabinets, dramatic 2-story family room featuring marble-encased gas fireplace, 10x12 virtually maintenance-free TREX deck, 2 additional large bedrooms and laundry room conveniently located on the 2nd floor. Community offers a pool, tennis courts & tot lot. TRULY A MUST SEE HOME!
Go to www.AmberLovesRealEstate.com for more details!
RUMOR:Let's say a financially distressed homeowner owes a mortgage lender/bank a certain amount of money for a mortgage note, and the bank agrees to allow a SHORT SALE. This means the seller should purposely list their home at a high price since the bank will accept an offer from a buyer for 10%-20% less than what the sellers actually owe the bank, right?
REALITY CHECK: NO. This is NOT necessarily true! Many lenders understand the general public has "caught wind" to what a SHORT SALE home actually is, and because of that, the rules of engagement are changing. Every mortgage lender is different and is governed by various rules when it comes to what price is acceptable vs. unacceptable. Now don't get me wrong; often times mortgage lenders are willing to "bend" a bit and accept a less than attractive offer from a buyer for a SHORT SALE home. However, I have had lenders tell me directly "we will let certain homes go to FORECLOSURE before we will just give it away for almost no money in a SHORT SALE."
They didn't make that statement based on principle, but rather on mathematics. If a home is listed on the market for sale, and it doesn't yield contract offers high enough to cover the mortgage + the fees to sell the home + any delinquent utilities + delinquent home owners association fees (if applicable), the lender may feel it could be less costly to allow it to be FORECLOSED on. Lenders are often willing to negotiate when it comes to what "sale price" they eventually accept for a SHORT SALE, but a 10%-20% discount to a potential buyer is often NOT accurate when the SHORT SALE home is: #1 priced appropriately for the current market and #2 the home shows well.
SOLUTION = If you're a homeowner who is financially challenged and it seems like you can't figure things out on your own, make sure you speak to your mortgage lender immediately. Be honest with them about your circumstances, and ask them for all possible solutions to help improve your situation. If they don't offer you any favorable options, then ask them about their specific steps to get you consideration for a SHORT SALE.
After doing your research with them, interview and select a Realtor who understands how the SHORT SALE process works. Be certain the Realtor is upfront with you about where the current prices of homes comparable to yours are. This way you will have realistic expectations about what to expect, and you can price your home appropriately based on current market conditions. By following these suggestions, you'll be one step closer to attracting a buyer that will write a contract to purchase your home, and even closer to getting your mortgage lender to say SHORT SALE APPROVED!
A few days ago I met a real estate appraiser named Rosalyn at one of the Monmouth County NJ homes I have listed. Within less than 2 months of being on the market, this home had 3 offers to purchase and was now under contract...Yay!
Rosalyn the appraiser was very focused on what she needed to observe as it pertains to the home. Once she was finished, she was willing to indulge my curiosity as whether or not the changing real estate market has affected the appraisal process.
Being the sponge that I am, I looked at this as a great opportunity to "pick her brain" and ask a few questions that might be helpful to my clients. I chose the 5 questions below, because they often lead to spirited debates between myself and other Realtors, as well as first-time buyers or home owners who are in the process of selling.
Thanks to Rosalyn for sharing her expertise!
1. The square footage of a home also includes the total square footage of the basement.
FALSE: According to Rosalyn, a home's true square footage only includes the actual living space. If an area is a below grade basement (meaning underground and not a walkout), then that basement is NOT considered actual living space, and should NOT be calculated as part of a home's square footage. She said in NJ and in many states it is acceptable to measure the actual square footage of the basement and note that separately as additional square footage but NOT as living space.
2. A home's appraisal value should be equal to or greater than the home's tax records assessed value.
FALSE: Although many cities and towns across America are reconfiguring their tax rate calculation formulas to reflect current real estate market values, there are thousands of cities who have not. Therefore, you cannot always expect a home's appraised value to be equal to or exceed the "tax assessment value."
3. If you're selling your home, you are entitled to receive a copy of the appraisal the buyer's mortgage lender ordered.
FALSE: Neither the buyer or their mortgage lender are required to share the appraisal information with you. The appraiser is not allowed to share their evaluation results with you either.
4. If you give your home an extra good cleaning and de-clutter, your home will appraise for more money.
FALSE: According to Rosalyn, appraisers do not base their evaluations on how "neat & tidy" your home is. The things that will likely have the greatest impact on what they assess your home's value at will be size, condition, upgrades, location, view (ocean, beach, etc) closeness to amenities (pool, golf course, etc) and/or facilities (bus, ferry, train, etc) and recent sales of comparable homes.
5. If you add certain upgrades to your home you will get a dollar-for-dollar return on your investment when you sell the home.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Central A/C
Living room
Central A/C
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;)
