Think Flanagan First!

1030 Sheila Drive (Twin Oaks) in Toms River, NJ

Coldwell Banker Flanagan Realty — Sun, 15 May 2011 11:49:05 -0700

Twin Oaks Trophy

Overview
Maps
Photos
Features
Market Stats

$419,000

Single Family Home

Main Features

4 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 2700 sqft
Lot: 0.41 acre(s)

Location

1030 Sheila Drive
Toms River, NJ 08753
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

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Twin Oaks Trophy
Twin Oaks Cul-De-Sac!
North Dover
Half an Acre in East Dover!
Snug Harbor Haven!

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109 Ridge Drive in Toms River, NJ (Twin Oaks)

Coldwell Banker Flanagan Realty — Fri, 13 May 2011 17:22:25 -0700

Twin Oaks Cul-De-Sac!

Overview
Maps
Photos
Features
Market Stats

$374,500

Single Family Home

Main Features

4 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 2400 sqft
Lot: 20,000 sqft

Location

109 Ridge Drive
Toms River, NJ 08753
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

Our recent listings

Twin Oaks Trophy
Twin Oaks Cul-De-Sac!
North Dover
Half an Acre in East Dover!
Snug Harbor Haven!

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1841 Starboard Ct (Snug Harbor) in Toms River, NJ

Coldwell Banker Flanagan Realty — Mon, 18 Apr 2011 19:38:29 -0700

Snug Harbor Haven!

Overview
Maps
Photos
Features
Market Stats

$377,700

Single Family Home

Main Features

4 Bedrooms
2 Bathrooms
Interior: 1324 sqft
Lot: 6,500 sqft

Location

1841 Starboard Court
Toms River, NJ 08753
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

Our recent listings

East Dover Bargain!
Shelter Cove Waterfront!
North Dover Neighbor!
Windsor Park Wonder!
Forest Ridge Find!

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1207 Paddock Place, Toms River, NJ (North Dover Cul-De-Sac)

Coldwell Banker Flanagan Realty — Tue, 12 Apr 2011 19:49:17 -0700

North Dover Cul-De-Sac!

Overview
Maps
Photos
Features
Market Stats

$669,900

Single Family Home

Main Features

4 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 2586 sqft
Lot: 0.76 acre(s)

Location

1207 Paddock Place
Toms River, NJ 08755
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

Our recent listings

Shelter Cove Waterfront!
North Dover Neighbor!
Windsor Park Wonder!
Forest Ridge Find!
Georgetown Gem!

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Shelter Cove Waterfront For Sale-38 Kingston Ave, Toms River, NJ

Coldwell Banker Flanagan Realty — Mon, 11 Apr 2011 12:08:41 -0700

Shelter Cove Waterfront!

Overview
Maps
Photos
Features
Market Stats

$499,900

Single Family Home

Main Features

3 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 2688 sqft
Lot: 10,000 sqft

Location

38 Kingston Avenue
Toms River, NJ 08753
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

Our recent listings

North Dover Neighbor!
Windsor Park Wonder!
Forest Ridge Find!
Georgetown Gem!
Island Heights Oasis!

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Toms River Real Estate Market Report for the First Quarter of 2011

Coldwell Banker Flanagan Realty — Sun, 10 Apr 2011 19:27:50 -0700

by Jim Flanagan on April 6, 2011

in Uncategorized

Single Family Homes in Toms River (First Quarter 2011):

Toms River Real Estate-1st Quarter 2011

This chart displays the sales and inventory of Single Family Homes in Toms River, NJ. The high-lighted area focuses on the first quarter of 2011. As we can see, sales dropped in February before spiking in March but the supply of homes for sale spiked in February and dropped in March (despite the current inventory increasing by over 120 homes)! Both of these factors could be attributed to March traditionally marking the beginning of the “Spring Selling Season”, when we historically see more homes come on the market in anticipation of more buyers entering the market, and January being the “snowiest” month in New Jersey in over 60 years.

Single Family Homes in Toms River (First Quarter 2010):

Toms River Real Estate-First Quarter 2010

Notice the significant differences in the high-lighted areas between February and March of 2010; sales shot up while inventory dropped! This is because we were entering the last 2 months of the “Extended Home-Buyer Tax Credit” here in Toms River. So, with the Federal Government offering up to $8,000 to home-buyers at this time last year, Toms River is only 12 sales behind, year-over-year. Why?

Sold/Closed Profile of Single Family Homes in Toms River (Year-Over-Year):

Sold Profile of Single Family Homes in Toms River (Y-O-Y)

This chart illustrates the four distinct “types” of home-buyers that were active in Toms River during the First Quarter:

The “Investor” clearly; when was the last time we heard of a sale in Toms River UNDER $100,000?
The “First Time Home-Buyer”; and they are competing with the “investor” for homes UNDER $200,000.
The “Move Up Buyer”; who is taking advantage of the price of larger homes that have fallen UNDER $500,000.
The “High End Buyer”; who understands money and is purchasing a home (that cost near a million dollars just a few short years ago) for UNDER $800,000 today.

In a nutshell; without the artificial demand created by the “Extended Home-Buyer Tax Credit”, home prices have depreciated to levels that have made them attractive to investor buyers (short sales/foreclosures), first time home-buyers, move up buyers and high end buyers alike. Combined with slowly but steadily climbing mortgage interest rates, home-buyers may be jumping off that proverbial fence in Toms River, NJ.

Retirement Homes in Ocean County, NJ-First Quarter 2011

Coldwell Banker Flanagan Realty — Sat, 09 Apr 2011 12:30:59 -0700

Posted on April 6, 2011 by Jim Flanagan

Ocean County’s Adult Community Real Estate Market Report for the First Quarter of 2011:

Adult Communities in Ocean County-1st Quarter

This chart displays the sales and inventory of Homes in all of the Adult Communities in Ocean County, NJ. The high-lighted area focuses on the first quarter of 2011. As we can see, sales dipped in February but rebounded strongly in March. Both of these factors could be attributed to a “snowier” than usual January in 2011. The most significant factor to observe is the “Months Inventory”, which SOLD OFF 3 months worth of supply of homes in one single month (March)!

Year-Over-Year Comparison with the First Quarter of 2010:

Ocean County's Adult Communities-1st Quarter of 2010

Notice the major differences, between this year and last, are the number of sales in January of this year (137 over 115) and the HUGE DIP in the “Months Inventory” in March of last year. The latter is because we were entering the last 2 months of the “Extended Home-Buyer Tax Credit” here in Ocean County. So, even with the Federal Government offering between $6,500 and $8,000 to home-buyers of Adult Communities at this time last year, Ocean County is 29 sales ahead of last year! Why?

Sold/Closed Profile of Adult Communities in Ocean County (Y-O-Y):

Profile of Sold/Closed Homes in Adult Communities

As we can easily see, there was a SURGE in sales UNDER $100,000 in the Adult Communities of Ocean County in the first quarter of 2011! There were also significant increases in sales between $350,000 and $450,000.

In a nutshell; without the artificial demand created by the “Extended Home-Buyer Tax Credit”, home prices in the Adult Communities have depreciated to levels that have made them attractive to two “distinct” classes of retirees. Remember, beginning January 1, 2011; 10,000 “Baby Boomers” turn 65 each and every day, and will do so for the next 19 years! Obviously, they are finding what they want, need and can AFFORD in the Adult Communities of Ocean County, NJ.

Ocean County, NJ-Real Estate Report-First Quarter 2011

Coldwell Banker Flanagan Realty — Wed, 06 Apr 2011 18:56:57 -0700

Posted on April 4, 2011 by Jim Flanagan

The Ocean County real estate market in the first quarter of 2011:

First Quarter of 2011 in Ocean County

This chart displays the sales and inventory of Single Family Homes in Ocean County, NJ. The high-lighted area focuses on the first quarter of 2011. As we can see, sales have steadily increased month-over-month but the supply of homes for sale has remained relatively stable at just over 19 months. Both of these factors could be attributed to March traditionally marking the beginning of the “Spring Selling Season”; when we historically see more homes come on the market in anticipation of more buyers entering the market.

The Ocean County real estate market in the first quarter of 2010:

The First Quarter of 2010 in Ocean County

Notice the significant differences in the high-lighted area between February and March of 2010; sales shot up while inventory dropped! This is because we were entering the last 2 months of the “Extended Home-Buyer Tax Credit” here in Ocean County. So, with the Federal Government offering up to $8,000 to home-buyers at this time last year, Ocean County is only 24 sales behind, year-over-year. Why?

Sold/Closed Profile of Homes in Ocean County (Year over Year):

Sold/Closed (Year over Year) Ocean County

As we can plainly see, the most active price ranges (between $100,000 and $500,000), saw the most significant changes in the $100,000 to $149,999 and $150,000 to $199,999 price ranges; +54% and +23% respectively.

In a nutshell; without the artificial demand created by the “Extended Home-Buyer Tax Credit”, home prices have depreciated to levels that have made them attractive to investor buyers (short sales/foreclosures) and first time home-buyers alike. Combined with slowly but steadily climbing mortgage interest rates, home-buyers may be jumping off that proverbial fence in Ocean County, NJ.

North Dover-1639 Winston Ct in Toms River, NJ

Coldwell Banker Flanagan Realty — Mon, 04 Apr 2011 20:03:16 -0700

North Dover Neighbor!

Overview
Maps
Photos
Features
Market Stats

$429,000

Single Family Home

Main Features

4 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 2657 sqft
Lot: 0.50 acre(s)

Location

1639 Winston Court
Toms River, NJ 08755
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

Our recent listings

Windsor Park Wonder!
Forest Ridge Find!
Georgetown Gem!
Island Heights Oasis!
Pine Lake Park Castle

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Sally Got Fired?

Coldwell Banker Flanagan Realty — Fri, 01 Apr 2011 17:49:17 -0700

Posted on March 28, 2011 by Jim Flanagan

Purchased from istockphoto.com

Last week, one of my freshman sales associates, Sally (not her real name), came into my office and confessed that she had been fired by her “buyers” the night before. What exactly did Sally do that prompted her “clients” to fire her? Her job!

Her former clients, whom I had the pleasure of meeting and consulting with myself the previous weekend, were a young couple looking for their “First Home” in Toms River. Sally had found them a NEW 3 bedroom, 2 bath Ranch listed for $208,900. It wasn’t in the greatest of locations but it was a BRAND NEW home for just over $200K. The young couple liked it so much, they asked his father to come take a look at it…and he did!

Herein lies the problem! As I wrote in a previous post, “No Secrets Here…”;

So, here we are again in Ocean County, 12 years later. The local housing market is poised for a recovery; home prices and mortgage interest rates are at historic lows and their is an abundance of homes to choose from (limited by price range of course). Let’s learn from history and not repeat it; your friends and family may mean well but they just may cost you the home of your dreams. Trust and listen to your real estate professional. Unless, you want to live with mom and dad for the next 12 years!

The father KNEW EVERYTHING about real estate and construction (it only costs $75 a finished square foot) and advised these “kids” to offer $135,000 with a mortgage or $125,000 cash. Now, I happened to be in the office when Sally returned with her “kids” to write up the offer and she did advise me as to the father’s instructions. My initial response to my sales associate was, “is the father with them now”? Unfortunately, he was not so I went with Sally to counsel our clients about their offer.

This is what is known as a NO WIN scenario. How do you counsel a young couple that their father is going to cost them the house they like? I did it as delicately as I could, with Sally observing, and we let them know we would submit their written offer but beware of the consequences (losing the house, not even getting a counter-offer, alienating the seller, etc.). Despite our cautious counseling, the “kids” stayed the course with the father’s directions and…Sally was able to get a counter-offer of $202,000 from the Seller…that’s when they fired her!

They said, and I quote, “that they didn’t like it that we were discouraging them from short sales and foreclosures and they agreed with their father that there are houses to be bought in that price range“. There are…but NOT in Toms River and NOT in that CONDITION and NOT in that (their) time frame! So, we were fired for being honest.

I told Sally to send them a “Thank You” card, for sparing her from the long, painful, frustrating “hell” that their business relationship would have become. She was now FREE to work with buyers that understand the opportunity that exists and WANT a home of their own!

644 Beachwood Ave, Toms River, NJ 08753

Coldwell Banker Flanagan Realty — Thu, 24 Mar 2011 16:49:26 -0700

Windsor Park Wonder!

Overview
Maps
Photos
Features
Market Stats

$219,900

Single Family Home

Main Features

2 Bedrooms
2 Bathrooms
Interior: 1232 sqft
Lot: 8,000 sqft

Location

644 Beachwood Ave
Toms River, NJ 08753
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

Our recent listings

Forest Ridge Find!
Georgetown Gem!
Island Heights Oasis!
Pine Lake Park Castle
Gardens of Pleasant Plains!

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15 West Ridge Road, Toms River, NJ 08755

Coldwell Banker Flanagan Realty — Tue, 22 Mar 2011 18:35:48 -0700

Forest Ridge Find!

Overview
Maps
Photos
Features
Market Stats

$214,900

Single Family Home

Main Features

4 Bedrooms
2 Bathrooms
Interior: 1656 sqft
Lot: 10,275 sqft

Location

15 West Ridge Rd
Toms River, NJ 08755
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

Our recent listings

Georgetown Gem!
Island Heights Oasis!
Pine Lake Park Castle
Gardens of Pleasant Plains!
Sunrise Beach!

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Is there HOPE for Unemployed Home-Owners in Ocean County, NJ?

Coldwell Banker Flanagan Realty — Tue, 22 Mar 2011 18:01:55 -0700

Posted on March 21, 2011 by Jim Flanagan

Hope for NJ's Unemployed Home-Owners?

I was reading Ask Tara @Trulia, again, when I discovered this potential gem in her post, 5 Mortgage & Foreclosure Myths:

5. Myth: If you’ve lost your job and can’t make your mortgage payment, you might as well mail your keys in. Until recently, this was essentially true – virtually every loan modification and refinancing opportunity required that your economic hardship be over before you could qualify. And documenting income has always been high on the requirements checklist. But there are some new funds available in the states with the hardest hit housing and job markets, which have been designated specifically for out-of-work homeowners.

According to Tara, New Foreclosure-Prevention Programs will be made available to Home-Owners in 18 states and the District of Columbia…yes, New Jersey made the list!

The US Treasury Department’s Hardest Hit Fund has allocated $7.6 billion to 18 states so far– all of which are now using some portion of these funds to offer up to $3,000 per month for up to 36 months in mortgage payment assistance to help unemployed homeowners avoid foreclosure.

According to the official “Fund Site” for the State of New Jersey, The New Jersey Home Keeper Program, is “anticipated to START in the near future”? We will keep you posted as to when the “Fund” becomes available to unemployed home-owners in Ocean County, so be sure to check back here OFTEN!

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Move UP in a DOWN Market in Ocean County, NJ!

Coldwell Banker Flanagan Realty — Sat, 19 Mar 2011 16:04:28 -0700

Posted on March 18, 2011 by Jim Flanagan

In our last post, There May Be a Window of Opportunity OPEN for “Move Up” Home-Buyers in Ocean County, we wrote about the economic and financial conditions that may make the next 90 days the “perfect” time to MOVE UP to your next home in Ocean County, NJ. We are so confident about this “opportunity” for our local residents, that we decided to make a video to better illustrate the benefits of “Moving Up” soon:

CLICK HERE TO WATCH VIDEO!

If you agree with us and believe that this just may be the opportunity you have been waiting for, please do not lose any more time. Fill out the “Contact Form” at the bottom of this post and we will begin the process of helping you “Moving Up” in the down market here in Ocean County!

WE'RE READY TO MOVE UP NOW!

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288 Flaam Street (Georgetown), Toms River, NJ!

Coldwell Banker Flanagan Realty — Sat, 19 Mar 2011 15:15:47 -0700

Georgetown Gem!

Overview
Maps
Photos
Features
Open House
Market Stats

$284,900

Single Family Home

Main Features

3 Bedrooms
1 Bathroom
1 Partial Bathroom
Lot: 10,200 sqft

Location

288 Flaam Street
Toms River, NJ 08753
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

Our recent listings

Island Heights Oasis!
Pine Lake Park Castle
Gardens of Pleasant Plains!
Sunrise Beach!
North Dover

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136 Chestnut Ave, Island Heights, NJ!

Coldwell Banker Flanagan Realty — Sat, 19 Mar 2011 12:58:50 -0700

Island Heights Oasis!

Overview
Maps
Photos
Features
Video of Island Heights!
Neighborhood
Open House
Market Stats

$459,900

Single Family Home

Main Features

5 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 3924 sqft
Lot: 10,000 sqft

Location

136 Chestnut Ave
Island Heights, NJ 08732
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

Our recent listings

Gardens of Pleasant Plains!
Sunrise Beach!
North Dover
Nottingham Manor!
Deer Hollow Delight!

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400 Gladstone Street, (Pine Lake Park) Toms River, NJ 08757

Coldwell Banker Flanagan Realty — Tue, 15 Mar 2011 13:49:27 -0700

Pine Lake Park Castle

Overview
Maps
Photos
Features
Neighborhood

$359,900

Single Family Home

Main Features

3 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 1958 sqft
Lot: 15,000 sqft

Location

400 Gladstone Street
Toms River,, NJ 08757
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

Our recent listings

Gardens of Pleasant Plains!
Sunrise Beach!
North Dover
Nottingham Manor!
Deer Hollow Delight!

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Nearby properties for sale

Window of Opportunity to Buy UP in Ocean County, NJ!

Coldwell Banker Flanagan Realty — Mon, 14 Mar 2011 19:19:45 -0700

Posted on March 14, 2011 by Jim Flanagan

Purchased from istockphoto.com

Both the national and local real estate news is “abuzz” with activity concerning mortgages lately. If you read our last post, you are aware that applications for home mortgages jumped to their highest level in three months last week. But, there was also a lot of “buzz” that many of us, in Ocean County, outside of the mortgage and real estate industries, may not be aware of…

A proposal to phase out the government subsidized entities of Fannie Mae and Freddie Mac has been drafted and is already affecting borrowers even though it hasn’t been finalized. Fannie Mae and Freddie Mac were created by the government, after the second World War, as a means to increase home-ownership in the United States by requiring lower down payments to make home-ownership more affordable for more Americans.

By phasing out these government entities, the administration has all but guaranteed higher down payments and higher mortgage interest rates in the not too far future. As a matter of fact, effective April 18th of this year (one month from now), the FHA will be increasing their Mortgage Insurance Premium .25 of a percentage point on all registered FHA loans. As an example, a borrower putting down the minimum 3.5% on a $150,000, will see increase in their payment of $32/month.

Ok, so I can see the the window of opportunity for First Time Home-Buyers. Where’s the window for “Move Up” Home-Buyers in Ocean County?

Here it is:

With the rush of First Time Home-Buyers entering the Ocean County real estate market, anyone currently living in a 3 bedroom ranch style home that may be too small for their “growing family” could benefit by “buying UP in a DOWN market”! It is simply the “Law of Supply and Demand”.

There are NOT enough “good” homes on the market for First Time Home-Buyers in Ocean County right now. But, there are PLENTY of “Move Up” homes available! So, a family living in that 3 bedroom Ranch could get a “good” price for their home (provided they purchased it before 2003) and buy that 4 bedroom, 2.5 bath Colonial for a “great” price, with a 30 year fixed rate mortgage, at a historically low rate! Here’s an example of how a “Move Up” Home-Buyer could benefit from this window of opportunity in Ocean County:

CLICK on pictures to ENLARGE!

Loss

Gain!

Slides courtesy of KeepingCurrentMatters.com

So, the “window” is “open”, Ocean County…who is going to “Move Up” soon?

Does the current administration want us to own or rent our homes?

Coldwell Banker Flanagan Realty — Mon, 07 Mar 2011 13:25:20 -0800

Posted on March 7, 2011 by Jim Flanagan

And while we believe that all Americans should have access to affordable, quality housing, our goal is not for every American to become a homeowner.

Those are the exact words of Treasury Secretary, Timothy Geithner, in his prepared testimony before the House Committee on Financial Services!

Photo purchased from istockphoto.com

What does this mean?

In short, it means the current administration is shifting its “Housing Focus” from one of “Pro-Homeownership” to one of “Pro-Renter”. Mr. Geithner, and his peers, want to privatize the mortgage market, through the elimination of Fannie Mae and Freddie Mac, and subsidize the rental market through the FHA.

The Administration will explore ways to provide greater support for rental housing. One option would be to do so by expanding FHA’s capacity to support lending to the multifamily market.

What does that mean?

That means, if the current administration has its way, it will become almost impossible for people with low incomes, and more difficult for people with moderate incomes, to own homes. On the flip side; those wealthy enough to afford the new, privatized mortgages will benefit immensely by their new ability to purchase “multi-family” housing (subsidized by the FHA) and collect rent from those less fortunate. Now that’s the true definition of Redistributing Wealth!

Is there still hope of one day realizing the American Dream?

Of course there is. These things have not happened yet and they may not happen at all. But, to be on the safe side; if you are ready, willing and able…DON’T HESITATE! For the rest of us; we, as Americans, must decide which America we want. For a more thorough and informative post on this subject, please read Redistributing Wealth to the Rich?

What are your thoughts, beliefs and/or opinions?

How is the market in Ocean County, NJ?

Coldwell Banker Flanagan Realty — Sat, 05 Mar 2011 16:35:34 -0800

Posted on March 5, 2011 by Jim Flanagan

We are just over 2 months into 2011 and about to enter the traditional “Spring Real Estate Market” here in Ocean County, NJ. So, how is the market in Ocean County looking so far?

Looking back at January and February of this year, Ocean County saw 199 and 194 Single Family Homes sell (respectively). The median sales price averaged $260,000 for both months and the sales to list price ratio averaged 93%. We currently have over 21 months of inventory available in Ocean County, which means; at the current pace of sales, if no other homes were to come on the market, it would take over 21 months to sell off the existing supply of homes for sale!

Slide courtesy of Keeping Current Matters!

As we can see, based on the chart above, we are experiencing an Extreme Buyer’s Market here in Ocean County. Home prices will continue to fall as inventory levels continue to increase (not including the Shadow Inventory wild card). Last year, at this time, the HomeBuyer Tax Credit was driving demand. What factors may affect this year’s “Spring Market” in Ocean County?

Well, according to some industry experts, 2011 could be the end of the housing crash! What are the economic factors in play signaling this possibility? Let’s take a look:

Mortgage Interest Rates remain at Historic Lows
Housing “Affordability” is the best it has been in decades
Unemployment reached its lowest level in 2 years
Consumer Confidence is growing
The Stock Market is re-bounding
Inflation is looming

Any, and or all, of these factors may be behind the recent “spurt” of buyer activity we are currently experiencing here in Ocean County…not to mention the snow finally melted!

In a nutshell; if you are in the market to buy a home in Ocean County, BUY NOW! If you are in the market to sell a home in Ocean County this spring, DO IT NOW! If you don’t WANT to buy and don’t NEED to sell, please stay off of and out of the market in Ocean County! Thank you.

Could 2011 be the End of the Housing Crash in Ocean County, NJ?

Coldwell Banker Flanagan Realty — Tue, 01 Mar 2011 12:46:21 -0800

Posted on February 28, 2011 by Jim Flanagan

A good friend of mine just called to tell me about an article he saw on YAHOO, concerning the real estate market, Why 2011 May Be the End of the Housing Crash. I don’t know which interested me more; the fact that the Wall Street Journal published something positive about real estate or the amazing amount of “comments” attempting to discredit the author, the Wall Street Journal and everyone and anyone who ever had anything to do with real estate?

Now, I don’t know anything about them (the commenters) but I do know that the sources used by Simon Constable are not exactly known for agreeing with the terminally optimistic perspective of the National Association of REALTORS. I’m specifically talking about the S&P/Case-Shiller Home Price Index and the analysts from Moody’s Analytics; both of which have historically opposed the “sunny” outlook of NAR’s Chief Economist, Lawrence Yun.

Housing is the most affordable it has been in decades, according to analysts at Moody’s Analytics. They don’t just look at house prices. They also look at incomes.

So, why then, is it so difficult to believe the “end” of the housing crash may be near? Perhaps it is because many of these “commenters” suffered some sort of financial setback as a result of the “Housing Bubble” or just because of the economy in general? Or is it just too easy for anyone with a computer and too much time on their hands to “comment” on anything and everything?

So as not to be lumped in with the latter, I’ll let the local real estate market speak for itself:

The “activity” we are currently experiencing in Ocean County, NJ, would tend to agree with Mr. Constable, the Wall Street Journal and Moody’s Analytics. But, I would be interested in the “comments” of our local community here in Ocean County…so, if you have a computer and a little time on your hands, be my guest!

57 Sunflower Ln (Gardens of Pleasant Plains), Toms River, NJ 08755

Coldwell Banker Flanagan Realty — Thu, 24 Feb 2011 12:54:53 -0800

Gardens of Pleasant Plains!

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Neighborhood
Market Stats

$69,900

Single Family Home

Main Features

2 Bedrooms
1 Bathroom
1 Partial Bathroom
Interior: 963 sqft
Lot: 0.02 acre(s)

Location

57 Sunflower Lane
Toms River, NJ 08755
USA

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Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

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No Secrets, for First Time Home-Buyers, in Ocean County, NJ!

Coldwell Banker Flanagan Realty — Wed, 23 Feb 2011 16:32:38 -0800

Posted on February 23, 2011 by Jim Flanagan

NO Secrets!

I just finished reading this post from Trulia, Surprising Insider Secrets for the 5 Stages of Buying Your First Home. The author, Tara-Nicholle Nelson, is a real estate broker in San Francisco, CA. She makes some excellent points, but ONE jumped out at me more than the others; your family and your friends can cause you to lose your dream home! This is NO secret to real estate professionals here in Ocean County, NJ, but to our potential first time home-buyers; you may need to get your “believers” fixed.

Stage Four: Negotiations
Insider Secret: Your family and friends can cause you to lose your dream home.
Why: With so much information on the web and the news every day about the recession and the buyer’s market, everyone seems to be an armchair economist/real estate savant. But much of that news is national and based on medians, averages and trends. That is, it might not necessarily apply to every home on the market in every city, and more importantly, it might have nothing to do with “your” particular home.

I remember, way back in 1999, when I was sophomore sales associate, helping a young lady find her first home. We found it; a cute 2 bedroom home in the Money Island section of Toms River, NJ, listed at $99,000. This home needed absolutely no work and was perfect for my young, first time home-buyer. We wrote up the offer and agreed on a “negotiation strategy”; we offered $90,000 and agreed on eventually meeting the Seller in the middle at $95,000. I presented the contract, in person, and obtained the “expected” counter-offer of $97,500. Long story short; my buyer decided to “dig in” at $92,500, after discussing it with her mother’s boyfriend…we lost the house over $2,500. Today, even after the “housing market collapse”, that home is worth over $150,000!

So, here we are again in Ocean County, 12 years later. The local housing market is poised for a recovery; home prices and mortgage interest rates are at historic lows and their is an abundance of homes to choose from (limited by price range of course). Let’s learn from history and not repeat it; your friends and family may mean well but they just may cost you the home of your dreams. Trust and listen to your real estate professional. Unless, you want to live with mom and dad for the next 12 years!

Photo purchased from istockphoto.com

Is SANITY starting to creep back into the banking industry?

Coldwell Banker Flanagan Realty — Thu, 17 Feb 2011 16:45:00 -0800

Posted on February 17, 2011 by Jim Flanagan

An old high school friend sent me this article from the Wall Street Journal and asked:

Jim,
Is SANITY beginning to creep back into the banking industry?? Check out China’s typical mortgage requirements, and see how well they handled the global meltdown–coincidence? I think not. Not gonna make your job any easier, but I think it’s a necessary step. Your thoughts?
Mike

Well, here are my thoughts:

Flanagan Did It For Them!

“Gradually” increasing the minimum down payment on conventional loans is a non-issue; conventional borrowers are savvy enough to understand and appreciate the potential benefits; specifically, avoiding or eventually eliminating paying mortgage insurance.
The FHA has already announced they will be increasing the “monthly” mortgage insurance premium by .25 of a percentage point beginning April 18, 2011. As over half of all home purchases last year involved FHA loans, I don’t see that number changing as the increase equates to an average of an additional $3o a month (less than a tank of gas).
Obviously, we want to learn from history and NOT repeat it. By gradually increasing down payments and marginally increasing mortgage insurance premiums on non-conventional loans (FHA/VA), risk will be reduced and short sales and foreclosures may be prevented.
As far as attempting to compare and contrast the situation with China, I am not familiar enough with their financial and housing dynamics to speculate at this time.

Our job, as real estate professionals, will never be easy (despite the opinion of those without licenses) because buying & selling a home is as “emotional” a decision as it is “financial”. And, as longs as 70% of Americans still view home-ownership as being part of their American Dream, their WILL is sure to find a WAY!

1217 Paddock Place, Toms River, NJ 08755

Coldwell Banker Flanagan Realty — Wed, 16 Feb 2011 17:01:36 -0800

North Dover

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Market Stats

$489,000

Single Family Home

Main Features

4 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 3117 sqft
Lot: 0.52 acre(s)

Location

1217 Paddock Place
Toms River, NJ 08755
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Jim Flanagan

Coldwell Banker Flanagan Realty
(732) 270-6100
jim.flanagan@flanaganrealty.com
http://FlanaganRealty.com

Listed by: Coldwell Banker Flanagan Realty

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Sunrise Beach!
Nottingham Manor!
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Backyard Bonanza!
"Shore to Please!"

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