Paul's Blog-Insight into the home buying process.

Burlington County NJ - Actual year by year October settlements 10/00 to 10/08

2008-12-01T07:47:10Z

Month/Year	Data from TREND MLS Number of homes that settled
10/08	351
10/07	391
10/06	471
10/05	573
10/04	644
10/03	658
10/02	582
10/01	575
10/00	523

There were fewer homes sold in October 2008 than any October since at least 2000. This shows that a lot of people are putting off the home purchase and a lot of sellers are putting off the sale of their home. But 351 homes did get sold in October 2008. At least on the selling side the sellers were virtually all 'motivated'. If they were not they would wait for prices to recover.

The buyers are in a different position. Some are waiting for 'the bottom'. That is a point that can only be seen by looking backward - never forward. Speculation abounds. Many brave buyers will keep looking for it till they find it. When they do they will be looking back. In the mean time they will continue to pay rent or live with relatives. If that is not acceptable they will do what 351 people did in Burlington NJ this past October - buy a home in the current buyers market. It may or may not be the "bottom" but they are now living in a home they bought from a motivated seller in a buyer's market. They realized that home prices are low, financing is cheap if they qualify and rents are going up - not down.

I wish I didn't already have a house. I'd love to buy in today's market.

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If you are in the market for a home in the South Jersey area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers.

Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

"The" commission.

2008-11-29T21:04:40Z

When a consumer comes to a Realtor looking to list their home they are told "the" commission is negotiable. They negotiate "the" commission with the listing agent they select. The home is listed. They would do well to look at that listing agreement carefully. They will notice that no buyer or selling agent is listed as a party to that agreement. That being the case the selling agent is not bound by the listing agreement no matter what they are 'offered'.

When a buyer comes to a Realtor they may enter into an agreement regarding commission and the buyer may ask the seller to pay that commission when they make an offer. That commission might be lower than anticipated by the seller - or it might be higher.

There are two sides to each transaction - neither can unilaterally dictate the commission paid to the agent on the other side.

It is unfortunate and not ethical that listing agents never let the seller know that they don't have full control over the commission and that the buyer may condition their offer on the seller paying a commission that differs from that in the listing agreement.

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If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Come into the house from the cold.

2008-11-29T08:51:07Z

Last week I showed 2 homes that were very similar in almost every way to a potential buyer. One of them was priced 15,000 lower than the other and both were vacant. Any Realtor knows that there is nothing colder than an unheated house in the winter. In this case the less expensive homes had the heat turned off and the house had been 'winterized'. Nice house too. It had already been on the market 45 days longer than the more expensive home. My client likes the style. She wants to make an offer. Which does she choose? She is on a budget and wants to save money so.... No, she goes for the heated but more expensive home and places an offer even higher than the asking price of the unheated home. She says she can't explain it but the lower priced house just didn't seem right. Darn right, a cold vacant house will do that. If you are looking for a deal - a cold vacant house might be just the thing.

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

If you are in the market for a home in Camden county or elsewhare in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction-AND STAY THERE TILLYOU ARE SETTLED.

Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

A letter to the renting community.

2008-11-26T12:31:50Z

NJHomeBuyer.com Realty
(serving South Jersey Home Buyers since 2002)
811 Church Rd Suite 111
Cherry Hill NJ 08002
856-488-8444

A few weeks ago I sent a letter with information about buying a home. Today I'm following up by asking you to answer the question.

Should you buy a home now?

We all know the economy is in rough shape right now but that will pass. Things have slowed but have not stopped.

In spite of the market, some owners must sell their home now due to:

job relocation,

divorce,
more room for children,
retirement,
job loss,
foreclosure

Most people selling now are actually making, not losing money, on the sale because they didn't buy at the top of the market.

If they are also buying another home they are buying at or near the bottom of the current market. They will do well. They can afford to give the buyer of their home a good deal because they are getting one themselves when they buy.

As of, 11/24.2008, there are, according to TREND MLS, 472 homes of all types for sale in Mt Laurel, NJ. Of those, 52 are under contract for sale. The vast majority of sales in South Jersey are NOT forclosure sales but the sellers are indeed motivated - otherwise they would wait for prices to increase - which they eventually will.

The buyers in the best position, in this market, are those who don't currently have a house to sell. They are, what is called, "non-contingent buyers". That very fact gives them an advantage over buyers that have to sell a home before buying another one.

If that is the position you are in, this is your market. That, plus a preapproval letter from a lender is the mark of the prized home buyer.

Who is buying homes?

The real estate website realtor.org reported:

"Sixty-one percent of home buyers are married couples. Single women account for the next largest share of buyers - 20 percent. Ten percent of buyers are single men, 7 percent unmarried couples and 2 percent other. Sixteen percent of recent buyers are non-white, 9 percent were born outside of the United States, and 4 percent primarily speak a language other than English."

When it comes to FIRST time buyers they reported:

"The "typical" first-time home buyer was 30 years old ..." "The median income of first-time buyers was $60,600. And while married couple households account for 49 percent of all first-time buyers, single females represent a quarter of first-time purchasers. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years..."

Homes are more affordable today (and even more so relative to renting) than they have been for several years. This is partly, but not entirely, due to lower prices. Some other reasons: mortgage rates are low, the FHA loan program has been revised and is very friendly to first time buyers, and sellers are more willing to contribute money for closing costs to a buyer of their home.

The entire report can be found at:

http://www.realtor.org/research/reinsights/marketintelligence

This may have helped you answer the question. For most renters, if home ownership in in their future at all, now is a great time to buy.

I am available for free consultations (either group or private) at your location or in my office. It is time for those who want to buy now or within the next 6 or 8 months (or who want to find out if they CAN buy) to begin. At minimum, our meeting will give you enough information to know where to start.

Sincerely,

Paul Howard

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

Is it hard to get a mortgage now?

2008-09-29T17:44:41Z

Well, is it? That is what I keep hearing but it is mostly from wet behind the ears folks that came into the business thinking they were going to make a lot of money. They bloated the ranks of real estate agents and mortgage professionals alike. Now they are jumping ship - good riddance.

To put 'hard' into perspective think about doing business in 2003. Was it hard to get a mortgage then? That was before stated income loans, 80-20 to people with credit scores in the 600, and other goofy stuff that led to disaster. No, it was not hard for normal people then and it is not hard now. The people that would need to rely on the goofy stuff though are out of luck now just like then. There were enough of them in the market though to pump up demand and add to the inflation of prices.

I talked to Eric Bornebusch, an experienced loan officer, who after over a decade at Chase just moved to Franklin American in Ocean County NJ. He said "To put it in perspective just turn the clock in your head back about 5 years and that is what it is like now." The difference is the goofy stuff is gone.

I keep hearing about people having trouble getting a mortgage. I bet they are working with agents that got in the business 3 years ago and don't know how to work without all the goofy stuff. Today, buyers have a lot less competition than in 2005. In Cherry Hill in 2005 134 homes sold in August. In 2008 it was 72. Buyers have alot less competition today and so are in a much better negotiating position. NO, they are in a great negotiating position. They can even bid on more than one house at a time and play one against the other. Multi-bidding is a lot more fun for buyers than being faced with trying to buy a house from a seller that is getting multiple offers.

If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

Dual Agent: Analogies

2008-09-20T13:16:42Z

We have all heard the attorney analogy regarding dual agency.

I was reading a blog that made the statement. "You wouldn't use a quarterback working for the other team." Not sure I like that one but then thought of..."Can you imagine a sports team in which both sides have the same coach."

I'm looking for additional statements that can be used in the same way to get the point across.

Any takers?

Paul Howard, Broker/Owner

NJHomeBuyer.com Realty

Cherry Hill NJ 08002

856-488-8444

National Association of Exclusive Buyer Agents

NAEBA

Networking for business

2008-09-15T18:41:51Z

I know that it helps to know lots of people. Many agents network with others in the business or a related business. Mortgage companies are a good example. If you send your clients to them to get a mortgage they may send you leads. That is the basic idea. I've never been good at that kind of thing. This is, in part, because if I think your product/business/service is not the best thing for my client I'm not sending them to you. If you don't send leads to me but have a great business (mortgage etc) I'll still send my clients there if I believe that is the best thing for them.

So what do I do?
I think basically I have to be good enough that folks will send me referrals even if they have no assurance from me that I'll reciprocate. Does that may ANY sense? It does seem to work - but not as well as I'd like.

If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction-AND STAY THERE TILL YOU ARE SETTLED. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers.

Looking to buy a home? Do you have good credit?
If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to
Paul@SouthJerseyHomes.com for information.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard NJHomeBuyer.com Realty www.homebuyerhomesearch.com Cherry Hill NJ 856-488-8444

Lead generators and seller's agents "handle" buyer agents - and buyers.

2008-09-11T17:24:30Z

The quote below came from the teaser page of a spam email from DirkZellertraining dot com that I usually just delete. This time the heading (Hiring Experienced Buyers Agent - The Proof In the Pudding) caught my eye.

In general buyers don't realize that they really are being 'handled' when the buyer's agent works for the seller's agent. Hows that again? "The buyer's agent works for the seller's agent." That is quite a racket isn't it. Still, for much of the industry that is how it works. Not all the time but the fact is MOST buyer's agents work for the seller's agent. At least part of the time.

"Hiring Experienced Buyers Agent - The Proof In the Pudding Many Lead Agents are too trusting when it comes to hiring experienced Agents to be their Buyer’s Agents. .... In hiring a Buyer’s Agent who has experience, you want to ask them about their previous production. .... Were all the sales handed to them from the Lead Agent, or did they create their own? Were they effective in converting ad calls, sign calls, and open houses to sales? ---"

Would you as a buyer want to be 'converted' into a sale by an agent of the seller. I wouldn't.

For a buyer the best way to get an agent into a procuring cause dispute is to call about a house from the sign or an ad and then when they realize the agent can't represent them (after they have seen the house) go and try to find a buyer's agent. The way to avoid that is to find an agent and company that only work for buyers.

If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - Call me now for genuine buyer representation.

If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction-AND STAY THERE TILL YOU ARE SETTLED.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

FHA guidelines still evolving - financing repair costs.

2008-09-06T06:36:28Z

I first posted this in May and since then FHA has become much more widely used. As it should. It is still evolving though so another look seems justified.

For those who are not up on FHA it is a good time to look at this type loan. There is no reason not to unless you are always above the FHA loan limit.

In 2004 FHA was a last resort for many. In 2008 it should be the first loan type considered. This is even more true if your credit score is below 700.

HUD just issued new guidelines regarding non traditional credit that you can learn about here: http://www.hud.gov/offices/adm/hudcl...ee/08-11ml.doc

I usually read HUD mortgagee letters: which you can find here:
http://www.hud.gov/offices/adm/hudcl...ers/mortgagee/

If you work with anyone wanting to do limited rehab look at mortgagee letter 2005-50.

That said, before going for a mortgage as rehab loan consider just getting rehab financing after settlement in cases where that will work. It can be much cheaper because when you use a 203k type loan product you end up paying a much higher interest rate (.5% higher or more) on THE ENTIRE LOAN.

Suppose you need 15000 in repairs. Do a 203k streamline on a 300,000 loan and it may bump up your rate by a half percent. That is going to cost you 1500/year. 1/2 % of 300,000. Every year. Instead if you got a loan after purchase of 15000 and it even cost you 10% it would only cost you 1500 per year. Any rate under that is savings. AND you would not have to refinance your entire mortgage to get rid of it.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty
Cherry Hill NJ 856-488-8444

Dual Agent remorse

2008-09-04T08:37:37Z

I got an email through Trulia the other day from a young lady that was interested in a house in a town where I work. She had seen my profile and answers to questions I had given in Trulia. She had looked at a number of homes by calling the number on the sign in front of the house or in the listing. Interested in a particular house, she started asking questions of the agent. She was not comfortable with the reserved answers she got and felt the agent really wasn't trying to advocate for her. After she read my Trulia posts she realized why. The agent was working for the seller. The agent did mention dual agency to her but she didn't really get it till she saw my post.

I won't go into the things the agent did that violated her duty to be 'fair' as a dual agent but suffice it to say the buyer now feels trapped. This is an old story and will continue until real disclosure starts to take place and potential buyers know what they are getting into when they call off the sign. Buyers should keep in mind that listing agents work their 'sphere of influence' intensively. That means that if they listed the home of a friend or relative (extremely common), no matter what they say, they will advocate for them even if they claim to be a neutral dual agent.

In the May 2005 issue Consumer Reports recognized EBAs as "true" or "genuine" buyer agents. In a white paper submitted to a "Public Workshop on Competition Policy and the Real Estate Industry Co-hosted by the Antitrust Division of the United States Department of Justice and the Federal Trade Commission " (White paper - Department of Justice), Tom Early (a past president of NAEBA (www.naeba.org)), laid out the problem concerning the industry clouding the issues surrounding true buyer agency.

Until there is real reform in the industry and timely disclosure is made buyers will continue to be trapped (as in 'One date - You're Married' by Tom Wemett) and will either accept the predicament they find themselves in (buying a house without an advocate to help) or go for estrangement. Google: --- "procuring cause" Estrangement .

If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - Call me now for genuine buyer representation.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes Sold in Gloucester Township NJ 08081, 08012 (August 2008)

2008-09-03T07:54:07Z

Homes Sold in Gloucester Township NJ 08081, 08012 (August 2008)

	All Gloucester Twp	Single Detached	all 08081	08081 Single Det	08012 Single Det	all 08012
Homes Sold	232	147	95	73	35	74
Median Price	$199,000	$220,000	$201,000	$235,000	$187,000	$195,000
Price Range	$45,000- $550,000	$110,000- $550,000	$45,000- $550,000	$110,000- $550,000	$115,111- $350,000	$115,111- $350,000

There are dozens of neighborhoods (developments), more styles than you can count and over SIX hundred homes NOW on the market in Gloucester Twp alone, that I can help you choose from and help negotiate a purchase on favorable terms.

With prices down and the government offering a 0 interest $7500 loan (available as a tax credit to first time buyers) for another few months now is a great time to buy a home in this area.

Some things I do for buyers:

Provide comparable sales and tax record data and help decide on an offer price.
Suggest additional terms to ask for to make your contract for buyer favorable.
Attend your home inspection.
Help negotiate repairs
Review your lender 'good faith estimate' to see if it was really provided in 'good faith' or has obvious errors.

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes for Sale in Gloucester Township NJ 08081, 08012 (8/18/2008)

2008-08-18T06:44:39Z

Homes for Sale in Gloucester Township NJ 08081, 08012 (8/18/2008)

	All Gloucester Twp	Single Detached	all 08081	08081 Single Det	08012 Single Det	all 08012
Homes for sale	620	424	241	186	121	179
Median Price	$219,900	249,900	239,900	269,900	233,900	227,900
Price Range	29,900-645,000	0,000-645,000	52,000-645,000	90,000-645,000	99,900-459,900	99,900-259,900

There are dozens of neighborhoods (developments), more styles than you can count and well over a hundred homes priced under $200,000.

With prices down and the government offering a 0 interest $7500 loan (available as a tax credit to first time buyers) for another few months now is a great time to buy a home in this area.

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes in Gloucester county NJ 08012 08081

2008-08-17T20:32:41Z

Homes for Sale in Gloucester Township NJ 08081, 08012 (8/17/2008)

	All Gloucester Twp	08081	08012
Homes for sale	623
Median Price	$219,900
Price Range	29,900-645,000

There are dozens of neighborhoods (developments).

Knowing the price range for an area, the median price and the number of homes for sales doesn't tell you very much does it. Tomorrow I'll fill in the gaps.

If you know the area do you have any idea what breaking it down by zip and by single detached versus townhouse/twin will look like?

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

HUD homes in South Jersey (NJHomeBuyer.com Realty)

2008-08-15T09:45:17Z

In 1997 I began taking the South Jersey HUD list from the newspaper and posting it on my website. At the time, it was the only online place it could be found. As HUD wised up and started posting that I continued for some time. When they got to the point (just a few years ago) where they were actually adding information of value (a home inspection report for each one) AND started putting them in the MLS - I stopped. For a consumer these days the best place is to go straight to the website of HUD's vendor.

Go to: http://www.NHMSI.com for the latest HUD list. If it is not on that list it is not available.

Indeed, if it isn't on that list there is no way to make an offer on it because that is where HUD registered broker have to go to place an offer. I am of course a HUD registered broker. More HUD registered broker can be found by searching the site.

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes in Camden and Burlington County NJ (price range stats) NJHomeBuyer.com Realty

2008-08-15T09:30:44Z

Homes for Sale in Medford NJ 08055

Today (8-15-2008), there are about 244 homes for sale in Medford, NJ. Of these 218 are single family detached homes and of those the prices range from about 174,900 to 4,995,000 . The median prince of the detached homes is about $500,000 . There are dozens of neighborhoods (developments).

Homes for Sale in Cherry Hill NJ 08002,08003,08034

Today (8-15-2008) , there are about 613 homes for sale in Cherry Hill NJ. Of these 447 are single family homes and of those the prices range from about $150,000 to $2,950,000. The median price is about $319,900. There are dozens of neighborhoods.

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

So you think you can negotiate the commission with your agent when selling your home: Maybe not.

2008-08-11T10:23:12Z

When a consumer comes to a Realtor looking to list their home they are told the commission is negotiable. They 'negotiate' the commission with the listing agent they select. The home is listed. They would do well to look at that listing agreement carefully. They will notice that no buyer or selling agent is listed as a party to that agreement. That being the case they are not bound by it no matter what they are 'offered'.

There are two sides to each transaction - neither can unilaterally dictate the commission paid to the agent on the other side.

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We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes for Sale in Cherry Hill NJ 08002,08003,08034 (prices by style/design)

2008-08-08T13:06:20Z

Today (8-8-2008) , there are about 628 homes for sale in Cherry Hill NJ. Of these 461 are single family homes and of those the prices range from about $164,000 to $2,950,000. The median price is about $319,000. There are dozens of neighborhoods.

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zipcode: 08002 approximate median asking price for a single family is: $279,900 (range: $164,900 - $464,900)

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zipcode: 08003 approximate median asking price for a single family is: $375,000 (range: $170,000 - 2,950,000)

Ranch: Approximate median asking price is: $364,900 (range $219,900 - $899,975) (20 homes)

Split Level: Approximate median asking price is: $273,000 (range $170,000 - $429,000) (24 homes)

Colonial: Approximate median asking price is: $364,900 (range $189,500 - $849,900) (126 homes)

Cape: Approximate median asking price is: $290,000 (range $183,000 - $749,900) (11 homes)

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zipcode: 08034 approximate median asking price for a single family is: $280,000 (range: $179,900 - 1,980,000 (next highest in this range is $710,000)

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If you would like to know what homes are available in a particular neighborhood just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes for Sale in Cherry Hill NJ 08002,08003,08034

2008-08-08T10:09:14Z

zipcode: 08002 approximate median asking price for a single family is: $279,900 (range: $164,900 - $464,900)

zipcode: 08003 approximate median asking price for a single family is: $375,000 (range: $170,000 - 2,950,000)

zipcode: 08034 approximate median asking price for a single family is: $280,000 (range: $179,900 - 1,980,000 (next highest in this range is $710,000)

If you would like to know what homes are available in a particular neighborhood just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

A walk to the beach.

2008-08-06T08:02:43Z

I toured a few open houses in Ocean County NJ this past weekend. One of them was advertised as walking distance to the beach. I guess it depends on how long you want to walk.

I have a friend with a house less than 4 blocks from the beach. It is about a 5 minute walk. Her house is worth about $300,000. If it were only a 1 minute walk (the beach side of the beach block) the LOT her house is on could be worth a million or so. The thing is, many people that have homes in the beach block don't even go to the beach. Go figure. Location means everything doesn't it.

I like the beach but mostly before noon and after 6pm. It is much more peaceful then. I am quite happy to walk an extra 4 minutes to save a million or so.

Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the area I serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

FHA and Condos

2008-08-02T06:57:40Z

I read a recent article in the Chicago Tribune that stated,

"Also, approvals for condos take eight to 10 weeks, twice the processing time for single-family dwellings."

It does not. To get some real facts I contacted Eric Bornebusch a senior loan officer at JPMorgan Chase.

Here is what he said,

"A condo development needs to be FHA approved to be able to finance a unit with an FHA loan. If
the development is existing, and already FHA approved, its very easy, just
like a single family home. If the condo project is NOT FHA approved, a
spot approval can be done, if the project meets FHA requirements. This
requires a fair amount of paperwork and some extra processing time, but not
10 weeks. If the project is new construction, and not FHA approved, it
becomes extremely complicated and paperwork intensive, and could well
require more than the 10 weeks mentioned below."

The Chicago Tribune reporter mixed up processing an FHA loan application to approval with processing an FHA approval of a condo development - something that in most cases will have already been done.

Let me know if you would like to contact Eric for mortgage information for a purchase or refinance. Some buyers already have financing lined up with a lender they have chosen. If they haven't (sometimes even if they have), I send them to Eric and generally 2 or 3 other lenders. Whoever make the best impression - usually with the best deal or the best response time - gets the business.

Do you have good credit? Looking to buy a home in the price range 175,000 to $800,000? That is our specialty. If you are thinking about buying a home in the Cherry Hill, New Jersey (NJ)area in the near future, call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty

Cherry Hill NJ 856-488-8444

Listing Agent Responsiveness

2008-06-18T18:21:38Z

With the tools we have these days communications can happen very quickly. Most of us are "connected" and then some. I prefer communications with almost everyone to be by email, at least in a business context. The simple reason is that I want a record of what I say and what I'm told. I'm always a little suspicious when I send an email request for information and don't receive an acknowledgment within at least 12 hours. (I prefer no more than 4) Not necessarily an answer but an acknowledgment that the email was received. Of course it can happen that the email was not received. (that is a different issue).

As an agent for buyers, when I request information regarding a property and don't receive a response I advise my client not to wait for an answer but to keep looking at other properties. This has happened when all my client needed to make an offer was an answer to a question. If the seller's agent gets around to answering, the offer may still be made - or it might not. Sometimes that one day delay resulting in a few more homes seen (or an answer from someone else) makes the difference between an offer and no offer.

I think it is best to answer right away.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty
Cherry Hill NJ 856-488-8444

If you are in the market for a home in the Cherry Hill, NJ area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time.

Do you have good credit? Looking in the price range 250,000 to $800,000? That is our specialty. If you are thinking about buying a home in the Cherry Hill, New Jersey (NJ)area in the near future, call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information.

When you step through the door do you know if it is the house for you?

2008-06-16T10:14:14Z

I recently read an agent's blog post that said she tells buyers that they will know if it is the house for them the moment they step through the door. There is no doubt that buyers sometimes really do "know". When they get that "I love it feeling" should the agent validate it? Sometimes. But what if there are things about the house that are negative and could be overlooked by someone taken over by their emotions.

Without raining on their parade an advocate for a buyer should make sure the buyers keep everything in perspective before they have made a financial commitment in addition to their 'love at first sight' emotional commitment.

It is not the job of a buyer's agent to sell property. That is the job of a seller's agent.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty
Cherry Hill NJ 856-488-8444

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

NAEBA puts the E in EBA.

What do buyers need to know before making an offer on a home?

2008-05-13T07:01:42Z

What do you need to know before you make a purchase offer on a house?

This may vary with the part of the country you are in and with the house itself. I am in Southern New Jersey. My office is in Camden County.

Some things to know (or learn) are:

Comps:

People use this term as though it has an actual definition. This does refer to comparable homes that have sold recently ( How recent is 'recent'?) That is not all though.

What competing properties are now on the market?

How long have they been on the market?

How many have been listed for sale and expired unsold?

How many times has the price been reduced? How recently?

Did the current owner/seller buy during the boom?

The listing agent: Is the agent experienced, inexperienced, desperate for a sale?

How long has the listing agent been in business?

Does the listing agent have a history of pricing homes near their eventual sales price or are they much above?

Had the agent sold anything lately?

Do they have other listings currently under contract?

The seller:

Have they already moved out? (if it has furniture but looks a little unlived in check the closets and fridge for clues.)

Is there 'deferred maintenance'?

Is there a short sale (has the seller already been approved or not)

Are they buying another house (is it contingent on this sale)

What is the condition of the home?

Neither the buyer or the buyer's agent are home inspectors but they do indeed need to inspect.

A buyer's agent should look for certain types of foundation cracks, termite activity, roof condition, apparent age of furnace/AC and a host of cosmetic issues.

Issues with anything not cosmetic will come up on your home inspection but if you know you will soon be needing a new roof you can consider that info when you determine an offer amount. You might even get an additional concession after a home inspection but at least it won't be a surprise

Have there been recent additions that might not be reflected in the tax assessment yet?

The neighborhood:

Sometimes a home that appears to be a come - isn't. (at least without a major 'adjustment')

Has the town recently gone through a tax assessment? If it has great. You probably can rely on the tax amount reported in the tax records.

Does the area suit you? Commute, services, "feel"...

It does little good to have a "buyer's agent" if the agent doesn't know how to do 'DUE DILLIGENCE" to benefit you. There are many people in this industry claiming to be a buyer's agent that know little about true representation. This especially goes for some who rushed in during the last 5 years hoping to make a quick buck.

If you are in the market for a home in the Cherry Hill, NJ area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time.

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

NAEBA puts the E in EBA.

Serving the following counties: Burlington, Camden, Gloucester, Mercer, Middlesex.

FHA Guidelines evolving.

2008-05-05T15:22:55Z

For those who are not up on FHA it is a good time to look at this type loan. There is no reason not to unless you are always above the FHA loan limit.

In 2004 FHA was a last resort for many. In 2008 it should be the first loan type considered. This is even more true if your credit score is below 700.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty
Cherry Hill NJ 856-488-8444

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

NAEBA puts the E in EBA.

Feeding the Rain From Cherry Hill NJ

2008-04-23T09:27:01Z

Do you want to really subscribe to blogs. Make life easier for yourself.

You've seen the caption over the photo of members that says "Subscribe to blog"?

Click it. What just happened?

Aside from it now showing up in your list of subscribed blogs I have no idea. I suspect - nothing other than saving it to your list of subscribed blogs. However, if you are using firefox for your web browser you may note in the address bar the feed indicator like the one to the right.

Click it (in your location bar). It will save to your bookmarks. When you look at the bookmark and put your cursor over it a drop down list of the blog entries will appear for you to select from like the one in the screen shot at top.

You have truly subscribed to the feed. You have heard the terms. RSS feed, syndication etc. related to blogging. Firefox user have a built in feed reader but there are many others. The link below is a good overview and primer on feeds and subscribing to blogs.

Go to: http://www.google.com/support/feedburner/bin/answer.py?answer=79408 , Google's FEEDBURNER HELP CENTER for an easy feed read.

Subscribe in that way to your own blog. You do not have to be logged in to active rain to read your own or others' blogs.

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If you are in the market for a home in the Cherry Hill, NJ area, make sure you hire an agent who will work for you on your side of the transaction.

Paul Howard is the only Realtor that is an Exclusive Buyer Agent having an Exclusive Buyer Office in South Jersey.

Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. Homes for sale, lots of homes for sale and I can help you buy one.

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

NAEBA puts the E in EBA.

Paul Howard, Broker/Owner

NJHomeBuyer.com Realty

811 Church Rd Suite 111

Cherry Hill NJ 08002

856-488-8444