What Affects Your Credit Score?

If you are buying Jersey Shore real estate, you will want to know what your credit score is. Lenders look at your credit history, debt-to-income ratio and your credit score when qualifying you for a home loan. Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe.  If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com. 

Thinking of buying Jersey Shore real estate? Learn about the home buying process at PatrickParkerRealty.com or give me a call for more personal service. 

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Reprinted from Realtor Magazine with permission of the National Association of Realtors.

Bradley Beach Celebrates Independence Day

Bradley Beach is celebrating Independence Day with the annual Fire Works Display to be held on Saturday, July 4th on the beach at Brinley Avenue.

Take a look at the finale from last year’s display:

July 4 2008 Fireworks

Things To Know About $8000 Tax Credit

The “American Recovery and Reinvestment Act of 2009,” which was signed into law recently by President Obama provides an $8000 tax credit for first-time  home buyers. Below are important things for Bradley Beach home buyers to know.  

1. It is a tax credit to home buyers, not a loan as in last year’s program.
2. It is only for first time home buyers, defined as someone who has not had an ownership interest in a principle residence in the 3 year period prior to the date of the 2009 purchase.
3. The buyer must remain in the home for a minimum of 3 years.
   
4. It is applicable to purchases between January 1, 2009 and December 1, 2009.
   
5. Full credit is available to those with adjusted gross income of $75,000 or less ($150,000 for married filing jointly). The credit is phased out entirely for those with adjusted gross income over $95,000 ($170,000 for married filing jointly).

If you bought a Bradley Beach home last year under the old $7,500 tax credit rules, those rules still apply to your 2008 home purchase. 

If you purchased a home after January 1, 2009, or are thinking of buying a Breadley Beach home this year and want to learn more about the $8,000 tax credit, give me a call or visit PatrickParkerRealty.com.

Issues you will want to consider are the definition of adjusted gross income, how to apply for the credit, what happens if your total tax liability is less than the credit, definition of ‘principle residence’, and other issues. I am happy to advise you as to how you can benefit from the tax credit.

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Jersey Shore Real Estate Sales Statistics: May 2009

Real estate sales were up in May according to many reporting agencies including the National Association of Realtors.  Jersey Shore real estate sales of single family homes experienced the same increase in some of our Jersey Shore communities. Take a look at May 2009 Jersey Shore real estate sales statistics compared to May 2008 for Bradley Beach, Avon-By-The-Sea, and Belmar:

Bradley Beach Real Estate

Homes Sold May 2008: 5
Average Sales Price: $632,300
Average Days On Market: 153

Homes Sold May 2009: 0
Average Sales Price: 0
Average Days On market: 0

Avon-By-The-Sea Real Estate

Homes Sold May 2008: 0
Average Sales Price: 0
Average Days ON Market: 110

Homes Sold May 2009: 1
Average Sales Price: $850,000
Average Days On Market: 28

Belmar Real Estate

Homes Sold May 2008: 3
Average Sales Price: $1,440,891
Average Days ON Market: 176

Homes Sold May 2009: 3
Average Sales Price: $587,333 
Average Days On Market: 38

Although no single family homes sold in Bradley Beach in May, sales increased in Avon-By-the Sea and Belmar and market times dropped dramatically.

Wouldn’t you like to summer in your own Jersey Shore home? It’s not too late to take advantage of moderate prices. If you are thinking year-round rather than vacation home, you can use your $8,000 tax credit towards closing costs. Visit Patrick ParkerHomes.com to learn how.

Time Saving Tips For Your Jersey Shore Move

It doesn’t matter if you are moving across town or across the country, moving is stressful! But a little planning can go a long way to making the move to your new Jersey Shore home less stressful. Below are 10 time-saving tips for a hassle-free move. 

1. Make a list. 

Create a week-by-week checklist of everything that needs doing. Start 60 days prior to your move and include the most trivial items. Staying on schedule will eliminate a lot of headaches, especially the closer you get to moving day. 

2. Hire a quality moving company. 

If the quote you get from a moving company seems too good to be true…it probably is! An unreliable company will cost you more in the long run, so be sure to check out the companies you interview with the Better Business Bureau. 

3. Have a yard sale. 

Now is the perfect time to get rid of items you haven’t used in the last few years. Why pack, move and unpack something you most likely won’t use in your new Jersey Shore home? Discard it now rather than later. 

4. Create a system. 

Create a color coded boxing system with a different color for each room in the house. Only pack items for a specific room in specific boxes. Let your movers know which colors correspond to which room so they will put the boxes in the correct room. 

5. Unplug. 

Most movers won’t unplug appliances, computers, etc. Before the movers arrive, disconnect all appliances, electrical equipment and lighting fixtures that go to your new Jersey Shore home.

6. Stock up on packing supplies. 

Don’t run out of packing tape the morning of the move; have plenty of supplies on hand. Early on in the moving process, start gathering boxes, tape, bubble wrap, newsprint, box cutters and markers. Try to save time and the environment by packing with materials you already have. Load up suitcases and plastic containers and use pillows, scarves and towels to “wrap” fragile items.

7. Pack a moving survival kit. 

Pack a “last-to-go” box with all of the necessities-toiletries, snacks, important documents-and keep it with you instead of packing it in moving truck.

8. Clean it up. 

An empty house is much easier to clean than one with boxed stacked everywhere. Clean your new home before you move in so you can concentrate on unpacking after the movers leave. 

9. Create a floor plan. 

Prior to the move, create a floor plan with graph paper and cutouts for the furniture. Plan where the furniture will go so the movers can put it in the right place the first time and you don’t have to move it around later. 

10. Change service prior to the move. 

Arrange for your mail, utilities, phone, cable, Internet and any other services to be transferred prior to the move so you don’t have a lapse in service. There is nothing worse than not having water, heat or air conditioning on moving day! 

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Has Bradley Beach Real Estate Reached Bottom?

Many Bradley Beach home buyers want to wait until the market reaches bottom to buy, insuring they are getting the best possible price. But how do you know when the market has reached bottom?

Usually it is by looking back and saying “Oh, I wish I had Bought back then!” We may be reaching the bottom of the current real estate market and beginning to see the return of appreciation. Do Not Miss your opportunity.

Here is an “Interesting” excerpt from CNBC. I suggest you take it as a “For What It’s Worth”. There are certainly some good and some “Over the Top” comments in this clip:  http://www.CNBC.com/id/29757411

Personally, I don’t subscribe to “Over the Top” commentary. I just think it makes sense to realize we are likely at or very near the bottom of the housing market and it IS a great time to buy a home! Rates are extremely low, Sellers are ready to sell and there is a large inventory of homes in all price ranges. The “Magic Three”… Think about it… Take advantage of it… Give us a call!

Learn more about Bradley Beach real estate by visiting PatrickParkerHomes.com.

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It Isn’t Easy Being Jersey Shore FSBO Seller

Selling your own Jersey Shore home might sound like a good idea at first, but many FSBO (for sale by owner) sellers quickly realize they’ve gotten in over their heads or may have sold their home for much less than they would have had they worked with a Realtor®. 

The 2008 NAR Profile of Home Buyers and Sellers found that two-thirds of “For Sale By Owner” (FSBO) Jersey Shore home sellers found some aspect of the home sale to be difficult. 

Twelve percent of sellers who knew the buyer thought that getting the price right was the hardest task. Among FSBO sellers who didn’t know the buyer, 16 percent found it difficult to sell within the time planned, 15 percent found fixing up the home arduous, and 12 percent found it difficult to get the price right. 

Statistics also show 25 percent of FSBO sellers took no action to market their home and 72 percent didn’t offer incentives to attract buyers? 

If you are a Jersey Shore home seller and want to discuss other missteps FSBO sellers risk when attempting to go it alone, give me a call. I am glad to talk with you. 

Learn how I can help you sell your Jersey Shore home by visiting Patrick Parker Homes.com.

What your Jersey Shore home worth?

How To Interview Jersey Shore Home Inspectors

Before you make your final buying or selling decision, you should have the Jersey Shore home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective Jersey Shore home inspectors:

1. Will your inspection meet recognized standards? Ask whether the inspection and the inspection report will meet all state requirements and comply with a well-recognized standard of practice and code of ethics, such as the one adopted by the American Society of Home Inspectors or the National Association of Home Inspectors. Customers can view each group’s standards of practice and code of ethics online at www.Ashi.org or www.Nahi.org. ASHI’s Web site also provides a database of state regulations.

2. Do you belong to a professional home inspector association? There are many state and national associations for home inspectors, including the two groups mentioned in No. 1. Unfortunately, some groups confer questionable credentials or certifications in return for nothing more than a fee. Insist on members of reputable, nonprofit trade organizations; request to see a membership ID.

3. How experienced are you? Ask how long inspectors have been in the profession and how many inspections they’ve completed. They should provide customer referrals on request. New inspectors also may be highly qualified, but they should describe their training and let you know whether they plan to work with a more experienced partner.

4. How do you keep your expertise up to date? Inspectors’ commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important in cases in which a home is older or includes unique elements requiring additional or updated training.

5. Do you focus on residential inspection? Make sure the inspector has training and experience in the unique discipline of home inspection, which is very different from inspecting commercial buildings or a construction site. If your customers are buying a unique property, such as a historic home, they may want to ask whether the inspector has experience with that type of property in particular.

6. Will you offer to do repairs or improvements? Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest. Contact your local ASHI chapter to learn about the rules in your state.

7. How long will the inspection take? On average, an inspector working alone inspects a typical single-family house in two to three hours; anything significantly less may not be thorough. If your customers are purchasing an especially large property, they may want to ask whether additional inspectors will be brought in.

8. What’s the cost? Costs can vary dramatically, depending on your region, the size and age of the house, and the scope of services. The national average for single-family homes is about $320, but customers with large homes can expect to pay more. Customers should be wary of deals that seem too good to be true.

9. What type of inspection report do you provide? Ask to see samples to determine whether you will understand the inspector’s reporting style. Also, most inspectors provide their full report within 24 hours of the inspection.

10. Will I be able to attend the inspection? The answer should be yes. A home inspection is a valuable educational opportunity for the buyer. An inspector’s refusal to let the buyer attend should raise a red flag. 

Are you a Jersey Shore home buyer with questions concerning home inspections? Give me a call. I’m happy to answer all your questions. Also, visit PatrickParkerHomes.com to learn more about buying a Jersey Shore home. 

Information is courtesy of Realtor Magazine with permission by the National Association of Realtors.

Invest Where You Nest

Many consumers today are understandably worried about their nest egg. For many of them, however, their “nest” is the best investment they can make. 

U.S. Census Bureau data shows that Bradley Beach home owners move less frequently than renters. This stability is important in creating strong foundations for both families and communities. 

A recent NAR research study shows that Bradley Beach home owners are more likely to vote, volunteer time for civic events or participate in local crime prevention programs because they’re invested in what happens in their neighborhoods. 

If you are considering buying a Bradley Beach  home to build your nest, visit PatrickParkerHomes.com or give me a call. I’m glad to guide you through the process. 

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Top Reasons To Buy Bradley Beach Home In 2009

One man’s loss is another man’s gain and right now buyer’s have everything to gain. It was only a few short years ago that sellers controlled the market and were calling the shots. In order to buy a home, buyers were paying over the asking price, foregoing home inspections and paying all their own closing costs. Bradley Beach home buyers were jumping through any and all hoops. 

Now the market has shifted. The strong sellers’ market is a thing of the past and it is the sellers who are jumping through hoops. Buyers are calling the shots with offers that include home inspections; requests that closing costs, homeowner association fees and inspection fees be paid by the seller; decorating allowances; home improvement; and prices far below the asking price. 

So why are buyers hesitating? Fear of a tanking economy, falling home prices and job instability are concerns for many potential home buyers. But if you are financially stable and plan to stay in a home for at least five years, there are 5 top reasons to buy a Bradley Beach home in 2009: 

1. Homes are affordable.

According to the National Association of Realtors‘ housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.

A recent report from Moody’s Economy.com predicted that house prices will stabilize by the end of this year. The Office of Federal Housing Enterprise Oversight’s Web site has a house price calculator that can help. Visit the calculator. 

2. There are lots of homes to choose from.

The slow down in the housing market has caused homes to stay on the market longer, creating a huge inventory. There was a 9.6-month supply of unsold existing homes in January given that month’s sales pace, according to NAR. 

A large inventory gives buyers more selection, driving down prices. As buyers start to jump back into the market, the inventory will shrink and cause prices to start going back up. The time to get the best deal is before most buyers buy. 

3. Builders are offering perks.

New home builders are offering price reductions, free upgrades and other perks such as free appliances, homeowners’ fees being paid, lower interest rates decorating allowances. Once their inventory shrinks, these perks will go away. 

4. Interest rates are at historical lows.
Lenders are not lending as freely, but if you have good credit and the needed down payment, mortgage interest rates are historically low and hovering around 5 percent. 

5. There is an $8000 tax credit

If you are a first-time Bradley Beach home buyer, you will qualify for an $8000 federal tax credit if you buy before December 1, 2009. Unlike the previous tax credit offered in 2008, this does not have to be repaid. Extra money comes in handy when buying a home. 

Trying to decide if buying a Bradley Beach home in 2009 is right for you. Give me a call. I’m glad to review your situation with you.

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