Bradley Beach Real Estate Sales Statistics – September 2008

Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors^®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate¹ of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the 5.11 million-unit pace in September 2007. 

Let’s take a look at the Bel Mar, Avon and Bradley Beach real estate sales statistics of single family homes for September 2008 to see how the local real estate market looks: 

Bel Mar Real Estate Sales Statistics:

Bel Mar	Sold Listings	Average Sales Price	Days On Market	Median Sales Price
Sept 2008	1	$139,000	100	$139,000
Sept 2007	1	$574,000	82	$574,000

Avon Real Estate Sales Statistics:

Avon	Sold Listings	Average Sales Price	Days On Market	Median Sales Price
Sept 2008	1	$1,200,000	11	$1,200,000
Sept 2007	0	N/A	N/A	N/A

Bradley Beach Real Estate Sales Statistics:

Bradley Beach	Sold Listings	Average Sales Price	Days On Market	Median Sales Price
Sept 2008	0	N/A	N/A	N/A
Sept 2007	3	$566,000	65	$548,000

As you can see from the numbers, greater affordability has not yet impacted the Bel Mar, Avon and Bradley Beach real estate markets.

Learn more about Bradley Beach real estate by visiting PatrickParkerHomes.com or giving us a call, 201-788-6162.

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Bradley Beach NJ Real Estate: Fannie & Freddie Roll Back Fees

Bradley Beach NJ Real Estate: Fannie & Freddie Roll Back Fees

Fannie Mae and Freddie Mac have both announced they will not impose the loan fee increase scheduled to go into effect this month. Fees were to have increased from .25% to .5%, making it even more difficult for Bradley Beach NJ home buyers. The biggest obstacle many ­­­­­­­­­­­­­­­­home buyers face is the necessary cash needed for a down payment and closing costs.

Both companies, now controlled by the federal government, had decided to increase fees to boost their finances during difficult times.

Freddie Mac, however, will raise fees next year for riskier loan products, including mortgages that allow interest-only payments for the first few years. Freddie also will require higher credit scores for “piggyback” loans that allow borrowers to make smaller down payments by taking out two mortgages.

Taken together, Freddie Mac said the changes would provide “some relief from the challenges in the current market environment,” but added that it is following lending practices “that are prudent and largely applicable in all market conditions.”

Learn more about Bradley Beach NJ real estate at PatrickParkerHomes.com or give us a call, 201-788-6182.

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Bradley Beach NJ Real Estate: Is Owning Rental Property Right For You

Bradley Beach NJ Real Estate: Is Owning Rental Property Right For You 

Investing in Bradley Beach NJ real estate and owning rental property sounds glamorous, but it isn’t for everyone. 

Be sure you know what you’re getting into and understand what you are getting into before signing on the dotted line. Here are some questions you should ask yourself before purchasing an investment property:

•   Where will the down payment come from for this property?

•   Do you have cash reserves so you handle periods of vacancy, i.e. no income?

•   How about reserves for unexpected repairs and other expenses?

•   Do you need property to rent immediately or do you have time and money for a “fixer-upper”?

•   Will you make needed renovations and repairs or hire someone else for the job?

•   What type of property do you want: single family, apartment, duplex, condominium, or vacation property?

Thinking it through ahead of time assures that you won’t get caught making a rash decision you will regret later.

If you decide now is the time to take advantage of lower market prices and invest in Bradley Beach NJ real estate and rental property, visit PatrickParkerHomes.com.

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To Fix Or Not To Fix When Selling Your Bradley Beach NJ Home

To Fix or Not To Fix When Selling Your Bradley Beach NJ Home

That is the question all Bradley Beach NJ home owners should ask themselves when they consider selling their home.

The first item on the fix-it list: clear the clutter! If your closets, attic, basement, garage, and other storage areas appear neat, half-full and organized, your house will seem to have more storage space. To accomplish the clutter – clearing task, empty the house, hold a garage sale, and use the profits to help offset the next set of fix-it priorities.

Check your house for “curb appeal”. The exterior is the first impression a prospective buyer has of your home. Make it as inviting as you can. Think of it as outside decorating. Clean (or paint, if necessary) the exterior, re-sod brown spots and crab grass, mow the lawn, pull weeds, remove dead trees or plants, and trim the shrubs.

Flowers give warmth and personality to a home. Plant them tastefully in pots or beds at the entrance, on decks and around patios. If it isn’t flower season, at least clean the beds, remove the dead leaves, and cover the ground with fresh wood chips or other clean looking mulch.

If you have a limited budget, make the most of it. Put the money where it is most obviously needed and the return the greatest and most visible.

Fix Little Things

Take care of the little obvious things: fix leaking faucets, stop running toilets, replace broken windows, kill pet or mildew odors, repair holes in screens, remove mildew from tile, and re-caulk around bathtubs and sinks. Walk around; look at your house with a prospective buyer’s eyes. Small things tell buyers whether or not a house has been maintained. 

Paint it! 

A coat of light-colored, neutral paint-white or off-white-will make your home’s interior look crisper, cleaner, and also larger. Many buyers may not be able to imagine their sofa in your decor. White interiors work for the greatest number of people without their having to redecorate immediately. If you just moved, would you want to redo every room?

Your Carpeting

If the carpet is in reasonable condition, have it shampooed. If it is worn, threadbare or a non-neutral color, consider replacing it with beige or gray. You do not need to purchase the best quality money can buy. Lifetime wear is not required. You want it to look great now. Neutral walls and carpet do not offend anyone. Almost all furnishings look good with them. Rental property managers know this and have been doing it for years.

Professional Inspection

Consider having your house inspected by qualified inspector. Safety- and health-related items, such as radon and electrical problems could kill a sale if not properly attended to. It is much better to fix these items on your own time schedule and financial terms than hurriedly during a contract negotiation. Roof leaks, even if inactive, are also deal breakers.

What else do you fix amongst the inspector’s flagged items? Unless you can realistically get money back, fix only the problems with major systems. You want to keep your home’s selling price as low as possible to increase the pool of buyers.

Do not undertake any major remodeling in preparation for sale. It places more limitations on the size of your buyer pool. Tastes vary, and some people will dislike the results of your efforts. You will have to raise your selling price to reflect your fix-up investment, thereby pricing your home out of the range of other potential buyers.

A neutral color scheme in a house that sparkles brings you the highest return in the shortest time. 

Learn more about Bradley Beach NJ homes and real estate at PatrickParkerHomes.com or give us a call, 201-788-6182.

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Bradley Beach NJ Real Estate: 7 Reasons To Own Your Own Home

You’ve probably seen lots of financial arguments about why you should invest in Bradley Beach NJ real estate and own your own home rather than rent. This includes budgeting (no rent increases) and the tax savings you’ll most likely have. Now we’re going to give you some reasons you probably haven’t heard.

1. Freedom to pursue other goals in life once the major goal of home ownership is achieved.

Strange as it sounds, many of our first-time buyers have told us that once they bought the house, other things in their life started to fall into place. It’s as if not owning took so much of their mental energy that other goals were not worked on until that big goal was reached. So buy a home and get on with your life!

2. A greater sense of belonging to the community.

Once you own a home, you feel more attached to the city in which you live. You’re more interested in what happens in Bradley Beach NJ, to the roads, schools, and shopping areas. Some people even become involved in local politics.

3. A commitment to something, a sense of stability.

Home ownership is an anchor, something that cannot be pulled out from under you. You’ll never get a notice that you have to move. You’re kids will never have to change schools. It gives you freedom to plan years ahead.

4. You can change things, a feeling of being in control.

It’s your home. You can add to it, remodel it, change the landscaping, do whatever projects you want. You have a feeling of being in control of something in your life. At work we don’t always have control of what happens, but your home is your castle and you have dominion over it. You can see what you’re building take shape before your eyes.

5. More control over the children than in an apartment complex

In a neighborhood, kids usually play in the yards or go to friend’s houses a few doors away. Our clients have told us that in an apartment complex they never knew where the kids were. They could be in any of hundreds of apartments, doing who knows what. In a home you get to know the neighbors and watch out for each other’s kids.

6. Children do better in school and feel more secure.

This one surprised us, but buyers have reported to us that their kids calmed down in school after they bought a house. We don’t know why, but it seems to work that way. We remember a single mom watching her son play in the yard, making steps in the slope and building things. She didn’t have to tell him to leave everything alone, like she did at the apartment complex. I guess kids feel the same need for control we adults do.

7. Time and money saved by not going to the Laundromat.

A small point, but if you have kids, you know the value of this one. You gain a whole evening a week when you buy a house! The wash gets done in between other things, or while you’re at work. What would you do with the extra evening you’ll have? How about going out for dessert with your spouse with all those quarters?

We’ve been in a home of our own for so long; we take these benefits for granted. We forgot what it’s like to be renters! If you have anything you can add to the list, please let us know via email. We would love to hear from you! 

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