South Jersey Real Estate Blog

New Map Based Search for South Jersey Homes for Sale

I'm very happy to announce the implementation of a new map based search over on SJHomes.net (South Jersey Homes).  This new functionality should make searching for homes easier as house details are now merged with neighborhood details all on one page. 

New Map Based Search

To start your search, simply enter the town name or zip code, price range and type of home.  You can quickly see what homes are for sale, how many there are and where they are.  No more do you have to use a flat search, try to get the address of the home, then jump over to a map to see where it is located and what's around it. 

 

View Neighborhood Details

 

As you explore various neighborhoods, you can now easily see what's around in the area.  If you click on any of the icons in the search bar (shown above) you can see businesses, restaurants, banks, hospitals, churches and more.  So for example, in the picture above you can see there is a Shop Rite on Union Mill Rd in Mt. Laurel and the homes that are available for sale in the area.   

See House Details

Now with the map search, you can see more details right around the house you're interested in.  Using the satellite or hybrid views, you can see many things like how the property is situated, neighboring homes and street layouts.  

Other Features

If you create a free account on the site, you gain access to the full suite of advanced web based tools, including advanced search, saving searches, creating favorites folders, viewing detailed property information and receiving e-mail notifications of new listings based on the criteria of your saved searches. This allows you to conveniently make informed decisions about properties you are interested in well before you commit to a viewing appointment.

So what are you waiting for?  Head over to SJHomes.net and start searching for South Jersey Homes for Sale.

How To Buy Homeowners Insurance

Thanks to the folks over at Howcast - here is a nice video tutorial of how to buy homeowners insurance.  This should give you a basic overview of what homeowners is and why you need it.

via AgentGenius

Revised Home Buyer Tax Credit

This past Friday the stimulus package was finally approved and it included revisions to the existing first time home buyers tax credit.

From the National Association of Realtors: The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser's income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

The following chart shows what has changed from the previous tax credit -

FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
February 2009

FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	Maximum credit amount increased to $8000
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit.
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination	July 1, 2009 (But note program changes for 2009)	December 1, 2009
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	All revisions are effective as of January 1, 2009

Important Real Estate Documents to Keep in a Safe Place

photo credit

 

Buying and selling a home generates a lot of documents…no question about it!  When you walk away from the table, you generally have a binder full of documents from activities leading up to and including the day of sale.  Which ones should you keep?  As long as you own your home, here is a list of important real estate documents you’ll want to keep in a safe place:

 

1. Property deed: keep it for as long as you own the property.  
2. Closing statements: keep statements for three years after your purchase to show capital gains.  
3. Home improvement: some remodeling projects can reduce a potential capital gains hit when you sell your property, so save your receipts and consult your accountant.  
4. Warranty information: keep until the warranty expires.  
5. Loan papers: keep until paid off or refinanced, or in the case of mortgages that have tax-deductible interest, keep them for three years.  
6. Insurance policies: keep until the policy expires.  
7. Receipts or statements: save credit card receipts and/or checking account statements or cancelled checks for all major purchases such as appliances, furniture, antiques and art  

When you sell your home, you’ll usually be required to submit a disclosure form. Receipts for major home improvements like a new roof or remodeling project can help you complete disclosure forms and substantiate the good condition of your home.

 

A bank safety deposit box or fireproof safe is the best place to store your important documents. Be sure to save an up-to-date household inventory, complete with appraisals, receipts and photos or a videotape for insurance purposes in case of loss.

 

Please call or send us an email if you have questions about the real estate process.  We’d be happy to discuss with you!

 

 

 

 

Condo vs. Single Family

Did you know that condominiums are one of the fastest growing segments of the housing market? Owning a condo is perfect for those with busy lifestyles, little interest in home maintenance or landscaping chores or who frequently travel. Condos are a fine choice for a first home or when downsizing from a larger house.

Here are some pros and cons to consider:

Condo:

·        Fewer maintenance requirements.

·        Usually less expensive than a single family home.

·        You own the space inside the walls.

·        There can be more security with neighbors close by.

·        The exterior of the building, landscaping, surrounding roads and driveways, and common areas all owned by the condo association, a group made up of all unit owners.

·        Special assessments by the association for painting or repairs can be a substantial added expense.

Single family home:

·        Usually offers more storage space.

·        You own the interior as well as the exterior.

·        You are responsible for all maintenance, landscaping and repairs.

·        You usually don’t have to pay community dues or special assessments.

·        You have room to grow plants, flowers, trees, veggies, etc.

Think about how your household may change over the next few years. Will you still need a larger home or will you have enough space in a condo? Or would you be happier in a smaller house with room for a garden?

For more information about real estate options in our market, call or email us. We’d be happy to discuss your goals and options available to you.

      

Moving? Should you do it yourself?

photo credit: johnandketurah

 

If you’re thinking about moving, one of the decisions you’ll need to make is whether you want to pack and move your possessions yourself or hire professional movers to do it for you.

 

Start by asking yourself some important questions:

• Do you have friends who are willing and able to help you move?
• Do you have access to a vehicle that can accommodate furniture and bulky items?
• Do you have the time?
• Do you have the needed strength and stamina?

 

If you answered ‘no’ to any of these questions, you should probably consider hiring movers to do the job for you. If your answers are all ‘yes’ then moving yourself can be a cost-saving option.

 

Any friends you enlist should be strong enough to help with heavy loads like couches and beds while taking care with precious heirlooms and breakables. To avoid burning them out with multiple trips consider renting a truck large enough to handle everything in one trip.

 

Alternatively, you might want to hire help just to load and unload. Hired ‘muscle’ will carry the belongings you packed to the truck and then from the truck to your new house. All you have to do is pack, drive the truck, and unpack after everything has been put in your new home.  Keep in mind that with many moving companies, they must pack your belongings for you to keep the insurance valid. 

 

Questions?  Please call or send us an email for a list of movers or other moving resources.

How many days on the market?

photo credit: CraftyGoat

Days on Market (DOM) has been a statistic in much debate lately in the real estate world.  Potential buyers almost always ask "how long has this home been on the market?"  The assumption (real or perceived) is that if a home is on the market longer, the seller may be more eager to sell and willing to negotiate more. 

The Problem

The problem has been that Days on Market was not always an accurate statistic.  DOM is calculated how long the home has been in the MLS under the current MLS number.  So if the home was taken off the market and then relisted, the count started all over again at 1 day.  Even if the home was relisted with the same agent, the count started over.  This would force a buyers agent to manually look up the history of a property to determine how long the home was really on the market. 

The Solution

As a result, TrendMLS has introduced a new statistic to end the confusion.   Property Marketing Period(PMP) is now available on all reports printed out of the MLS.  This statistic tells you exactly how long a home has been marketed, regardless if it's been relisted or not.  As described by Trend - "PMP is calculated differently than DOM. For example, MLS #1234567 is listed for 10 days, withdrawn for 5 days then put back on the market as MLS #7654321 for 10 days before selling. The PMP is 20 days, while the DOM is 10 days for each MLS number. The difference is that the PMP counts the days from both MLS numbers."   So as long as the home is relisted within 30 days of coming off the market, this statistic will kick in!

So next time you ask "how long has this home been on the market" - make sure your agent provides the Property Marketing Period

National vs. Local Market Stats: It's not all gloom and doom

Yesterday the National Association of Realtors released second quarter market statistics and of course the media jumped all over it touting more gloom and doom.  But is it really that bad? 

CnnMoney.com had this to say (note the usage of the words steep and plunged):  "Real estate prices continued to post steep year-over-year declines during the three months ended June 30, according to a new report from the National Association of Realtors (NAR).

Nationwide, the median existing single family home price plunged 7.6% to $206,500 in the second quarter, down from $223,500 in the same period of 2007"

They then go on to focus on all the areas that had the biggest drops.  Where is the good news?  They didn't mention any. 

What they failed to mention was that existing-home sales rose from the first quarter in 13 states.  Also In the second quarter, 35 out of 150 metropolitan statistical areas showed gains in median existing single-family home prices from the second quarter of last year, while 115 had price declines.  No it's not great news, but it's not all gloom and doom out there!

How do we compare locally to the plunging 7.6% median price?  Like always, we do much better.  Again it's not great news, but it's not all bad either.  From the Prudential Fox & Roach, HomeEpert Market Report - in the five-county Southern New Jersey area we only saw a 2.2% decrease in median price to $225,000, down from $230,000.  Comparing to the first quarter of 2008, this is actually an increase from $212,700.

So remember, when you hear market information in the media, you need to get past the sensationalized headlines and get to the real data.  Traditionally, Southern New Jersey is ahead of the pack as this continues to be a desirable place to live along with thriving businesses like Lockheed Martin, PHH, Virtua and many more!     

First Time Homebuyer Tax Credit

As part of the Housing and Economic Recovery Act of 2008 a tax credit is available to first time homebuyers.  The table below summarizes the credit, eligibilty and other information.  In summary, for those that qualify, buyers can take a $7,500 tax credit upfront and pay it back over 15 years. 

FEATURE	H.R. 3221 Housing and Economic Recovery Act of 2008
Amount of Credit	Ten percent of cost of home, not to exceed $7500
Eligible Property	Any single‐family residence (including condos, co‐ops) that will be used as a principal residence.
Refundable	Yes. Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively).
First‐time Homebuyer Only	Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
Recapture	Yes. Portion (6.67 % of credit) to be repaid each year for 15 years. If home sold before 15 years, then remainder of credit recaptured on sale.
Impact on District of Columbia Homebuyer Credit	DC credit not available if purchaser uses this credit.
Effective Date	Purchases on or after April 9, 2008
Termination	July 1, 2009
Interaction with Alternative Minimum Tax	Can be used against AMT, so credit will not throw individual into AMT

How long after signing do I have to...

A very common question that I often get from both buyers and sellers is "how long do we have after signing to _______?"  The question usually has to do with inspections, but can also be about attorney review, mortgage applications etc.  So - how long do you have?  The following assumes that you are using the typical real estate contract found in Burlington & Camden County.  These time-lines may not hold true by agencies outside of these areas, so please be sure to read the details of your own contract. 

Attorney Review

The attorney review period is 3 business days after signing of contracts.  This does not include weekends or holidays.  It's important to note that if an attorney disapproves of the contract, he/she must notify the agent by certified mail, telegram or personal delivery.  Fax does not count!

Home Inspection

Once the attorney review period is over, you (the buyer) now have 10 business days to complete your home inspection.  Note that some agencies state 10 calendar days in their contracts - so make sure you read your contract.  After the home inspection, it may take a day for the inspector to write the report and another day for you to review it.  If any issues are found, you then need to make a written request to the seller for repairs.  All this needs to happen in the 10 days, so don't wait until the end to make your appointment. 

From the sellers perspective, once you receive a request from the buyer, you have 5 business days to reach an agreement as to what repairs or actions are to be taken.  If an agreement can not be reached, the buyer may cancel the contract within 3 days business days and have any deposit money returned. 

Mortgage

The buyer must apply for the mortgage within 7 days after expiration of attorney review.  Once approved by the mortgage company a commitment letter must be provided to the Sellers.  When the commitment is due is not a set time-line.  The contract will call out a date that must be met and this date may vary depending on when settlement is scheduled. 

There are other time-lines to consider in the home buying process but these are typically the 3 most often asked about.  If you have any questions about these or others, please don't hesitate to ask.