On November 6th, 2009, President Obama signed, into law, legislation extending and expanding the Homebuyer Tax Credit.

What does this mean for "First Time Home Buyers"?

What does this mean for "Move Up" Buyers?

Let's see, shall we:

September 2009 MARKED the 3rd consecutive month that sales of single family homes, in Toms River, NJ, exceeded the same month of the previous year! Given the fact that this past September also MARKED the one year anniversary of the collapse of FREDDIE MAC and FANNIE MAE, we must acknowledge the influence of the $8,000 Tax Credit for "First Time Home Buyers", despite what some political pundits may believe!

September by the numbers:

• 61 The number of Single Family Homes CLOSED during the month

• $364,011 Average LIST price for September*

• $342,037 Average SALES price for the month*

• 96 Average DAYS ON the MARKET for September

• 93.96% The SALES price to LIST price RATIO for the month

• 754 Number of Single Family Homes ACTIVE on the market in September

• 12.36 Number of MONTHS it would take to SELL OFF the existing supply of homes on the market, in Toms River, at this rate, if NONE were to come on the market!

September 2009, saw 61 Single Family Homes CLOSE in Toms River, as compared with 59 in September of 2008 (a slight increase but an increase none-the-less)! THIS MARKS THE THIRD MONTH IN A ROW; WHERE SALES HAVE SURPASSED THE SAME MONTH OF THE PREVIOUS YEAR! Of those 61 homes, 24 were in the price range of $200,000 to $299,999 (39%). Combined with the CLOSINGS from the First 3 Quarters of 2009, this represents an INCREASE in SALES of 38%, in this particular price range, over the same time last year!

*These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc.

With less than 3 weeks for "First Time Home-Buyers" to MAKE SURE they are able to take advantage of the $8,000 tax credit, it behooves me to share this video:

In order to ensure they CLOSE on their new home before the deadline of December 1, 2009, "First Time Home-Buyers" must allow 45 to 60 days for the morgage process; which only allows for 3 to 5 weeks to find and secure a contract on their home!

So...why are so many buyers still sitting on the fence?

1. Many believe the government will extend the deadline based on rumor, inuendo and misinformation.
2. Many believe they can get a better deal by waiting until the last minute.
3. And many are SCARED to DEATH!

Truth is:

As it stands today, "First Time Home-Buyers" MUST CLOSE on their home BEFORE December 1, 2009!

By waiting, they risk not only losing out on the tax credit but losing out on the home of their dreams as well!

FEAR translates as False Expectations Appearing Real! To my knowledge, "Buying a Home" is NOT the leading cause of death for any demographic...

1. Find A Qualified Real Estate Agent. A team of experienced professionals are key to making the home buying process simple and seamless. Start by interviewing and selecting a sales associate who understands what you're looking for. A real estate agent will arrange showings, and keep track of the properties visited. He / she should also be able to help indentify suitable lawyers, mortgage lenders, home inspectors and others who play a role in the process. Remember, an agent is an expert who will negotiate the best price and incentives on a home, and will oversee the sales process on a homebuyer's behalf. It is critical that you get a timeline from your real estate agent so that you leave enough time for the sometimes lengthy closing process to occur.

2. Know Before You Go. The first step in the home buying process should always be to have an idea of the type of property one wants to buy. By separating the "must haves" from the "wants," homebuyers can focus on what's really important. Free online tools such as Coldwell Banker On Location (http://www.youtube.com/coldwellbanker ) and the recently launched mobile application for iPhone and Android devices are available to help consumers quickly and conveniently learn about neighborhoods, view what's on the market and compare home prices in over most U.S. markets and 28 countries worldwide. Homebuyers who arm themselves with as much knowledge as possible before hitting the ground with an agent are bound to save time in the long-run.

3. Get Your Credit Report In Order. A sound financial track record and solid credit score can help lock in a home loan and lower interest rates. Lenders today are looking at prospective borrower's credit reports more closely than ever so it's important to examine one's credit report for mistakes and eradicate any "toxic" debt such as overdue credit-card payments before the home shopping begins. Rectifying mistakes is easy to do but it can be a time consuming process. Checking a credit score and addressing any errors will help expedite the approval process when it comes time to make an offer.

4. Compile Your Paperwork. At the same time homebuyers are working to correct or improve their credit report, they should also pull together the documents they will need to provide the lender. These documents include:

5. Get Your Pre-Approval. Once the paperwork is in order, it's time to get pre-approved for a mortgage. "Pre-approval" means that a lender has verified the borrower's credit and other credentials and is committed to making a loan. This is different (and more valuable to sellers) than pre-qualification, which simply gives the borrower an idea of the size of the mortgage he / she might afford without actually committing to a loan.

6. Shop for the Most Favorable Mortgage Option. People can face misunderstandings and even lose their homes if they don't fully understand their mortgages. It's imperative for homebuyers to educate themselves on the risks of the different types of mortgages and select the right one for his / her family. Early on, shop around for the most favorable mortgage rate and terms. A difference of even half a percentage point can mean a considerable savings over the life of a loan. For more information on mortgages visit http://www.bankrate.com/mortgage.aspx.

Photo Credit

Monthly Real Estate Market Report for Toms River, NJ - August 2009

August by the numbers:

•· 88 The number of Single Family Homes CLOSED during the month

•· $399,009 Average LIST price for August*

•· $330,822 Average SALES price for the month*

•· 101 Average DAYS ON the MARKET for August

•· 95.44% The SALES price to LIST price RATIO for the month

•· 784 Number of Single Family Homes ACTIVE on the market in August

•· 8.90 Number of MONTHS it would take to SELL OFF the existing supply of homes on the market, in Toms River, at this rate, if NONE were to come on the market!

August 2009, saw 88 Single Family Homes CLOSE in Toms River, as compared with 67 in August of 2008 (an increase of 24%)! THIS MARKS THE SECOND MONTH, IN A ROW; WE HAVE SEEN WHERE SALES HAVE SURPASSED THE SAME MONTH OF THE PREVIOUS YEAR! Of those 88 homes, 33 were in the price range of $200,000 to $299,999 (37%). Combined with the CLOSINGS from the First Half of 2009, this represents an INCREASE in SALES of 33%, in this particular price range, over the same time last year!

*These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc.

Photo by Eric Goldstein (www.olivestudio.com)

July by the numbers:

•· 96 The number of Single Family Homes CLOSED during the month

•· $384,189 Average LIST price for July*

•· $361,420 Average SALES price for the month*

•· 96 Average DAYS ON the MARKET for July

•· 94.07% The SALES price to LIST price RATIO for the month

•· 779 Number of Single Family Homes ACTIVE on the market in July

•· 8.11 Number of MONTHS it would take to SELL OFF the existing supply of homes on the market, in Toms River, at this rate, if NONE were to come on the market!

July of 2009, saw 96 Single Family Homes CLOSE in Toms River, as compared with 79 in July of 2008. THIS MARKS THE FIRST MONTH WE HAVE SEEN WHERE SALES HAVE SURPASSED THE SAME MONTH OF THE PREVIOUS YEAR! Of those 96 homes, 25 were in the price range of $200,000 to $259,999 (31%). Combined with the CLOSINGS from the First Half of 2009, this represents an INCREASE in SALES of 31.03%, in this particular price range, over the same time last year!

*These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc.

Monthly Real Estate Market Report for Toms River, NJ - June 2009

Photo Credit

June by the numbers:

•· 69 The number of Single Family Homes CLOSED during the month

•· $363,448 Average LIST price for June*

•· $346,680 Average SALES price for the month*

•· 84 Average DAYS ON the MARKET for June

•· 95.38% The SALES price to LIST price RATIO for the month

•· 794 Number of Single Family Homes ACTIVE on the market in June

•· 11.50 Number of MONTHS it would take to SELL OFF the existing supply of homes on the market, in Toms River, at this rate, if NONE were to come on the market!

*These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc.

June, 2009, saw 69 Single Family Homes CLOSE in Toms River, as compared with 95 in June of 2008. Of those 69 homes, 15 were in the price range of $200,000 to $250,000 (22%). Combined with the CLOSINGS from the First Quarter of 2009, this represents an INCREASE in SALES of 18.75%, in this particular price range, over the same time last year!

Sorry for the delay, I was out of town last week!

Photo Credit
May by the numbers:

• 46 The number of Single Family Homes CLOSED during the month

• $356,467 Average LIST price for May*

• $332,528 Average SALES price for the month*

• 86 Average DAYS ON the MARKET for May

• 93.28% The SALES price to LIST price RATIO for the month

• 796 Number of Single Family Homes ACTIVE on the market in May

• 17.30 Number of MONTHS it would take to SELL OFF the existing supply of homes on the market, in Toms River, at this rate, if NONE were to come on the market!

*These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc.

May, 2009, saw 46 Single Family Homes CLOSE in Toms River, as compared with 73 in May of 2008. Of those 46 homes, 11 were in the price range of $200,000 to $250,000 (22%). Combined with the CLOSINGS from the First Quarter of 2009, this represents an INCREASE in SALES of 17%, in this particular price range, over the same time last year!

I originally recorded this video last week, after reading Matthew Ferrara's post Points of Perception. In his post, Matthew proposes that the reason today's home-buyers are still sitting on the proverbial fence, despite; abundant inventory, lower home prices and historically low mortgage rates; may be because the "process" of buying a home today is not fun!

This got me to thinking:

What could I, as a local real estate broker, do to get the message out; buying a home today, in Toms River, NJ, can be alot of fun! So, here's what I came up with. Please let me know what you think:

Click here to watch the video, "Who wants to have some fun?"

Riddle me this Batman; if the lowest home prices and mortgage rates in years, combined with an abundance of homes to choose from, make this the BEST time in recent history to purchase a home, why are so many buyers still sitting on the fence?

Well, while I can't speak for the rest of the country, I can certainly voice my opinion about the real estate market in Toms River, NJ!

Click here to see my weekly TRRET (pronounced treat), which is my acronym for Toms River Real Estate Trends!

Please feel free to comment, criticize or voice your own opinion on your specific market...

(Photo: Vincenzo Camuccini, Mort de César, 1798, courtesy of Wikipedia)

To a joint session of the New Jersey Legislature, Governor Jon Corzine proposed the state's spending plan for the upcoming year. This year's budget proposal was an attack on property owners. Property owners took a major hit when he declared his goal to eliminate the property tax deduction next year on state income taxes for everyone but seniors.

If all the experts agree that "Housing" led us into recession and ONLY "Housing" can lead us OUT of recession, then our government is sabotaging the economic engine of recovery:

First, President Obama considers eliminating the tax deduction on mortgage interest for those with annual incomes greater than $500,000!

Now, Governor Corzine plans on eliminating the property tax deduction for everyone but seniors!

Could we possibly discourage the American Dream of Home Ownership any further?

Could we possibly delay the housing recovery even longer?

Could we possibly take any more from the few that still have?

 

Et Tu Brute?

He specifically quotes the following headlines from the New York Times over the last 30 days:

"Plunging Housing Markets . . . Down Again"

"Home Prices Suffer Record Monthly Drop"

"Bank Closures at All Time High in 2008" "Credit Crisis Waves Roll On"

"Growing Market in Foreclosures"

"Foreclosure Rates Show No Sign of Slowing"

"States Unemployment Funds Run Low"

And we wonder why we are on the verge of a "Crisis or Catastrophe"? If all we continue to see, read & hear is misinformation, and it is MISINFORMATION, then it manifests itself into reality because, "perception is reality"! So, what do we NEED to do? We need to dispel all the misinformation and broadcast the TRUTH:

"Bank Closures at an All Time High in 2008". Hogwash!

• In 1989 there were 1,004 bank closures.

• In 2008 there were 30 bank closures

• On average there are 94 bank closures per year

"Foreclosure Rates Show No Sign of Slowing". Baloney!

• During the Great Depression Foreclosure Rates were 50%

• Nationally today our Foreclosure Rates are 3% (1.4% in Utah)

"States Unemployment Funds Run Low". Ridiculous!

• During the Great Depression Unemployment ran at 25%
  
• Nationally today our Unemployment is 7.2%

Perhaps, our newly elected President, himself, should take the LEAD and inspire HOPE instead of FEAR!

Dear Mr. President,

You were elected on a platform of "Change". Please live up to your words and follow them with your actions! This is not the time for the "same old, same old". This is the time for LEADERSHIP!

I did not vote for you because I did not, and still do not, believe in you. Please prove me wrong!

Sincerely,

Jim Flanagan

I realize that I am but one voice in a sea of many but if anyone feels the same way I do, and Randy Eager does, please speak now, write now and let's FOCUS on the "reality" not the "perception"!

Compared to the same time last year in Toms River, NJ (January 2008 vs January 2009):

• Sales of Single Family Homes were down from 60 to 49
• The Average Sales Price was down from $310,261 to $300,244
• Days on the market remained steady at 102 to 105
• The Sales Price to List Price Ratio fell from 95% to 92%

There was, however, an INCREASE in activity in ONE PARTICULAR category; Sales of Single family Homes in the $200,000 to $250,000, INCREASED by 50% over the same time last year (from 6 to 9)!

STEP 5: Connect Deeply with Everyone, Step Over No One!

In order to "Manifest Our Goals", we need to "connect deeply with everyone we meet and accept them for who they are, not who we want them to be"!

"Stinky and ugly is where it's at!"

How often have we "curb-side" qualified somebody based on their initial appearance? It could have been a potential client, a potential boyfriend/girlfriend or group member. How many of those people could have helped us? How many could we have helped? How many of us look at our friends on facebook and think, WOW, they grew up good! Or, they turned out for the better!

"The KEY here is FLEXIBILITY!"

We must be willing to give everyone the benefit of the doubt, including ourselves! as Matthew and Thach put it:

"Total and complete acceptance of ALL people, in ALL situations, at ALL times, including yourself...HMMM!"

Broker/Agent Social Network - Matthew Ferry's video - How to Manifest Your Goals - Step 4

"Tell EVERYONE what you are Manifesting!"

"Nobody CARES what you are up to UNLESS you CARE about what they are up to!"

"Get OUT of yourself and INTO others!"

"Nobody can HELP you if you don't HELP them!"

"Commit to HELPING others!"

WOW! The truth rings loud and clear in this step! How often have we, ourselves, "turned off" listening to someone tell us all about themselves because we knew they couldn't CARE LESS about us...and...how infrequently have we been DELIGHTED by the sincerity of someone who TRULY CARES about us and/or our situation? Which person are we more likely to remember and want to HELP?