Spring is hopefully right around the corner. I wanted to take a moment and look at last month’s sales data and update you on what’s happening in the market. With this update I am comparing a few statistics among different municipalities: Ocean City, Longport, Margate, Brigantine, Linwood, Egg Harbor Township, and Galloway, NJ.
As you can see sales, inventory and price varies greatly among each or these communities. The turnover ratio shows the percentage of homes selling in each city. The higher the percentage the more homes are selling each month.
The most commonly asked question I get is: “How’s The Market.” Experience shows it all depends on where you live. If you’d like to know How the market is in your neighborhood I’d love to do some research for you and send you an email that will tell you what homes are for sale now, what homes have sold recently and how long homes are taking to sell in your neighborhood so you can feel secure in the knowledge that you have the most accurate information. This timely information will tell you right away how your market is right now! I imagine that information would be of value to you, would it not?
Please contact me if you’d like to know what’s happening in your market. 609-338-3773.
* Information based on MLS data as of 3/2/15
I’ve been getting calls from clients regarding appealing their Atlantic County, NJ property tax valuations. In an effort to help I’d like to include some resources to help with this process.
The deadline to appeal taxes is April 1st. All of the information and forms required can be found here: http://www.aclink.org/taxation/homepage.asp Here is a link to the form you’ll need to download and complete: http://www.aclink.org/taxation/pdfs/FormA-1-Print.pdf
You’ll see on form A-1 that you will need to provide 5 comparable sales to justify your appeal. Comparable sales used as evidence in 2015 should have occurred between October 1, 2013 and October 1, 2014. This is where many people get stuck coming up with this information.
If you need help completing the form or obtaining comparable properties I am available to help.
For a fee of $50.00 I will locate the 5 best comparables and email them to you with full details including lot and block number and addresses. (This service is free to current and past clients)
If you need additional help completing form A-1 I can also help for an additional $75.00 fee.
Note: The county charges a separate filing fee ranging from $5.00 to $150.00 based on the assessed valuation. The filing fee schedule is as follows:
|If the assessment appealed is:
|Less than $150,000
|$150,000 or more, but less than $500,000
|$500,000 or more, but less than $1,000,000
|$1,000,000 or more
Best wishes on saving money on your taxes!
P.S. Call me if you need my help with your property tax appeal. I have a limited amount of time set aside to help with this so call me at 609-484-9890 ext. 132 if you need my help.
FHA will be lowering their mortgage insurance starting today, 1/26. The monthly mortgage insurance will drop from 1.35% to .85%. This will help bring FHA’s monthly insurance more in-line with USDA and Conventional mortgage insurance. FHA is still the #1 first time homebuyers program as it still only requires 3.5% down, and we require only a 580 credit score. Some good news at least, especially with USDA going away in certain areas. FHA is not the end of the world and is a great loan program!!!
I have just received word that as of February 2nd, 2015, USDA is officially changing its maps. For Atlantic County, it will make EHT ineligible and parts of Galloway (closer to Absecon). Feel free to call me with any questions about this:
Egg Harbor City Is Eligible For FHA and USDA Financing
Thus, the ineligible area maps based on the above classifications will be effective on February 2, 2015. The changes will be those already published on the “Future Eligible Areas” maps posted on the Eligibility Website; http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Mildy, Augustin and Lilliam. New home buyers.
I love helping home buyers and sellers make their dreams come true! In today’s real estate economy there are many challenges and opportunities. I’m grateful that my clients choose me to help them buy and sell their home.
Earlier this month I helped a family purchase their first home. And to my surprise a few days later I received this wonderful edible arrangement at my office. Congratulations to Augustin, Mildy and Lilliam and your family. Matt