COVID 19 NJ Real Estate Update

Here's a quick look at how COVID 19 is effecting the real estate market

COVID 19 has made an impact on NJ in a big way.  And in South Jersey we have not as many cases of COVID 19 however we’ve experienced a severe economic impact with many businesses forced to close.  Our team has continued to work from home and remotely to keep our clients safe practicing social distancing and using personal protection equipment.  Governor Murphy has allowed us to show properties on a 1 on 1 basis.  Open houses are not allowed at this time.

All these changes have forced us to get creative.  Our home seller clients can now sell their home without ever having anyone enter it.  Our eLISTING Virtual Home Selling System makes this possible.   For buyer we are working as remotely as possible through our eBUYER Virtual Home Buyer System.  This allows us to tour homes live with our clients while they stay in the safety and comfort of their home.  For open houses we’ve moved them online.  eOPEN is our Online Open House System that allows for personal face to face video interaction.  These open houses are also broadcast live to social media.

We are changing the was we do business to continue to help our real estate clients safely during this challenging time.  I’m available for a free phone or video conference to talk about your needs.  Call or text me at 609-338-3773.  Best wishes, Matt

Investing In Real Estate To Rent Through Airbnb At The Jersey Shore

Recently one of my listings in Atlantic City was bombarded by multiple showings and multiple cash offers.  It ended up going under contract over the asking price.  The interesting thing was that 3 out of the 4 offers we had were investors looking to purchase the property as an Airbnb rental.

The benefit of an Airbnb is that you can use the property while it’s not being rented.  It helps offset the cost of buying a second home while getting income at the same time.  At the Jersey shore there are some great potential areas for Airbnb.  I’ll go over that in a minute.  First lets look at 5 tips buying an Airbnb at  the Jersey Shore.

1.  Check Local Ordinances And Rules

Many municipalities and associations don’t allow short term rentals.  This is really important to know up front before being a home.  It may be best to avoid condos and home owners associations.

Short term rentals like Airbnb and VRBO can fluctuate as seasonal changes and buyer demands change.  A good rule to consider is will the property work as a long term rental.  If so it’s a great investment regardless or what may happen with the short term rental market.

3.  Check with your accountant

IRS tax code may not allow you to use the property for personal use and still get tax write offs.  Check with your accountant before jumping in to any real estate investment.

4.  Calculate the expenses of a short-term rental

Vacation and short term rental property are more expensive to operate and painting.  They need frequent cleaning and repairs.  Also all utilities need to be on and ready for a potential tenant.  If you own a property out of the area you may need to hire a property manager or have a maintenance contract in place.

5.  Work with an expert to pick the right location

Location is a key factor in buying any property and especially when choosing an Airbnb or short term rental.  Some things to consider:  Is the are safe?  Is it close to restaurants, activities, transportation?  Is it close to the beach or a short drive to the beach?  It helps to work with an expert who knows the area.  For example in Atlantic City there are some great location for short term rental properties and then a block or two away areas that are undesirable.  You may also consider areas on the mainland like Galloway or Egg Harbor Township.  You can get more house for your money to accommodate larger groups of people.  Plus your still a short drive to the beach and attractions.

Contact us for help with your next purchase or sale.

 

Atlantic County, NJ Real Estate Market Update 2020

Here is a look at the Atlantic County real estate market.  We will break out single family homes, condos and take a look at adult communities.


For single family homes, New listing were up in December, closed sales were up and median sales price was up by 22.6% to $225,000.  Inventory was down by 4.7%.

For condos and townhomes new listings were up 40% and median sales price was up 31.8%.  Inventory went up 10%.  Recent changes allowing FHA spot approvals should open up more financing options for condo buyers and also help contribute to increased condo prices.

For adult communities new listings rose by 42.9%. Days on market dropped by 60% to just 33 days on market.  Median sales price decreased by 21% for the month.  In general the adult community home prices do mirror the rest of the market so a few lower priced homes sales may have led to the drop in prices for the month.

If you’re thinking about buying or selling a home please contact us for a complimentary Pin Point Price Analysis and Room By Room Review.

 

 

 

 

 

 

FHA Approved condos, Atlantic County, NJ updated for 2020

Here is a list of FHA approved condominiums in Atlantic County, NJ

Here is a list of FHA approved condominiums in Atlantic County, NJ.  Based on findings at HUD.gov. Financing for condos with an FHA loan can be challenge.  Under the revised guidelines – which took effect Oct. 15, 2019 – an individual condo unit in a building of 10 units or more may be eligible for spot approval if no more than 10% of the units are FHA-insured.  So even if a condo is not on the FHA approved list it may still be eligible for FHA financing.

If FHA financing is not an option there are other choices include USDA loan (100% financing), and some banks do offer a 3% conventional loan.  Contact us if you’re interested in financing a condo purchase.

RITON CONDOMINIUM

10 N ADAMS AVE
MARGATE, NJ 08402

THE FOUR SEASONS CONDO

DOLPHIN AVE
NORTHFIELD, NJ 08225

THE MEADOWS AT HAMMONTON

YORKTOWN BLVD
HAMMONTON, NJ 08037

THE VILLAGE AT LINWOOD

550 CENTRAL AVE
LINWOOD, NJ 08221

WATERVIEW CONDOMINIUM

824 MARSHALL CT
VENTNOR, NJ 08406

These condos are approved for as low as 3.5% down payment FHA home loans.

UPDATE:  2/21/2020.  We just sold a lovely 2 bedroom condo in Society Hill II in Galloway Township and the sale was approved via FHA with a spot approval.

 

New Construction 55+ Community For Sale In Mays Landing, NJ

Consider Woods Landing active adult community in Mays Landing.

We’ve just contracted with Fernmoor Homes to sell their fabulous 55+ active adult community called Woods Landing. This community is located in Mays Landing in Atlantic County, NJ. Home prices start at just $244,900. Homes range from 1,500 square feet to 1,875 square feet. All homes feature 2 car garages, walk up attics and upgraded interiors. 2 homes are available for immediate occupancy. Click here to learn more about Woods Landing homes or contact us for a tour.

Cavatina Model At Woods Landing

Jim And Lori Sell Their Home Quickly For Top Dollar

Recent sale in Egg Harbor Township went under contract in 7 days $7,000 over asking price.

It’s a great time to sell a home and I want to share a story about Jim and Lori who were able to sell their Egg Harbor Township home quickly and for top dollar.  The biggest factors in selling any home are price and condition.

Jim and Lori had a home inspection done before listing their property so they didn’t have any surprises.  They fixed most of the items that came in the inspection report before listing the house to ensure a smooth sale.  They also priced the house right.  The result of this was 9 showings and under contract in 7 days.  The home sold in just 42 days and sold for $7,000 over the asking price.

If you’re interested in selling your home and want top dollar and a quick sale contact me for a free consultation.

3 Reasons Mays Landing, NJ Is A Great Place To Live.

3 Reasons To Love Living In Mays Landing, NJ.

Recently I’ve had several sales in Mays Landing.  I’d like to take a moment to share 3 reasons Mays Landing is a great place to live.  I’d also like to highlight three great communities I’ve recently had sales in.

Great Location

Mays Landing is located just West of Atlantic City.  It’s about 20 minutes drive to Atlantic City.  An hour to Philadelphia and 2 hours to New York.  Mays Landing is also the regional shopping hub.  Home of Hamilton Mall and major retailers like Macys, Khols, Target, Wal Mart, Hobby Lobby, Home Goods, Bed Bath And Beyond, Best Buy and more.  Mays Landing also is home to many national restaurants such as Longhorn Steakhouse, Buffalo Wild Wings, Olive Garden, Red Lobster, Famous Dave’s, Red Robin, Moe’s, Outback, Chipotle and more.  It’s convenient location makes it a great place to live and have easy access to shopping and activities.

Two of our recent sales in Mays Landing.

Low Tax Rate

Mays Landing has one of the lowest tax rates in Atlantic County.  Their municipal Tax Rate is 0.882 making it one of the lowest municipal tax rates.  Many Mays Landing Homes have taxes under $5,000 per year.

Low Home Prices

Mays Landing also has reasonable home prices.  I’ll give you a few examples.  I recently sold a fantastic 4 bedroom, 3.5 bathroom home in Victoria Pointe for $245,000.  I also sold a beautiful home in a 55 and over community called Tavistock.  The home was 2 bedrooms, 2 baths and sold for $187,000.  And even if you’re looking for something on a lower budget I sold a 3 bed, 2 bath manufactured home at The Fairways for $70,000.  Also if you’re looking for a new home Artists Walk has homes starting in the low $200,000 range.

Mays Landing has a great location, reasonable home prices and low taxes.  If you’re looking for a home consider Mays Landing.  There are a variety of communities to fit your needs.  Contact us for a consultation to see if Mays Landing would be a good fit for you.