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
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.
2. Don’t count on Airbnb to carry the house expenses.
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.
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.
There's Plenty To Do And See In South Jersey This Fall.
I love summer in South Jersey. Year round this is a great place to live and visit. As the weather is finally starting to feel like Fall here are 5 sensational things to do in South Jersey This Fall.
Visit The Beach And Boardwalks
The beaches are beautiful this time of year and less crowded. It’s easier to find parking and it’s often free this time of year. Many of the boardwalks still have shops and restaurants open during the Fall on weekends. For Ocean City visit Jilly’s Arcade open year round.
Ride A Bike
Fall is a fantastic time for bike riding. My favorite place is the Atlantic County Bike Path. The Atlantic County Park System maintains the 7.56 mile bike and pedestrian path running between Harbor Square (formerly Shore Mall) in Egg Harbor Township and the Atlantic County Institute of Technology in Hamilton Township. This path is a safe fun way to get some exercise and enjoy the outdoors. There are also several other municipal bike paths and county and state parks that operate bike trails.
Visit A Farm
This is the garden state and Fall is a great time to visit some of the amazing farms in South Jersey. Many farms have Fall activities and events. Sahl’s Father Son Farms operates a family friendly corn maze in the Fall from now until October 26th in Galloway Township. They have hay rides, pumpkin patch and more. To meet some amazing animals visit the Funny Farm Animal Rescue in Mays Landing.
Visit The Cranberry Bogs
This is a totally unique thing to South Jersey. If you haven’t seen it you’ll definitely want to check it out. Check out JJ White and Pine Barren Native Fruits in Browns Mills. This week they are starting harvest across the cranberry bogs. Schedule a tour or visit Whitesbog to see some of the harvest. Then stop by JJ White Farm at 1 Pasadena to purchase some fresh cranberries, jellies, jams, salad dressing and salsa (awesome) directly from the farmer.
This is a great time of year to watch the birds fly South for the winter. There are some great places to drive to and see birds and wildlife up close. The Edwin B Forsythe National Wildlife Refuge in Galloway Township is a fantastic spot to drive out onto the marshes. Also Cape May Point State Park is fantastic this time of year.
What do you like to do in South Jersey in the Fall. Comment and let us know your thoughts.
Businesses closing, opening and moving in Atlantic County, NJ
You may have noticed an increase in commercial real estate activity recently. New businesses are opening, and moving to larger locations. In this post I’m going to focus in on a few moves.
The Black Horse Pike area of Egg Harbor Township and Mays Landing has seen many new activities. New businesses have moved into the Wal Mart shopping center in Egg Harbor Township. Along the English Creek area a new Dunkin Donuts drive through opened and Mavis Discount Tire. In Mays Landing a new strip mall center opened with a new Starbucks drive through and Sleep Number Store. Across the street from that is the new Outback Steak House.
Earlier this month JC Penny Officially closed it’s doors at the Hamilton Mall location in Mays Landing. This leaves the mall without two anchor stores. Sears also closed last year. Burlington Coat Factory is moving its location from Harbor Square in Egg Harbor Township to Consumer Square in Mays Landing.
One of my favorite restaurants Nizam’s also moved it’s location recently to a larger and nicer location in front of Harbor Square. If you are a business owner there are many opportunities in Atlantic County to start and grow a business here. Contact us for a no obligation consultation.
Is now a good time to buy a house in Egg Harbor Township, NJ?
I often get asked when is the best time to buy a house. And the answer often depends on your circumstances, goals, and needs. However in this article I post 3 reasons to buy a house now in Egg Harbor Township, NJ.
Interest rates are low. Interest rates are now at about 3.92%. This is a historically low rate. If rates go up that will decrease the loan amount that a buyer can afford.
Inventory is good but shrinking. Inventory is down in many of the neighborhoods of Egg Harbor Township. Lower inventory can cause home prices to increase. Several communities are experiencing price increases. It’s better to buy now before prices continue to increase.
View from Anchorage Point, Egg Harbor Township, NJ
Newer inventory of homes for sale. At the peak of the real estate market Egg Harbor Township was a new construction boom town. Many developments were built at that time. There typically is a good inventory of homes for sale that are built in the 90s and 2000s. If you’re looking for a newer home Egg Harbor Township is a great choice. There are also developers building brand new homes.
Best Buy In Egg Harbor Township! Home for sale $190,000.
I just listed this fantastic house in Egg Harbor Township, NJ. 2 Cary Ct is a lovely home on cul-de-sac location and large .4 acre wooded lot. This home features 4 bedrooms and 2 bathrooms. There is a living room, dining room and eat in kitchen. The 2nd bedroom on the first floor has been converted to a family room and can be converted back to a bedroom giving you two bedrooms on the first floor.
The second floor has two bedrooms and a full bath. There is a large rear deck and fantastic private fenced back yard. New paint and carpet. Roof was replaced 10 years ago and HVAC replaced 5 years ago. Move in ready. Contact us for more details.
Some of the best golf courses in South Jersey Are Located In Atlantic County, NJ
South Jersey is famous for it’s fabulous beaches yet one thing you may now know is that this area is also a great for golf. Right now the Shoprite LPGA classic is taking place in Galloway at Seaview Country Club. This tournament brings the top women golfers to this beautiful bay front golf course.
There are also other fantastic bay front golf courses like the Atlantic City Country Club in Northfield and Linwood Country Club offering incredible views. Just outside of Ocean City in Somers Point there is Great Bay Country Club.
If your not a golfer you can learn from professional instructors at the courses. Our personal favorite is New Jersey Golf Academy. So for great golf consider Atlantic County in South Jersey. And if you’ve ever dreamed of living on the Golf Course we have several great golf communities like Blue Heron Pines, Harbor Pines and The Fairways. Contact us for more details.
How to purchase a vacation home or investment at the NJ shore for under $200,000
Buying a vacation home at the Jersey shore may seem out of reach for most people. Typical beach homes range in the $400,000 range and up. However it is possible to purchase something much less and and actually keep the price under $200,000. Here are 3 ways to purchase a NJ shore beach home for less than $200,000.
Choose a location further from the beach.
Many of our shore town have areas that are further from the beach. These sections typically have more year round residents and more affordable prices. For example, I recently listed this ranch home in Ventnor Heights that was raised and renovated and is currently priced at $190,000. Click here for details on the house.
201 N Somerset Ave, Ventnor, NJ
Choose An Up And Coming Area
Not all shore towns are priced the same and if you’re looking to spend less choose an up and coming area like Atlantic City. Prices for many homes and condos are under $200,000. There are some great locations in Atlantic City and some not so great locations. Choose a local agent who can help you find the right location and home.
Look For A Home Off Shore
If you’re willing to take a short drive you can get more house for the money off shore. Communities like Somers Point are just a 5 minute drive into Ocean City. Absecon is just 5 minutes from Atlantic City and 10 minutes to Brigantine. And if you’re will to drive a little further communities like Egg Harbor Township, Linwood, Northfield and Galloway are within a 20 minute drive to the beaches.
If you’re considering purchasing a shore home or investment please contact us for a free consultation. No matter what your budget is we’re here to help.