Have you been stuck in the house for weeks and are sick of your house? Join us as we discuss 3 Ways to cure quarantine house fever. We’ll have a special guest, give you a real estate market update and answer your real estate questions live.
We discuss entering the real estate market in a shifting economy and more.
This week I was interviewed by Ron Flozak. We talked about several topics including whether or not now would be a good time to start a career in real estate. Please watch the interview and contact me if you’re thinking about a career in real estate. I’d be happy to give you the straight talk and help you discover if a career in real estate is right for you.
Join us for our new live video talk show Thursday April 23rd at 4 PM.
In light of the current crisis, we want to help people survive and thrive financially during this time. Our new live video show will go over things like what bills to pay when you are limited on income. We’ll also talk about how to make money and look at employers that are hiring now. And we will highlight local people and businesses making a difference.
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
First of all we want to extend our sympathy to those who have been personally affected by the COVID 19 virus. We also would like to express our support to those who have lost jobs at this difficult time.
As of today Governor Murphy announced that all non essential businesses should close and work from home. At Keller Williams Realty we are honoring this request and have already made preparations to work remotely. Our staff and leadership team will continue to work remotely from home. Our affiliated title company is also prepared to work from home and handle closings remotely.
We anticipate our scheduled closings to close on time and are communicating with our clients on any potential delays.
For new seller clients we have initiated a Virtual Home Selling Service. We will take new listings including video tours without having to come to our client’s home and without any buyers having to come in their house. We have also implemented a virtual live open house strategy to further promote our listings on social media.
For our home buyer and seller clients we have implemented video conferencing for all meetings. We also have a Virtual Home Buying Service to help our buyer clients navigate through potential homes and neighborhoods without having to leave the comfort and safety of their home.
Is now a good time to buy or sell real estate in South Jersey? The answer is it depends on your circumstances. We are offering phone or video consultations to help you determine if this is the right time for you.
We are committed to help our clients with their real estate needs and add value to their lives. We pray that everyone would stay safe and well.
Richard, Matthew, Linda Haviland
P.S. Is there anything we can support you with? If we can help we will. If we can’t we’ll let you know or do our best to connect you to someone that can help.
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.
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.