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Ocean City NJ Property Short Sale – What Is It?

short-sale-squareWhat is All The Talk About Ocean City NJ Property Short Sale?

Ocean City NJ Property Short Sale are hot items!

Are you considering buying a Ocean City NJ property Short Sale? Well look no further. As an experienced agent I can help you make the right decision when it comes to Ocean City NJ property Short Sale. What you don’t want to do is make the wrong decision or buy the wrong house. Ocean City NJ property Short Sale means that you will be purchasing a home for less than what is owed on a property. Both the owner and the bank will have a say in the accepting of your Ocean City NJ property Short Sale offer.

Ocean City NJ property Short Sale homes are hot buys in today’s market. You will find that in a few years the investment that you made will be paying off and the home will increase in value. One of the first steps that you want to take when considering Ocean City NJ property Short Sale is finding an experience real estate specialist who can help you. I have a lot of experience when it comes to buying a Ocean City NJ property Short Sale. This type of transaction is very different than regular market homes. What does that mean for you? That means that you don’t really want an agent who hasn’t had a lot of experience or an agent who has never done this type of transaction.

If interested in learning more about Short Sales please contact me:
Caroline Watts, caroline@prufoxroach.com, cell: 609-254-4756 – call me anytime for help with Ocean City NJ real estate and surrounding areas.

After Sandy Flood Insurance & Elevation Implications – Ocean City NJ Real Estate

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The Ocean City NJ Real Estate Board held an informational meeting regarding questions about elevating houses and flood insurance rates.
Speakers included a New Jersey Association of Realtors representative, land surveyor Ned Schwab, a City of Ocean City representative, along with Tom Heist and William McMahon from 2 local insurance agencies.

I thought that sharing what I took away from the Ocean City NJ real estate meeting would help some homeowners and Buyers that are concerned with these current topics.
Ocean City NJ real estate implications:

  • The new FEMA Advisory Maps that are being passed around to Ocean City NJ real estate owners are not yet being implemented when looking into flood insurance. An ‘advisory map’ is just the first step before a preliminary map, a public comment session, and the final adopted map. It is said that the final map may or may not affect insurance rates for another 2-5 years. William McMahon mentioned that even New Orleans final maps still have not been implemented.
  • The higher your Ocean City NJ real estate is sitting and the more venting that you have in the crawl space, the lower your flood rates will be.
  • The insurance agencies in town have many of the Ocean City NJ real estate elevation certificates and Master Deeds and may give them out upon request. It is an elevation certificate that is provided to an insurance company when they determine flood rates. Old elevation certificates and surveys are not always accurate. It is best to order new certificates to see how you might be affected.
  • A home built before 1974/1975 is called PRE-FIRM. This is when the lowest elevated floor sits below what is required in Ocean City NJ currently. Ocean City NJ real estate insurance premiums are higher for these types of structure.
  • Any Ocean City NJ real estate PRE-FIRM structure that had 50% flood damage to its structure’s assessed value will be required to elevate. These people, however, may also be eligible for (ICC) Increased Cost of Compliance money up to 30k. I recently had estimates done by 2 seperate customers that came to just 15k for the elevation of the home. The porches and ground-level utility room estimate was an extra 20k. If the foundation needs repair that will cost more. However, just the elevation price is pretty minimal. ICC money is a reimbursement not an upfront check so you must have the funds to do so in advance. I heard that Ocean City NJ real estate second home owners are eligible. Buyers are not eligible for a seller’s reimbursement.
  • One of the speakers at the meeting said that if the seller has a signed contract to elevate the home in hand they may advance half of the money to the seller.
  • It was stated at the meeting that raising Ocean City NJ real estate from base elevation by two feet could result in a 15 to 20% flood insurance discount and could potentially go to 40%.
  • The Ocean City NJ representative stated that Ocean City NJ has hired an engineering firm to evaluate Ocean City NJ real estate in order to have the FEMA Advisory Map scaled back. Final maps wouldn’t be adopted for a few years anyway.

So, if you have any flood insurance concerns and you are considering an elevation of your home, you may not want to make the move right away. FEMA maps are not yet adopted and that determines how you will be financially affected. Talk to your insurance representative!

FEMA information on ICC reimbursement monies:

http://www.fema.gov/national-flood-insurance-program-2/increased-cost-compliance-coverage

City of Ocean City maps, elevation, zoning and helpful information:

http://www.ocnj.us/community-rating-system-CRS/

Stay updates on Ocean City NJ real estate by liking my business pages!

https://www.facebook.com/RealtorCaroline?ref=hl

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FEMA New Advisory Base Flood Map – Ocean City NJ Homes

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See link to find out where your Ocean City NJ homes now may be zoned:
http://www.region2coastal.com/sandy/table

Ocean City NJ Real Estate Opportunities Exist

SJSR436732Low mortgage rates are continuing to offer buyers the chance at cashing in on Ocean City NJ real estate opportunities.
If you are considering the idea of a purchase of  Ocean City NJ real estate now, then you have waited for the right time.  Last year we thought the Ocean City NJ real estate mortgage rates were crazy low at 4.5%.  We are now seeing rates at 3.5%.  Mortgage companies are also offering very low down payments with no mortgage insurance. These programs are allowing buyers greater Ocean City NJ real estate opportunities then they ever could have gotten in the past.

Ocean City NJ real estate rentals have continued to be strong through the past bad economy and rental prices are mildly increasing every year. Also, rental properties are getting booked-up fast for this summer because other New Jersey shore markets took a much larger hit from hurricane Sandy and are unable to rent to their repeat tenants. It has been said that Ocean  City NJ real estate only had about 10-15%  damage city-wide.

With values still remaining low, low interest rates, low rental & sale inventory, and continuing strong rentals, you can find rents that have begun to cover the cost of carrying Ocean City NJ real estate again! If you have not yet reserved a vacation home for this summer then you will want to get on the ball or make that Ocean City NJ real estate purchase by the spring, and before the chance of increased rates.

Caroline Watts, Prudential Fox & Roach Realtors, Ocean City NJ, cell: 609-254-4756, caroline@prufoxroach.com

Buying Power – Ocean City NJ real estate

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Attention Ocean City NJ real estate Buyers, if you wait six months to buy and the rates increase by as little as 1 percent, you lose 10 percent of your buying power!

Meaning, if you can afford to make a 200k Ocean City NJ real estate purchase today, and interest rates increase by just one percent  you will only be able to afford a 180k property. With inventory  being so low in the area and inflationary pressures on the economy, there is a chance that Ocean City NJ real estate worth 200k now may be selling for 220k in the near future.
FOOD FOR THOUGHT with Ocean City NJ real estate!

Caroline Watts, caroline@prufoxroach.com, cell: 609-254-4756 – call me anytime for help with Ocean City NJ real estate and surrounding areas.

Ocean City NJ New Construction Update


See video for Ocean City NJ new construction elevation changes

Call me for a list of Ocean City NJ new construction property!
Caroline Watts with Prudential Fox & Roach- My direct cell# 609-254-4756
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In 5 Years Many People Will Wish They Had Purchased Property in 2012

See Why You Should be Buying an Ocean City NJ Home

Homes for Sale in Ocean City NJ After Sandy Storm – Effects on Market?

Hurricane Sandy has done her damage to some homes for sale in Ocean City NJ, and others fared very well through this storm.

Overall, homes for sale in Ocean City NJ got very lucky compared to other parts of New Jersey and New York. Many sellers have been expressing a concern as to what Sandy’s wrath will do to our previously recovering real estate market. Though it is hard to see right now, I am sure there will be some good with the bad.

In talking to some of my buyers within the past few days, they still express a love for our town and will always have a drive to want to be here. Surprisingly, many sellers whose homes stayed dry feel even more confident about their homes for sale in Ocean City NJ.

The main issue that we are currently facing is mortgage companies wanting inspections on the homes for sale in Ocean City NJ that are under contract and pending a settlement. They want to be sure that there are no severe damages. The problem lies with certain buyers having to wait for repairs to be completed in order to get a re-inspection and approval for financing. Getting a quick resolution in order to hold a deal together seems impossible when insurance companies need time to get adjusters out to so many homes. Trying to get an available contracter out to make the repairs also may be problematic.
Some better news that I have heard from people is that they are now remodeling their homes for sale in Ocean City NJ and they normally would not have put the money into it.

Things like flooring, painting and furniture that are normally very important to buyers, so many people typically would have kept or even sold “as is.” Therefore, the property that they and their family has owned for numerous years will now be worth even more and they are excited about it. This is one positive outcome for many homes for sale in Ocean City NJ that got the brunt of the damage.

It is inevitable that the market will see a lull for the next few months while people are filing insurance claims and making necessary fixes. However, Thanksgiving to New Year’s months are typically our slowest anyway. Coincidentally, we have seen some buyers come into town wanting to see where the highest and dryest homes for sale in Ocean City NJ are. Good for some but very revealing for others.

I will surely expect the “Sandy” question to now be on the list of buyer’s concerns for many years to come. Overall, I don’t think the storm will have a lasting effect on our homes for sale in Ocean City NJ. Honestly, we were one of the shore towns that best survived this catastrophe, so buyers may end up here instead.

For help with homes for sale in Ocean City NJ contact me: Caroline Watts, Prudential Fox & Roach Realtors, Ocean City NJ, cell:609-254-4756, caroline@prufoxroach.com

Who Doesn’t Want a Shore Home in Great Shape? – Ocean City NJ Real Estate

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A little work put into Ocean City NJ real estate goes a long way!

There are thousands of old rehab and flip stories with Ocean City NJ real estate. Rehabs are finally becoming a hot topic again. Earlier this year, a close friend of mine purchased a distressed property just outside of Ocean City for $34,000. In 60 days she re-modeled the 3 bedroom home with slightly used appliances and cabinets purchased of off Craigs List, they put in new flooring, and applied fresh paint. The kitchen and baths were a main focus. She put the home back up for sale at a price of $120,000 and  had a full price offer that day.

In a market where less investors are flipping homes most Buyers want Ocean City NJ real estate that is move-in ready.

Most families want a home that is ready that day because they are packing up their whole lives and moving their kids. Buyers lives are already stressed with the pressure involved with a move. Re-model work can be time consuming, pricey, and labor intensive. No family wants to add that to their list of things-to-do.  If you, a Seller of Ocean City NJ real estate, are wanting to sell your house then there are 3 things that you will  want your house to be: CLEAN, UP-DATED  and COMPETITIVELY PRICED.

For instance, with some Ocean City NJ real estate – if you have old appliances, vinyl flooring and cabinets with gold handles you will want to make some minor improvements to attract attention. If you don’t, many times you will see that an even larger amount will be deducted from your sale price. I suggest not going way overboard and spending tons of money. The idea is just to make it look nice and not worn out. Shop around like my friend did to get the best prices. Use the internet and  Craig’s List or newspapers to see if you can get appliances and cabinets somewhat used and for a low price. Redo the floors and the paint and don’t chose crazy colors. Consider painting the old cabinets if need be. Definitely install more modern knobs. This is simple a simple task that makes a big difference in appearance.

This overall theory also works extremely well with Ocean City NJ real estate rental properties. The nicer the home, the higher the income. There are many duplex units that have one floor in its original condition from 25 years ago and the other floor is remodeled and there is a $1000 a week difference in rent! – same layout, same unit!

The bottom line is that most Buyers want Ocean City NJ real estate that is in great shape, especially in this market. So get to work!

(If you need help with Ocean City NJ real estate contact me – Caroline Watts, Prudential Fox & Roach Realtors, Ocean City NJ, 609-254-4756, caroline@prufoxroach.com)