South Jersey Shore Real Estate Blog

Market Statistics for Atlantic City from 1/1/08 - 11/10/08...Read below
November 12th, 2008 10:14 AM
Market Statistics All MLS in Atlantic City
Statistics 1/1/08-11/10/2008 
Re- Single Family
LD-Land/Lot
CI-Commercia;
MF-Mulit Famliy
CN-Condo 
Class Bedrooms Current Active Avg List Price Avg DOM
All All 953 $617,052.00 190
RE All 274 $496,289.00 176
RE 1 bedroom 2 $149,000.00 103
RE 2 bedroom 25 $251,632.00 177
RE 3 bedroom 166 $326,059.00 180
RE 4 bedroom 51 $576,733.00 162
RE 5 bedroom 30 $1,528,503.00 183
LD All 135 $1,061,943.00 253
CI All 70 $2,255,159.00 294
MF All 133 $439,220.00 198
CN All 341 $271,049.00 153
CN 1 bedroom 207 $188,445.00 149
CN 2 bedroom 80 $386,317.00 150
CN 3 bedroom 51 $406,987.00 169
CN 4 bedroom 3 $586,000.00 213
CN 5 bedroom 0 $0.00 0
Avg List Avg Sale Sale Price/ Avg List
Class Bedrooms Total Listed Num Sold Pct Sold Price Sold Price Sold List Price Ratio Avg DOM Sold Price Unsold Pct Expired
All All 1,330 226 16.99% $285,755.00 $247,676.00 86.67% 127 $511,400.00 46.84%
RE All 431 72 16.71% $240,936.00 $212,039.00 88.01% 111 $446,708.00 51.28%
RE 1 bedroom 2 0 0% $0.00 $0.00 0% 0 $279,500.00 100%
RE 2 bedroom 39 5 12.82% $158,360.00 $144,800.00 91.44% 82 $236,409.00 51.28%
RE 3 bedroom 246 48 19.51% $191,648.00 $175,457.00 91.55% 109 $304,457.00 49.59%
RE 4 bedroom 97 12 12.37% $439,233.00 $355,575.00 80.95% 130 $568,395.00 44.33%
RE 5 bedroom 47 7 14.89% $297,957.00 $264,857.00 88.89% 114 $912,555.00 72.34%
LD All 133 23 17.29% $176,708.00 $115,634.00 65.44% 124 $567,082.00 33.83%
CI All 80 9 11.25% $1,032,877.00 $880,722.00 85.27% 121 $2,041,226.00 61.25%
MF All 171 20 11.70% $257,145.00 $227,780.00 88.58% 100 $470,225.00 61.99%
CN All 515 102 19.81% $281,668.00 $250,650.00 88.99% 144 $278,387.00 39.22%
CN 1 bedroom 306 75 24.51% $213,749.00 $190,340.00 89.05% 146 $204,446.00 46.41%
CN 2 bedroom 129 18 13.95% $441,622.00 $408,073.00 92.40% 130 $350,898.00 35.66%
CN 3 bedroom 76 9 11.84% $527,755.00 $438,388.00 83.07% 154 $367,212.00 15.79%
CN 4 bedroom 4 0 0% $0.00 $0.00 0% 0 $984,725.00 50%
CN 5 bedroom 0 0 0% $0.00 $0.00 0% 0 $0.00 0%
Posted by Peter and Beverly Petridis on November 12th, 2008 10:14 AMPost a Comment (0)

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Cyber Monday Shoppers Specials at the South Jersey Shore...read below
November 30th, 2008 11:24 PM

Cyber Monday Shoppers Specials at the South Jersey Shore.  PLease check out our website and buy your family a great holiday present. 

Don't stand in line after the holidays with presents you do not like or don't fit.  Buy a home at the South Jersey Shore...a Gift That Will Keep On Giving For The Entire Family!! 

The interest rates and the prices are down.  This is the best time to buy.

View our listings at http://www.southjerseyshorehome.com/Prudential-Listings

 

Posted by Peter and Beverly Petridis on November 30th, 2008 11:24 PMPost a Comment (0)

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HAPPY THANKSGIVING
November 27th, 2008 2:33 PM

Happy Thanksgiving to all friends, family, and visitors to our website and blog.  

God Bless! and enjoy your time and please do consider all that you have to be grateful.  Thanks....

Tg 

Posted by Peter and Beverly Petridis on November 27th, 2008 2:33 PMPost a Comment (0)

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Brigantine and Atlantic City Water Temperature
November 26th, 2008 4:42 PM
Ocean Water temperature for the surrounding area: 46.0 °F / 7.8 °C
Posted by Peter and Beverly Petridis on November 26th, 2008 4:42 PMPost a Comment (0)

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Market Statistics for Atlantic City from 1/1/08 to 11/25/08
November 25th, 2008 10:37 PM
Market Statistics 
Statistics for          
the period 
1/1/08 - 11/25/08          
RE - Single Family Homes
CN - Condos
MF- Multi Family
CI - Commercial
LD - Land/Lot
Current Avg List
Class Bedrooms Active Price Avg DOM
All All 977 $616,411 196
RE All 285 $495,270 179
RE 1 bedroom 3 $132,000 80
RE 2 bedroom 26 $248,507 195
RE 3 bedroom 167 $322,710 187
RE 4 bedroom 56 $567,398 149
RE 5 bedroom 33 $1,473,575 185
LD All 135 $1,058,011 263
CI All 71 $2,314,100 303
MF All 131 $449,169 210
CN All 355 $267,908 157
CN 1 bedroom 220 $187,006 149
CN 2 bedroom 81 $385,005 162
CN 3 bedroom 51 $412,601 176
CN 4 bedroom 3 $579,333 228
CN 5 bedroom 0 $0 0
Avg List Avg Sale Sale Price Avg  Avg List Pct
Class Bedrooms Total Listed Num Sold Pct Sold Price Sold Price Sold /List Price Ratio DOM Sold Price Unsold Expired
All All 1,383 232 16.78% $286,954 $249,141 86.82% 127 $504,995 45.70%
RE All 455 73 16.04% $245,841 $215,970 87.85% 112 $439,209 49.23%
RE 1 bedroom 3 0 0% $0 $0 0% 0 $279,500 66.67%
RE 2 bedroom 40 5 12.50% $158,360 $144,800 91.44% 82 $231,588 50%
RE 3 bedroom 258 48 18.60% $191,648 $175,457 91.55% 109 $300,060 48.45%
RE 4 bedroom 105 13 12.38% $451,523 $366,607 81.19% 134 $561,274 41.90%
RE 5 bedroom 49 7 14.29% $297,957 $264,857 88.89% 114 $926,587 67.35%
LD All 135 23 17.04% $176,708 $115,634 65.44% 124 $560,228 34.81%
CI All 82 9 10.98% $1,032,877 $880,722 85.27% 121 $2,020,825 59.76%
MF All 173 22 12.72% $258,577 $232,527 89.93% 104 $464,789 62.43%
CN All 538 105 19.52% $281,696 $250,793 89.03% 144 $276,933 37.92%
CN 1 bedroom 325 78 24% $216,398 $192,852 89.12% 146 $202,614 44%
CN 2 bedroom 131 18 13.74% $441,622 $408,073 92.40% 130 $351,647 35.11%
CN 3 bedroom 78 9 11.54% $527,755 $438,388 83.07% 154 $362,037 16.67%
CN 4 bedroom 4 0 0% $0 $0 0% 0 $984,725 50%
CN 5 bedroom 0 0 0% $0 $0 0% 0 $0 0%
Posted by Peter and Beverly Petridis on November 25th, 2008 10:37 PMPost a Comment (0)

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If you are facing foreclosure now please call the HOPE Alliance at 1-888-995-HOPE
November 21st, 2008 10:12 AM

What is HOPE NOW?
HOPE NOW is an alliance between counselors, servicers, investors, and other mortgage market participants to maximize outreach efforts to at-risk homeowners and help them stay in their homes.  Go to hopenow.com to see full list of Alliance members.

If I can’t pay my mortgage, why should I call my mortgage lender/servicer?
Your mortgage lender can help you identify the options available to you, should you have trouble paying your mortgage.

When should I call my lender?
You should contact your lender as soon as you know you will have difficulty meeting your mortgage payments.  You do not have to wait until your interest rate re-sets, nor do you have to wait until you are already behind in your payments.  In fact, the sooner you call, the more options will be available to you.  No matter what your situation is, CALL TODAY.

What if I don’t want to call my lender?
Call the Homeowners HOPE™ Hotline – 1.888.995.HOPE. This hotline is staffed by HUD-approved credit counselors who can guide you through possible options.

How do I apply for, got to hopenow.com.

What is a loan workout?
Either a loan modification or a repayment plan.

What is a loan modification?
A modification occurs any time any term of the original loan contract is permanently altered.  This can involved a reduction in the interest rate, forgiveness of a portion of principal or extension of the maturity date of the loan.

What is a repayment plan?
A plan that allows the borrower to become current and catch up on missed payments that are appropriate to the borrower’s circumstances

Where can I find the data HOPE NOW is collecting?
got to: hopenow.com

Posted by Peter and Beverly Petridis on November 21st, 2008 10:12 AMPost a Comment (0)

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Brigantine Market Statistics from 1/1/08 to 11/20/08
November 20th, 2008 10:00 PM

We are committed in letting our clients know what is selling in Brigantine NJ, 08203.  This statistics are broken down in various categories.  You will find how many single family homes, condos,  multi family, commercial, and lots for sale in Brigantine.  The numbers are broken down by sold, unsold and price not sold.  You will also see the average days a home is on the market and sale price to list price ratio.  Let us know if you have any questions.  You can post your comments below by signing in to our blog..  Thanks.

Market Statistics All MLS
Statistics for: 01/01/2008-11/20/2008 
RE - Single Family
LD - Lot/Land
CI - Commercial
CN - Condo
MF - Multi Family
Class Bedrooms Current Active Avg List Price Avg DOM
All All 616 $818,986.00 221
RE All 331 $990,382.00 197
RE 1 bedroom 0 $0.00 0
RE 2 bedroom 30 $420,770.00 176
RE 3 bedroom 122 $568,185.00 187
RE 4 bedroom 94 $1,015,448.00 185
RE 5 bedroom 85 $1,769,680.00 231
LD All 49 $693,404.00 429
CI All 10 $2,535,729.00 338
MF All 38 $968,459.00 259
CN All 188 $428,423.00 194
CN 1 bedroom 48 $229,381.00 213
CN 2 bedroom 70 $412,537.00 175
CN 3 bedroom 54 $494,004.00 210
CN 4 bedroom 12 $820,949.00 156
CN 5 bedroom 4 $1,032,000.00 223
Avg List Avg Sale Sale Price/ Avg DOM Avg List
Class Bedrooms Total Listed Num Sold Pct Sold Price Sold Price Sold List Price Ratio Sold Price Unsold Pct Expired
All All 916 234 25.55% $480,992.00 $439,628.00 91.40% 146 $792,807.00 41.70%
RE All 505 125 24.75% $553,546.00 $504,283.00 91.10% 142 $1,020,257.00 36.63%
RE 1 bedroom 1 0 0% $0.00 $0.00 0% 0 $1,450,000.00 0
RE 2 bedroom 59 16 27.12% $353,717.00 $341,837.00 96.64% 82 $476,249.00 38.98%
RE 3 bedroom 199 64 32.16% $418,390.00 $385,822.00 92.22% 143 $582,935.00 34.67%
RE 4 bedroom 138 26 18.84% $598,873.00 $556,596.00 92.94% 117 $1,098,509.00 31.88%
RE 5 bedroom 108 19 17.59% $1,115,057.00 $968,521.00 86.86% 225 $1,765,900.00 45.37%
LD All 35 4 11.43% $458,450.00 $426,250.00 92.98% 285 $1,056,610.00 48.57%
CI All 12 1 8.33% $899,000.00 $770,000.00 85.65% 526 $961,229.00 41.67%
MF All 53 12 22.64% $479,708.00 $438,191.00 91.35% 174 $767,535.00 41.51%
CN All 311 92 29.58% $379,019.00 $348,958.00 92.07% 138 $429,584.00 49.20%
CN 1 bedroom 76 26 34.21% $199,707.00 $186,380.00 93.33% 153 $232,312.00 50%
CN 2 bedroom 128 42 32.81% $388,169.00 $360,730.00 92.93% 143 $409,216.00 51.56%
CN 3 bedroom 82 20 24.39% $534,820.00 $482,380.00 90.19% 108 $550,003.00 43.90%
CN 4 bedroom 21 4 19.05% $669,475.00 $615,000.00 91.86% 131 $678,533.00 47.62%
CN 5 bedroom 4 0 0% $0.00 $0.00 0% 0 $910,000.00 75%
Posted by Peter and Beverly Petridis on November 20th, 2008 10:00 PMPost a Comment (0)

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Daily Lock Advisory..read below
November 17th, 2008 10:38 PM
Rate Lock Advisory - Monday Nov. 17th



Monday's bond market has opened in positive territory following another round of stock weakness that has bonds looking more attractive to investors. The stock markets are continuing Friday's selling with the Dow currently down 162 points and the Nasdaq down 30 points. The bond market is currently up 11/32, which should improve this morning's mortgage rates by approximately .125 - .250 of a discount point.

Today's Industrial Production report revealed a much larger than expected increase in manufacturer output. The 1.3% increase greatly exceeded analysts' forecasts of a 0.1% decline in output, meaning that U.S. factories, mines and utilities were busier than many had thought. This is considered to be negative news for bonds and mortgage rates.

The rest of the week brings us the release of four more monthly reports for the markets to digest along with the minutes from the last FOMC meeting. The first of the week's two key inflation readings will be posted early tomorrow morning when October's Producer Price Index (PPI) is released. The PPI measures inflationary pressures at the producer level of the economy. There are two portions of the index that are used- the overall reading and the core data reading. The core data is the more important of the two because it excludes more volatile food and energy prices.

If the core data reveals stronger than expected readings, indicating that inflationary pressures are rising, the bond market will probably react negatively and should drive mortgage rates higher. If we see in-line or weaker than expected numbers, mortgage rates should fall. Current forecasts are calling for a decline of 1.8% in the overall reading and a 0.1% increase in the core reading.

Overall, look for tomorrow or Wednesday to be the most important day of the week with the PPI and CPI reports scheduled for release those days. They are the two most important releases of the week and can individually lead to large swings in the markets and mortgage rates. The FOMC minutes may also heavily influence trading and deserve to be watched also. I think this will be a fairly active week for mortgage rates, so please maintain regular contact with your mortgage professional.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Posted by Peter and Beverly Petridis on November 17th, 2008 10:38 PMPost a Comment (0)

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Retirement accounts are taking a beating. Where do you put your money?
November 16th, 2008 2:50 PM

"Retirement accounts are taking a beating. Where do you put your money? If you're investing long-term, the real estate market has the best results, not the sudden fluctuations you see in the stock market."

Do what some people are doing and look to invest your money in the real estate market at the shore.  Ocean City real estate market is seeing a come back and according to the tax assessor the market is stabilizing.  According to the Ocean City Board of Realtors the board numbers show a improvement over last years numbers. 

You can never time the market, so if you are thinking of shifting your investment $$ dollars this might be the right time to do this. 

Buy now, the market is close to bottom and as long as you buy within the 10% of the bottom of the market you will do fine.  You must hold the property for a long term investment. 

Call your local Prudential Fox & Roach Realtor to help you find a home here at the South Jersey Shore.  We cover Atlantic City, Brigantine, Ventnor, Margate, Longport and Ocean City areas.

Please check the full article at the AC Press "Ocean City bullish on real estate investment" published 11/16/08 

 

Posted by Peter and Beverly Petridis on November 16th, 2008 2:50 PMPost a Comment (0)

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Letter for Congressmen and Senators
November 13th, 2008 9:16 AM

Dear [ Decision Maker ],

As a constituent I ask that Congress focus any future stimulus package on reinvigorating housing markets. The current crisis is the result of problems in the nation's housing markets. Efforts to boost the economy must calm jittery real estate markets.

Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR's plan would:

*Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's use and effectiveness.

*Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.

*Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.

*Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.

Housing has always lifted our economy out of past economic downturns. It's imperative now to foster a housing recovery, so that the economy can recover. Thank you for your hard work.

Send your the letter to the following people:

 

Senator Robert Menendez

U.S. Senate

317 Hart Senate Office Building

Washington, DC 20510-0001

 

Representative Frank LoBiondo

U.S. House of Representatives

2427 Rayburn House Office Building

Washington, DC 20515-0001

 

Senator Frank Lautenberg

U.S. Senate

324 Hart Senate Office Building

Washington, DC 20510-0001

 

 

Posted by Peter and Beverly Petridis on November 13th, 2008 9:16 AMPost a Comment (0)

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Reviving the real estate market must be the focus of a future stimulus bill
November 13th, 2008 9:08 AM

As REALTORS®, we know that at its core, the current economic crisis is the result of problems in our nation's housing and mortgage markets.  With Congress considering a return to Washington this month for another economic stimulus effort, NAR (National Assoication of Realtors) has put forth a Four-Point Plan that must be included in any stimulus effort in order to boost the economy and calm jittery real estate markets. 

Housing has always lifted our economy out of past economic downturns. Immediate action is imperative to foster a housing recovery that historically leads any overall economic recovery.

Stabilizing real estate markets must be the core of any additional economic stimulus bill. As REALTORS, we must all come together and make our voice of experience heard on Capitol Hill. Please contact Congress today.

Posted by Peter and Beverly Petridis on November 13th, 2008 9:08 AMPost a Comment (0)

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Real estate prices are at rock bottom... read below
November 12th, 2008 3:40 PM

Real estate prices are at rock bottom... maybe it's time to buy. You can search for homes, condos, multi-family homes and commercial properties for sale in Atlantic County.  Find out by searching our MLS to see some of these listings:

http://www.southjerseyshorehome.com/SearchLocalMLSListings

You can never time the bottom of the market.  When January roles around, people tend to increase their prices.  Now is the time to purchase a new vacation home, or investment property here at the South Jersey Shore. 

We cover Brigantine, Atlantic City, Ventnor, Margate and Longport.  Please call Peter or Beverly Petridis to see any homes at the shore. 

 

Posted by Peter and Beverly Petridis on November 12th, 2008 3:40 PMPost a Comment (0)

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Just Listed! 806 Bobby Jones Road Brigantine, NJ 08203
November 11th, 2008 8:31 AM
Header
Header_2
Listings Photo
$339,000.00
806 Bobby Jones Road

Brigantine, NJ 08203

Beds: 3.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 0
Garage: 0 Built: 0
 
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 
If you have any questions
about this property or
require more information,
please feel free to call.

Peter and Beverly Petridis
Prudential Fox & Roach Realtors
6093774023
www.southjerseyshorehome.com
 
  Visit this listing at Here
Posted by Peter and Beverly Petridis on November 11th, 2008 8:31 AMPost a Comment (0)

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Brigantine Market Statistics from 1/1/08 to 1/10/08..read below
November 10th, 2008 10:51 PM
Market Statistics All MLS
Statistics for: 01/01/2008-11/10/2008 
Re - Single
LD - Land/Lot
CI- Commercial
CN - Condo 
MF - Multi Family
Class Bedrooms Current Active Avg List Price Avg DOM
All All 608 $832,507.00 218
RE All 325 $1,009,640.00 194
RE 1 bedroom 0 $0.00 0
RE 2 bedroom 28 $420,864.00 179
RE 3 bedroom 122 $561,851.00 184
RE 4 bedroom 93 $1,071,712.00 177
RE 5 bedroom 82 $1,806,511.00 233
LD All 46 $714,973.00 442
CI All 11 $2,482,027.00 316
MF All 35 $1,002,156.00 271
CN All 191 $433,323.00 189
CN 1 bedroom 48 $229,644.00 203
CN 2 bedroom 73 $413,978.00 173
CN 3 bedroom 54 $510,036.00 205
CN 4 bedroom 12 $820,949.00 146
CN 5 bedroom 4 $1,032,000.00 213
Avg List Avg Sale Sale Price Avg. Avg List
Class Bedrooms Total Listed Num Sold Pct Sold Price Sold Price Sold List Price Ratio DOM Sold Price Unsold Pct Expired
All All 892 230 25.78% $483,782.00 $442,115.00 91.39% 144 $786,984.00 41.48%
RE All 491 124 25.25% $554,873.00 $505,576.00 91.12% 142 $1,016,363.00 36.86%
RE 1 bedroom 1 0 0% $0.00 $0.00 0% 0 $1,450,000.00 0
RE 2 bedroom 57 16 28.07% $353,717.00 $341,837.00 96.64% 82 $476,249.00 40.35%
RE 3 bedroom 193 64 33.16% $418,390.00 $385,822.00 92.22% 143 $587,258.00 34.20%
RE 4 bedroom 136 25 18.38% $607,267.00 $565,099.00 93.06% 114 $1,051,776.00 31.62%
RE 5 bedroom 104 19 18.27% $1,115,057.00 $968,521.00 86.86% 225 $1,766,652.00 47.12%
LD All 32 4 12.50% $458,450.00 $426,250.00 92.98% 285 $1,069,322.00 50%
CI All 12 1 8.33% $899,000.00 $770,000.00 85.65% 526 $851,922.00 33.33%
MF All 50 12 24% $479,708.00 $438,191.00 91.35% 174 $767,414.00 44%
CN All 307 89 28.99% $381,758.00 $351,255.00 92.01% 132 $424,716.00 47.88%
CN 1 bedroom 76 25 32.89% $202,540.00 $188,936.00 93.28% 134 $230,529.00 50%
CN 2 bedroom 126 42 33.33% $388,169.00 $360,730.00 92.93% 143 $406,591.00 48.41%
CN 3 bedroom 80 18 22.50% $551,777.00 $495,978.00 89.89% 106 $538,916.00 43.75%
CN 4 bedroom 21 4 19.05% $669,475.00 $615,000.00 91.86% 131 $678,533.00 47.62%
CN 5 bedroom 4 0 0% $0.00 $0.00 0% 0 $910,000.00 75%
Posted by Peter and Beverly Petridis on November 10th, 2008 10:51 PMPost a Comment (0)

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Top 10 reasons I'm the Real Estate Agent for You!
November 10th, 2008 2:21 PM

Top 10 Reasons
I'm the Real Estate Agent For You!

  1. I have years of experience successfully buying and selling homes in the local market.
  2. I know the neighborhoods, schools, market conditions, zoning regulations and local economy.
  3. I'll do the leg work, keeping you up-to-date with new listings and conditions as they impact the market.
  4. I'm a full-time real estate agent - anything less and you'd be short changed.
  5. I'll use my connections throughout the mortgage industry to get you the best deals possible.
  6. You'll be my only client in the real estate transaction.
  7. I'll guide you through the complexities of buying and/or selling a house, eliminating hassles and stress.
  8. As a standard business practice I preview homes as they become available, keeping you apprised of market conditions as they evolve.
  9. I won't waste your time - when an offer is made, I'll require acceptance or a counter offer within 24 to 48 hours.
  10. You'll have the advantage of personal, one-on-one attention, as well as my dynamic web and e-mail resources.

Let's get together to talk about your home buying and/or selling plans. Call me at the office (609-264-8444 x7304) or on my cell phone (609-377-4023) or send me an e-mail (petridis@comcast.net), we'll set-up a time to meet that is easy and convenient for you.

If you're not ready to meet in person, please tour my website. I'm sure you'll find the resources here useful and helpful.

- Prudential Fox & Roach Realtors
 

Posted by Peter and Beverly Petridis on November 10th, 2008 2:21 PMPost a Comment (0)

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Mortgage rates and economic news for our Real Estate market..read below
November 7th, 2008 12:37 PM
Friday's bond market has opened in negative territory despite the release of a much weaker than expected Employment report. The stock markets are showing gains after a couple of sizable down days this week. The Dow is currently up 84 points while the Nasdaq has gained 17 points. The bond market is currently down 19/32, but we should still see an improvement in this morning's mortgage rates of approximately .250 of a discount due to a strong rally in bonds late yesterday. This morning's losses are taking back some of yesterday's late gains, but mortgage rates are still lower than yesterday's morning rates.

The Labor Department gave us some surprising readings this morning, saying that the U.S. unemployment rate jumped from 6.1% in September to 6.5% in October. They were expected to show a 6.3% unemployment rate. This was the highest rate of unemployment since March 1994.

The number of payrolls added or lost during the month also opened some eye s. The economy lost 240,000 jobs last month, which was worse than the 200,000 that was forecasted. But equally as bad was a large revision to September's payrolls. What was previously announced as a loss of 159,000 jobs in September is now being estimated at 284,000. This was the 10th consecutive monthly drop in payrolls and brings the yearly total to 1.2 million jobs lost and the first time we have seen 1 million jobs lost since 2001.

Today's report gives us little to be optimistic about in regards to the employment sector. It is becoming more and more clear to many analysts that the economy is actually in a recession despite the lack of an official announcement or other benchmark indicators. What is equally concerning is that many think the problems are going to get worse before better. This could be good news for bonds and mortgage shoppers, but the crazy volatility we have seen in the markets recently makes it very difficult to follow historical patter ns or make realistic predictions. There is little doubt that we will see more volatility in the coming weeks.

Next week is light in terms of the number of relevant economic reports scheduled for release. We will get some important data late next week, but the first part of the week there is nothing scheduled for release to be concerned with. This make sit very likely that the stock markets will be the biggest influence on bonds and mortgage rates the first couple of days of the week. But look for more details on next week's event sin Sunday's weekly preview.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion an d cannot be guaranteed to be in the best interest of all/any other borrowers.

©Mortgage Commentary 2008

Posted by Peter and Beverly Petridis on November 7th, 2008 12:37 PMPost a Comment (0)

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Creative Financing in Todays Market
November 6th, 2008 8:27 AM

 

Seller Financing
As the seller, you have the option of financing the buyer's purchase with the equity you have in the property. You can finance part or the entire mortgage for the buyer. Before setting-up a private mortgage, it is wise to consult with your attorney.

Carrying Back a Second Mortgage
In the case of "carrying back a second mortgage", the seller loans the buyer part of the seller's equity. In this scenario, the buyer would finance the majority of the loan with a traditional mortgage lender and finance the remaining amount with the seller. Typically the buyer would pay a slightly higher interest rate on the loan financed by the seller.

Financial Issues

The Purchase Price
The seller and buyer's mutually agreed upon purchase price for the property. As the seller, you should know up-front that the buyer would like you to finance the deal. Knowing that you will be financing the deal may affect your willingness to make adjustments to the sales price.

The Down Payment
The size of the down payment may affect the buyer's commitment to honoring the mortgage contract. The larger the down payment the buyer invests, the stronger his/her motivation to protect the investment. In addition to making the monthly payments, the buyer's commitment to the investment would include a willingness to maintain and upgrade the property, as well as make tax and insurance payments.

The Interest Rate
At a minimum, the interest rate you charge should match current interest rates traditional mortgage lenders are offering for loans of the same term. You may want to charge an additional percentage point as compensation for the work involved with servicing the loan.

The Buyer's Credit & Income
You'll want to review the buyer's credit history to determine the buyer's willingness to pay his/her debts. A credit report will give you a better understanding of the buyer's financial history. Red flags would include late payments and loan defaults. If a buyer has a less than commendable credit history, you may decide not to finance the loan or you may require a larger down payment. In addition to the buyer's credit history, you'll want to review the buyer's income sources. Is the buyer's salary sufficient to make the monthly payments? Does the buyer have additional income sources that could be accessed if the buyer lost his/her job?

Amortization
The amortization period is the length during which the loan is repaid. The longer the amortization, the longer you are at risk that the buyer will default on the loan.

Balloon Payment
A common practice is to have the full amount of the loan due on a certain date, usually in 5 to 10 years. As the lender, this gives you a profitable short-term investment with the provision that your principal investment will be recouped in just 5 to 10 years.

The buyer is usually in a better position to secure traditional financing after 5 to 10 years. Both the buyer's equity in the property and record of timely mortgage payments can help the buyer secure a loan to cover the balloon payment.

Escrow for Tax and Insurance
Lenders typically require borrowers to pay 1/12 of their annual taxes and insurance costs as an escrow payment due with each mortgage payment. Then, the lender makes the borrower's annual tax and insurance payment. While this adds time and hassle to the seller-financer, it also protects you from the unfortunate situation of having a buyer make his/her mortgage payments but not tax and/or insurance payments.

Lender's Title Insurance
A smart investment is a lender's title insurance policy. The policy protects your lien on the property from being defeated by a prior lien or other interest in the property, which, if exercised, would wipe out your security. Things that can affect your rights as the seller-financer include marriage, divorce, death, forgery, a judgment for money damages, a failure to pay state or federal taxes, and more. Be sure to include the cost for your lender's title insurance as one of the buyer's closing costs.

Closing the Sale
Both buyer and seller will be responsible for paying the usual closing costs. You will also want the buyer to pay all the costs associated with setting up the mortgage financing. This would include the cost of having your attorney create the mortgage note.

Posted by Peter and Beverly Petridis on November 6th, 2008 8:27 AMPost a Comment (0)

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Open House for 218 3rd Street South, Brigantine NJ 08203
November 4th, 2008 5:55 PM

Scheduled open house from 11:00am to 1:00pm on Saturday and 1:00pm to 3:00pm on Sunday.  Come and tour this home in person and register to have over 1,000 doors of opportunity.  

Listing information on home:

Make Offer! Luxurious Custom Built Beach Block Home with 4 Bedrooms, 3 Full Bath and 2 half baths. Custom Gourmet Kitchen, w/ Large Granite Center
Island and Stainless Steel Appliances. Gas Fireplace with remote, Beautiful Hardwood Floors compliment this house throughout and ceiling fans in every

ake Offer! Luxurious Custom Built Beach Block Home with 4 Bedrooms, 3 Full Bath and 2 half baths. Custom Gourmet Kitchen, w/ Large Granite Center Island and Stainless Steel Appliances. Gas Fireplace with remote, Beautiful Hardwood Floors compliment this house throughout and ceiling fans in every room. Three Levels with Open Floor Plan, Perfect for entertaining. Best Buy!

Posted by Peter and Beverly Petridis on November 4th, 2008 5:55 PMPost a Comment (0)

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Election Day - November 4, 2008
November 4th, 2008 5:03 PM
Please go out and vote!  Make your vote count!
Posted by Peter and Beverly Petridis on November 4th, 2008 5:03 PMPost a Comment (0)

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Brigantine NJ - Sold Units by Price Range as of 10/31/08
November 4th, 2008 8:42 AM
Price Point # Active Avg. DOM # Sold YTD Avg. DOM # UCT YTD Avg. DOM Total Sold Avg. % of  Absorption Years 
As of 10/31/08 Per Month Tot. Sales Rate in Months
under $200,000 30 315 20 100 3 328 23 2.30 9.20% 13.04 1.1
201K-300K 63 175 46 127 2 58 48 4.80 19.20% 13.13 1.1
301K-400K 110 182 72 146 3 220 75 7.50 30.00% 14.67 1.2
401K-500K 90 182 38 125 2 343 40 4.00 16.00% 22.50 1.9
501K-600K 60 231 12 144 2 56 14 1.40 5.60% 42.86 3.6
601K-700K 48 245 8 169 0 0 8 0.80 3.20% 60.00 5.0
701K-800K 31 304 11 156 2 315 13 1.30 5.20% 23.85 2.0
801K-900K 29 237 6 72 0 0 6 0.60 2.40% 48.33 4.0
901K-1 million 17 147 6 345 1 172 7 0.70 2.80% 24.29 2.0
1million-1.5million 63 237 5 294 3 95 8 0.80 3.20% 78.75 6.6
1.5 million-2 million 34 205 3 114 3 114 6 0.60 2.40% 56.67 4.7
2 million - 9 million 30 234 1 227 1 147 2 0.20 0.80% 150.00 12.5
Total