Moorestown Area Real Estate Blog

Tomorrow is the First day of Spring.  In  Moorestown and throughout the region that means a Free "Wooder Ice" from Rita's.  

Although you can now find a Rita's in about 19 states plus the District of Columbia, it's heritage is pure Philly!  I'm sure those folks ordering at Rita's outside of the Philadelphia region mistakingly call it water ice, instead of the correct Philly pronunciation of "Wooder Ice."  

For the past 16 years or so, participating Rita's have sweetened the first day of Spring for everyone by offering a water ice free of charge.  You simply can't beat that!  Things just seem happier when you're suffering a Rita's brain freeze!

If you are driving around Moorestown, Cinnaminson, Mount Laurel, Pennsauken or Cherry Hill tomorrow be on the lookout for a Rita's and stop in to brighten your Spring Day.  Just make sure you do so after 12noon and before 10pm!

To find a Rita's near Moorestown, or your home, go here.

Originally posted at www.matthewmoxhay.com

Are you out looking to buy a home and searching for the absolute Best Deal available, or are you looking for the Right Deal?  Do you think they are the same thing?

It has been my experience that there is a subtle, yet significant, difference between the "Best" deal and the "Right" deal.  Buyers start out looking to land the absolute best deal.  Makes sense,and it's my responsibility to help my clients get the best deal possible.  The problem I see lies in the quest.  Somehow the search for the right deal, the one that best suits their needs, is ignored.

Many times buyers will take on the roll of Captain Ahab and their pursuit of a home becomes a singular quest to land the best deal, irregardless of the consequences.  They shrug off their own stated objectives and set off to see every distressed sale that comes up in their price range, certain that they will hook the deal of the century.  This causes some to look in areas outside of their knowledge, moving them further into uncharted waters.  Others still want to increase their price range in hopes of finding a whale of a deal for a package of sardines.

I completely understand wanting to get a "steal," but there might be unintended consequences.

For example if a home is "worth" 200K and you can buy it for 180K but it needs 30K in improvements is that a good deal?  Or if it's worth 200K and you can buy it for 160K with only 20K of improvements needed is that a good deal if you don't have the 20K to make the improvements?

Focus more on a property that you can afford.  And by afford, I mean ones that won't require more funds than you have available to become habitable. The amount of work can be subjective for sure.  If you're like me, you're all thumbs and the only house "improvements" you're qualified to do relates to demolition!  But, if you're like my father-in-law, there's not much you can't fix on your own.  Plus, for the right situation, you might be able to get a loan that will allow you to finance some repairs.

So, here's what I think: The Right Deal is the Best Deal, but the Best "Deal" isn't always the Right Deal.  If you're not able to discern the difference, then hopefully you're working with a realtor who can help.

Originally posted at www.matthewmoxhay.com

Without knowing your specific situation and qualifications, I can't tell you whether or not it's a good time for you to buy your first home right now or not.  Besides, without knowing me, would you believe me anyway?
What I would like to do is give people who are on the fence about buying their first home in South Jersey, whether it be in Mount Laurel, Marlton, Moorestown or in the surrounding towns some food for thought.
Are you aware of the Housing & Economic Recovery Act of 2008?  More specifically, the First Time Homebuyer Tax Credit (section 3011)? If not, here are some of the attractive highlights of this bill. (Disclaimer: Always seek the advise of your Tax Advisor regarding your situation and how this Bill might effect you.)

• First Time Homebuyers may be eligible to receive a $7500 tax credit (or 10% of the cost of the home, whichever is less).  This "credit" is basically a no-interest loan that you repay a portion of (6.67% of credit) each year for 15 years.  If you sell before it's repaid, then the remainder is due upon the sale of that home.
•  Even if you've owned a home before you may still qualify.  If you (and your spouse) have not owned a principal residence in 3 years previous to the purchase, then you may qualify.
• This credit is good for purchases on or after 4/9/2008 and before 7/1/2009.  If you've already purchased your first home this year, make sure you tell your tax advisor about this credit.
• There are income limits.  The full credit is available to individuals with adjusted gross income of no more than $75,000 or $150,000 on a joint return.  The credit phases out above those caps: $95,000 and $170,000 respectively.
• If you buy a home after 12/31/2008 it might still be possible for you to get the deduction with your 2008 taxes.  This was taken from the bill:
  • "Election to Treat Purchase in Prior Year- In the case of a purchase of a principal residence after December 31, 2008, and before July 1, 2009, a taxpayer may elect to treat such purchase as made on December 31, 2008, for purposes of this section (other than subsection (c))."

The possibility that you could buy a home in 2009 and get this credit with your 2008 tax return is significant!  Again, make sure you consult your tax advisor before making any assumptions about how this bill will effect you.  

Another important factor for those that are on the fence relates to FHA and their downpayment guidelines.  FHA is an excellent source for financing for many first time homebuyers because qualified buyers could get an FHA loan with just 3% down.  That will change as of 1/1/2009.  FHA will then require 3.5% for a down payment.  For all the information you need about FHA financing, I encourage you to visit Jeff Belonger's blog.  He's an FHA "Guru."

You may want to check my math, but an increase of .5% amounts to an additional $875 for a $175,000 purchase.  The additional amount might not make a huge difference to you, but it is a piece of the puzzle and it just might be the final piece for you to have a complete picture of why now might be the time for you to get off the fence.

To find out if now is the right time for you to buy and take advantage of the opportunities that exist in this market, give me a call or send me an email.  I'd be happy to discuss your options and help you determine which side of the fence would make the most sense for you.

Besides, sitting on the fence is really uncomfortable isn't it?

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Here’s the Moorestown Real Estate market update for October 2008.  Pended units for October were down 8 and Sold units were flat compared to October 2007; listed units were down 18 versus 2007.  This has led to a current inventory of 197 units.  Moorestown has been averaging 16 units sold per month which means there is currently 12 months worth of inventory in Moorestown. This trails the overall Burlington County market, which has 10 months worth of inventory. Year to date listed units are down 56 (a 13% decrease), pended units are down 23 (a 13% decrease) and sold units are down 34 (a 21% decrease).  See how this compares to the Burlington County Market.

Over the last 3 years the average number of units pended and sold in October was approximately 17 & 16 respectively.  This October, there were 8 pended and 12 sold. The average Days on Market for the year is 103.

What does all this mean?  If you are thinking of buying or selling right now it’s important that you seek the advice of a full time professional realtor who can best advise you as to how to take advantage of this market. 

The chart below provides you with the 10/2007-10/2008 numbers for listed, pended and sold units. 

Below is a chart that shows the average list price and average sold price for Moorestown from 10/2007-10/2008.  The average sold price is down 22% from October 2007 ($538,728) to October 2008 ($471,595).

If you are thinking of selling or buying in the near future, please don't hesitate to contact me directly at 856-222-5829. Or you may always visit me on line for tons of useful tips and ideas at no cost or obligation to you. I look forward to helping you reach your Real Estate goals.

*Market statistics as of 11/17/2008.

Here is your October Camden County Real Estate market update.  For October, listed units were down 273 units compared to October 2007, or a 35% decrease.  Pended units for October were down 109, or a 38% decrease. Sold units were down 102, or a 31% decrease.  This has led to a current inventory of 4319 units.  Camden County has been averaging 347 units sold per month which means there is currently 12 months worth of inventory in Camden County.  Year to date listed units are down 14%, pended units are down 34% and sold units are down 36%.

Over the last 3 years the average number of units pended and sold in October was approximately 517 & 543 respectively.  This October, there were 290 units pended and 324 sold.  The average Days on Market for the year is 81.  

What does all this mean?  It means that Camden County is a market to watch closely.  In other words, if you are thinking of buying or selling right now it’s important that you seek the advice of a full time professional realtor who can best advise you as to how to take advantage of this market. 

The chart below provides you with the 10/2007-10/2008 numbers for listed, pended and sold units. 

Below is a chart that shows the average list price and average sold price for Camden County from 10/2007-10/2008.  The average sold price is down 5% from October 2007 ($217,468) to October 2008 ($206,403).

If you are thinking of selling or buying in the near future, please don't hesitate to contact me directly at 856-222-5829. Or you may always visit me on line for tons of useful tips and ideas at no cost or obligation to you. I look forward to helping you reach your Real Estate goals.

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*Market statistics as of 11/17/2008.

Here’s your October Burlington County Real Estate market update.  For October, listed units were down 302 units compared to October 2007, or a 43% decrease.   Pended units for October were down 102, a 46% decrease. Sold units were down 44 compared to October 2007, a 13% decrease.  This has led to a current inventory of 3978 units.  Burlington County has been averaging 366 units sold per month which means there is currently 10 months worth of inventory in Burlington County.  Year to date listed units are down 17%, pended units are down 27% and sold units are down 28% versus 2007.

Over the last 3 years the average number of units pended and sold in October was approximately 483 & 475 respectively.  This October, there were 274 units pended and 343 sold.  The average Days on Market for the year is 89. 

What does all this mean?  It means that Burlington County is a market to watch closely.  In other words, if you are thinking of buying or selling right now it’s important that you seek the advice of a full time professional realtor who can best advise you as to how to take advantage of this market.  If you see real estate as a long term investment, now is a great time to buy or “move-up” because the numbers are working in your favor.

The chart below provides you with the 10/2007-10/2008 numbers for listed, pended and sold units. 

I’ve included a chart that shows the average list price and average sold price for Burlington County from 10/2007-10/2008.  The average sold price is up 3% from October 2007 ($259,561) to October 2008 ($267,555).

If you are thinking of selling or buying in the near future, please don't hesitate to contact me directly at 856-222-5829. Or you may always visit me on line for tons of useful tips and ideas at no cost or obligation to you. I look forward to helping you reach your Real Estate goals.

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*Market statistics as of 11/17/2008.

Pasadena avenue is one of the dead end streets that surround Almonesson Lake in Deptford New Jersey.  Located on the last block of Pasadena, 1835 offers a peaceful retreat with no through traffic.  You’ll feel miles away from it all, yet you’re just minutes from shopping and major thoroughfares to get you where you need to go quickly.

The ranch home is also ideal for those that are looking to downsize or need to have everything on the same level.  The price, location, size and amenities also make this home an exceptional value for those that are looking to start experiencing the joys and benefits of home ownership.

First Time Home Buyers may also take advantage of the $7500 Tax Credit being offered through the Housing & Economic Recovery Act of 2008.  For more information about how you can take advantage of this great credit send me an email, or simply give me a call at (856)222-5829.

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I read a post by Seth Godin, that got me thinking about my recent trip to an Apple store.  Apple stores aren't like Starbucks, there isn't one on every corner.  My point being I had to go about 20 minutes out of my way to get to the store.

I was excited to go for a couple reasons: 1.) I would get to look at a bunch of shiny and pretty techy things and 2.) I was going there to get something special for my wife's "29th" birthday.  
Once there, I bee-lined to the super shiny product I made the special trip for: the Ipod Touch.  On my way I was greeted by a lovely lady named Ethel or Edna, I couldn't remember because of the "tech-induced" stupor I was in.  She asked me my name and sincerely wanted to know how she could help.  I told her I was looking at the Ipod Touch.  Great, she would get someone to help.  She made a call on her invisible radio (as if she's in the FBI or Secret Service) for assistance.  No response.

I was in a bit of a hurrry, because I'm 20 minutes from home and I needed to be back in 30 minutes.  So I headed to the front of the store and was greeted by "Todd" asking if he could help.  Sure!  I told him I'm looking at the Ipod Touch and could he answer a question or two about it? No problem.  Hmmm.  I couldn't help think, why didn't he come when Ethel, or Edna, called before?  I noticed he wasn't wearing a super-spy device though.

"Todd" answered my question, or more appropriately, removed a concern I had about getting email on the device and I was ready to make the purchase.  Cash or credit.  You kidding "Todd?"  I don't have that much cash in my account, credit;-)

Then I asked about the custom engraving.  "Todd" looked at me....Oh, I'm sorry you can only get custom engraving when you order it online.  Huh?!  Ok, maybe I misread the very very fine print  when I was on line, but I don't remember it clearly stating that engraving was only offered when you purchase the Ipod Touch on line. Hmmm.  I stood there looking at the shiny and beautiful Ipod Touch for what seemed like 8 of my remaining 9 minutes.

What I was trying to do was give "Todd" a chance to make the most of this opportunity.  I clearly wanted to buy this product and I clearly wanted to have it engraved for my wonderful wife.  I was also standing in a store with a gazillion products that could get on line in the matter of seconds. Hmmm.  "Todd" missed his opportunity and I walked out of the store without making a purchase.  Perhaps even more important, I walked out of the store thinking of how much a simple "out-of-the-box" gesture could have radically changed my experience. But alas, all I could think of was the amount of time I had just wasted because of Apple.

So, when Edna or Ethel asked me about my experience as I was heading to the door with my head down, I had to think fast.  I simply said everything was fine, knowing that not to be the case and knowing that the odds of me coming back to this Apple store were greatly reduced by this experience. But I didn't want to complain, because my alloted time for this trip was up. Hmmmm.  I wonder if that's the experience Apple wanted me to have?

The trip got me thinking about how I run my real estate business.  Each client has their own unique hot buttons, and each one gives me opportunities to either dazzle or dim.  What I need to do is constantly realize that I've been given the privilege to help them.  With that comes the responsibility to consistently impress.  I have to be looking for ways to "Wow" them and "touch" them whether it's through technology or simply using the "human touch."  That human touch can get lost amidst all this social media web 2.0 stuff. The point: technology isn't the end all be all, it's the means to improve and enhance a relationship.

Technology is great, but not if you can't put your own imprint on it.

Make sure you stop by 97 Franklin Dr, in Voorhees between 2-4pm on Sunday the 9th of November to be part of Prudential Fox & Roach's Open House Extravaganza!!  (Click on the Open House Icon to see How Many There Will be in your Price Range and Area of Interest)

As an agent, I get really excited when the company I've chosen to hang my license with really impresses me by operating outside the box to ensure the best possible exposure for my clients.  This Open House Extravaganza is just that type of idea that further differentiates Prudential Fox & Roach from the other brokers in the area.

Prudential Fox & Roach operates in PA, NJ and DE and they have organized over 1000 Open Houses for this coming weekend of November 8th and 9th.  

So if you think you might be making a purchase in South Jersey, and Voorhees is one of the towns you are considering, then I encourage you to stop by 97 Franklin Drive on Sunday.  

The way this Open House Extravaganza is working, registering at my open house our any of the other 1000+ Open houses has the potential to give you up to $1000 reasons to make the trip.  (If you missed the hint, click on that link for the details;-)

To find out more information regarding 97 Franklin Dr in Voorhees, click on that link or you can play the 60 Second virtual tour below. Whether or not you come by this wonderful home, make sure you get out to one of the 1000+ Prudential Fox & Roach Open Houses this weekend: there are up to $1000 reasons to do so!

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Do you like the style, architecture and feel of older homes, but worry about maintenance and upkeep?  What if you could find an older home that had the architecture you love and all the modern conveniences you were hoping for (a newer furnace, central air, windows, siding, etc)?  157 E Atlantic Ave in Clementon is that home.

  This beautiful home was “reborn” back in 2005-2006 and it shows.  The open floor plan on the first floor invites you in and creates a sense of harmony that’s unexpected and delightful.  The kitchen is spacious and a perfect area to start your day and enjoy your peaceful surroundings. Here is your chance to get so much more than you thought possible, for so much less than you expected.

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