Luxury Single Family Homes for Sale in South Jersey
March 1, 2010
Searching for a Luxury Single Family Homes for Sale at the South Jersey Shore. Follow the link below to search the MLS - Multiple Listing Service: http://www.southjerseyshorehome.com/SearchLocalMLSListings
Please call Peter Petridis direct at 609-377-4023 from Prudential Fox and Roach if you need help with your search. We are available to assist you with your search and show you any of the homes.
Are your taxes to high! Are you looking to file for a tax appeal? Need help with the comparable sales for last year?
March 1, 2010
Prices have come down in the last few years. Your tax assesment on your home is higher than your home is worth? It might be time to file a tax appeal. Need help with the comparable sales for your area. Call or email Peter Petridis Team direct at 609-377-4023 or email at petepetridis@southjerseyshorehome.com, a free service provided to you by Prudential Fox and Roach Realtors.
Send us your information, your name, phone number and address you are trying to appeal and we will try to assist you with the process. We can provide you with a Guide to Tax Appeal Hearings.
We also have a licensed appraiser we can refer you to if you prefer to use a professional to help you with the process. We can even refer you to a lawyer to assist you with the entire process.
Homebuyer Alert…False Illusions and What You Need to Know
December 21, 2009
Brought to you by: Harryry Slifer, Loan Officer
215-643-5697 ext. 3195 Office
215 990 9262 Cell
haslifer@hncbank.com
For prospective homebuyers who are on the fence about making a home purchase, the next few months represent a countdown of sorts for two reasons.
The first of these, the coming expiration of huge tax incentives, may be a bit more obvious to most borrowers. April 30, 2010 is the last day to enter into a home purchase contract and still potentially qualify for a federal income tax credit of up to $8,000 for first-time homebuyers and up to $6,500 for repeat homebuyers. The credit can be claimed only on contracts that close by June 30, 2010.
Secondly, beyond the waning benefit of the Federal income tax incentive, another form of stimulus will soon disappear, as the Federal Reserve winds down a program that has been keeping home loan rates artificially low.
Rate Alert…
The lowest rates of 2009 were driven down to their attractive levels because of the Fed’s Mortgage Backed Securities (MBS) purchase program. Home loan rates have an inverse relationship with the value of MBS. When these securities trade higher on the market, rates move lower and vice-versa. So when the Fed originally agreed to be a big buyer, it helped provide a market for MBS, which helped keep prices high and, as a result, helped push home loan rates low.
And while the Fed continues that program through the end of March 2010, the reality is that the Fed‘s “extension” was really more of a rationing intended to prevent home loan rates from spiking as the program is phased out. It’s sort of like weaning the market off of its life-saving treatment instead of forcing it to go cold turkey.
Already, some in the media have mistakenly reported the extension of the program through March as good news, telling consumers that rates will continue to decline, and remain low into the spring. This gives a false sense of security that homebuyers and refinancers simply cannot afford.
The problem is…
Those reports do not accurately report what’s going on or where rates are really headed. That can have a very costly impact on consumers who may miss out on historically low rates if they listen to these media outlets.
Here’s what’s really going on…
In May 2009, the Federal Reserve’s purchases of MBS peaked at an average of $25 Billion per week. As of November, the average weekly purchases dropped down to $14 Billion. At the end of November, the Fed had already used over 80% of the allocated funds for MBS, meaning less than 20% remained to be used over four months.
Making the problem worse is that the Fed now has less money available to purchase MBS while at the same time, the supply of these securities has increased as a result of refinance and purchase activity that was triggered by lower rates.
Why is that important?
As the Fed now has fewer funds to last through the remaining months of the program, its ability to keep rates low will wane. As the Fed’s program winds down and ends, we’ll likely see two things happen.
First, we will probably see higher levels of volatility—with rates sometimes shifting dramatically in the middle of the day. That means it is more important than ever for buyers to work with a knowledgeable mortgage professional who has a finger on the pulse of the market at all times and can provide trusted, proven advice.
Second, since MBS will have less support from the Fed, rates are likely to rise over time. In short, while rates are still very good, they may not be for long.
What should you do to protect yourself?
First and foremost, work with a knowledgeable mortgage originator who studies and monitors the market.
Second, don’t be fooled by media stories that only report the headlines and don’t understand the underlying implications of the Fed’s actions. If you ever hear something in the news but aren’t sure what it means to your situation, feel free to call or email me for in-depth answers and advice.
Finally, if you haven’t yet explored how the current rate environment might benefit you or someone you know, let’s arrange a time to sit down and discuss your unique situation as well as your short- and long-term goals. Remember, rates are still very good, but they may not be for long.
Search for Homes on your Mobile Phone on the mainland and at the shore!
November 29, 2009
Searching the MLS at the South Jersey Shore
Driving around town to look for New Listings that were Just Listed on the market? Want to find out the Price of a Home but do not want to call the realtor? Wondering what the Home Looks Like Inside? Want to Preview the Pictures without a computer. Want to know if the home had a price drop? Are you outside a home and want to see it, hit the “Call to See” button and you will be connected to a member from The Petridis Team.
Download this new application and you will be able to get this information without a hassle! Enter your phone number below and you will get a text message to download this application. Click on the link and you are on your way! This application is free on your phone.
Text : Pete to 87778 or follow the link below:
Enjoy this new feature and feel free to call us if you have any questions.
Congress Passes Homebuyer Tax Credit and Extends until 4/30/10
November 6, 2009
Prudential Fox & Roach, Realtors
November 5, 2009
Tax credit passes House of Representatives
Here’s the latest intelligence from Real Estate Economy Watch.
Special Report
Congress Passes Homebuyer Tax Credit and opens up homeowners who own a home eligible for $6,500 credit.
The House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.
The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.
For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.
$8,000 Federal First-Time Home Buyer Tax Credit is still available!
August 23, 2009
The clock is ticking…as of today there are only 100 days left for the first-time buyers to qualify for the $8,000 federal first time home buyer tax credit. You must close on the home you buy by November 30, 2009 or you will loose this opportunity for this tax credit. This is the time to buy, call The Petridis Team to help with your next home. We cover the entire Atlantic County are and can show you homes in Absecon, Galloway, Egg Harbor Township, Northfield, Mays Landing, and surrounding area. Our direct line is 609-377-4023. Feel free to click on the link below to search the Atlantic County MLS to search for a home.
MLS Search: http://www.southjerseyshorehome.com/SearchLocalMLSListings
Weekly Mortgage Rate Sheet for Trident Mortgage…
July 21, 2009
TRIDENT MORTGAGE COMPANY
WEEKLY RATE SHEET
Michael Loglisci
Trident Mortgage Consultants
Brigantine Office
Phone: (609) 264-7232
Cell: (609) 338-9001
Michael.Loglisci@prufoxroach.com
July 21, 2009
Loan Amounts to $417,000* 1pt 0 Points
30 Year Fixed 5.000% 5.375%
15 Year Fixed 4.500% 4.750%
30 Year FHA 5.125% 5.375%
1pt 0 Points
3/1 ARM 3.750% 4.000%
5/1 ARM 4.000% 4.250%
Loan Amts $417,000 to $1M 1pt 0 Points
30 Year Fixed 6.000% 6.250%
15 Year Fixed 5.250% 5.500%
3/1 ARM 4.500% 4.750%
5/1 ARM 4.500% 4.750%
The programs and rates listed above are just a few of the loan programs
available thru Trident Mortgage.
Trident Mortgage has loan programs to suit all of your clients needs.
*Interest rates are subject to change without notice. Rates may vary based on borrowers qualifications.
**Rates do not apply to loans already locked.
Please call the Petridis Team to help you with your real estate purchase. Direct line for Peter Petridis from Prudential Fox and Roach Realtors is 609-377-4023. We are available to show you all the homes in the area. If you are looking for a primary home or a second home at the shore this is the time to purchase your next home.
Market Conditions - Galloway Homes sold, for sale, under contract June 2008 to June 2009
July 12, 2009
|
Galloway |
June 08 |
June 09 |
Units Change |
Percent Change |
|
Sale Median Price |
$263,381 |
$235,000 |
$-23,381 |
-10.8 |
|
Sold Median Price |
$248,000 |
$205,750 |
$42,250 |
-17 |
|
Sale |
628 |
580 |
-48 |
-7.6 |
|
Under Contract |
48 |
39 |
-9 |
-18.8 |
|
Sold |
52 |
34 |
-18 |
-34.6 |
|
Absorption |
11.2 |
12.9 |
1.7 |
15.3 |
Statistics
Galloway, NJ
-Sale Median Price June 2008 was $263,381 compared to $235,000, decrease of $23,381
-Sold Median Price June 2008 was $248,000 compared to $205,750, decrease of $42,250
-Unit Sales for June 2008 was 628 compared to 580 in June 2009, an decrease of 48 units
-Units UCT June 2008 was 48 compared to 39 in June 2009
-Units Sold June 2008 was 52 compared to 34 in June 2009, a decrease of 18 units
-Absorption June 2008 was 11.2 compared to 12.9 in June 2009, a decrease of 2 months
Absorption rate is a calculation of how long it will take for all the homes on the market to be sold, or absorbed, at the current rate of sales. Above is a one year comparison of the number of months of inventory on hand.
HAPPY 4th of JULY - It’s time to declare your independence from your landlord!
July 4, 2009
Happy 4th of July
With today’s interest rates and great first-time buyer programs, there’s no point in throwing money away on rent.
I can help you find the perfect home. We’re are your “First Time Buyer” experts!
Call us today at 609-377-4023 or visit our website at www.southjerseyshorehome.com. To search the MLS for a home in your area please follow the link below: http://www.southjerseyshorehome.com/SearchLocalMLSListings
First Time Home Buyer Tax Credit of $8,000
April 7, 2009
Congress Enacts Bigger and Better
Home Buyer Tax Credit
A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
First Time Home Buyers whoe who purchased a home between April 9, 2008 and January 1, 2009 may be eligible for a federal tax credit of up to $7,500.
Call Peter or Beverly Petridis from Prudential Fox & Roach Realtors to help you with your search in finding your first home. We cover the following areas: Absecon, Galloway, Egg Harbor Township, Northfield, Linwood, Egg Harbor City, Atlantic City, Brigantine and Ventnor.
See this Brigantine Home Listing
To search for a property for sale in the area click here: Search Local MLS Listings
Let's get together and talk about your >South Jersey experience. If you are a buyer, we can help you find the perfect home or condo for you in the South Jersey Shore Home area. If you are selling a home we can simplify the process for you. We can prepare a Comparative Market Analysis - CMA for your home and let you know what your home actual home value is in this market. Call Peter or Beverly Petridis at the office 609-264-7304, or on our cell phone 609-377-4023. We will set-up a time that is easy and convenient for you to meet.