Matt Moxhay Moorestown Real Estate

Congratulations Moorestown: you were 1 of only 3 towns in Burlington County that saw your average sales price increase from 2008-2009. The other 2 towns: Delanco and Springfield. When I dig deeper though, Moorestown's accomplishment is more significant because of the number of units sold. Springfield only had 22 sales in 09 and Delanco 30, Moorestown had 154. (My apologies to Wrightstown residents who also saw an increase, but there were only 4 units sold in 2009 which is too few to make it statistically relevant in my book.)
While Burlington County experienced an 8.2% decrease in the average sale price, Moorestown enjoyed a 3.5% increase. The increase is more impressive when you factor in that the Months Supply of Inventory (MSI) started the year at 11 Months and ended up at 16, spiking as high as 21 months. Contrast that to Burlington County, where the year's MSI ended where it started at 10 months, rising as high as 14. Translation, even though the competition for buyers increased in Moorestown over the year, the pricing still went up.
Now you might be thinking "Yea, but isn't the pricing in Moorestown skewed because of all those Million Dollar Sales?" Ok, maybe you weren't thinking that, but I was, so I dug deeper. Moorestown saw the number of Million Dollar sales drop from 11 in 2008 to 8 in 2009.
The bottom line: The Moorestown market certainly has it's challenges, but today's buyers still recognize the charm and value of this wonderful community and are willing to pay a reasonable premium to live there.

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

If you're looking for a combination of space, amenities, location and convenience, you may wish to consider 1009 Garfield Ave in Palmyra.

Located on a tree lined street of well kept homes just 2 blocks from a Park and less than a mile from the Shoppes at Cinnaminson, this home is an exceptional value.

The kitchen has been updated and offers plenty of cabinet space as well as counter space.  Just about all of the windows have been replaced as well and there's a new water heater (1/09).  The bathroom has also been updated and features beautiful Pella windows.  The full basement is finished and offers a large family room, an office or extra bedroom, a laundry room and another bonus room for your arts and crafts or perhaps a workshop: you decide.

The back yard is completely fenced in and can be enjoyed from the large deck off the kitchen.

Please feel free to take a tour of this wonderful home below.

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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