This graph shows the price changes over the last 9 years in Atlantic County. Home prices reached their peak in 2006 at $279,418. You can see a big drop from 2007 to the third quarter of 2008. Prices are now somewhere between 2004 and 2005 levels.
The bad news for sellers is that if they bought at the peak their homes are now worth less. The good news is that affordability for home buyers is returning.
Best wishes,
Matt
*Information is gathered from the SOUTH JERSEY SHORE REGIONAL MLS. This information is deemed reliable, but not guaranteed.
Join The Arc of Atlantic County this Saturday, October 25, 2008 as we celebrate National Make a Difference Day and raise money for the Community Food Bank of New Jersey, Southern Branch.
* Shop for nearly new knick-knacks, furniture and other fineries at the Flea Market!
* Purchase delicious cakes, cookies and pies at the Bake Sale!
* Children can enjoy games sponsored by The Arc's Aktion Club, and face painting!
* Enjoy food prepared by our RMS group home!
* And, as an added bonus, Richard Stockton College's M.A.L.E.S. Club will be washing cars for $5. Proceeds from the car wash will be donated to The Arc of Atlantic County.
* The Haviland Group will also have a table at the event to anwer your real estate questions. Plus we'll have free information available.
If you aren't already doing something for Make a Difference Day, why not stop by and help us build a better community for everyone? RAIN DATE: Sunday, October 26, 2008
The Arc of Atlantic County Airport Commerce Center 6550 Delilah Road, Suite 101 Egg Harbor Township, NJ 08234
Hope to see you Saturday!
Matt
This is a graph that shows the price changes and number of sales in atlantic county over the past 8 Years. As you can see we have seen a 229% sales increase and a decrease in the number of sales since 2004. One thing that this graph shows is that affordability is a key issue. As prices skyrocketed they were no longer affordable and less people bought homes. Now we are seeing prices dropping to a level where affordability is back.
Please let me know if you have any questions on this by emailing me or calling 609-484-9890 ext. 132.
Best wishes, Matt
*Information is gathered from the SOUTH JERSEY SHORE REGIONAL MLS. This information is deemed reliable, but not guaranteed.
Here's a real story of one of our clients who purchased a home at the end of last month.
To protect her privacy I'll call her Julie.
Julie and her husband had been renting for years. They knew that there was an opportunity right now to buy a home and they contacted us. We connected them a great lender who was able to qualify them for the Ameridream seller paid down payment and closing cost assistance program. (There are other grant programs available but this was Julie's best option. Also, please note that at this time the Ameridream program is no longer available but many of our clients are using the Atlantic County First Time Home Buyer Down Payment and Closing Cost grant program.)
Julie found a house that she thought would work well. It was a three bedroom, two bath home with a full basement. This was a bank owned home and it needed some work in order to move in.
We negotiated with the bank and came to an acceptable price that would keep her payments low and also the bank agreed to contribute $9,000 to pay for closing costs and down payment.
Julie's husband was a contractor and was able to make the needed repairs before closing. Now they have a great house at a great price with little money out of pocket. They can enjoy living in their own home and have all the tax and equity build up advantages of home ownership.
Please send me a comment if you like this story and I'll continue to post more stories like this on our blog.
Best wishes,
Matt
P.S. If you or someone you know would like to take advantage of this window of opportunity and buy, invest, or sell real estate please call me right now at 609-338-3773.
For investors thinking about buying a property and selling quickly afterward please be aware that the official FHA rule is to wait 90 days from the date of sale. (no exceptions) Unless the FHA buyer is purchasing a property that is a foreclosure, short sale, or REO.
For many home buyers now FHA financing is the best and sometimes only option. So please be aware of this rule and be prepared to wait at least 90 days if you are targeting an FHA buyer for the home. Now, I do have some ideas on how to avoid this problem and you can call me or email me for those thoughts.
For more information on this rule or advice on how to sell your property quickly please call me at 609-338-3773 or 609-484-9890 ext. 132.
Best wishes,
Matt
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I am a passionate, creative, well organized real estate expert. The Haviland Group's highly trained team works with home buyers, sellers and investors in Atlantic City and Atlantic County, NJ.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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