Manahawkin, NJ

New Jersey is in the midst of it's second major winter storm. The snow began last night. This is what it looked like at 8am.

There is a blizzard warning in effect, and it's expected we'll have accumulation of up to 25 inches. The worst of the storm will hit early this afternoon with increasing winds up to 40 to 50 miles per hour, out of the north-northeast. That's not good news for long Beach Island, already suffering severe from fall and winter beach erosion.

The National Weather Service has also posted a flood warning for the coastal areas of the Jersey. High tide this afternoon is expected to bring the most widespread tidal flooding. High tides today will occur between 1:30pm and 3pm. The high tide occurs later in the coastal wetlands and lagoons. The wave action during the high tide is the cause of beach erosion.

There's not much to do now, it's snowing too hard to even think about digging out, so we'll sit back and enjoy the ride!

February 6, 2010 9am Manahawkin Time!

It's back...President Obama has again called for limitations on the Mortgage Interest Tax Deduction. Lenn Harley has been telling us about this for quite a while.

This IS a big deal, so contact your congressional representatives and share your opinion. If you don't know how to contact them click here.

Here's the letter I just emailed to my representatives. Feel free to use it all or in part.

An Open Letter to Senators Lautenberg and Menendez & Congressman Adler:

As a REALTOR® and an Accredited Buyers Representative® working with home buyers in southern Ocean County, I'd like to call attention to a portion of President Obama's budget message that is cause for concern.

The President's budget proposal includes changes to the Mortgage Interest Tax Deduction. This proposed change only effects families earning over $250,000, but it could be the first step toward total elimination of one of the primary benefits of home ownership.

President Obama doesn't target the Mortgage Interest Deduction directly, rather he wants to cap the rate of all itemized deductions for couples or families over that $250,000 ($200,000 for individuals) earning limit.

The National Association of REALTORS® (NAR®) claims enactment of this proposal will set off a new round of home price depreciation, creating a new housing crisis.

I'll leave the depreciation arguments to NAR®. What I do know is my first time home buyer clients cite the Mortgage Interest Deduction as the major reason buying rather than renting makes financial sense.

Don't underestimate the importance of first time home buyers. The Consumer Confidence Index by the NAR® Research Division in December 2009 indicated 43% of the homes sold were purchased by first time home buyers.

Enactment of President Obama's limit of Mortgage Interest Deductions could have a chilling effect on these first time home buyers and buyers at all economic levels. Consumer doubt and uncertainty is not what our Country's economy needs as we struggle toward recovery.

Please oppose any changes to the Mortgage Interest Deductions.

Sincerely,

Laura Giannotta
Manahawkin, NJ

Turn on any financial news program and at some point you'll hear the experts extolling the virtues of diversification. Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth.

In fact, that very downturn has created a historic buying opportunity for potential homebuyers and investors alike. The combination of lower home prices across American and historically low mortgage rates, two essential factors that usually don't trend in the same direction, have triggered a buyer's market in many areas of the country. For real estate investors who want to rent their properties, this can make the difference in achieving positive cash flow sooner or right off the bat.

While some seasoned real estate investors make it look easy, to be successful, beginners should follow some basic principles.

• Learn all you can. Before committing your cash, you should have a fundamental understanding of real estate. For example, be aware that, in general, investment properties are not liquid investments. Barring exceptional circumstances, real estate does not sell at a moment's notice. It could take days or months to sell a property, depending on the strength of the market in a particular region.

• Consider cash flow. You'll need to have enough capital on hand to cover any short-term losses due to vacancies between tenants.

• Start small. Look into buying a condominium, single-family home or a duplex. Leave large apartment buildings and commercial properties to the pros.

• Inquire at the local Chamber of Commerce about companies relocating into or out of the area. Company movement is one indicator of demand for rental and/or office space.

• Find a property that will be in demand. Look for a moderately priced home with three or four bedrooms, two bathrooms, and a garage that sits on a quiet street.

• Research the property. The most common way first-time investors lose is by failing to investigate a property thoroughly. Look beyond the front door. Investigate the reputation of the school district, the crime rate, and plans for expanding a nearby highway or developing vacant land. Ask a local real estate professional about the area, its history, and how fast (or slow) properties are moving.

• Inspect the home you're considering for signs of water damage, such as stains on the ceiling and crinkling or gathering wallpaper; open and close every door and window; and check all electrical sockets by plugging in an appliance. Get an independent home inspection, roof inspection and termite inspection. Unexpected repair costs can eat away your cash flow. Because even the best inspection can't always predict problems, try to set aside some of the rental income for unexpected repairs.

• Spend time driving the streets of the neighborhood noting the condition of other properties. Are lawns maintained? Are roofs in good shape? Are homes kept up?

• Be ready to make fixes quickly and respond to the renter's needs. If you're not prepared to be a hands-on landlord, consider hiring a property management firm.

• See your tax advisor for related planning and laws that can affect your investment decisions.

Remember, investing in a property is much different than living in one, and while emotion and attachment can be prime motivators when it comes to homes, it is return on investment that counts when investing in real estate.

Information on Dog and Cat Licensing in Barnegat, Little Egg Harbor, Stafford Township (Manahawkin) and Tuckerton

Responsible dog and cat owners at the Jersey Shorehave just a few more days to obtain or renew licenses for their pets. Some municipalities charge a late fee if the license is not obtained by January 31st.

New Jersey law requires the owners of all dogs that seven months of age or older have a municipal license. In order for the license to be issued, the owner must present proof that a licensed veterinarian has vaccinated the dog against rabies and that the duration of immunity from that vaccination extends through at least ten months of the twelve-month licensing period.

State law allows an exemption to the rabies inoculation requirement if the owner presents written certification from a licensed veterinarian that the dog cannot be vaccinated due to a medical condition or course of therapy.

Dog licensing fees in Barnegat, Manahawkin, Little Egg Harbor and Tuckerton, and all municipalities for that matter, are set by municipal ordinance but there is a maximum. No licensing fee charged by a municipality can exceed $21.00 annually.

License fees are kept by the municipality and used for animal and rabies control activities. But the state get its hand in there too.

Municipal licensing clerks also collect the following additional fees when the dog is licensed:

-$1.00 for each dog licensed that is forwarded to the state for the Rabies Trust Fund to support State rabies and animal control programs
-$3.00 is charged by the municipality for unneutered dogs and sent to the state to fund New Jersey's low cost spay and neuter program
-$0.20 for each dog licensed that is forwarded to the state to defray the costs of operating The People for Animals, Inc. the state's largest a low cost spay and neuter clinic.

The Barnegat dog and cat license application is available here.

The Tuckerton dog license application is available here.

The Little Egg Harbor dog license application is not available online, but you can call 609-296-0675 for more information.

If you have a dog or cat in Manahawkin (Stafford Township) that was licensed last year the renewal application was mailed to you. If you have a new pet, Stafford Township dog and cat license applications are available at the Municipal Building on Bay Avenue. (Note that to get a dog and cat license in Manahawkin the vaccination certificate must be good through December 31st.) Further information is available by calling Animal Control at 609-597-1000 x 8525.

For responsible dog and cat owners in southern Ocean County at the Jersey Shore, free rabies vaccinations are available every other Wednesday, at the Southern Ocean County Animal Facility, 360 Haywood Road in Manahawkin. An appointment is necessary. Call 609-978-0127.

For information on low cost spay and neuter programs in southern Ocean County and the Jersey Shore, visit the Friends of the Southern Ocean County Animal Shelter.

All photos are from the Southern Ocean County Animal Shelter. The dogs and cats pictured are available for adoption.

From Our Friends @ Lincoln Mortgage Company
The Preferred Leander Of The Murphy-Lee Team

Spring is traditionally the busiest season in real estate for both buyers and sellers, and this year is truly a buyer's market. In 2010 several factors affecting the current housing market trend show the real estate market forecast to be much busier than usual over the next several months, so discerning sellers should take notice. The unofficial beginning of the spring home buying season starts after the Super Bowl, which will be very early this year on February 7, 2010. This is when, new buyers flood the market in early spring, granting new vitality to the market. In response, many fresh properties enter the market along with lots of properties that were taken of the market at the end off last year. This always results in a buying and selling frenzy that is fueled by fresh money and increased competition in the marketplace.

This year in particular the housing market is predicted to be very active with a positive real estate market outlook and here's why. The 4th quarter of 2009 saw a huge increase in home sales nationwide, caused in part by the expiration of the Federal Housing Tax Credit for first-time homebuyers. This helped to clear the increasing inventory of unsold homes, many of which were foreclosures and short sales that had been helping to scuttle home prices.

Now that the Federal Housing Tax Credit has been extended into April and expanded to include current home buyers and those with higher incomes, there will be thousands of more Americans rushing to buy before it expires April 30, 2010. Also, just this week the Federal Reserve announced that it intended to keep key interest rates at historical lows, near zero percent. As the credit crunch starts so loosen a bit, these low rates will entice many more would be buyers to take advantage of this extreme buyer's market. Though interest rates remain low for now, one can assume that once they start to rise they will rise quickly and sharply to help alleviate inflationary trends in the market.

The housing market trend, however, will continue to be controlled by a few key factors, namely the unemployment figures and consumer confidence. These two key points are the "Wild Card Factors," according to Geoff Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. His real estate market forecast indicates that increasing unemployment could torpedo a rising market andfalling consumer confidence could also stagnate the market, despite all other factors. Thus, the housing market trendis only that, a trend, and offers no guarantees for the future.

Adds Hewings: "While we are more optimistic about 2010, we are clearly still suffering the effects of the recession and they are likely to continue well into 2010 and 2011." People who are losing their jobs or fear losing them will be hesitant or unable to purchase a new or more expensive home.

Hewings predicts a rise in home sales in early 2010 followed by a possible double-digit increase by mid year. This rise is home sales; however, will most likely die off in the 3rd and 4th quarters, as it does every year. Thus, the real estate market outlook is positive in the 1st and 2nd quarters, but slows in the last half of the year.

Bottom line - if you plan to buy or sell your home in 2010, earlier in the year will be much better than later. Sellers will see a slight increase in sales prices due to the influx of fresh buyers and the rush to beat the April 30, 2010 deadline for the tax credit. Buyers will be able to take advantage of historically low interest rates before the Fed raises them and can cash in on the Federal Housing Tax Credit, not to mention having a much greater selection of homes listed for sale.

This year, the current market trend might cause the real estate motto of "Location, location, location" to change over to "Timing, timing, timing."

Chuck Reed

Mortgage Advisor
Lincoln Mortgage Company

45 South New York Road
Suite 211

Galloway, NJ 08205

Office: 609-748-3600

Cell: 609-442-4185

Fax: 609-748-1300