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.
Real Estate investors and Buyers interested in Haddon Township should take note, there are some great buys in Haddon Twp as of today 3/20/2009. I've found 1 or more that I think are very attractive because of Price, Location and Condition. Unfortunately, I'm prevented in discussing the specifics of these 1 or more properties because they are not my listings.
What I can do is talk about a hypothetical property as an example.
First Hypothetical Test: Price! In this hypothetical scenario we're assuming that the subject home is priced 20% below the most recent sold comparable home. It's also priced 35% below another similar home that recently sold in the area. In my world, that's a passing grade!
Second Hypothetical Test: Location. Haddon Township is a great community that has easy access to quality dining and entertainment, commuter rails and roads, and excellent schools. The walkscore for the community as a whole is 68. Approximately 9% of Haddon Townships residential properties are not owner occupied, according to the available public records. That translates to a favorable environment for investors looking to buy in a stable community where rental units will be at a premium. This hypothetical subject property would rent for approximately $1400 per month. That amount should cover the monthly expenses an investor would incur based on PITI. Another passing grade.
Third Hypothetical Test: Condition. For the purposes of this example, the home will be a 1.5 Story Bungalow. On the plus side, this home has generous room sizes, a basement where someone who is 6' could actually stand upright and an upstairs that provides the same person a good deal of headroom as well. Such space is not always typical of bungalows in this region. The kitchen is also a decent size and has ample cabinets. The obvious flaws with this property are dated carpet, dated bathroom, possible knob and tube wiring. Another passing grade in the world according to Matt!
If you are a Real Estate Investor or a Buyer who is handy and is looking for great deals in Haddon Township, send me an email, or give me a call (856-222-5829) and I will email you a list of properties that closely resemble my hypothetical property. I will just send you that 1 email, you won't get any additional emails from me, unless you request them, so there is no worry about being "dripped" to death. I wouldn't wait too long, hypothetical deals like these don't last long even in this market.
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.
Beautiful & Spacious Brick Ranch Home
• 1 bath, 4 bdrm single story
-
MLS®
$239,900
Lake View, Gibbsboro
-
A beautiful brick ranch home situated on over a third of an acre in the quaint town of Gibbsboro nestled on the Voorhees border. This home welcomes you into a spacious living room. Down the hall to the right are 3 generous sized bedrooms and the full bathroom. The large eat-in kitchen has been updated and makes a wonderful focal point for your home. Off the kitchen is a versatile mud room which leads to a spacious fourth bedroom. You’ll also enjoy the finished basement that already has a bar set up for you and is a perfect space for entertaining or simply enjoying each others company. The basement is completed with a craft or tool room along with additional space for storage. Tired of staying inside? No problem, you have over a third of an acre to enjoy and use, along with a large shed that has electric. You may also find a good use for the 2 separate driveways on this wonderful property. For more information on this property visit www.26EastRoad.com.
Property information
Excellent Starter Home: Why Keep Renting
• 1 bath, 2 bdrm single story
-
MLS®
$183,000
Maple Shade, Burlington County
-
Fantastic opportunity to own a lovely home located in a great neighborhood that makes it easy to get to where you need to go quickly. You’re welcomed into a spacious living room that opens to the dining area and is accentuated with pergo flooring. As you walk towards the back of the home you’ll find a bedroom and another room that could be an office, study or possibly a third bedroom. This versatile room opens up to a deck that offers you great outdoor space to use to entertain and enjoy. Upstairs is another bedroom that runs the length and width of the home. Whether you’re starting out or winding down, this property will make a great home for you.
Property information
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?
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.
To read more and view charts visit my Moorestown Real Estate Blog.
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. Whether or not you come by this wonderful home, make sure you get out to one of the 2000+ Prudential Fox & Roach Open Houses this weekend: there are up to $1000 reasons to do so!
Here’s the Mount Laurel Real Estate market update for September 2008. Pended units for September were up 4 and Sold units were down 21 compared to September 2007; listed units were up 11 versus 2007. This has led to a current inventory of 431 units. Mount Laurel has been averaging 47 units sold per month which means there is currently 9 months worth of inventory in Mount Laurel. This outperforms the overall Burlington County market, which has 12 months worth of inventory. Year to date listed units are down 132 (a 13% decrease), pended units are down 178 (a 39% decrease) and sold units are down 210 (a 49% decrease). See how this compares to the Burlington County Market.
Over the last 3 years the average number of units pended and sold in September was approximately 59 & 71 respectively. This September, there was 44 pended and 36 sold. The average Days on Market for the year is 76.
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 9/2007-9/2008 numbers for listed, pended and sold units.
Below is a chart that shows the average list price and average sold price for Mount Laurel from 9/2007-9/2008. The average sold price is flat from September 2007 ($281,877) to September 2008 ($282,164).
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 10/15/2008.
Here’s the Moorestown Real Estate market update for September 2008. Pended units for September were down 2 and Sold units were up 5 compared to September 2007; listed units were down 17 versus 2007. This has led to a current inventory of 206 units. Moorestown has been averaging 15 units sold per month which means there is currently 13 months worth of inventory in Moorestown. This trails the overall Burlington County market, which has 12 months worth of inventory. Year to date listed units are down 38 (a 9% decrease), pended units are down 17 (a 10% decrease) and sold units are down 34 (a 22% decrease). See how this compares to the Burlington County Market.
Over the last 3 years the average number of units pended and sold in September was approximately 13 & 17 respectively. This September, there were 12 pended and 16 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 9/2007-9/2008 numbers for listed, pended and sold units.
Below is a chart that shows the average list price and average sold price for Moorestown from 9/2007-9/2008. The average sold price is up 68% from September 2007 ($350,187) to September 2008 ($590,705).
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 10/15/2008.
Last Friday I was calling to set appointments for one of my buyer clients and was surprised that 2 of the 8 homes denied my showing times. Each homeowner had more than 24 hour notice: these were not last minute calls so I couldn’t imagine why the sellers denied the showings. The buyers went through the other 6, found one they liked and we negotiated an accepted offer.
If your home is on the market you have to realize that you might not get a second chance to make that first impression.
Try not to think of it as your home anymore. Think of it as if you’re a host to a potential buyer’s party. The more they enjoy that party, the more likely they’ll want to stay! Heck they may even pay your desired cover charge to stay;-)
What you do when you’re hosting a party:
- You clean your home.
- You try and think of what your guests might want so you can accommodate them.
- You’ll send an invitation with directions on how to get there.
- You’ll welcome your guests, even if they come early or late.
What you don’t do when you’re hosting a party:
- Leave your home cluttered and dirty. That might be how you live in it from time to time, or all the time in some cases, but not how you would want your guests to see it.
- Only have what you want to drink or eat with little thought of what your guests like and want.
- Make sure your home is hard to find.
- Send out an invitation only to cancel without telling anyone.
- Deny any guest entry who is even a minute or two too late or early.
Now, if you’re the one bringing the money, which party would you rather go to?
While my wife grew up in Moorestown, I’ve been a resident for about 8 years. Every year, for the past 4 years, we’ve had a block party. Unless you were at the block party, I’m sure you could care less about that, but…..We just found out this year that Moorestown has Volleyball, Badminton, Croquet sets and much more available for you to use at your Block Party! Now that’s a hometown!!
I knew Moorestown was a great place to live because of its’ schools, parks, proximity to Philadelphia, New York, Washington DC etc., but to know that the town actually lets you borrow stuff to make your block party even better is awesome!
So if you’ve just moved to Moorestown, or you’ve been a Moorestown resident for your entire life, start working on your block party. The township is happy to let you borrow some games for everyone to enjoy. What better way is there to develop a sense of community than “Block Party Croquet?”
For you Moorestown residents who have kids that still love to dress up and parade around in their costumes for Halloween, they’ll get their chance to do so this weekend.
On Saturday, the 25
th, the
Moorestown Business Association will be hosting its 4
th annual Halloween Parade.
Everyone that wants to join in the fun needs to come to the PNC parking lot by 3:45pm dressed in their costumes! Parents who want to dress up, may certainly do so as well;-) The marchers will head down Main Street towards Chester Ave. Once they get to Chester Avenue, by Moorestown Friends School, the “paraders” will move to the sidewalk and continue on to Stokes Hill.
There will be a bonfire along with music, prizes and food to enjoy at Stokes Hill. If you want to participate in Pumpkin Carving, then please bring your pumpkin a little earlier. Unfortunately, the flyer doesn’t mention whether to bring the pumpkin to Stokes Hill or to the parking lot?
From personal experience, this Halloween Parade has become bigger and better with every year and it looks like the Moorestown Business Association has outdone themselves again.
If need be, the rain date has been set for Sunday, October 26.
This event is just one of the many that make Moorestown such a wonderful place! Hope to see you out there, I’ll be the guy with a Power Ranger and a Fairy…..I’m not sure what the kids will be wearing though.
Here’s the information again:
- Date: Saturday, October 25th
- Time: 4pm ‘til Dusk
- Location: Starting at PNC Bank (3:45pm for marchers) on Main Street and ending up at Stokes Hill.
If you live in the Moorestown area and are looking for something to do with your family that’s very budget friendly; you should explore Amico Island in Delran.
When my wife and I were trying to think of a way to take advantage of some beautiful weather last weekend, she came across Amico Island on the web. Do you know why it’s called and Island, when the brochure lists it as a peninsula? Answer that question and you'll get extra credit! (Don’t ask me, I don’t know the answer to that mystery.)
According to their web site, it’s a “55 acre peninsula featuring a diverse collection of habitats and terrain. With upland forests, freshwater ponds and wetlands, river shoreline and meadows, visitors can enjoy hiking, biking, fishing and picnicking in a rustic natural setting at the confluence of the Rancocas Creek and Delaware River.”
My wife noticed that biking was allowed and spotted an opportunity for an “adventure picnic” with the kids. We loaded up their bikes, packed lunch and were there within 10 minutes from our Moorestown home. I have been living in the Moorestown area for 10 years and had no idea about this hidden treasure. The kids loved the idea that they could ride their bikes and “explore” the wonders of the island. My wife and I loved the idea of having the entire family enjoy something together with no adverse effect on our budget. It’s true that the best things in life are free!
There are 3 trails that total about 2 miles in length altogether and there’s no real serious hiking involved. There are some seriously beautiful views and wonderful sounds though! The only downside was when an ice cream truck visited the park across the river. That sound came through loud and clear and I had to be quick to stop the kids from trying to swim across the Delaware. They love their ice cream!
So, if you live in or around Moorestown and are looking for something to do that’s family friendly and budget friendly, I encourage you to visit Amico Island.
If you see a great Blue Heron just know that he’s a very patient bird, so getting a picture of him “in flight” might require a lot more patience than I or my children could muster. I'll be back Mr. Heron.....I'll be back!