Most of us grew up thinking that if we planned well and played by the rules, we’d never have to stand by as our financial lives unraveled.
But upheaval on Wall Street, unacceptable rates of unemployment and plummeting real estate values have taken their toll. Since 2007, 7.9 million homeowners have lost their homes to foreclosure. Current estimates are that one in four homeowners owe more on their mortgages than they could get from the sale of their home. Millions more homes will be lost to foreclosure before this real estate crisis runs its course.
The sad fact is that foreclosure is not an isolated event. For months leading up to the loss of a home, financially strapped homeowners live under a cloud of uncertainty. And
There are advantages to buying a home during the winter months, aka "off season" here at the beach.
1. Less Competition. There is less competition from other buyers. Many buyers do not want to brave the icy roads where they live to venture south to the beach areas of Sussex County. This could translate into a good deal for you.
2. More Time With Your REALTOR®. Typically your Real Estate Agent is not as busy this time of year which translates into more time for you!
3. Ugly Ducklings. Some houses that are still on the market in January & February may have been on the market for a long time. This long market time could be for a variety of reasons including that the house was priced incorrectly or it could be that the house simply does not show very
The following has been compiled by the Sussex County Association of Realtors' MLS:
The total number of closed listings as of March 31, 2012 was 611 homes totalling $155,065,025 in sales. The average sell price of a single family home was $253,789. Three bedroom home sales accounted for the largest segment with 323 sales compared to 122 for 2 bedrooms & 157 for 4 bedroom homes. Sellers obtained 94% of the listed sell price & the average days on the market reported was 228 days.The average sell price for a 2 bedroom home is $170,725; 3 bedroom home is $224,483 & a 4 bedroom home is $378,192.
The Single family home sales show an improvement from the same time period in 2011. Last year, 492 homes were sold for an average sell price of $305,836 with total
Investors continued to boost their activity in the housing market during the month of February, according to the latest results of the monthly. Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. And short sales have become a new target for investors now that other homebuyers have lost their enthusiasm for these popular but often lengthy and unpredictable transactions.
The total share of distressed properties in the housing market in February, as represented by the HousingPulse Distressed Property Index (DPI), continued to climb, reaching a near-record of 48.7%, using a three-month moving average. This was the second highest level ever recorded by HousingPulse and the 25th month in a row that the DPI has been above 40%.
Homeowners still have time to make energy-saving and green-energy home improvements this year and qualify for one of two home energy tax credits:
1) The Nonbusiness Energy Property Credit is aimed at homeowners installing energy efficient improvements such as insulation, new windows and furnaces. • The 2011 credit rate is 10% of the cost of qualified energy efficiency improvements. • The credit has a lifetime limit of $500, of which only $200 may be used for windows. • Qualifying improvements must be placed into service before January 1, 2012.
2) Homeowners going green should also check out the Residential Energy Efficient Property Credit, designed to spur investment in alternative energy equipment. • The credit equals 30% of what a
According to the November 30, 2011 Housing Pulse/Campbell Surveys out of Washington D.C.:
Investor purchases hit 22.3% of closed transactions for the month of October, up from just 19.6% as recently as July. For the past three months, investor participation has exceeded 20%, continuing a long-term trend of increased investor interest in the housing market.
A combination of low home prices and growing demand for rental units make purchasing damaged Real Estate Owned (REO), fixing up the properties, and then collecting monthly rents, an attractive financial play. In October, average prices for damaged REO hit $101,100, the lowest price recorded in two years. In contrast, home prices for non-distressed residential properties averaged $266,700 in