Brigantine real estate blog

Brigantine Home Loan Approval News

Here is a suggestion that could make a big difference in negotiating a successful offer for your New Jersey Shore home: Many buyers are making the actual loan application and obtaining an approval before they find the home they want to buy.

The benefits are that you will be looking at homes you are qualified to buy and not looking at something you want but can’t afford. Another advantage is that it might be the one thing that makes the difference if you are negotiating against multiple offers on a home.

The loan approval lets you close quicker because the only thing needed at that time is an appraisal on the property and the title work. This might save several weeks of processing time.

If you are interested in gaining the advantage of pre-approval, give us a call and we’ll tell you the steps you'll need to take.

Sincerely,
Pete & Bev Petridis

New Jersey Mortgage Loans

Finding the right Mortgage  Loan for your new home on the  New Jersey Shore

At the annual Mortgage Banker Association convention in Orlando, Florida recently, the following statistics from a survey were released:

• 35-40% of all owners hold their homes free and clear and half the rest have fixed-rate mortgages
• 15 % or so have any interest-rate sensitivity, he explained. And only half of those are new recent enough owners, so "unseasoned" in mortgage industry parlance that "we don't know how they will act."
• 9 out of 10 interest-only loans originated during the first half of 2005 were adjustable rate products; the trend now is toward fixed loans in which the loan amount is amortized over the years after the IO period expires. In other words, with a 10-year IO, total amount borrowed with interest would be paid over the last 20 years.
• ARM originations fell from 46 percent to 36 percent between the last half of 2004 and the first half of 2005
• IOs went up from 17 percent to 23 percent.
             -The IO is the affordable loan product du jour, said Doug Duncan, the MBA's chief economist. "It is enjoying overall market acceptance because it offers the lowest payment alternative that gets people into the house they want to buy."  Interest-only loan originations tend to be greatest in markets where prices are highest, so they "could be problematic" in places where housing prices are out of whack with reality. But overall, Duncan said this new loan does not pose a peril to the housing sector.
             -9 out of 10 interest-only loans originated during the first half of 2005 were adjustable rate products; the trend now is toward fixed loans in which the loan amount is amortized over the years after the IO period expires. In other words, with a 10-year IO, total amount borrowed with interest would be paid over the last 20 years.

Whatever your preference is for you mortgage loan when purchasing you new New Jersey home, an experienced and Jersey Shore Realtor can suggest local mortgage bankers who understands the Jersey Shore real estate market and will explain the advantages and disadvantages of the numerous mortgage loans that are available for today's New Jersey home buyer.

Passing on your Brigantine New Jersey real estate

To pass on your Brigantine New Jersey real estate to your children, perhaps you should consider a Qualified Personal Residence Trust.   According to Toddi Gutner in Business week, this could be the solution for you:

Qualified Personal Residence Trust:

1. This trust term is 5 to 15 years. Parents retain ownership and still benefit from all property tax deductions.

2. After the turnover, parents pay fair market rent to the heirs. The value of the home is discounted for trust purposes--factoring in the owner's age, the length of the trust term, and the Internal Revenue Service's monthly "hurdle" interest rate--and split to represent the value of the gift and the value of the right to reside on the premises, or the retained interest.

3. The gift value typically is smaller than the retained interest. This lessens the tax burden placed on the heirs.

4. Those who do not want their children to become their landlords should consider setting up another trust after the original trust term ends, appointing trustees to be in charge of making decisions about the property.

Vacation Home in New Jersey

Brigantine New Jersey Real Estate is certainly dynamic with the New Jersey Vacation Homes along the Jersey Shore experiencing a resounding boom in every aspect of this Brigantine New Jersey Real Estate market.  The older as well as the New Homes in South New Jersey are moving like never before and this particular Real Estate is appreciating faster than ever making an investment in Brigantine New Jersey Real Estate very enticing, for sure, for the hundreds of new home  buyers and the buyers of those wonderful old spirited homes that have endured for years here along this magnificant coast.

This New Jersey second-home trend of investment or  the New Jersey Vacation home concept has caused a buying spree on the Jersey Shore and caused some properties here to be some of the hottest real estate not only in the area, but in the state and the nation

Many experts in the field say that they see no reason that the present trend of second home buying on the Jersey Shore cannot continue for years at its present rate.  Some say the makeup of the residents will change and there wont be enough people to support the areas' businesses.  This may be true however it is not something new, its a dynamic thing and happening all over the country in every town and community and always has.  The town fathers and the people must plan ahead and keep up with the demographics and trends and adjust accordingly as they plan from year to year and consider the trends in the real estate market as part of their overall structuring as the city fathers and planners are doing in all towns and cities of America.

Rich Perniciaro, director for the center for regional business research at Atlantic Cape Community College, said he expects the second home buying trend to continue for some time. He said demand will eventually push the second home market into the mainland areas. He added that he expects Atlantic City to become a major player in the second home market.
The purchasers of the home that the family sold earlier in this article was bought to be used as a second home for now, and, upon retirement, the couple will move into it permanently. Again, with the baby boomers all coming to retirement age, the residences along the shore here,  become a prime target of the home buying crowd and offer excellent choice for the retirees to settle in for many years to come. As most people here have told me and I tend to agree:  "This is a great place to have a vacation home and also a great place to live year 'round."

Many of the people purchasing these great Jersey Shore homes are merely using the opportunity to make a great and monetarily rewarding investment into real estate where they will reap the rewards for years to come, both in life style and financially.

Most of the "pride of ownership" homeowners along here are proud to live here and have a positive outlook for the future.

Its obvious that many people have purchased these homes as investments originally, fully intending to sell when the market conditions were right and right now those conditions are in place for the rapid sale of the homes here on the shore. The buyers are in abundance, with homes selling almost as fast as they go on the market and buyers are demanding short escrows. Its abundantly clear that this market is booming and all indications are that it will continue to boom, especially with the marketing efforts targeting the new 'baby boomer retirees'.

The Peter and Bev Petridis have handled the booming real estate market and all it entails, very professionally and have done an outstanding job promoting the general welfare of the community and its image.

Jersey Shore Vacation Homes

Brigantine, NJ Vacation Homes that are for sale are at a primium. Nowhere is the real estate boom more evident in the purchase of a vacation home or permanent family housing than in Brigantine New Jersey. In fact the Wall Street Journal singled out Brigantine, New Jersey real estate along with “resort towns” in four other state as perfect examples of this real estate phenomena.

According to the National Realtors Association it is not only the wealthy who are purchasing vacation home instead the typical buyer earns $71,000, buys a home worth slightly less than $200,000. The challenge is the vacation home buyer who is just looking must compete with investors for a “place in paradise”

What are the reasons for the high percentage of the average person buying 2nd homes?

• Interest rates are continuing to stay low.
• Proven big resale value which is much greater a return than the stock market.
• The National Association of Realtors, reports that last year there were a record 2.82 million vacation-home purchases, up 16% from the proceeding year.
• People are taking shorter mini vacations in lieu of the tradition two or three week vacations of yesteryear.
• The average homeowner’s primary residence has increased in value to the point where they can refinance their home, take the proceeds from the refinance and  purchase a vacation home.  They then can rent the Brigantine vacation home part of the time (which gives them tax advantages) and then enjoy their Jersey Shore Vacation Home themselves on their own mini vacations. Meanwhile the vacation home just keeps appreciating in value. Where else can you invest with such great returns, all the while having great tax advantages?
• The Wall Street Journal reports that the price of vacation homes increased 21% over the past year, and that median home prices above $350,000, saw double-digit gains; nearly all were waterfront.

So why is Brigantine New Jersey seeing such a real estate boom?  Because Brigantine as all entire Jersey Shore real estate, is just that: shore, the waterfront. Brigantine is perfect for that peaceful get away and yet Brigantine is just minutes to glitsy entertainment such as the Atlantic City casinos, night life and the famous boadwalk To own a vacation home in Brigantine gives you the best of both worlds.  Take all these facts along with the close proximity to New York, Philadelphia and Washington and you have your answer as to why a Vacation Home are at such a primium.

Jersey Shore New Home Title Insurance

When purchasing your New South New Jersey Home you will be required by your mortgage lender to obtain a title insurance policy. This required insurance protects only the lender, not you, the home buyer. If a problem such as a previously-unknown lien, mortgage, or easement is found in the title, the lender—not the homeowner— is protected up to the amount of insurance.

Buying Your New Home in the Brigantine Area

As we begin the summer buying season in Brigantine NJ home, it might be a good idea to review the strategies for the successful purchasing of the home of your dreams. When you find the Brigantine property of your dreams, whether older or one of the many new Brigantine homes, you will probably not have more than twenty four hours to make your decision and make your offer.

Do your “homework” ahead of time:

• Check the neighborhoods you are interested in now, check for schools, safety,  shopping and possibly your preferable house of worship. Are the neighborhoods quiet? Check them out day, night and on the weekend.
• Contact a experienced realtorwho can guide you to a reputable Mortgage Lender.
• Get approval from a mortgage lender in writing. You will then know the exact price range of the home you are qualified to purchase.
• Have your savings“liquid”. Be ready to move funds immediately.
• Put on your best face, when a home seller has multiple offers, they will often take the offer from the person they liked the most, feeling that they are turning over their home to someone who will take care of it.

Brigantine Marina Plans Approved

After a year of the developer revising the plans for the former Jersey State Marina, the zoning commission has approved a conditional use permit.

The plans involve upgrading the boat slips, the marina will still having the same amount of boat slips, twenty eight for the marina and four slips for the duplex that adjoins the marina. The Brigantine subdivision will not change: the three lots will still be reduced to two.

Other revisions will include new landscaping between the marina and city owned property, increasing parking spaces and improving traffic circulation. A fence will be placed between the marina and the duplex and the marina building will be reduced in size.

New Jersey Mortgage Loan Advise

When applying for a mortgage loan, if your lender insists on homeowners insurance that covers the entire cost of the property you are financing….run don’t walk.

Homeowners insurance is to cover the replacement cost of the physical structure, which has far less value than the entire property that the structure sits on.

Brigantine New Jersey Home Values

Even after the information meetings concerning the upcoming Brigantine, NJ property reassessment/revaluation project [undoubtedly revaluation is a new spin word to lighten the blow!] many residents are concerned about their property taxes going up in the near future.

A new Brigantine resident who has just purchased a newly constructed home, is concerned because his entire family budget for the next few years was calculated on the price of purchase and the property taxes that were calculated at the time of purchase. Have no fear! The fact is anyone can contest their reassessment if they believe it is incorrect or will cause hardship and the county will listen.

This property reassessment is mandated by the state, it is not our City government's fault,  nor the county government's. It just must be done under state law. And our City must abide by the law.

Brigantine Realtors have been through this before, call an experienced Realtor like Pete Petridis at Century21 O'Donnell at 866-985-2121 for his expertise.