• Now that rates are 6 to 7% range some buyers feel that they missed a lifetime opportunity and regret not buying sooner. 
• Know that some buyers that did buy when the rates were low may want to switch places with you now even with higher interest rates in place. 

People Who Bought Between 2021-2022 Have Some Of The Following Regrets 

• Fewer houses to choose from 
• Prices were constantly rising 
• Paying over asking price 
• Extreme pressure to make quick decisions 
• Not able to do research on the houses 
• Sometimes for going home inspections 

Four Reasons Why Now May Be A Good Time To Buy 

1. Hedge against inflation period stabilize your monthly payments against rising rents 

1. More houses to choose from and lower prices. You can always refinance your mortgage when rates go down in the future. 

1. Sellers have not had to negotiate on price or terms over the past couple of years, with the changing market sellers maybe more willing to negotiate. 

1. It could become harder to get a mortgage because as recession happens mortgage companies become more cautious. 

BOTTOM LINE 

It is easy to feel like you missed an opportunity with low interest rates, however it is also easy to forget the downsides that came along with the low interest rates and not the benefits of buying now. 

The market is never perfect! 

You need to weigh the pros and cons for your situation 

PROS TO BUYING NOW 

• Take advantage of house prices stabilizing or coming down 
• Hedge against rising rates, rent and inflation by buying a house 
• There are more homes to choose from now 
• More time to think about the options 
• More potential to negotiate 

Every real estate market is different from one area to another. So, consult your real estate agent for an in-depth advice whether now is a suitable time for you to buy in your preferred area and price range 

Ocean and monmouth county NJ Real Estate Sales

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Chris’ Landing is an upscale condo community located on the Shrewsbury River in Sea Bright NJ.

Chris’ Landing is a pet-friendly community of 23 three-bedroom townhouse style condominiums located at 1266 Ocean Avenue on the Shrews

bury River in Sea Bright.  Built in the mid-1980, 17 of the homes face directly on the river with the remaining six offering ocean views.  All homes have between 2.5 and 4.5 baths, a two-car garage and all have deep-water boat slips that can accommodate boats up to 50 feet.  Amenities include an on-site pool and beach access across Ocean Avenue.

For those who commute to NYC, the high-speed ferry in Highlands is about 10 minutes away and for rail commuters, the Little Silver Train Station is about a 15-minute drive. 

• All but six of the townhouses at Chris’ Landing are directly on the river and the views are spectacular.
• Every home in Chris’ Landing comes with a deep-water boat slip.
  
• Among the amenities at Chris’ Landing is this community pool.

Sea Bright Listings for Sale

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We’re dealing with a double crisis right now… not only the ongoing health crisis, but a serious inventory crisis in many markets.

So what if I told you there’s one step you can take to help overcome both at once… .

How?

Basic COVID-19 Safety

Remaining six feet apart from people at all times, committing to wiping down any surfaces that are touched while inside a property to ensure cleanliness for everyone involved.

Buyer & Seller Consultations

We’ve adopted Zoom video conferencing tech to “go virtual” and provide a whole new option to get the process started.

Photography & Marketing

The photographer will only enter when the house is empty and wearing personal protective equipment and not touching anything.

Virtual Open Houses

We’ve transitioned to Virtual Open Houses and Facebook Live Open House Events.

Virtual Buyer Showings

We can “virtually” walk people through homes either through video, virtual tours or other tech solutions such as Matterport.

In-Person Showings

Both sellers and buyers will be interested to know how to proceed with in-person showings. Buyers must have and show pre-qualification to ensure they are qualified and allowed inside a property as a serious buyer. Appointments will be arranged with seller and depending on how the seller wants to show the house, either virtually where they do a video walk through or they will allow entrance into the house. When inside the house during the showing the buyer and agent will be wearing protective equipment while the sellers are out. If itis a vacant house agent and buyer can enter with appointment. Both scenarios the buyer must sign off on a hold harmless document BEFORE entering.

Offers & Closing Day

All documents will be done and signed electronically. This method simplifies the process and provides a “no-touch” experience.

Walkthroughs / Inspection / Appraisal

Similar to the photography section above, all vendors will be wearing protective equipment and not touch anything or wipe after they touch.

Are you selling a home? Did you know that even though home buyers are all looking for something different, the majority of them will turn around and walk back out of  your door if they notice one or more of these Top 10 problems.

1. ODORS
   House odors are number 1 on the home selling uh-oh list. And narrowing it down, odors from cigarette smoke and pets take top billing, while mildew not far behind.
   If you smoke indoors – the house smells like cigarettes. If you have pets, the house might bad – even if you don’t notice it. Ask someone who doesn’t live there to take a sniff, and don’t get angry when they tell the truth.
    Eradicate the odors so that you can present potential buyers with a clean, fresh atmosphere – not a house that’s full of perfumes to cover up the odors.
2. Dogs Meet you at the Door or in the Driveway
   Dogs frighten some people and irritate others. You” have a much better response from showings if you control your pets – dogs, cats, whatever.
   You say you plan to put them in the bedroom or garage and then ask people not to open the door to the area. Bad Idea. Would you buy a house you can’t inspect?
   Of course not.
   Remove pets during showing when possible. If you can’t, contain them in crates for their own safety and to show respect for the feelings of potential buyers.
3.  Dirty Bathrooms
   Grimy bathrooms are an instant turnoff. Scrub them, paint them, buy a new shower curtain, rugs and towels – do what it takes to make them shine. If you’re serious about selling the home, the extra work is a must.
4. Dimly Lit Rooms
   Dark rooms in a home are a turnoff to most buyers, so try to brighten them up:

   Replace dim light fixtures
   Install additional light fixtures
   Install (quality) sun tunnels or skylights
   Remove heavy drapes to let the light stream through the windows
   Repaint some rooms with colors that reflect light
   Trim tree limbs that shadow the house

5. A House Full of Busy Wallpaper
   Busy wallpaper in every room turns off most buyers, and even people who love wallpaper rarely like what you have chosen. It’s a personal decorative touch that they want to select for themselves.
   It’s the masses you most appeal to when you’re selling a home , so take a hard look at your wallpaper and decide if it should be removed and replaced with paint. Don’t Paint Over It! because it will be obvious that you did – and buyers know that makes removing it even more difficult. ( hire a professional painter to tell you whether he can and if it is possible).
6. Damp Basements
   Dampness or damp smells in the basement throw up a red flag to buyers that the foundation leaks!
   Most problems we see are not caused by faulty foundations. They occur because rainwater is being diverted to the foundation instead of away from it.
   Clogged underground drains
   No rain gutters along the roofline
   Downspouts aimed the wrong way
   Go outside the next time it rains and determine where the runoff is going.
7. Bugs  
   Roaches, spiders, any insects that shouldn’t be in the house Get rid of them.
8. Poor Curb Appeal
   You must grab a buyer’s interest from the curb! If you want to sell the home for top dollar. Home buyers often refuse to go into a house with an unkempt yard,bushes that hide the walkway, sagging doors or peeling paint. You say you can’t afford to paint? Come on a gallon of paint ($30..00) for a freshly painted front door? Okay, then get that yard in tip top shape and grab a screw driver to fix those doors and make sure the door bell rings!
9. Gutters with Plants Growing in Them
   I’m serious. Some people never clean their gutter and it always makes buyers wonder what else is wrong and has not been maintained.
   Remember drainage issue in #6? Cleaning packed gutters might help.
10. Sellers Who Hang Around for Showings
    Yes, YOU…. leave the house during showings. Home buyers feel awkward about opening closet doors and lingering for a really good look at the house if the seller is home.
    If you are selling by owner give them space, don’t hover.

Parting Words
Most of the Top 10 problems are home selling issues you can correct without spending a lot of money. Do it NOW, before you put the house on the market, because if you house develops a reputation among agents as the house that smells, the house with the huge barking dog or the house where the owner won’t leave people alone, it will be TOO LATE!
Your house will be the last on their list to show to potential buyers.

New Jersey Bulk Sales Act — Division of Taxation Posts Expanded Frequently Asked Questions and Answers 

This past December, the New Jersey Division of Taxation posted expanded Frequently Asked Questions and responses regarding the Bulk Sales Act, NJSA 54:50-38. Given the breadth of the Act, which was expanded a couple of years ago to cover transactions in which any seller makes a bulk sale, not just sellers who collect and remit sales tax, a review of these new FAQs is advisable.

For a detailed analysis of the Act, see the article in the New Jersey Law Journal authored by Peter Ulrich and Russell Bershad, “Broad View of the Expansion of the Tax Bulk Sales Notification Requirements.”

When in Doubt, File

The expanded FAQs and responses don’t carry the weight of law, they are interesting and in some cases surprising. They reflect the position that the Division will be taking on many bulk sales issues. The message running throughout is clear: when in doubt, file.

Indeed, that’s precisely the response to Question 22:

22. Q: Suppose the purchaser is unsure if the bulk sale statute applies to her transaction? What should she do?

A: When in doubt, file a completed bulk sale C-9600 form notice in a timely manner. This does not automatically mean that the Division will treat the transfer as falling within the bulk sale law, but it guarantees that the purchaser will not incur any tax liability of the seller for failure to comply with the notice provisions of the law.

57. Q: Is the conveyance of a single family home that has been used solely as a primary residence lived in by the seller, subject to the bulk sale statute?

A: No. A single family home used as a primary residence, not used for business, including rental income purposes, is not considered a business asset

As a Full time Realtor I am coming across this situation now more often than before.
So now part of my presentation to sellers includes questions (answers from bulk sales act) such as:

         1> Have you EVER rented your property? even for as a seasonal rental?

"47. Q.Does the bulk sale law apply to the sale of the residential property if it is only being rented for a short period of time (e.g. three months) or all or most of the property is owner occupied with only a smaller part being rented?"

A. Generally, the bulk sale law, N.J.S.A. 54:50-38, applies to transactions “Whenever a person shall make a sale, transfer, or assignment in bulk of any part or the whole of the person's business assets, otherwise than in the ordinary course of business…” The law does not limit applicability to where only a part of realty is being used as a business asset. Also, even property rented to family members or friends are considered business assets. Accordingly, sales of such property fall under the coverage of the bulk sales law.
If in doubt, the buyer should always file aC-9600 form notice with the Division in a timely manner to ensure protection against liability for the seller’s tax debts.

Example: An individual owns a single family dwelling which she rents out, making her a landlord. Since the landlord is in business to collect rents, the selling of the dwelling constitutes a bulk sale. Even if the property was a multifamily dwelling and the owner resided in one of the units, the transfer of the property will still be considered a bulk sale because the other unit or units was/were rented and it is not in the owner’s ordinary course of business to sell rental properties.

            2> Have you EVER claimed a part of your home as an office?

"A. If the homeowner is expensing the portion of the home on her tax return as a home office and receiving a tax benefit from operating a business out of the home, sale of the home must be reported by timely filing the C-9600 form."

49. Q. Suppose the Buyer doesn't know that the house was used for rental purposes (e.g. the seller inadvertently or intentionally doesn't disclose this fact)? Unknown to the buyer, the seller resided in the one-family house as his principal residence most of the year but would rent it out when he went on long vacations out of state which he did not disclose.
The BUYER doesn't provide the C-9600. Is the Buyer liable for the seller's tax liabilities? Would it make any difference if the seller provides an affidavit to the purchaser or put in the sales contract that the house had not been used for any rental or other business? 

A. The Division cannot control what the seller does or does not tell the purchaser. Either way, if the purchaser does not file the notice, the purchaser is still liable for any State tax liabilities of the seller. If the seller omits to tell purchaser of the income producing nature of the property, then the purchaser can take legal action against the seller for any seller’s state tax liabilities that the Division seeks to assess against the purchaser. Obviously, the seller can provide the purchaser with whatever affidavit it wants to. However, the Division is not bound by any such affidavit in determining liability for failure to file the C-9600 notice. Again, if the affidavit is misleading or in some other way incorrectly states that the property is not income producing, the purchaser’s recourse for failure to file the C-9600 notice is to take legal action against the seller for any seller’s state tax liabilities that the Division seeks to assess against the purchaser. 

Also in New Jersey we are now dealing more and more with sellers moving out of the state. So when selling your home be prepared to have 2% of your proceeds set aside in escrow for the state taxes to be paid.

Conducting real estate transactions are getting more complex daily so it is in your best interest to hire a seasoned real estate professional who has your interests at heart and can guide you through the maze of paperwork and trending legalities.
Above all always consult with your accountant and other legal proffessionals.

2. Brightening. Clean all the windows inside and out, replace old curtains, update lighting fixtures and REMOVE ANYTHING BLOCKING the windows, that means also on the outside any shrubs, flowers that have not been trimmed in years. ($375 cost $1550 RETURN)

3. Smart Staging Rearrange furniture, bring in new accessories and furnishings to enhance rooms.incorporate artwork and play soft music in the background.($550 cost $2194 RETURN)

4. Landscaping enhancements Punch up the homes curb appeal in the front and back yards by adding mulch, bushes and flowers and ensuring current plants and grass are well cared for and manicured. ($540 cost $1392 RETURN)

5. Reparing electrical and plumbing. Fix leaks under sinks, remove any mildew stains, and make sure the plumbing is in working order. Update the homes electrical by updating outlets and any lights that don't work. ($535 cost $1505 RETURN)

6. Replacing or shampooing dirty carpets. Steam clean carpets, replace any worn carpets and repair any floors that creak. ($647 Cost $1739 RETURN)

All this is good and worth it as long as it has been taken care of PRIOR to putting the house on the market. So that it is in the best possible light when it first comes on the market. Doing it while it is on the market diminishes all that is being done because the first few weeks any one seeing the house already as their impression of it.

costs excerpted from home gain 2011 home sle maximizer survey. www.homesalemaximizer.com

Riverfront single family house with 3 bedrooms, 2 baths large patio Contact Gloria B @ 732-245-4031 for more info