Finding Flood Zones, Foreclosures, and More...

Finding Flood Zones

As Home Buyers continue their search for a home, quite often, the question comes up, "Is this house in a Flood Zone?" Subsequently, questions about Flood Insurance usually follow. Here are some helpful tips.

A Free Way to Determine Flood Zones

Many websites will charge you for this information. However, there is a free site called www.Floodsmart.gov which can be of tremendous help. Very simply, all you need to do is put in your address, and it'll tell you the risk for flooding. Voila!

What About Flood Insurance?

Quite often, if you are in a high risk area, your mortgage lender is going to require that you carry flood insurance. It may even be a good idea to carry it if you're not. However, its important to consult an Insurance Expert to determine appropriate coverages to best protect yourself. If you don't know a good insurance agent, feel free to contact me for a referral.

Does Your Realtor Know?

If Flood Zones are a concerned, be sure to work with a Realtor who knows the areas you are interested in and is constantly checking these homes before showing. This will save you time and energy in your search for a home.

For more information flood zones or overall assistance in finding a home, feel free to call me direct at 609-865-5877 or email me at cooper@zastko.com.

Now for this week's Foreclosures & Short Sales...

Helmetta

Highland Park

Metuchen

New Brunswick

Sayreville

South Plainfield

Woodbridge Area

Townhomes

Multi-Family

This Week's Foreclosures & Short Sales - 9/21/09

Buyer Frustration

Lately, many buyers have been extremely frustrated in their search for a home. Many times, they find what seems like the perfect deal, even visiting the home with their agent, only to discover that the house has been under contract for weeks! This was unheard of in the past, but is an ever increasing trend with Bank-owned properties. Many exasperated buyers want to know, “Why????”

The Status Quo

Generally speaking, each property that’s listed for sale is entered into an online system, giving real estate agents up to the minute information. Usually, when a seller accepts an offer, the status is changed, notifying all agents that a contract is in play, rendering the property unavailable.

The Rules Change on Bank-owned

Lately, when offers are accepted on Bank-owned properties, some agents aren’t changing the status, leading agents to believe that the property is available, when in reality, its not. Apparently, the claim is that banks are instructing agents not to change the status, so as to “maximize marketing time”. Whether this is true or not, the bottom line is that countless hours are wasted showing these homes, resulting in Buyer frustration and disappointment.

How to Stay Ahead of the Bank

During this crucial period for Buyers, time needs to be used well. In order to stay ahead, Buyers’ agents need to do their due diligence and find out about the status of these Bank-owned homes before viewing. This means doing a little extra work to contact the listing office or track down the agent to discover the truth of the matter. It requires more effort on the part of their agent, but it means that Buyers will only spend time seeing what’s available.

If you’re interested in working with an agent who will put in the extra effort in helping you find a home, feel free to contact me directly at 609-865-5877 or email me at cooper@zastko.com.

And now for this week's Foreclosures & Short Sales...

East Brunswick

Edison

Monroe

Old Bridge

Perth Amboy

Piscataway

Woodbridge Area

Townhomes

Multi-Family

This Week's Foreclosures & Short Sales - 9/14/09

How the $8000 Tax Credit Helps Home Sellers

This morning, I had a conversation with a good friend of mine who was looking to buy a larger home for his family. Quickly, the topic turned his condo as he asked the age old question, "Should I sell it now or rent?" Lately, many have asked this question, and while there are many factors that affect it, one that most sellers aren't considering is the $8000 Tax Credit.

How the Tax Credit Affects the Price of Your Home

Even though the tax credit is for Home Buyers, it is creating a very real incentive to buy a home, one that may not be there after November 30, 2009. Many buyers are responding by making the move, creating a declining inventory of homes and numerous multiple offer situations. This has helped to slow down the price decline, creating an artificial bottom.

What if the Tax Credit isn't renewed?

If the tax credit isn't renewed, the urgency is lost, and with it, Buyer demand for homes. Additionally, without the free $8000 from the government, homes will become less affordable to Buyers, resulting in a continued decline until greater affordability kicks in. However, with a lack of urgency or any incentive, slow recovery is the best we can hope for.

What if the Tax Credit is renewed?

This is certainly a much better scenario for both Buyers and Sellers. However, keep in mind that if its extended for another year, many Buyers will procrastinate for 9 months, and suddenly realize, "Nuts! I've only got 3 months to get that credit!" Granted, there will be renewed urgency towards the end, but in the interim, things will probably be slow, and if the number of homes builds up again, prices will decline.

The bottom line is that Today's Tax Credit will help you sell your home, as Buyers are urgently seeking theirs. If you'd like to discuss whether now is a good time to sell your home, or if you're interested in a free market analysis on your home, feel free to contact me directly at 609-865-5877 or email me at cooper@zastko.com.


Now for this week's Foreclosures & Short Sales...

Carteret

Edison

Middlesex

New Brunswick

Perth Amboy

Piscataway

Sayreville

Spotswood

Woodbridge Area

TOWNHOMES - Click Here

MULTI-FAMILY - Click Here

This Week's Foreclosures & Short Sales - 9/7/09

Labor Day Special!

Focus on HUD Homes

This week, we're putting our attention on HUD Homes. For those not familiar, these are homes that have been foreclosed by HUD and can only be shown by a small group of select, registered agents. This is a fantastic opportunity for any buyer wanting to pick up a great deal with little or no competition for a home.

Here's a highlight of what's available:

Somerset - 3 Bedroom, 1 Full, 2 Half Bath Split

Offered for $240,000!

East Windsor - 3 Bedroom, 2.5 Bath Townhome

Offered for $131,200!

Woodbridge - 3 Bedroom, 1 Bath Ranch

Offered for $235,000!

If you're interested in any of these homes or others like it, or simply want more information on HUD Homes, feel free to call me direct on my cell at 609-865-5877 or email me at cooper@zastko.com.

Now for this week's Foreclosures & Short Sales...

Single Family

East Brunswick

Edison

New Brunswick

North Brunswick

Old Bridge

Perth Amboy

Sayreville

Woodbridge Area

Townhomes - Click here

Multi-Family - Click here

This Week's Foreclosures & Short Sales - 9/1/09

As the summer season draws to an end, we've seen a continual shift in the market. Foreclosure/Short Sale listings continue to be down from several months ago in some areas, though persisting in others.

A Declining Inventory

In Middlesex County, new Single Family homes in a Short Sale or Foreclosure situation are down, with only 15 of a total of 175 new listings this past week, as compared to an average of 12-15% earlier this year. Similarly, townhomes also seem to be down, with only 7 of 66 total.

There are several possible reasons for this. On one hand, perhaps the market is truly getting better, with people finding new jobs. Similarly, banks may also be doing more to help people to stay in these homes through loan modification programs. On the other hand, it could also be that there's so much foreclosure action that only so many can be handled at one time.

A Significant Difference

One stark difference is the Multi-Family homes. There were only 11 Multi-Family homes listed this week, six of them in a Short Sale or Foreclosure situation. With such a low number of total listings, it would seem that owners, many of them investors, are choosing to hold these properties until the market improves. Similarly, those that are selling may be looking just to cut their losses, perhaps from non-performing tenants or overwhelming expenses.

What This Means For You...

If you're looking for a deal on a Bank-owned home, with a declining number of homes to choose from, the opportunity may quickly be slipping away. If you're interested in making a move or simply obtaining more information, please contact me directly at cooper@zastko.com or call me at 609-865-5877.


Now for This Week's Foreclosures & Short Sales...

Single Family

East Brunswick

Middlesex

New Brunswick

North Brunswick

Old Bridge

Perth Amboy

Piscataway

South Amboy

South Plainfield

Woodbridge

Townhomes/Condos - Click here

Multi-Family - Click here