There are multiple aspects to consider when a senior looks for a new home in their older years. Their priorities in a home will likely be very different compared to what was ideal years ago, and there may be some financing challenges to work through. Navigating the process can seem challenging, but there are some ways to make it a bit easier. Create a Priority List A senior should create a priority list before starting the search for a new place. For many older adults, one-level living is important as stairs can become challenging. Natural light and an open floor plan are important to many seniors, and don't forget to look at the kitchen, bedroom, and bathroom closely to ensure they will be easily accessible. Seniors are often downsizing to a smaller place at this stage of life, but they should consider whether extra space is needed for storage or guests. If the new home will be in a retirement community or assisted living facility, consider the community amenities and other potential resources. Look at both the individual unit and the community spaces, and think about what may be needed in the years to come (not just right now). Consider Budget and Options for Accessing Equity Prior to purchasing a new home, a senior will need to consider what they can afford. Many seniors are on a limited budget, and it is vital they keep enough money accessible to live comfortably day-to-day. Not only do they need to account for monthly expenses, but they should also build a reserve for emergency repairs or future health issues. Some seniors decide to make a large down payment on their home, perhaps using equity from the sale of their previous home. As the FDIC explains, there are ways older adults can utilize equity in their new home in order to have access to cash. Some do a reverse mortgage, called a Home Equity Conversion Mortgage, while others get a home equity line-of-credit or second mortgage. Transfer of Property to Adult Children A quitclaim deed can be useful for many seniors and their families. Realtor.com defines a quitclaim deed as "a legal document that transfers any ownership claim, interest, right or title a person or entity may have in a property to someone else. In effect, it releases (or quits) any ownership claims a person may have in a piece of property." Seniors often find this to be an inexpensive way to grant ownership of a home to another family member rather than sell the property. Investopedia recommends that seniors only use this option to transfer property to someone they know and trust, such as a situation involving an older parent and adult children. However, families need to recognize that this does not transfer a mortgage, only ownership rights. If there is a mortgage on the property, additional steps will need to be taken to assume the mortgage or refinance. Focus on Reputable Options for Professional Movers When moving day arrives, many seniors will want to hire professionals for assistance. Moving can get expensive with hired movers, so it may be best to go with a proven entity rather than someone unknown. Ask around for recommendations - senior centers can be a great resource for finding movers experienced in these types of relocations. Prioritizing what a senior needs in a new home can be tricky, and older adults sometimes need to utilize special options such as a quitclaim deed or reverse mortgages to make the financial aspects fit properly. However, with some strategizing, a senior can settle comfortably into a new home that brings them peace and tranquility for their remaining years. Jim Vogel, co-founder of ElderAction, is passionate about promoting senior health and safety. He enjoys sharing valuable information with seniors and their caregivers. He focuses on helping ensure seniors are able to thrive throughout their golden years by sharing pertinent resources and information. He works with his wife, Caroline, to provide useful resources to aging seniors and their caregivers.

 

 

$ Click for current price
4 BEDROOMS | 2 (2 full ) BATHROOMS | 1752 SQUARE FEET

Sellers: Your Home is an Oasis in an Inventory Desert

Wednesday August 16th, 2017  For Sellers, Move-Up Buyers

First-time homebuyers are flocking to the real estate market by the thousands to find their dream homes in order to make their dreams of homeownership a reality. Unfortunately for many, the inventory of starter and trade-up homes in the US has struggled to keep up with demand!

According to the National Association of Realtors (NAR), the inventory of homes for sale dropped 7.1% year-over-year to a 4.3-month supply and is down for the 25th consecutive month.

Some homeowners may be hesitant to list their homes for sale because they are worried that they will also have a problem finding a home to buy and move in to. This is a legitimate concern; no one wants to sell their home quickly and not have anywhere to live.

But there is good news! If you are thinking of moving up to a luxury or premium home, there is more inventory available in these markets and you may even get a great deal on a home that has been on the market for a while.

If you are the owner of a starter home and you are looking to move into a trade-up home, or if you are just looking to relocate to a new area in a home of the same size, there is still hope!

In many markets, homeowners are building contingency plans into their contracts. This means that the homeowner builds in extra time before they close in order to find their dream home and they are upfront about the contingency with any buyers who come to see the house.

Your home is an oasis to buyers who are searching for homes in today’s market. The right buyers will sympathize and wait for you and your family to find your next home.

Bottom Line

Don’t let the fear of not finding a home to move in to stop you from moving on with your life. Let’s get together to discuss ways to set expectations with potential buyers from the start.

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There are many of us who dream of owning an older home, full of charm and personality. We imagine gorgeous woodwork, wrap-around porches, arched doorways, ornate fireplaces and sweeping carved staircases. All those hopes may come true, but be careful to evaluate the work and expense that can go along with owning an old house. Talk to your real estate agent about getting a very thorough inspection. Some experts even recommend two inspections for an older property because there can be so many hidden problems. You want to be in a position to negotiate repairs in case significant or dangerous problems are discovered. Here are some possible pitfalls to anticipate. Foundation and Structural Issues Even meticulously built homes can shift over time, causing cracks in foundations and walls. Doors and windows may jam; chimneys may need realignment and stonework might need attention. Moisture creeping in over time can cause dry rot or corrosion, which can lead to mold or mildew. Old homes have a high risk of termite damage which can devastate floors, structural supports and drywall. All these repairs can be extremely expensive and homeowners insurance likely will not cover the cost. Hazardous Materials If the house was built before 1978, it likely contains lead paint inside and out. Professional paint removers can be hired if you are uncomfortable living with lead paint, especially if you have young children. Old lead pipes pose another issue. A water filtration system for the entire house or at least the kitchen faucet is the most cost-effective fix, but you might be faced with replacing all your pipes. Asbestos was commonly used in insulation and fireproofing material until the mid-1970's. Old popcorn ceilings probably contain asbestos, too. Removal costs vary greatly depending on the size of the project. If you are planning to remodel, asbestos removal is recommended. Unsafe Electrical System Find out the age of the home's electrical system. If it is still the original knob-and-tube wiring, you should get a quote to replace it. Insulation for the wiring needs to be intact and the electrical panel and circuit breakers should be up-to-date. If the original wiring has already been replaced, it must be up to code to be safe and efficient. Check for code with updated plumbing as well. Old Appliances and Mechanics Kitchen and laundry room appliances, air conditioning systems, furnaces and water heaters all have an expected lifespan. Check the age of every unit to determine how much longer it should be operational so you can create a reasonable replacement schedule. Figure that into your household budget for the coming years if you decide to purchase the home. Trees, Leaves and Roots The beauty of a long-established neighborhood is usually a big plus when buying an older home. Towering trees and mature flowering shrubbery have great appeal, but keep in mind the price that comes with them. Trees need to be trimmed regularly or you risk dramatic problems when they are covered with ice in the winter. Autumn brings bushels of leaves to be removed. Old, tall trees have long roots that can crack foundations and sidewalks or grow into plumbing systems. All of this is costly. Good News The caution here is simply to be aware of hidden costs when you find your perfect antique dream house. There are plenty of excellent reasons to buy. Older homes are frequently in wonderful locations close to downtown cores. You are likely to find a long-established, close-knit community with lots of history. There is a good possibility that you will find craftsman-quality construction in the architectural features you admire. You also have a good chance for building equity with a strong long-term investment, if the upkeep isn't too steep. Old houses are in limited supply and if you have a gem in a desired part of town, it will likely always be in demand when you decide to sell.

Valleybrook Blackwood NJ

July 2017 Market Report

Valleybrook is a town home and condo community located in Blackwood NJ. There are 5 separate sections of Valleybrook which are Players Place (I&II) which consists of condos. Most of those are two bedroom and 1 - 2 baths. Some of the 2nd floor units also have lofts. St Andrews is part of Players Place and ruled condos as of this writing of this post, however these homes are 3 bedrooms, 2.5 baths, some with basements/some without and all have garages.

Glen Eagles are 3 story town homes and many of which back to the beautiful Valleybrook Golf Course. Then we have the Links, I & II. Beautiful town homes and the icon of the entire development. These town homes, are the most sought after in the entire development of over 1,000 homes.

Below is the SOLD market report for the first 6 months of 2017.

 

Sold Properties
Address	Beds	Baths	Living ft2	Sold Price	Cost per ft2	Sold Date
2 Muirfield Court	3	3	1,950	$226,000	$115	5/5/17
96 La Costa Drive	3	3	1,950	$217,500	$111	3/10/17
35 La Costa Drive	3	3	1,950	$217,000	$111	2/17/17
117 La Costa Drive	3	3	1,914	$215,000	$112	4/10/17
155 La Costa Drive	3	3	1,914	$215,000	$112	3/24/17
304 Masters Drive	3	3	1,907	$191,000	$100	6/2/17
23 Augusta Lane	3	3	1,914	$186,800	$97	2/10/17
2806 Wimbledon Way	3	4	1,569	$175,500	$111	6/30/17
4 Pinehurst Court	2	2	1,320	$167,000	$126	5/26/17
21 Valleybrook Court	2	3	1,534	$166,000	$108	3/31/17
27 Greens Way	2	3	1,534	$160,000	$104	2/3/17
4204 Aberdeen Lane	3	2	1,334	$150,000	$112	6/22/17
4608 Aberdeen Lane	2	2	1,334	$149,500	$112	6/21/17
4902 Aberdeen Lane Unit 49	2	2	1,334	$147,000	$110	3/17/17
4208 Aberdeen Lane	3	2	1,200	$140,000	$116	6/30/17
4607 Aberdeen Lane	2	2	1,032	$140,000	$135	5/9/17
4302 Aberdeen Lane	2	2	1,296	$138,000	$106	4/13/17
3801 Aberdeen Lane	2	2	1,200	$137,500	$114	3/31/17
3708 Aberdeen Lane	2	2	1,200	$136,820	$114	2/17/17
4207 Aberdeen Lane	2	1	944	$135,000	$143	3/13/17
4802 Aberdeen Lane	2	2	1,200	$135,000	$112	3/1/17
1302 Aberdeen Lane	2	1	1,048	$132,500	$126	6/2/17
2208 Wimbledon Way	3	2	1,334	$129,900	$97	5/31/17
1607 Aberdeen Lane	2	2	1,032	$125,000	$121	3/6/17
2806 Wimbledon Way	3	4	1,569	$123,609	$78	2/6/17

505 Wimbledon Way	2	2	1,080	$115,000	$106	3/17/17
1501 Aberdeen Lane	2	2	1,188	$114,980	$96	5/17/17
308 Wimbledon Way	2	2	1,336	$112,900	$84	7/19/17
203 Wimbledon Way	2	1	944	$90,000	$95	6/29/17
804 Aberdeen Lane	2	1	1,000	$75,000	$75	3/31/17
Average:	2.4	2.3	1,402	$152,150	$109

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There are many unavoidable tasks to tackle as you prepare to sell your home and move. However, you can reduce some of the stress with this checklist. Use it as a guide to avoid over-thinking and over-doing a few things. You've got enough to do already! First:  Hire an Agent You want to get the best price for your home and there are plenty of potential pitfalls before reaching that goal. A good agent will help you set the right price, handle marketing, manage negotiations and guide you through all the necessary paperwork. You will increase your chance for a quick sale with an agent working for you, so hire a well qualified person and listen to their advice. Let your agent shoulder some of the stress. Restrain Your Urge to Decorate A few strategic changes to your home may really boost your asking-price, but don't overdo it. Replacing worn carpet and paint are good ideas, but choose neutral colors even if that may not be your taste. You might love a Southwest motif, but your potential buyers might flinch. Going neutral with everything as you prepare for a sale should make decorating decisions easier. Don't Over Do Improvements Again, there are changes you can make that will help your house sell, but don't worry about the small stuff. You might opt to replace outdated appliances or broken door hinges. Concentrate on necessary fixes, but don't overdue it. There are plenty of repairs that you could make that will neither increase the home's value nor accelerate the sale. Be sure to ask your REALTOR^® what you should fix and what you should ignore before your house goes on the market. Start Packing to Eliminate Clutter Reducing the clutter around your house is a stress reliever because it helps get part of your packing done. This is your chance to weed out items you don't want to keep:  donate some, recycle others and toss the rest.  A thorough clutter reduction before the house goes on the market will make it easier for you to do a quick clean up before each showing, too. It's Not Personal When your house is for sale, you need to think like a business person and not a home owner. That means having a thick skin when prospective buyers are judging the pros and cons of your place. Of course, you have lots of emotion, memories and dreams tied up in your home. You need to put all that aside and distance yourself during the sale. Don't feel badly if potential buyers complain about your choice of draperies or talk about digging up your rose bushes. Just get the house sold and then make plans for your next garden. Don't Stick Around Get the entire family out the door when a showing is scheduled, including pets if possible. Buyers need to be able to imagine themselves in your home and that's difficult if you are there. Refer back to the "It's Not Personal" item above. They will likely say things that could hurt your feelings, so don't stick around to hear their discussion. Avoid this stress, leave the house, and at the very least wait in the backyard while they are there. Moving is a hard task and you want to get the sale completed quickly. Remove the stressors where you can. Before you know it, you'll be handed the keys to your new dream house and be ready to start your next chapter.

Pre-Approval Should Always Be Your First Step

 Tuesday June 27th, 2017  First Time Home Buyers, For Buyers, Move-Up Buyers

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.” 

Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:

Capacity: Your current and future ability to make your payments

Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash

Collateral: The home, or type of home, that you would like to purchase

Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.

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Broadmoor Somerdale NJ - Homes For Sale

725 Eden Ln Somerdale NJ 08083 - Broadmoor