Did You Know? Feed

Living by and between the Boxes

Did you know the old adage, "Location, Location, Location" has new twists on what that means. Data shows that having a Starbucks in your neighborhood has a positive impact on home values.

How about the big box retailer? Realty Trac found some  compelling data that the proximity to a Walmart or Target does impact property values.

It turns out that living near a Target may empty your wallet, and it could boost the value of your home.

While living near a Walmart saw an increase in value the homes appreciated at a lower rate than the national average.

Among homeowners who sold in 2015 in the same zip code as that of Target saw a 27% increase in home prices since they purchased their home. That's about 5% higher than the national average which is 22%.

Meanwhile those homes within the same Walmart zip code saw only a 16% price gain falling short of the national average.

So when looking to sell or buy a house you can boast that not only living near a Target is convenient it may actually mean price appreciation down the road.


2012 NATIONAL HURRICANE PREPARDNESS WEEK IS 27 MAY - 02 JUNE

2012 NATIONAL HURRICANE PREPARDNESS WEEK IS 27 MAY - 02 JUNE

While forecasting methods and tools are improving year after year, people are still at great risk to tropical storms and hurricanes because they continue to build along the coastline. The following is a list of helpful hints that you can use before hurricane season, when a watch or warning is issued, before, during, and after a tropical storm, or hurricane strikes your area.

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  • Enter the season prepared. 
  •  Know all evacuation routes if you live close to the coast. 
  •  Make sure your home meets building codes for withstanding hurricanes, and they have storm shutters. 
  •  Have proper tools, supplies, and a first aid kit.
  • Have plenty of batteries and flashlights ü Always have plenty of non-perishable foods on hand.


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  • Leave low lying areas. 
  •  Protect windows with plywood boards, or storm shutters. 
  •  Secure outside objects. ü Make sure you have plenty of fuel and water. 
  •  Have several days supply of food and water for each family member.
  •  If called to evacuate, do so immediately.

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  • Be ready to put your plan and preparation into action.
  • Pay attention to local weather reports on radio, television, or the internet.
  • Have house boarded up, or have storm shutters in place.
  •  Have plenty of food and water.
  • Make sure all your tools, supplies, and first aid kit available for use. 
  •  Have a secure room available.


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  • Stay in Secure Room.
  • Stay away from windows. 
  •  Do not use the phone, or candles.
  • Monitor Weather and Public Safety alerts on regular and NOAA radios.
  • Have supplies on hand.
  • Remain indoors when the eye moves over your area because the storm will resume shortly.

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  • Make sure that all is definitely clear outside, and the storm has completely passed before going out.
  • Report downed power lines, and stay away from them.
  • Use stored water and food.
  • Be patient. Things will take a while before they get back to normal.

 

 


Did you Know?

BPO Elks Lodge 742, Long Branch (150 Garfield Ave.) offers Friday night dinners the 1st and 3rd Friday of the month, featuring a salad bar and new specials menu.
The third Friday of every month spaghetti dinner features homemade meatballs, chicken parm, baked ziti, sausage, peppers and onions and much more. All you can eat $7. 6-7:30 p.m.

Eatontown Elks Lodge #2402, 216 Broad Street, Eatontown holds monthly dinners the first and third Friday of each month, from 5-7 p.m. Cost is $7. First Friday dinner is Roast Beef, third Friday meal varies. Free delivery for Senior Housings in Eaton-town and Oceanport area. For takeout orders, call 732-542-9735 the day of the dinner, as early as 2 p.m.
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Oakhurst VFW 2226, 212 Norwood Ave., Ocean Township, holds Monday Night Dinners on the first and third Monday of each month, at 6 p.m. $7 per person; RSVP by the Saturday before, 732-531-7795. They also hold Sunday Breakfast on the second and fourth Sunday of each month, 9 a.m.-noon. $6.
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Christ the King parish at Star of the Sea Church, in the rear of the chapel on Chelsea Avenue, Long Branch, has a clothing room which is open on Tuesdays from 1-4 p.m. and offers free slightly used men, women, and children's seasonal clothing. Shoes, ties, belts, and accessories are also available. All of these items are free and those in need are welcome to take whatever they need.
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Kensington Court holds a free support group for families of assisted living, Alzheimer's unit residents and members of adult day care, the second Wednesday of each month, 7-8:30pm at 864 Shrewsbury Ave., Tinton Falls. For more info, call 732-784-2406.
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Lutheran Church of the Reformation, 992 Broadway, West Long Branch, has a Community Clothes Closet that is open the second and fourth Saturday of each month from 8:30-10:30 a.m. They offer clothing, shoes, accessories, and more in sizes infant to adult for men and women. All who are in need are welcome to view the collection of new and clean gently used clothing. Take what you need for you and your immediate family at no cost whatsoever.


Tell Congress: 20% Down Payments Put the American Dream Out of Reach

What's at Stake:

NAR believes Congress intended to create a broad QRM exemption. Evidence shows that responsible lending standards and ensuring a borrower’s ability to repay have the greatest impact on reducing lender risk, not high down payments. Proposals that require high down payments will drive more borrowers to FHA, increase costs for borrowers by raising interest rates and fees, and effectively price many eligible borrowers out of the housing market.

A provision in the Dodd-Frank Act requires that financial institutions retain 5% of the risk on loans they securitize. The purpose is to discourage excessive risk taking and create strong incentives for responsible lending and borrowing.

Congress came up with the QRM concept to ensure that banks were only putting up ‘safe’ loans for securitization. NAR supports this goal, but in practice, regulators have come up with draconian parameters for what constitutes a QRM.

NAR feels this will not only affect buyers, but would also affect the ability of home owners to sell their homes, since there would be fewer buyers who could qualify for home ownership.

NAR wants federal regulators to honor Congressional intent by crafting a QRM exemption that includes a wide variety of traditionally safe, well underwritten products such as 30-, 15-, and 10-year fixed-rate loans; 7-1 and 5-1 ARMs; and loans with down payments in the 5% to 20% range with PMI, where required, and with other features found in low-risk loans such as no prepayment penalties or balloon payments.

 According to NAR Research, 60% of recent home buyers made less than a 20% down payment, and it would take 14 years for a typical person to save up a 20% down payment to buy a median-priced home.

TAKE ACTION NOW! Click on link below and it will automatically send for you!

Please contact Congress today and ask them to make it clear to the regulators that this proposed regulation was not their legislative intent and to instead implement a more reasonable Qualified Residential Mortgage (QRM) that will keep credit-worthy buyers in the market and able to acquire a loan.


TEN GREAT REASONS TO BUY A HOME IN 2011

TEN GREAT REASONS TO BUY A HOME IN 2011

  1. Quality of life – a home provides stability and security for you and your loved ones, and membership within a community of neighbors.
  2. Pride of home ownership – a home is a personal haven, a place that you can decorate, shape, and share over time because it’s yours.
  3. Excellent affordability – lower home prices combined with low interest rates means there are tremendous opportunities for buyers.
  4. Historically low interest rates – around 5 percent in the U.S. gives better purchasing power to those who qualify.
  5. Appreciation potential – your home investment can grow in value.
  6. Equity buildup and debt pay down – homeowners enjoy an average net worth of approximately $184,000 vs. $4,000 for renters.
  7. Leverage – where else can you buy an investment of this magnitude with 5-10 percent down?
  8. Tax deduction advantages – property tax and mortgage interest write-offs (in Canada, home owners gain a tax benefit upon selling).
  9. Tax exemption – up to $500,000 per married couple or $250,000 per person on sale of a primary residence in the United States (no tax upon sale in Canada).
  10. The real cost of renting – at $800 per month, with the average
    6 percent rental increase per year, you will pay $126,536 over a 10-year period but have zero ownership of the property.

Property Tax Appeals...how to

All properties have been assessed for 2011, so many homeowners start wondering whethter they should start a tax appeal or not.

Here are some guidlines about tax appeals I hope this helps you

1. Both buyers and sellers can benefit from tax appeals
    a. the seller can make thier property more appealing to prospective purchasers
    b. the buyer can potentially reduce their taxes by using their purchase price.

2. The Appeal Process:

    a.Filing deadline: APRIL 1st in ALL municipalities that have not had a municipal wide revaluation or   reassessment.

    b. MAY 1st or 45 days after the Final Notice pf Assessment in municipilaties that have undergone a Municipal wide revaluation or assessment.

    c. The filing deadline is STRICTLY ENFORCED. Failure to file your appeal by the deadline will result in you appeal being rejected.

3. Where will the appeal take place?

    a. COUNTY BOARD OF TAXATION    if the assesment is $1,000,000 or less, you must file with the County Board of Taxation (for me it is Monmouth)

    b. TAX COURT OF NEW JERSEY  if the assessment is more than $1,000,000 you have the right to file with   the Tax Court directly.

4. When is the date of Valuation?
    a. The Valuation date for Tax Appeals is  October 1st of the previous year. So in todays case it would be Oct. 1st 2010.

5. How Can I tell whether I am over- assessed?
    a. In New Jersey, most municipalities do not assess at 100% of true value.
    b. At what percentage of true value is my municipality assessing?
                Rumson:         84.96%
                Little Silver:   76.84%
                Sea Bright:     67.90%
                Red Bank:      100%

To find your municipality percentage value :  Tax equalization rate

6. How Does Assesed Value Compare to Implied Value?
     In the following hypothetical example I will use the above towns as an example:
            If your 2011 assessment is $500,000

            In Rumson your property is worth $588,512 using the 84.96%
I took the assessed value of $500,000 and divided it by town percentage value which in Rumson is 84.96%
    
            Little Silver: $650,703 using 76.84%
            Red Bank:     $500,000 using 100%

7. What does the homeowner have to prove?

    Assessing is not an exact science.

            You must Prove that the Implied Value is 15% TOO High
using the above example the Rumson owner is assessed at $500,000- the owner will have to demnstrate that the value was less than $511,771 as of October 2010 for any relief.

            How did I come up with this number?  on the chart that you clicked the above link, already has it done for you. 
    
    
If you want to do it manually you would take the percentage rate in this case 84.96% x1.15= 97.70 (upper rate). move the decimals over to the left. Then divide the assessed value again in this case $500,000ivided by .9770 =$511,770.726 and that' how it is done :)

 8. Appeal at Your Peril!!!
  
   a. When a homeowner appeals and their assessment is too low, their assessment can be INCREASED!
     b. The possibility of an increase is another reason that it is vital to consider engaging an attorney who focuses mainly on real estate tax appeals to examine the case.

9. Tax Court Value

    Residential Properties
        
Tax Court Value generally equals Actual Market Value
        Sales Comparison Approach
        Cannot compare assessments or taxes to other properties -  
                    The question is what was the Property Worth as of October 1 2010?
                    in other words Is YOUR VALUE too versus the comparable sales?

10. How can a Realtor Help YOU the Homeowner?
      
a. A Realtor can gather the information on comparable sale.
      b. A Realtor can use the MLS to locate sales data between October 1, 2009 and October 1, 2010.

            What is a comparable?
            It must have similar location, square feet, acreage, HOME TYPE, age, condition, amenities (pool, basement etc.)

     c. Make sure that the Comparable Sales are high Quality.
     d Questions to ask:
            -Was the sale marked non-usable? ( the SR1A's will have that marked, these are the papers that the town has on each property sale).
            -
Was the property exposed on the market for a very long time?
            -Were there several offers made?
            -Was the seller UNUSUALLY motivated to sell?

Monmuth County Appeal paperwork

for more detailed information on assessments

Before starting the appeal proces you may want to get an appraisal done cost can be anywhere from $450 up.

As a buyer who has a contract on a property and feels that taxes and assessment is high can legally start an appeal before they close on the property. This way they can benefit from the appeal during their first year in the new home.

Please feel free to contact me or Ted Kuch contact below for more information. 

This information was obtained by me from a seminar that Edward Kuch held. He and his firm handle Real Estate Tax Appeals to contact them:
                                                    Edward J Kuch III 
                                                    Skoloff & Wolfe ,P.C. 
                                                    973.232.2972
                                                    ekuch@skoloffwolfe.com

Let them know where you got your information.

This information is deemed reliable and nnot guaranteed. Consult your professionals for accurate information pertaining to your individual situation.