Gary`s Blog in South Jersey

Happy 2011

We thank you for continued referals and the earned repeat business.  WIthout you, our loyal clients, we would not be where we are with 34 years in the business.  From my family to yours, we wish you a happy and healthy New Year in 2011.  May 2011 bring you fulfilled dreams and memories that last!

Happy New Year!

Committed to Your Success, Gary D Simmens  Broker/Associate Balsley/Losco Real Estate

Happy holidays to everyone! A time of heartfelt thanks...

Wish to thank all my clients, friends, my super co-workers, you are all so awesome!-Everyone rocks! My heartfelt thanks for helping me accomplish my 34th year in the real estate business. I am not that old now ! :) --Remember I have been licensed to sell real estate since 18 years young, and a broker since 23 years old, I have worked through 4 recessions now, our office is still leading the way, with the super help from my co workers and good client cooperation, we found ways to make people happy and get the job done right. -THANK YOU- I appreciate your business and timely thoughtful buyer and seller referrals.

Just have to mention, super time to be a Philadelphia sports fan now--The Eagles, Flyers playing in top form and how bout those Fabulous Phillies getting pitcher Cliff Lee back!-Awesome early holiday gift for us Phillies fans.  Heck- even the 76ers tonight, almost just beat the NBA leading Boston Celtics with their new improved defense of late. They may not make the playoffs like the other Philly teams but they are quickly getting more respectable each week.

Hope everyone`s holiday season is filled with alot of love and happiness that bring alot of fond memories for you and your family. May you have a super 2011, The south Jersey shore area, Atlantic and Cape May counties should show improvement in sales, with an overall slow improving economy. Be safe and keep warm--it`s cold out there!--But remember it`s usually the best time- right now-to get that timely great bargain--smart investment you always wanted. Low bargain interest rates and low prices can`t last like this perfect buying storm forever now.  Here to help! In Appreciation--My Best  Gary Simmens

Home » Breaking Real Estate News, National Real Estate News & Comment, Real Estate Coaching & Market News
Survey Results: When Do Americans Think Housing Market Will Recover?
Submitted by Tim Harris on December 8, 2010 – 12:29 pmNo Comment | Popularity: 1% [?].Trulia.com (www.trulia.com), a top site for homebuyers, sellers and renters, and RealtyTrac (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released the latest results of an ongoing survey tracking homebuyers’ attitudes toward foreclosed homes. Results of the survey conducted online from November 2-4, 2010 by Harris Interactive® on behalf on Trulia and RealtyTrac showed that Americans continue to grapple with uncertainty about the housing market, with 58 percent of U.S. adults expecting recovery to take at least another two years.

As a result of the recent robo-signing debacle, half of U.S. adults expressed that they now have less faith in mortgage lenders, banks and the government. Another 35 percent believe the robo-signing issue will delay the housing market’s recovery, while only 6 percent of U.S. adults think the robo-signing issue will have no effect on the recovery of the housing market.

When Americans think the housing market will recover:

Year % of American adults who believe housing will recover
Already recovered 4%
2010 1%
2011 10%
2012 27%
2013 24%
2014 12%
2015 or later 22%

“More and more, American homeowners, -sellers and -buyers are tamping down their expectations for a swift recovery in the housing market and bracing themselves for a long, slow climb back to a healthy real estate market. Fifty-eight percent believe recovery will happen after 2012 and more than one in five U.S. adults believe recovery won’t happen until 2015 or later,” said Pete Flint, co-founder and CEO, Trulia. “Government incentives have come and gone and historic lows in interest rates have done little to spur recovery. Then, as if prospective buyers and sellers needed more to be concerned about, the robo-signing issue caused a ‘what’s next?’ fear to surface in the minds of consumers who, frankly, have lost faith in banks and their government to make good decisions.”

Under Water and Out of Options

Nearly half (48 percent) of homeowners with a mortgage admitted that they would consider walking away if their mortgage was under water, an increase compared with May 2010, when only 41 percent said they would consider walking away if their mortgage was under water. Interestingly, men (57 percent) are more likely than women (40 percent) to consider strategic default as an option for dealing with negative equity.

If they became unable to pay the mortgage payments on their current primary residence, two-thirds of U.S. adults with mortgages said they would consider calling the lender and trying to modify the terms of the loan as their first option. The next most popular solution is to have a tenant move in to contribute to the mortgage, but only 10 percent of U.S. adults would do this.

Interest in Buying a Foreclosure

Nearly half (49 percent) of U.S. adults are at least somewhat likely to consider purchasing a foreclosed property, up from 45 percent in May 2010. Despite the rising interest in buying a foreclosed home, an increasing number of U.S. adults also recognize negative aspects to buying a foreclosure. Over the past six months, the number of U.S. adults who believe there are downsides to buying foreclosed properties has increased to 81 percent, from 78 percent in May 2010. Among those who think there are negative aspects to purchasing a foreclosed home, the top concerns about purchasing a foreclosed property between November 2010 and May 2010 include:

Top Concerns Among Those with Negative Sentiment toward Buying a Foreclosure November 2010 May 2010
Hidden costs 66% 68%
Process is risky 54% 49%
Home may lose value 33% 35%

Expected Discount on Foreclosure Purchase

Two-thirds (67 percent) of U.S. adults would expect to pay at least 30 percent less for a foreclosed home than a similar home that was not inforeclosure, and one-third of U.S. adults (35 percent) would expect to pay at least 50 percent less for a foreclosed home. Overall 97 percent of U.S. adults would expect at least some discount on a foreclosed home.

“It seems like consumer expectations and market realities are beginning to align when it comes to foreclosure discounts,” said Rick Sharga, senior vice president, RealtyTrac. “During the third quarter, foreclosure homes sold for an average of 32 percent less than homes not in foreclosure. It’s also not surprising that we’ve seen an increase in negative sentiment toward foreclosure purchases, where the recent robo-signing controversy has added more confusion to an already complicated process.”

To listen to a replay of Pete Flint and Rick Sharga discussing the results of the survey and other insights into the real estate market, click here.

For an infographic illustrating what U.S. adults would do if they couldn’t pay their mortgages, click here.

For an infographic illustrating when U.S. adults believe the housing market will recover, click here.

For an infographic illustrating how U.S. adults believe the robo-signing scandal will impact the housing recovery, click here.

For an infographic illustrating how many U.S. adults would be willing to walk away from their upside-down homes, click here.

This November 2010 survey was conducted online within the United States by Harris Interactive via its QuickQuery(SM) online omnibus service on behalf of Trulia between November 2-4, 2010 among 2,034 U.S. adults aged 18 years and older. The sample included 1,329 homeowners, 1,000 of whom currently have a mortgage, and 652 renters. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

Best Bet Home Improvements
If you're looking to improve the appearance of your home for resale, or you just want an updated look for your own enjoyment, there are a few things you must consider before beginning any costly project.

Sure, you can spend a lot on something purely for the personal pleasure of having it - like that outdoor Jacuzzi under the attached gazebo - or you can go the practical route and make an improvement that will increase your home's market value, such as installing energy-efficient air-conditioning or repairing those shabby shingles. Be forewarned, however, and don't expect to recoup your costs on both counts. Many real-estate brokers agree that just because you put $25,000 worth of improvements into your home doesn't mean that your house is worth $25,000 more!

Exactly how much of your investment you'll recoup depends on a number of factors, such as the "big picture" housing market, the value of the homes in your neighborhood, when you plan to sell and the exact nature of the improvement. Also, consider that the longer you live in your home after a project is completed, the less likely you are to recoup its value. Just try to convince a potential buyer that Harvest Gold is cutting edge.

Below are some examples of a few improvements that usually pay off - and some that rarely make a difference (no matter how much you paid for them) when it comes time to sell your home.



Painting
If you're planning to sell your home in a year or two, a fresh coat of a neutral-toned paint could make the sale easier. A professional exterior paint job may also recoup close to 75% of its cost. Let's face it - we all like things fresh-looking.



Kitchen
With just a few basic improvements, your kitchen can practically pay you back with interest! New paint, wallpaper and flooring are always appreciated; plus, you might even consider sanding, staining or painting worn-looking cabinets. Replacing old cabinet hardware is a low-cost improvement that makes a big difference in appearance. According to Remodeling magazine, the average spent on major kitchen-remodeling is around $39,000; refinishing an outdated one averaged $15,000. The full kitchen remodeling recouped 80% of its cost, the more moderate remodeling was valued at 87%.



Area Conversions
Generally speaking, increasing the functional space of your home holds its value longer than remodeling just to make a house look better. It's also much less expensive than adding an addition to your home. Converting attic space into a bedroom, for example, usually costs around $30,000 and returns about 73% of its cost, according to Remodeling magazine. Turning your basement into extra living space costs, on average, $40,000, with a recoup average of about 69% of your costs.



Extra Bathroom
You usually can't go wrong by adding an extra bathroom. At an average cost of $14,200, a new full bath can recoup 81% of its total cost!



Deck
Adding a deck is a very cost-efficient way to add square footage to your house. Decks cost around $6,000 and generally recoup 75% of their value. Compared to other outdoor improvements (except painting), that's an excellent return.

New Windows
Your utility bill savings may make up for the iffy resale value, however, a good set of standard windows should get you around 68% back. If you start getting too fancy with custom shapes and sizes, though, don't expect to get as much in return.

Swimming Pool
In a word - don't! Unless you're putting it in for you and your family to enjoy, it's commonly agreed that a swimming pool has no resale value at all. Reason #1? Sure, they sound nice, but pools are very expensive to maintain. Running a close second is the fear of pool accidents - that's something nobody wants to experience.

Picture-Perfect Gardens
Another nicety, but who's going to spend all that time - and money? If the potential buyer is not horticulturally inclined, chances are your floral handiwork won't add to the offering price. The same can be said for expensive fences and stone walls - they look nice, but buyers don't pay up for them.

Basic Is Better
It may not sound very exciting, but it's the basic improvements you make to your home that may have the greatest return on its value: a beautiful new bathroom won't make up for a leaky roof. So if you're thinking of selling your house in the next year or so, be sure to address any problems the home may have before you, say, install those sunken gardens you've always dreamed of.

Does My Insurance Cover My Gift Cards?

What do you buy for that special someone when you can't think of anything else? With increasing frequency these days, the answer is a gift card. The National Retail Federation has reported that Americans spend more than $26 billion on gift cards during the holiday shopping season, and the average consumer spends more than $120. The reasons are simple -- gift cards are easy to purchase, never come in the wrong size or color, and the recipient is guaranteed to get an item she wants with it. Like anything else of value, however, they come with risks. Some have fees attached to them, and some expire if the owner does not use them within a certain period of time. They are also vulnerable to theft, disappearance and destruction. If your gift cards are stolen during a burglary or burn up during a house fire, will a homeowner's insurance policy reimburse you for them?

The standard homeowner's policy provides partial coverage for gift cards. It limits coverage for money, bank notes, coins, "stored value cards," smart cards and similar cash-like items to $200 for all property in that category. Also, the policy covers personal property, including cash and similar items, only for a list of 16 causes of loss. The list includes such causes as fire or lighting, windstorm or hail, explosion, smoke, vehicles, theft, vandalism, weight of ice, snow or sleet, and others. The policy provides no coverage if a cause that is not on the list is responsible for the loss.

A few examples will illustrate how this works.

Joe receives a $50 gift card for an electronics store for his birthday and leaves it in his living room with his other gifts while he goes out to celebrate. Someone breaks into his home and makes off with all the gifts. His policy will provide full coverage for the clothes, DVD's and workout gear he got and the full $50 for the gift card. This is because the value of everything in that category of cash-like items was less than $200.

Joe's family can't think of a thing to get him for Christmas, so he gets a sweater and a pile of gift cards to various electronics and sporting goods stores and coffee shops. He feigns enthusiasm for the cards and leaves everything under the tree when he goes out to visit friends that night. Unfortunately, he has forgotten to water the tree for two weeks; an exposed tree light wire ignites it. The resulting fire cooks his downstairs. The policy covers the damage to the home and contents, but it pays only the $200 maximum for the $300 worth of gift cards.

Next year, Joe's gift cards survive Christmas Day and, because he enjoys being stuck in traffic jams, he goes to the mall the day after the holiday to use them. However, when he steps up to a cash register with a Blu-Ray player under his arm, he cannot find any of the cards. He searches his car, every pocket in his coat, pants and shirt, and every place he went to in the mall, but he never finds the missing cards. Unfortunately, because disappearance is not one of the causes of loss listed on the policy, his insurance will not pay anything for them.

Some insurance companies may offer to increase the amount of coverage and the covered causes of loss for these items, so check with a professional insurance agent to identify those companies and find out the cost. For a small amount of money, you may be able protect yourself against the loss of these common gifts.