I am asked aboutthe real estate market every day. How's it going? Are prices dropping? "There must be some great steal sin the market", one person said to me the other day. Well, if I have disucssed this issue with you recently, you will know my answer has been consistent (and honest!). Prices are flat, number of sales are down (in general terms).
This an article from today's Atlantic City Press:
December home sales down 26% in county
Realtors say the worst of housing downturn appears to be over
By KEVIN POST Business Editor, 609-272-7250
(Published: January 26, 2008)
Just 134 homes were sold in Atlantic County in December, a drop of 26 percent from the year before and a level not seen since the last time the real estate market hit bottom in 1993.
According to figures from the South Jersey Shore Regional Multiple Listing Service, December's sales are down 54 percent from the 289 houses sold in the same month in 2004, when the real estate boom was near its peak.
The median sale price for Atlantic County houses in December was $250,000, essentially unchanged from the price the year prior of $250,050. In December 2005 it was $260,000.
The number of homes for sale in the county - another key housing market indicator - fell 7 percent in December from the year-ago period, according to the MLS data supplied by the Atlantic City & County Board of Realtors.
The reduction in inventory - to 2,600 houses for sale in December from 2,820 the year prior - supports the view of many in the industry that the market has leveled out. Five years ago, 1,357 houses were on the market.
The average length of time it took an Atlantic County house to sell lengthened from 85 days in 2006 to 102 days last year, according to a market report from Prudential Fox & Roach, Realtors.
For the year, there were 14.6 percent fewer homes sold in the county, the report said, dropping to 3,509 from 4,110 the year before.
Despite the downturn in many market indicators, prices continued to increase. Countywide, the average home price was 7.5 percent higher in 2007 than the year before.
The largest median price increase, 11.1 percent to $300,835, was seen in Atlantic City, according to the Prudential Fox report. Price increases elsewhere included: Mullica Township, 7.7 percent to $262,743; Ventnor, 6.9 percent to $524,109; Buena, 5.1 percent to $198,099; and Buena Vista Township, 3.3 percent to $215,177.
Ocean City actually saw an increase in the number of houses sold last year, from 633 in 2006 to 725 in 2007, a gain of 14.5 percent. Average sale price there decreased 1.7 percent to $637,159.
Realtors in the region suggested the worst of the housing downturn is over in their assessments of market conditions posted on the National Association of Realtors online site.
Gary Simmens, a broker at Northfield-based Balsley Losco with more than 30 years experience, reported that as of the the start of the year, "market activity is picking up a lot."
Simmens credited casino-driven growth in Atlantic City that looks to be strong for years to come. He also noted that the city metropolitan area rated highly for the past year in property price appreciation.
Maureen Harris, an agent with Century 21 Gilmartin & Co. in Cape May, said that area's "shore resorts have maintained their moderate market prices with only longer days on the market."
Harris said the boom and bust of the real estate market the past five years is over, and now market conditions are relatively normal. [END OF STORY]
*************************************************************************************
With mortgage rates falling well below 6% and house prices flat, this may be the best time to pick a well valued home in our market. The upcoming casino development projects may have some demand impacts but I'll save my commentary on this for another day.
Until demand picks up, your listing prices need to be reasonable if you really want to sell your home. When demand increases and inventory drops a bit, your realtor should be able to respond quickly with recommended pricing changes (not always reductions!) to the market conditions.
I know where the values are in the Atlantic County region...how? I study the market for my clients, I keep in contact with other realtors and mortgage folks (sometimes the mortgage folks know more than the other realtors!), and I am active in the market.
I would like to help you buy or sell your property...just give me a call at 609-335-3222 and we'll get the process started.
TW
Saturday, January 26, 2008
Tuesday, January 8, 2008
Energy Savings
I realize that the forecast today is for 68 degree temperatures but I read this article and believe there are a few good tips...enjoy!
TW
10 Ways to Shrink Your Energy Bills
By: Keith Pandolfi, This Old House magazine, January/February 2008Print Close
Illustration: Viktor Koen
Spend a Little, Save a Lot
"This Drafty Old Barn of a Place!...Why do we have to live here?" George Bailey asks his wife after their daughter ZuZu catches cold in It's a Wonderful Life. We hear you, George. A lot of us ask the same question come wintertime, when our houses seem to turn against us as comfort levels plummet and heating costs rise. Heating alone accounts for almost half of the average American household's utility bills each year. No need to get angry about it, though. There are plenty of measures you can take. But first you'll need to consider which ones fit your budget and which ones have the greatest payback. Here are 10 suggestions to make life in your own drafty old house a little more wonderful.
1. How To Save: Choke Your Chimney
Sure, it's nostalgia-inducing and all, but when it comes down to it, your fireplace is terribly—make that laughably—inefficient. According to the Department of Energy, a lit fireplace sucks about 24,000 cubic feet of furnace-heated air up your chimney each hour. Bonus: It's replaced by cold air that comes in the opposite direction through the same opening, causing your furnace to work extra hard to keep your house toasty. Still, we love gathering round the hearth as much as the next guy. Just remember to turn the thermostat down a little when you use it. Also, crack a window in the room where the fireplace is located and then close the door, so it doesn't suck too much warm air from the rest of the house. And remember to close your damper when it’s not in use.
2. How To Save: Seal the Air Leaks
Add up all those overlooked cracks, gaps, and openings around your windows, doors, plumbing, and wiring, and you may find your house has a hole the size of a Mack ruck. Seal it up, and you'll save more than 10 percent on your heating bills. Start by caulking or weatherstripping around windows. For added comfort, pick up a product such as the 3M Indoor Window Kit at the hardware store. Resembling Saran wrap, the plastic sheet costs about $20 and can be discreetly stretched over windows using double-sided tape, blow-dried for a tight fit, and peeled off come springtime. It can increase a single-paned window's R-value by up to 90 percent. Fill in cracks around door frames with caulk, and while you're at it, install a screw-on or adhesive-backed door sweep. Use expanding-foam sealants to fill in larger gaps around plumbing and electrical work, especially where pipes enter your house through exterior walls. Tackle energy suckers in overlooked places, too—like exterior wall sockets and switches. You can block them up using fitted insulation pads. Just unscrew the switch plates and pop the pads into place.
3. How To Save: Show Your Heating System Some Love
Soot buildup, dusty or poorly lubricated fans, flickering pilot lights, and loose fan belts can add hundreds to your heating costs each year. Getting your furnace tuned up regularly by a heating contractor can do wonders for both your wallet and your overall comfort. Natural gas–powered systems should be serviced every two to three years, while oil-fired units need a tune-up every year, since they burn dirtier. To make your system even more efficient, prevent heated air from leaking into your attic or crawl spaces by sealing ductwork with mastic duct sealant—a nontoxic, paint-on material—or foil-backed tape. Doing so will reduce your home's air leakage and could save you a bundle in heating and cooling bills.
4. How To Save: Give Into Energy Star
We spend 20 percent of our electricity bills running our appliances. But we can shrink that number dramatically by replacing them with fridges, clothes washers, and dishwashers that qualify for the Energy Star. Energy Star fridges, available from major manufacturers such as GE and Frigidaire, use half as much energy as those manufactured 15 years ago and 15 percent less than new non–Energy Star models. Rated dishwashers exceed current federal energy standards by 41 percent, while Energy Star clothes washers are 40 percent more efficient than conventional models.
5. How To Save: Make Your Attic More Cush
The Department of Energy tells us you can reduce your heating and cooling needs by 30 percent just by adding a few hundred bucks' worth of new insulation. This is especially true if your house is more than 25 years old, from the time before building codes became more mindful of energy efficiency, and you haven't added any new batts yet. We tend to focus on the attic, but it's also wise to see how much insulation you have in crawl spaces, ceilings, basement walls, and around recessed lighting fixtures (just make sure those fixtures are designed for direct insulation contact). Check that your R-value is right for the climate where you live. In general, R-values should run between R-22 and R-49 in the attic, less in other spots.
6. How To Save: Embrace the Pellet Stove
It's not getting any cheaper to heat your house with gas or oil. But pellets—well, that's another story. Clean-burning pellet stoves can drastically cut your home heating costs. They look like wood-burning stoves but are fueled by small pellets made from superconcentrated sawdust. Pour them into the stove's hopper, and they're fed automatically into a burn chamber; a fan blows the hot air into your house. There are freestanding models as well as fireplace inserts, which vent through a stainless-steel lining that runs up your chimney.
7. How To Save: Take Cheaper Showers
Next time you take a shower, remember this: Heating water accounts for up to 11 percent of our utility bills. If your water heater is more than a decade old, that number could be even greater. Switching it out for a new, more efficient electric storage model could save you 10 to 20 percent on heating bills. You might also think about gas and tankless units, which save 30 and 40 percent on water heating, respectively. And let's not forget solar water heaters. At $3,500 to $4,800 installed, they're more expensive than conventional heaters, but they have longer lives (about 20 years) and pay for themselves in energy savings in about half that time. If you're not ready to buy a new water heater just yet, ratchet up your existing unit's efficiency with a water-heater blanket. It costs just 15 bucks and will save you between 4 and 9 percent on your heating bills.
8. How To Save: Find Some Perfect Storms
Did you know that 10 to 25 percent of your heating and cooling costs might be flying right out your windows? If you're not quite ready to fork out the $12,000 or more you'll need to put in new, high-efficiency units, then installing storm windows is your best option. Triple-track windows—they hold two glass sash and one screen that slide up and down on separate tracks—from Larson Manufacturing cost about $100 each and can reduce heat loss through your existing windows by 25 percent (even more if fitted over inefficient single-pane windows). They may not be as pretty as replacement windows, but sometimes it's better to feel good than look good.
9. How To Save: Address that Beast in the Basement
If you've tried all of the energy-saving recommendations above but still find your house too cold and inefficient, then maybe—just maybe—it's time to consider replacing your furnace. The average life span for a gas—or oil-fired unit is between 15 and 20 years. Along with fridges and dishwashers, Energy Star also certifies furnaces from companies such as Bryant, Carrier, and York, among many others. Most are at least 15 percent more efficient than standard models and can save you up to 20percent on heating costs.
Not sure if it's worth the money? Add up your fuel bills for last winter, then multiply that sum by 20 percent. Divide the result into the cost of buying and installing the new system, about $3,000 or so, and you'll see how many years it will take to recoup your investment.
10. How To Save: Sell Your House
That is, as long as any new pad you buy is certified by Energy Star. These newly constructed homes meet the performance standards established by the EPA and Department of Energy, consuming 30 percent less energy than standard homes, thanks to features such as enhanced insulation levels, high-performance windows, air sealing and ventilation, and high-efficiency heating and cooling equipment. If you already have a building plan worked out for your new home, then making the upgrades for Energy Star certification costs just 1 to 3 percent more but pays for itself immediately. According to Energy Star, their upgrades add just $10 to $15 per month to your mortgage payment but save you around $25 to $45 per month on your utility bills.
TW
10 Ways to Shrink Your Energy Bills
By: Keith Pandolfi, This Old House magazine, January/February 2008Print Close
Illustration: Viktor Koen
Spend a Little, Save a Lot
"This Drafty Old Barn of a Place!...Why do we have to live here?" George Bailey asks his wife after their daughter ZuZu catches cold in It's a Wonderful Life. We hear you, George. A lot of us ask the same question come wintertime, when our houses seem to turn against us as comfort levels plummet and heating costs rise. Heating alone accounts for almost half of the average American household's utility bills each year. No need to get angry about it, though. There are plenty of measures you can take. But first you'll need to consider which ones fit your budget and which ones have the greatest payback. Here are 10 suggestions to make life in your own drafty old house a little more wonderful.
1. How To Save: Choke Your Chimney
Sure, it's nostalgia-inducing and all, but when it comes down to it, your fireplace is terribly—make that laughably—inefficient. According to the Department of Energy, a lit fireplace sucks about 24,000 cubic feet of furnace-heated air up your chimney each hour. Bonus: It's replaced by cold air that comes in the opposite direction through the same opening, causing your furnace to work extra hard to keep your house toasty. Still, we love gathering round the hearth as much as the next guy. Just remember to turn the thermostat down a little when you use it. Also, crack a window in the room where the fireplace is located and then close the door, so it doesn't suck too much warm air from the rest of the house. And remember to close your damper when it’s not in use.
2. How To Save: Seal the Air Leaks
Add up all those overlooked cracks, gaps, and openings around your windows, doors, plumbing, and wiring, and you may find your house has a hole the size of a Mack ruck. Seal it up, and you'll save more than 10 percent on your heating bills. Start by caulking or weatherstripping around windows. For added comfort, pick up a product such as the 3M Indoor Window Kit at the hardware store. Resembling Saran wrap, the plastic sheet costs about $20 and can be discreetly stretched over windows using double-sided tape, blow-dried for a tight fit, and peeled off come springtime. It can increase a single-paned window's R-value by up to 90 percent. Fill in cracks around door frames with caulk, and while you're at it, install a screw-on or adhesive-backed door sweep. Use expanding-foam sealants to fill in larger gaps around plumbing and electrical work, especially where pipes enter your house through exterior walls. Tackle energy suckers in overlooked places, too—like exterior wall sockets and switches. You can block them up using fitted insulation pads. Just unscrew the switch plates and pop the pads into place.
3. How To Save: Show Your Heating System Some Love
Soot buildup, dusty or poorly lubricated fans, flickering pilot lights, and loose fan belts can add hundreds to your heating costs each year. Getting your furnace tuned up regularly by a heating contractor can do wonders for both your wallet and your overall comfort. Natural gas–powered systems should be serviced every two to three years, while oil-fired units need a tune-up every year, since they burn dirtier. To make your system even more efficient, prevent heated air from leaking into your attic or crawl spaces by sealing ductwork with mastic duct sealant—a nontoxic, paint-on material—or foil-backed tape. Doing so will reduce your home's air leakage and could save you a bundle in heating and cooling bills.
4. How To Save: Give Into Energy Star
We spend 20 percent of our electricity bills running our appliances. But we can shrink that number dramatically by replacing them with fridges, clothes washers, and dishwashers that qualify for the Energy Star. Energy Star fridges, available from major manufacturers such as GE and Frigidaire, use half as much energy as those manufactured 15 years ago and 15 percent less than new non–Energy Star models. Rated dishwashers exceed current federal energy standards by 41 percent, while Energy Star clothes washers are 40 percent more efficient than conventional models.
5. How To Save: Make Your Attic More Cush
The Department of Energy tells us you can reduce your heating and cooling needs by 30 percent just by adding a few hundred bucks' worth of new insulation. This is especially true if your house is more than 25 years old, from the time before building codes became more mindful of energy efficiency, and you haven't added any new batts yet. We tend to focus on the attic, but it's also wise to see how much insulation you have in crawl spaces, ceilings, basement walls, and around recessed lighting fixtures (just make sure those fixtures are designed for direct insulation contact). Check that your R-value is right for the climate where you live. In general, R-values should run between R-22 and R-49 in the attic, less in other spots.
6. How To Save: Embrace the Pellet Stove
It's not getting any cheaper to heat your house with gas or oil. But pellets—well, that's another story. Clean-burning pellet stoves can drastically cut your home heating costs. They look like wood-burning stoves but are fueled by small pellets made from superconcentrated sawdust. Pour them into the stove's hopper, and they're fed automatically into a burn chamber; a fan blows the hot air into your house. There are freestanding models as well as fireplace inserts, which vent through a stainless-steel lining that runs up your chimney.
7. How To Save: Take Cheaper Showers
Next time you take a shower, remember this: Heating water accounts for up to 11 percent of our utility bills. If your water heater is more than a decade old, that number could be even greater. Switching it out for a new, more efficient electric storage model could save you 10 to 20 percent on heating bills. You might also think about gas and tankless units, which save 30 and 40 percent on water heating, respectively. And let's not forget solar water heaters. At $3,500 to $4,800 installed, they're more expensive than conventional heaters, but they have longer lives (about 20 years) and pay for themselves in energy savings in about half that time. If you're not ready to buy a new water heater just yet, ratchet up your existing unit's efficiency with a water-heater blanket. It costs just 15 bucks and will save you between 4 and 9 percent on your heating bills.
8. How To Save: Find Some Perfect Storms
Did you know that 10 to 25 percent of your heating and cooling costs might be flying right out your windows? If you're not quite ready to fork out the $12,000 or more you'll need to put in new, high-efficiency units, then installing storm windows is your best option. Triple-track windows—they hold two glass sash and one screen that slide up and down on separate tracks—from Larson Manufacturing cost about $100 each and can reduce heat loss through your existing windows by 25 percent (even more if fitted over inefficient single-pane windows). They may not be as pretty as replacement windows, but sometimes it's better to feel good than look good.
9. How To Save: Address that Beast in the Basement
If you've tried all of the energy-saving recommendations above but still find your house too cold and inefficient, then maybe—just maybe—it's time to consider replacing your furnace. The average life span for a gas—or oil-fired unit is between 15 and 20 years. Along with fridges and dishwashers, Energy Star also certifies furnaces from companies such as Bryant, Carrier, and York, among many others. Most are at least 15 percent more efficient than standard models and can save you up to 20percent on heating costs.
Not sure if it's worth the money? Add up your fuel bills for last winter, then multiply that sum by 20 percent. Divide the result into the cost of buying and installing the new system, about $3,000 or so, and you'll see how many years it will take to recoup your investment.
10. How To Save: Sell Your House
That is, as long as any new pad you buy is certified by Energy Star. These newly constructed homes meet the performance standards established by the EPA and Department of Energy, consuming 30 percent less energy than standard homes, thanks to features such as enhanced insulation levels, high-performance windows, air sealing and ventilation, and high-efficiency heating and cooling equipment. If you already have a building plan worked out for your new home, then making the upgrades for Energy Star certification costs just 1 to 3 percent more but pays for itself immediately. According to Energy Star, their upgrades add just $10 to $15 per month to your mortgage payment but save you around $25 to $45 per month on your utility bills.
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