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Single Women Have the Buying Power

Single Women Have the Buying Power

“Skip the spouse, buy the house” was a line from a recent Bloomberg news story about single women buying homes on their own. It’s catchy, but also true: as the article reported, single women currently account for approximately 17% of new homebuyers in the U.S., versus 7% of single men.

Why? Despite the wage gaps that remain between men and women in the workforce, many millennial women appear to value homeownership more than their male counterparts do, and are adjusting their lifestyles accordingly to make it happen.

In the Bloomberg article, Daren Blomquist, senior vice president of ATTOM Data Solutions, noted that single women typically buy at a lower price point ($173,000 compared with $190,600) and have a slightly higher foreclosure rate than men (73 per 10,000 vs. 70 per 10,000). This may be a result of the aforementioned gaps in wages, or possibly because more women raise children on their own than men do – a scenario with major financial implications.

Single women homeowners say there’s a sense of independence and a comfort level that comes with owning your space, and that despite the need for often-expensive home maintenance and other costs, homeownership can be personally fulfilling.

For both single men and women, buying one’s own home requires more financial independence than does buying with the support of a partner. It’s essential not only that prospective buyers have a down payment and months of mortgage payments saved, but also that they’re emotionally prepared for the stresses that come with homeownership – and are ready to take them on alone.
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Market Absorption Rate

JULY 2017

Well we are finally in a normal, borderline seller’s market. As the inventory tends to remain low, and interest rates creep up, it is the perfect storm for bidding wars again. The number this past month, July 2017, has shown absorption rates at 6 months and below in the Ocean County foot print, from Bayville to Little Egg. Absorption rates are a gauge for how much inventory can be sold in a period of time. To derive to this number it is really simple math. Total active homes divided by last sold in the past 30 days will give you the number of months it will take to sell off that inventory. This is what I have come up with recently:

Berkeley  AR 6.26 months

Lacey AR 5.8 months

Waretown AR 5.9

Barnegat AR 4.4

Manahawkin 4.9

Tuckerton 3.5

Little Egg Harbor 7.3

What does this mean for you the buyer or seller? 1-5 months is a sellers’ market. 5-6 months is a normal market and anything above 6 months is a buyers’ market.

Bidding wars are imminent. Buyer’s are going above asking price just to win the property. If they weren’t savvy enough to do so, the remaining inventory that they already hand picked is not as promising as that one home that got away from a higher bidder. Although we, the professional Realtors try to give some sound advice during the offer process, there is no guarantee that the advice is taken. This market hasn’t been here since 2005. Of course the pricing isn’t as insane as it was 12 years ago, but the notion of a quick selling market is here again. As rates start to rise slowly and inventory starts to wane, now would be a great time to get off the fence, stop your window shopping, and become a Proud American Home Owner. Make “American Homes Great Again”.

See you at the closing table!!

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Time for a Change

Now is the time to make a career change. Or are you looking to switch brokers? Not happy with your life? Do you still want to make money yet have the sense of freedom that we all long and desire for? Well you have come to the right place. Elite Team Realty gives you all the one on one training and tools that you need to get started in this intimate company. The broker works for you, the agent, not the other way around. There are no desk fees, yet we operate with the sense of freedom that is not typical of a larger, more corporate atmosphere. . We do not require floor time and there are one on one training meetings that accommodate your schedule. Your time is your time. We are not corporate. But when it comes to business and making money in real estate this is a no joke, serious, yet fun atmosphere. The broker will teach you all the ropes. She will remind you of all the laws and ethic requirements to keep you in check with the Real Estate Commission. They will teach you how to be a self starter, self motivating powerhouse Realtor. It’s up to you to obtain the business and grow from there. What you put into it is what you will receive. And the rewards can be as big as you want them to be. If you do not have a license Anamaria DelValle will set you up with the right school, local to your area. Guidance and assistance is always there whether it is a seasoned agent or someone just starting out. Don’t wait! There is money to be made…

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Beach Front Bargains

Word is out on the streets. It’s all about investing now. The flippers are feverishly looking for “The Deal”. And there are plenty out there. Builders are looking to build, investors are looking to purchase and flip. Whether it be a Sandy damaged tear down, an REO (Bank Owned), Estate property, and so on, deals are moving along and inventory is low. The market is turning rapidly in the Ocean County footprint. Bidding wars are starting to happen again. Prices are steadily climbing and the interest rates are still at historically low rates.  Take a look at a few waterfronts that are on the market now in Ocean County:

An interesting climb in the market are waterfronts. There are so many lagoon and bay front communities that allows affordability to the secondary home Real estate buyer. However without proper guidance it could be a major flop. Prices of house raising have gone through the roof. Anywhere from $60,000 plus. Depending on size of home and whether it is built on a slab or crawl can also have consequences to the price. Now that’s just the raising part. There are township permits to be dealt with, along with utility hook ups and disconnects. Plumbing, electric, gas, etc will need to be revamped and hooked back up by professionals after the house raising. That is just one area of it. House raising is something that must be dealt with if the home has a substantial damage letter from the township. This would mean that the owner spent more than 50% in repairs of the building assessed value from 2012, year of the storm.

If no letter of substantial damage is on file than house raising may not be an important issue. However, now we are getting involved in FEMA elevations and flood insurance.

Even though the investor may be purchasing with cash, once they go to flip the home chances are the next buyer will most likely be a loan purchaser. It could make or break the deal if the flood insurance runs in the thousands. Due diligence is necessary when purchasing a waterfront home. Whether you are on the investor side or purchaser side, it is important to learn the lingo and educate yourself. Your REALTOR should know and assist you in the process; Especially if he or she have sold waterfronts in the past.

Elevation certificates will provide all the documentation you would need when purchasing a flood zone home. A home can be in the flood zone area even if it is not a waterfront property. Most of the time anything East of Main st will have a much higher chance of it being in a flood zone. The certificate will provide elevation information that is needed for the flood insurance and for raising the home, if required.

On a lighter note, when a waterfront home is purchased for sheer delight and raising or knocking down is not the primary issue, that is when we can have some fun showing these homes and it gives our buyers so much to look forward to in their new home and surroundings, should it be a temporary vacation home or their permanent residence.

One of my prideful moments is when I filmed an HGTV segment with my clients in the Beach Haven West area. A young family, a brother and twin sisters, looking for a home they can relax in on the weekends and continue their leisure time close enough to Long Beach Island, to carry on their childhood memories and create new ones now that they are adults.

Take a look…..