Real Estate Information

Learning is its own exceedingly great reward.  And stay the course -- for great spirits have always encountered violent opposition from mediocre minds.  The mind stretched can never return to its original dimensions.

--Einstein

Integrity is a character trait we look for in hiring our agents and staff on the Hartman Home Team.  The willingness to do the right thing -- even when no one is looking, embodies the value of Integrity.  It's more than that inner voice you hear.  It's really found in an agent's ablility to hold together and regulate all of the elements of one's personality, controlling impulses, and appetites.  Paula and I expect our agents and staff to live with courage, responsibility, honesty, accountability, self-respect, humility, and openness.  We expect no less from our staff than we do from each other and our children.  Having integrity on the job as well as in our personal lives means we are trying to be true to ourselves, each and every day.  It's a battle, no doubt.  But we feel our customers deserve no less.  And integrity is kinetically infectious.  Many of our clients hold integrity as their moral compass both personally as well as professionally.  That's why we feel we are blessed to have the absolute best clients and staff around, anywhere.

Why not laugh?  Believe me, things can always get worse.  The first thing I try to do each day when I wake up and start looking around is to find things to laugh at.  There is nothing more honest or more revealing of who we really are than a sense of humor.  You can fake a lot of things -- just ask your spouse -- but you can't fake genuine laughter.  In 25 years of high school teaching I came to learn that laughter is the abolute best way to ease a stressful situation, defuse an argument, and learn more about others more quickly.  Humor and laughter are also a proven learning accelerator.  I am still amazed that duct taping my lion puppet to my head and teaching a grammar lesson showed amazing results in student retention -- far more than simply presenting material in lecture format.

Humor and memory also seem to go hand-in-hand.  I remain baffled, to this day, when I run across a former student who insists (in incredibly graphic detail) how, 20 years ago, for example, he was turned upside down and made to stand on his hands in front of the class while singing "Rudolf the Red Nosed Reindeer" in Spanish -- while I "allegedly" powdered his stomach with chalk dust.  Get a life.

Believe me, a sense of humor in this real estate market goes a very long way. Laughter is therapeutic and a necessary ingredient in the recipe for happiness and success.  In this office, many of the agents feel it is the best method for breaking down communication barriers.  Taking ourselves less seriously is really the only way to handle emotional people and these challenging times.

Texan: “Where are you from?”
Harvard grad: “I come from a place where we do not end our sentences with prepositions.”
Texan: “Okay – where are you from, jackass?”

Better late than never to introduce you to my personal blog on the Hartman Home Team website! Because my material here is personal, I have tried to use the same style I would use in my classroom voice, including the elliptical, colloquial, ironic and sarcastic.  My philosophy for this blog can best be summed up by Dale Carnegie, who wrote:

"The ideas I stand for are not mine.  I borrowed them from Socrates.  I swiped them from Chesterfield...I quoted them from science and medicine and put them in this book.  If you don't like their rules, whose would you use?"

My goal here is to share by my own eyewitness observations, practical perceptions and principle-centered prognostications of what is happening in the Atlantic City, Margate, Ventnor and Longport real estate markets. 

This blog is about seeing the bigger picture and simplifying it into what really works, what  doesn't, and why.

Consequently, this blog is foremost about asking the right questions, figuring out exactly what I believe in and preaching only what I practice.

I hope you will find the topics thought-provoking -- as will I of your comments.  Maybe, together we can take ourselves to a place we could not take ourselves.

The paradox of our time in history is that we have taller buildings but shorter tempers; wider freeways but narrower viewpoints.  We spend more but have less; we buy more but enjoy less.  We have bigger houses and smaller families; more conveniences but less time.  We have more degrees but less sense; more knowledge but less judgement; more experts yet more problems; more medicine but less wellness.  We've learned how to make a living but not a life; we've added years but have trouble crossing the street to meet a new neighbor.  We conquered outer space but not inner space.  We've done larger things, but not better things.

--George Carlin

 Jeffybaby's TIPS You May Wish To Consider Before Hiring Your Real Estate Agent

1. How long have you been in residential real estate in our area? If they have not been in local real estate for several years, they have not been involved in the cyclical market that has defined our market to date. Along with this, ask how many transactions they average per year. One agent could have been in business 10 years and have only closed 30 transactions, while another agent could have been in business 5 years, yet closed 500 plus transactions. Experience is relative to the amount of business the agent does.  Be careful! Ask prospective agents how long they've been working as licensed, full-time real estate agents.  Some unethical agents have been known to deceptively advertise "years of experience" rather than years of experience as a licensed real estate sales agent.  Dig a little deeper into their resume and you may discover they have very limited real estate sales experience!  One of my clients remarked that her previous agent claimed years of real estate experience, when in fact, his experience was in other areas of business.  Advertising, plumbing, or stripping do not count for real estate experience.  Such deception should serve as a "red flag."
2. What is your procedure for assisting a buyer from beginning to closing? Make sure that the agent has a precise presentation for you that explains exactly how they work and how they represent only you and your best interests.

3. What is your experience with financing alternatives, and what might they be in my situation? Each buyer's situation is different. We can literally put you in a much better financial situation with the same monthly payments simply by adjusting the financing. You might have many alternatives. Don't depend solely on the lender. Your agent should lead the way.

4. How do you determine my qualifications and when? You would be shocked at how rare it is for an agent to complete your qualifications right away. Even so, it is important to have this done early in the process. This way you are ready to make a strong offer at a moment's notice, increasing your chances for not only finding, but buying the home of your dreams.

5. How do you provide me with information on new homes for sale? Your agent should have a system that automatically updates you when new homes meeting your criteria come on the market.

6. What is your negotiating philosophy, and how do you apply it to me? This is important. Play close attention to how many transactions the agent does per year. More is better. The more transactions the agent closes, the more experience they have in negotiating just about every situation that could come up.

7. How do you find the best value for me? How do you make sure it is a good value? This is important because the agent should have some immediate and concise answers as to how they accomplish this for you. They should have systems in place and be able to explain them to you.

8. How do you protect me from the extensive costs that lenders, title companies, inspectors and others charge a home purchaser? The typical answer is that these charges are just normal. Make sure that the agent has relationships with companies that can offer you good service and some discounts. Also make sure that the agent has an immediate knowledge of what typical costs are.

9. Can you sell us a new, resale or foreclosed home? Most agents will answer affirmatively, but you should follow up with questions about specific builders and areas.

Serious about selling your home? Before you sign anything, read about these common mistakes that home sellers make:

1. Pricing Too High: It's no secret, price is everything. Overpricing does more to discourage buyers than any other single factor. When you overprice, you put your home in competition with homes that may be newer, larger or have more amenities than yours. You help your competition sell their home. This leads to long days on the market, and costs you, the seller, money in the long run. Make sure you get your pricing advice from a professional agent who knows the market.
2. Poor Condition: A home that is in ill repair, or otherwise poor condition, does not excite buyers. A home like this is looked at by buyers as a work project and money pit. Having your home in good repair and great showing condition will significantly improve your chances for a sale at top dollar value. Having your home pre-inspected by a termite and dry rot inspector will also have a positive impact on buyers.
3. Poor Curb Appeal:Most buyers today want to drive by. If your home is an attractive drive-by, it will gain more attention and certainly more showings. Doing the little things to help your home's curb appeal will make a huge difference.
4. Dreary Dark Homes Don't Sell: Buyers like updated, light and bright homes. Dark carpets, paint, and curtains are often buyer turn-offs. Go through your home and remove clutter; touch up and update paint, counter tops, and carpets. Open your home up and make sure the sun shines in. Offensive odors from pets and smoking are also huge turn-offs to most buyers. Rid your home of offensive smells by burning scented candles and create a pleasant aroma. The most important rooms to concentrate on are the living room, family room, kitchen and master bedroom. Your entire home's atmosphere is set off by these rooms.
5. Don't Over-improve: Get your home in good showing condition, but don't over do it. Huge projects such as complete remodels of kitchens, adding decks, and expanding room sizes may not pay back your investment. Before you jump into a huge improvement project, get some good advice.
6. Be Financeable: Bad roofs, exterior paint, or structural problems may make your home un-financeable. The wider the scope of financing that your home can qualify for, the higher the overall market value. Remember -- government programs like VA and FHA will be the most picky.
7. Get Good Advice and Good Market Exposure: Hiring a professional agent will help you get your home priced right, and will also get you started with the best fix ups. A strong agent will get your home exposed to the largest number of potential buyers. Paying the agent fee is often the least expensive part of selling your home. Trying to sell your home yourself can be costly. Most 'for sale by owner' homes close for less than comparable homes listed with an agent, and you have no representation.
8. Don't Be Present During Showings: When your home is being shown, go for a drive or a walk. Take yourself, your family, and pets and let the agent and their clients have the freedom they need. An agent can always do their best job of showing your home when you are not underfoot. Buyers are more at ease and much more likely to spend time looking at your home's features and benefits.
9. Let Your Agent Do the Negotiating: If there is ever a good reason to have a veteran agent working for you, it's during the negotiation of your home sale. A good negotiator can mean thousands of dollars to you, and will protect your interests. Don't let your emotions run wild during negotiations. Try to separate your emotions from your business side. Remain cool and calm during this time.
10. Act Fast With Offers: When you do get an offer on your home, act quickly and decisively. Letting offers sit around without acting can be a huge mistake. Things can change quickly in the mind of a prospective buyer. Acting quickly while the excitement and interest level are at a high point can be very important. Typically, a buyer's motivation level decreases with time. Buyers' remorse can even set in. Acting in a timely manner is essential.

A Brief History of the Rail Service to Atlantic City

Dr. Jonathan Pitney, a prominent physician who lived in Absecon in 1850, had a vision of making Atlantic City an island health resort.  He also realized that access to Atlantic City needed to be improved.  It was Pitney, along with a prominent civil engineer from Philadelphia named Richard Osborne, who had the idea of introducing rail service to the island.  Construction on the Camden-Atlantic City Railroad began in 1852, with the first train arriving from Camden on July 5, 1854.  That first trip took a whopping 21 1/2 hours to complete!  Ouch!  But that didn't stop the tourists from arriving in droves...

Although Richard Osborne has been credited with naming the city, it was Dr. Pitney who thought up the names and placements of the city streets -- which remain to this day!  He decided to name streets running east to west after the States, while streets running parallel to the ocean would be named after the world's largest bodies of water.

By 1878, tourist travel to Atlantic City had increased so dramatically that another rail line, the Narrow Gauge Line, was constructed.  At this time huge hotels and smaller rooming houses began to pop up to meet the needs of the booming tourist migration.  Two popular hotels of the age were the massive United States and the Surf House.  The Belloe House, erected on Massachusetts and Atlantic Avenues in 1853 became the city's first commercial hotel.

The next time you happen to be in the Showboat parking lot, you can stop for a moment and remember that the humongous United States Hotel used to be right where you are standing.  It was said that Atlantic City's grand hotels were luxurious, impressive, and featured the latest amenities of the time.

The institution of the convenient rail services from Philadelphia to the Island brought beautiful hotels, world-class restaurants and entertainment.  It leads me wonder what effect our new rail service between New York City and Atlantic City will have on our fine city.  The possibilites are endless!

And the Real Estate market on the Island provides endless opportunities for potential investors and home owners.  Be sure to consider THE HARTMAN HOME TEAM and PAULA HARTMAN first, for all of your real estate needs.  We're  NUMBER ONE on the Island year after year!

DIRECT TRAIN SERVICE BETWEEN ATLANTIC CITY AND NEW YORK CITY

The Atlantic City Express Service (ACES) announced recently that weekend train service between Atlantic City and New York's Penn Station will officially begin on February 6, 2009.  A joint venture of Borgata Hotel Casino and Spa, Harrah's Resort Atlantic City, and Caesars Atlantic City, Express Service is scheduled to be offered between the two cities!

The addition of a direct-access rail service between the two cities helps to further along Atlantic City's evolution into a world-class destination.  Now, more New Yorkers will be able to get to know our fine city!

ACES promises to provide customers with a safe and comfortable travel experience between New York and Atlantic City.  One stop in Newark is also scheduled.  Both first and coach class seating will be offered, with eight multi-level rail cars.  Upgraded leather seating, food and beverage kiosks, and a private lounge await you.  The upper deck is dedicated to FIrst-class seating, where servers will take your orders for food and beverages.

And once you arrive in Atlantic City, Caesars, Harrah's, and Borgata all offer complimentary shuttle service to their casinos.  What could be easier?

Introductory ticket prices will start at $50 for one-way coach seat and $75 for one-way first class seat. Additional ticket pricing and purchase information, along with full schedules will be announced in the coming weeks and will be available through www.acestrain.com. Visitors to the Web site will be able to reserve their seats and book hotel stays at Caesars Atlantic City, Harrah's Resort Atlantic City and Borgata Hotel Casino and Spa.

The benefits of a direct train service between New York City and Atlantic City are innumerable.  Having dreded the drive to the City, I, for one, have set one of my New Year's resolutions to attend at least one major Broadway show a month.  How about you?  Does the ACES affect you in any way?

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

The Housing and Economic Recovery Act of 2008 was just signed by President Bush with some amazing benefits for first time homebuyers. Call everyone you know who wants to buy their first home (or who hasn't owned one in three years), this is too good to miss - it's a $7,500 tax CREDIT (not deduction but a credit).

If you have not owned a home in three years, you qualify as a first time home buyer. If you buy a home after April 9, 2008 and before July 1, 2009, you qualify for this credit. Call your friends who just bought a home since April 9th and tell them they may take $7,500 off their tax bill if they qualify. It has to be your principal residence, so rentals do not count.

The tax credit is 10% of the cost of the home, up to a maximum of $7,500. This is not an additional deduction that lowers the amount of income to be taxed, it is a tax credit. In other words, you take $7,500 off your tax bill. But there is a catch; the credit you receive now is actually an interest-free loan that must be repaid.

The loan has no interest, and will be paid back over 15 years. You get the credit on your 2008 taxes, but you start paying it back on your 2010 taxes that are due in 2011, so you get at least two years without a payment. You pay back 6.67% of the credit each year, so for a $7,500 credit the payment is $502.50 per year. If you stay put for 15 years, you pay it off with no interest.

What happens if you sell the house? You pay the balance back at the closing. So, you get $7,500 now, and pay the rest of it back if you make money on the sale of your house. What happens if you do not make enough money when you sell your house? They forgive the rest of the debt.

Other restrictions stipulate that you have to buy your first house in three years before July 1, 2009, not have super high income, not use bond financing and buy anywhere in the US.

If you'd like to learn more about this program, please call me!