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You could live in Medford New Jersey your whole life and never know about Hoot Owl Estates. It is a quite a neighborhood gem that, until now, most people aren’t aware of.

The Hoot Owl Estates neighborhood of Medford is nicely tucked away between Hartford, Tuckerton and Taunton Roads. Pride of ownership is on display in this neighborhood, where most homes were built between the early 1970s and late 1990s. The average home re-sells for approximately $350,000.

For people like military families and first time home buyers, as well as anyone downsizing, that are interested in living in a semi wooded community, Hoot Owl Estates is an ideal spot.

There are several golf courses just five minutes away from home here, in Kings Grant, Marlton and Medford. Vincent’s offers the best sushi in Medford, and Riviera Pizza offers the best pizza in the area. Both are located within just three minutes. It’s also a great place to begin your weekend bicycle ride, on the way to Shamong, Tabernacle or the blueberry fields of Hammonton.

Best of all, homes here are a part of the beautiful town of Medford, NJ – a place that is convenient to the city of Philadelphia and is just an hour’s drive from great resort towns on our world famous Jersey Shore. Hoot Owl Estates offers some of the best of South Jersey living.

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Ask Eric About Hoot Owl Estates Today!

If you are interested in this or any other Medford, New Jersey neighborhood, contact Eric Schlamowitz today. Eric works on both commercial and residential property development projects throughout the greater South Jersey region. As a Registered Architect in New Jersey, Eric Schlamowitz has also provided real estate, architecture, design, construction, owner’s representative, and project management expertise and experience for over 30 years in New York, Pennsylvania, and New Jersey.

You can and should be your own short sale advocate. If you find yourself going down the short sale path just remember the best person that can increase the odds of a positive outcome, is YOU. Solving all the moving parts that have to be coordinated for a successful short sale is another full-time job.

Realtors and attorneys don’t like short sales because the amount of time required doesn’t justify their fee. The banks change their people working on any particular file every three months, so you have to keep telling your story over and over and over. It often seems like no one really cares. If you have liens or are behind in credit card payments, you have to negotiate a settlement that gets wrapped into the sale.

All this will seem daunting but who knows, can fight for and explain your situation better than you. In order to begin the short sale process with a mortgage holder you first have to get your house under contract. This will usually stop the foreclosure process because you are showing that you are being proactive in resolving the problem. A lender and creditors would rather give you time to complete a transaction than pay approximately $25,000 to an attorney to sell your home at foreclosure.

There is no quick remedy to a short sale. If you are persistent and never give up, you just might have a successful outcome.

Free Home Valuation

The great Yankee philosopher, Yogi Berra, once said, “It seems like déjà vu all over again”. In a few months I believe the real estate market is going to look like 2008 all over again. There has been a moratorium on mortgage payments for people who have been adversely affected by the circumstances of the past year. Once the moratorium is lifted those people might find themselves in a situation where they still cannot make mortgage payments.

Now is the Time to Get Out of Your Huge Mortgage

If you feel you might be faced with a short sale or foreclosure just remember this. DO NOT PANIC. Take a deep breath and let the anxiety flow out of your body. If you are proactive you can turn this negative situation into a positive outcome. Since inventory is very low and many homes for sale end up in bidding wars you might be able to benefit from the current market.

Depending on your specific circumstances you can sell your house and net enough or close to enough money to pay off the outstanding mortgage.

If you are interested in exploring this path you can contact me. This process has many moving parts that need to be coordinated in order to achieve a successful outcome. I have helped many sellers successfully maneuver the process. There is no quick fix but if you have patience you can have a positive outcome.

There are two very good reasons why your should sell your house now.

(1) Inventory of homes to purchase is ridiculously low. Therefore the market favors the seller. If a sellers’ home has been updated in the past three to five years and is priced where similar homes have sold in the past six months, there is a good probability that the seller will be able to get at least the listing price from a buyer in a short period of time. Since there seems to be more than three buyers for every desired property the seller could command in excess of ten to twenty percent above the listing price depending on the location.

Based on selling statistics, if an older home that has not been updated is listed based on the sale of similar properties over the last six months than the seller should be able to command a purchase price within ten percent of the asking price. A purchase price could be higher based on the number of interested buyers depending on the area.

(2) The second reason to sell your house now, especially if you are over 50 years of age, is because this might be the last opportunity in your lifetime to cash in on the appreciated value of your most important asset. The circumstances of the past year have created a bubble in the real estate market that most people don’t like to talk about. Many homeowners who have lost their jobs have been able to get moratoriums on paying their monthly mortgages. When the mortgage moratoriums end, and employment opportunities remain nonexistent than distressed homeowners will face short sales or foreclosures. A flood of properties on the market will now favor the buyers because property values will go down. It could be years before property values recover.

Free Home Valuation

So, if you are thinking of downsizing or moving out of the area get on the sell train and sell your house now! Don’t rush into buying your next home for about a year because if your timing is right you will be in a market that favors the buyer.

If you are looking to purchase your next home, now is the time. To quote Jim Cramer from Mad Money, “BUY BUY BUY”. Although inventory of homes to purchase is low, this is not the time to give up on finding your dream home. This might be the one opportunity to purchase a home in your lifetime where interest rates are going to be this low. Low interest rates means low monthly manageable payments. It also means that a 15 year mortgage becomes an affordable option. Having a 15 year mortgage will save tens of thousands of dollars compared to paying a mortgage for 30 or 40 years. You pay less interest back to the lending institution and the equity in your home builds up quicker with a 15 year mortgage.

Low interest rates means that you also have more buying power. For every point that the interest rate goes up or down your buying power also goes up or down. Buying power varies by $10,000 for every $100,000 you borrow. Increased interest rates means less buying power and lower interest rates means more buying power.

The dark cloud on the horizon that could burst the bubble is INFLATION. The result of inflation is higher interest rates, less buying power, higher mortgage payments and lower property values. If inflation gets high enough many people will not be able to buy into the American Dream of owning your own home.

If you are ready to purchase your next home and avoiding bidding wars during the upcoming Spring Market contact me through my website or instant message me.

Start Your Search Here

In addition to being the best day for eating wings and drinking beer the Super Bowl is a great day because it is the unofficial beginning of the spring real estate market. I have seen a pattern over the years where sellers take their homes off the market around the holidays and buyers don’t like to look at homes in the cold weather of January. This year, for many reasons is no exception. Right after the Super Bowl people will be ready to release that cabin fever.

The buyers come out first. Inventory is usually low until late February or mid March. The beginning of the spring market favors the sellers because the demand for homes is greater than the supply. Impatient buyers who become emotionally attached to a possible home can end up bidding from 10-20% over list price. One positive for buyers is that they have more buying power than 18 months ago. The lower interest rates have increased buying power by approximately $15,000 for every $100,000 borrowed.

If you would like to know how you can find that special home and avoid the possibility of getting into a bidding war visit my web site and send me a message.

Start Your Search Here

Every buyer, especially first time home buyers, want to make a great deal and get as much value for their purchase as possible. If that is you, the best thing you can do when you begin your home search is NEVER CALL THE REALTOR ON THE SIGN.

Your driving down a beautiful neighborhood and you see a house where it is love at first site. You pick up your phone and dial or text that realtor who has the listing. STOP. Every realtor who has a listing, including myself, loves when a potential first time home buyer calls from the sign in front of a listing. It means that there is a potential for the listing agent to get both sides of the transaction. Both sides of the transaction are twice as good as one side of the transaction.

The listing agents’ primary responsibility is to the seller not the buyer. The reason most first time home buyers give for calling an agent off the sign is that they will get a better price and the agent will reduce their commission to make a deal. That is not going to happen. The listing agent’s goal is to get the highest price for their seller. Most brokerages will not allow their agents to reduce their commission once a listing agreement is signed. The listing agent only has to act fairly with the buyer. Acting fairly can be a tenuous interpretation. If a seller does not want to disclose certain information than a selling agent will not disclose it to the potential buyer.

The best way for a first time home buyer to get a great deal is to find that agent that will be their advocate during all phases of the buying process and fight for you like a pit bull. So, when you see that house that is love at first site your next call should go to your buying agent to set up a showing.

In a recent post I indicated that because of the excessive number of unemployed people there could be an increase in short sales and foreclosures in greater numbers than we saw in 2008. This would also result in a decrease in property values. Recent economic activity seems to indicate that this hit to real estate could be short lived compared to other economic down turns but that is no comfort to the millions of people who have lost their jobs and are uncertain about the prospects of those jobs returning.

If you find yourself in the situation of facing a short sale of your home, foreclosure or worse DO NOT PANIC. Hysteria spreads worse than the coronavirus. Don’t become paralyzed with the inability to make a decision and move forward. Accept the fact that your world is collapsing and there is no way out for only a day or two. It is then time to formulate a plan to either sell your home with as few consequences to your future well being or keep your home. Just ignore the effect of COVID-19 on real estate markets, at least for the short term.

Knowledge is king and is a great remedy for stress and anxiety. You need to gather as much information as you can about the short sale and foreclosure process. Your mindset at this point will be a great factor in a successful outcome. Turn this into a game where your goal is to win.

Find a realtor who has been through all aspects of the process before. The process could take anywhere from three months to five years. The longer the process goes the better your chances are of keeping your home especially if the economy improves quickly, as is anticipated.

The biggest trick is to select the right realtor. Unfortunately, most realtors have no idea how the process works. They might have been involved in a short sale transaction before but the attorney for the seller is probably the one who coordinated the process with the bank and lien holders. Sad to say, realtors do not like getting involved in short sales because the time involved in completing the transaction is not equal to the compensation of the respective commission. Your realtor needs to be you advocate, have patience and be able to negotiate with the bank and any other entities that might have a financial interest in your property. The realtor needs to explain all the aspects of the short sale and foreclosure process to you until you are an expert and are confident enough to work with the realtor to develop a successful strategy.

Are you curious about the effect of COVID-19 on real estate in your neighborhood? I specialize in Medford, Medford Lakes and Shamong real estate. 

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A quick word of caution to all house flippers. Having experienced the Savings and Loan housing crisis back in the 80’s, without my asbestos underwear, when I thought I knew everything, was a painful experience. I would like to share some insights about flipping homes now because the similarities to the 80’s exist today but are more severe. Most successful flippers are looking to purchase a distressed property and make a quick turn- around for an average of $20,000 – $30,000 profit. There are those few occasions where a flipper can make a lot more, but the successful ones go for multiple singles than hitting that grand slam.

Although I hope I am wrong but unfortunately, based on my experiences and knowing that history (especially in real estate) tends to repeat itself, this is how the market looks. Inventory has been low for property purchases even before the Coronavirus hit. Now inventory is even lower which means that the sellers have an upper hand and property values have actually drifted up.

That is probably going to change. I believe in the next 3-6 months property values could go down 20-25%. There are too many people that are unemployed and not going to be able to pay their mortgages. The banks may or may not help those people who get behind in their mortgages but homeowners in that situation cannot count on that lifeline. Therefore, as what happened in 2008, but on a larger scale, there could be an abundance of short sales and foreclosures. This will change the balance between supply and demand. The supply will greatly increase causing property values to go down. This might be good for buyers looking for a bargain, but it is not a good environment for flippers to make a quick return on their investment. Even the nicest fixed up flips will only be able to sell their investments quicker but at the reduced property values.

The is a silver lining to this situation Flipping and holding for rental income and depreciation has financial benefits that should be discussed with your accountant. Many people who have lost their homes that are part of the collateral damage of the pandemic, but are in a financial position to pay rent, are good candidates for tenants.

In the meantime, stay healthy and safe and look for those great opportunities. Contact me to assist your search! 

Usually when I go on my weekend long bike ride through Medford, Shamong and Tabernacle I always try to go faster than the previous week. Now that time seems to have stood still and there doesn’t seem to be a rush to go anywhere I slowed down and realized how beautiful and peaceful some of the sites are in Burlington and Camden Counties. I realized how grateful I am to pass the horse farms, the lakes and enjoy the solitude of a quiet country road in a time of total insanity.