Photo by Alex Radelich via Unsplash

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A New Jersey Star-Ledger editorial published Sunday (June 25, 2018) cites continued global warming predictions as a concern for the real estate market along the Jersey shore. “If you have just acquired a 30-year mortgage for a beachfront property in Lavallette, Long Beach, Little Egg Harbor or a few dozen other New Jersey towns,” it wrote, “that house is likely to be underwater by the time you pay it off.”

Its intended meaning was literal, and not just a reference to home value. “Your seaside citadel is likely to be uninhabitable by 2045 because many waterfront communities along New Jersey’s 130 miles of coastline will require that you wade from your driveway to your front door,” the newspaper opinion added.

It quoted a Union of Concerned Scientists’ study which “determined that accelerating sea-level rise – driven primarily by climate change – will put more than 62,000 residential properties in (New Jersey) at risk of chronic flooding over the next 30 years, a collective loss cost of $26.8 billion.”

Only Florida will face more destruction, according to the scientists’ group.

The editorial suggested Americans “respect the science” and take greater interest in United States’ participation in international climate control agreements.

“Adaptation and shore replenishment will always be necessary,” the editorial concluded. “But if we continue to make bad choices – in lifestyle, energy options, and at the ballot box – we cannot be surprised if New Jersey’s treasured coastal real estate market washes away in our time.”

Free video stock footage from Videezy;
production by Polley Associates

The post Will Rising Seas Eat Away At Jersey’s Shore? appeared first on Polley Associates School of Real Estate.

The year is only half-gone but predictions are surfacing that property flipping, which accounted for a lot of money changing hands last year, could approach even bigger volume during 2018.

“A record 207,088 houses were flipped in 2017,” Forbes Magazine reported Friday (June 21, 2018), citing the ATTOM Data Solutions’ House Flipping Report in an article it published about transactional funding. “Even more could be flipped this year, especially with more foreclosure inventory coming online in states like New Jersey and home values reaching new highs,” Forbes suggested.

But a potential barrier looms. “Conventional lenders haven’t significantly eased up on their underwriting requirements,” the magazine noted, and that’s had a shrinking effect on cash purchases of real estate. Investors who want to ramp up their flipping business “need more liquidity,” author Kent Clothier added.

That’s where transactional funding plays a role. It “offers real estate investors a speedy and easy way to qualify for financing for rapid house flips and wholesale deals,” according to the magazine. Money can be made available to investors who hone in on a discounted property deal and expect to profit heavily by flipping it without renovations to another buyer.

Transactional funding isn’t cheap.Lenders may charge between $2,000 and $5,000 per deal for what amounts to a very short-term (usually only one to three days) loan, Clothier wrote, but if the investor anticipates earning a substantially bigger bundle at settlement the financing expense may not matter. It also requires the borrower to have a qualified buyer for the flipped property already under contract.

Free video stock footage from Videezy;
production by Polley Associates

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Realtor.com research shows that homes near highly rated schools receive more internet traffic than otherwise average listings. And this internet traffic is huge, considering that about half of all home buyers – totaling 5.5 million last year – have children under 18, according to the 2016 edition of the National Association of Realtors’® Profile of Home Buyers and Sellers.

Now, writer David Siroty reports, a new realtor.com® search feature makes it easy to find a home next to the school of a client’s choice.

Read a story by Siroty, titled “Find the Home of Your Dreams Near Your Favorite School with School Search,” and published July 5 (2017) at realtor.com.

Photo from Google Images

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This course starts by taking a close look at mortgage fraud in real estate transactions, including the history of mortgage fraud and its impact on consumers. It examines participants in fraud cases, as well as the role of agencies in monitoring fraud. Then it identifies various types of mortgage fraud schemes and mechanisms involved, as well as identify red flags to watch for.

The second portion focuses attention on consumer protection and its role as it relates to mortgage advertising.

Finally, the course wraps up with a look at reverse mortgages by identifying the types, requirements, payment options, and providers as they relate to consumers and the law.

Course State Approval: Continuing education for Pennsylvania real estate broker and salesperson license renewal.

This is a one-day, 7-hour, live classroom course consisting of three state-approved topics. No post-course exam is given. It is approved by, and meets 7 hours of continuing education requirements set by, the Pennsylvania State Real Estate Commission. It can be combined with other courses to fulfill all 14 hours of continuing education required by the Commission for a real estate salesperson’s or broker’s biennial license renewal during the 2014-2016 cycle that ends at midnight on May 31, 2016.

Price: $85

Student Material: This course may be accompanied by in-class materials distributed by Polley Associates.

Related:

• PA Continuing Education: What’s That Course About?
• PA Continuing Education: Live Course Attendance
• PA Continuing Education: License Renewal And Reactivation
• PA Continuing Education: License Renewal Online
• PA Continuing Education: First-Timer Requirements
• PA Continuing Education: Re-Activate A License In Escrow

Find Courses For:

• Pennsylvania Real Estate Salespersons and Brokers CE
• Pennsylvania Real Estate Salespersons’ First-Timer CE
• CE For Pennsylvania Commercial Real Estate Practitioners

The post Polley Courses: ‘Mortgage Fraud, Consumer Protection and Reverse Mortgages’ appeared first on Polley Associates School of Real Estate.

In an exercise that’s known among journalists as “crowdsourcing,” ProPublica is asking those who are “victims” of defective drywall to “take a moment to fill out our online form. With your help, we’ll be able to finally measure the scope and severity of this crisis,” it said.

The form can be found here.

Once information is received, ProPublica reporters follow up with home owners to confirm facts, gather more information, and flesh out details. In past reporting, its efforts have usually resulted in a series of stories – and occasionally video and podcasts – that delve deeply into the issue.

ProPublica is collaborating on the stories with the Sarasota FL Herald Tribune newspaper.

Crowdsourcing also is being used for a different ProPublica real estate-related series on the federal home loan modification program. “Nearly 800 struggling home owners have told ProPublica stories about their efforts to get a loan modification,” it reported.

Problem is, the response has been too overwhelming. ProPublica can use only a fraction of those in its coverage, it noted, so it wants to introduce those sources to local journalists working on similar stories. A sign-up form for them can be found here.

Photo from ProPublica

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Under normal circumstances, that query may indicate the questioner didn’t hear you properly. In real estate matters, the same question may mean a client or prospect heard you just fine, but did not understand the answer.

Few members of the public are real estate professionals. Most don’t recognize or know the meaning of acronyms licensees regularly take for granted. To buyers and sellers, “MLS” could as easily stand for “must like snakes” as it does for “multiple listing service.”

Washington-based content and social media strategist Jovan Hackley re-emphasizes that point in a blog article published Tuesday (Sept. 23, 2014) by Trulia, titled “5 Real Estate Terms Your Clients Just Don’t Understand.”

The first two: Good-Faith Estimate (“estimates can vary drastically when it comes to closing time,” Hackley notes), and Pre-Approval (“make it clear they don’t have the loan until they’ve closed,” he advises.)

Read the other three, and find out why all five sometimes pose significant miscommunication problems for licensees.

Photo from Google Images

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If you or a loved one is a Baby Boomer, the institute offers advice on how to avoid some of the pitfalls that could prevent those in the group from enjoying a happy retirement.

Be Realistic

Fitness is a high priority for boomers, so it’s not surprising that their average life span continues to lengthen. According to the Social Security Administration, the average 65-year-old man today can expect to live until age 84; a woman until age 86.

One of every four 65-year-olds today will live past 90, and one of every 10 will live until at least 95. That means it’s important to have a solid plan for funding your retirement years. If you don’t think you have enough for 20 or 30 years, it may be necessary to step up your savings or consider postponing your Social Security payments so you receive a higher monthly amount later on.

Know What You Need

You will need about 80 percent of your pre-retirement income to cover your expenses in retirement, according to the Center for Retirement Research at Boston College. Many people who thought they were on their way to a well-funded retirement saw their investments reduced by the recent recession. The Retirement Pension Planner on the American Institute of CPAs 360 Degrees of Financial Literacy site can help you get a sense of how much you might need, and provide an estimate of when your retirement savings will run out.

Simplify

If you want to have more money for retirement, start changing your spending habits now.

Living within your means can help you stretch your money now and in retirement. A common change in retirement is downsizing from a larger home to a smaller one. You’ll want to talk with a trusted area real estate agent about how to approach that, and ways to maximize your profits from a sale.

Additionally, as you discard or give away things collected over the years, consider how many new things you’ll actually need to purchase during retirement. You may find yourself better able to enjoy what you already have.

Focus On Priorities

Saving for a second home or for a child’s or grandchild’s education are worthwhile goals, but be sure to put your retirement needs first. Remember, it’s always possible to use student loans to pay for college tuition, but there won’t be similar financing available to cover retirement expenses if your savings run out.

Don’t Give Up

If you’re near retirement, it’s not too late to create or enhance your retirement account. Remember, your money can grow tax-deferred in an IRA, 401(k), or annuity, so it’s possible to do some catching up. Many members of the ever-adventurous Baby Boomer generation are also working past the traditional retirement age, so consider your options for continuing with your current job or launching a new career.

Consult A CPA

No matter how close you are to retirement, a CPA can answer your questions and help you create a plan that addresses your short- and long-term needs. To find a CPA in Pennsylvania by location or area of expertise, see the institute’s website here.

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MOORESTOWN NJ – What goes through the mind of a landscape designer as he or she surveys a property for a prospective client?

Dianne Walker, owner of and landscape designer for Colorstone Gardens LLC in Moorestown, says her technique is to “paint with plants.” With the land as her canvas, she told the Burlington County (NJ) Times newspaper, she creates outdoor environments that reflect what she hears people tell her during client interviews. She tries to tie their desires in to the surrounding property’s features or elements, she said.

A video (above) in which Walker was in interview subject herself and explained her process, was posted Thursday (Aug. 29, 2013) by The Times on the YouTube channel of Calkins Media.

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The NAR said its 2013 Investment and Vacation Home Buyers Survey showed vacation-home sales rose 10.1 percent last year to 553,000, from 502,000 in 2011. Vacation-home sales accounted for 11 percent of all real estate transactions last year, unchanged from 2011. And the trend may continue, according to association Chief Economist Lawrence Yun, who said favorable conditions were still driving second-home sales.

“We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes.  Attractively priced recreational property is also a big draw,” Yun said.

The median vacation-home price was $150,000, compared with $121,300 in 2011. That reflected what the NAR reported was “a greater number of more expensive recreational property sales in 2012.” All-cash purchases remain common in the recreation market: 46 percent of vacation-home buyers paid cash in 2012. Thirty-five percent of vacation homes were considered distressed properties.

Who was active in the market? The NAR survey reported the typical vacation-home buyers were 47 years old, and had a median household income of $92,100. They purchased property that was a median distance of 435 miles from their primary residence, although 34 percent of vacation homes were within 100 miles and 46 percent were more than 500 miles. Buyers plan to own their recreational property for a median of 10 years.

Lifestyle factors remain the primary motivation for vacation-home buyers, the NAR said. Among reasons buyers listed for purchasing a vacation home, 80 percent wanted to use the property for vacations or as a family retreat, 27 percent planned to use it as a primary residence in the future, 23 percent expected to rent to others, and 23 percent considered it a good investment opportunity.

The survey was conducted in March 2013.

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