Pennsauken, NJ Real Estate News

By Joseph Cacciapaglia
(BMC Capital)
One of the questions that I've heard over and over again from buyers is, "Why would I want to waste my time trying to buy a short sale when there are so many other homes on the market?"  This question often comes from buyers who have heard that these transactions can take 6 months to a year to complete, and rarely if ever actually close.  While this may be true of many short sales, it is not the norm when a local team of professionals is working on the transaction.  The one thing that I would always recommend to my buyers is that they only purchase a short sale where the seller has an attorney working on their behalf.  That's right to protect my buyer, I want the seller to have an attorney, and not just any attorney, but one that specializes in negotiating short sales.  I have found tha...
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Yesterday I attended a short sale seminar that was put on by a local attorney who specializes in negotiating short sales.  I've been working on short sales for quite some time now, but I do like to attend these types of things as a refresher every once in a while.  One of the most important things that he pointed out was that the original loan amount doesn't really matter to the lenders; what lenders care about is today's market value and what they would net in a foreclosure versus what they would net with a short sale. This wasn't new information, but I was glad to hear it again, because in some of the areas that I currently work in, prices have declined considerably.  I have weekly update calls with all of my sellers, during which we discuss my marketing efforts, changes in the market...
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I just received another offer on a short sale in which the buyer was requesting that the seller pay the buyer's closing costs.  This offer came through another agent who claimed to be knowledgeable about short sales.  Now a lot of you reading this probably already know that banks will not accept offers with these or similar seller concessions, but clearly there are even still a lot of real estate professionals out there that aren't familiar with the details of a short sale.  This is somewhat troubling considering that last year distressed sales made up almost half of all housing transactions in New Jersey, and this year they will probably represent an even greater proportion. In case you're wondering, I did present this offer to my client, but only because I'm legally obligated to prese...
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"If you work all over South Jersey, why is your website www.pennsaukenforeclosures.com?"  This is a question that I get all the time, and the answer is really quite simple.  I just wanted to clear this up so that everybody understands that I'm not picking on Pennsauken, and I am truly able to help them in other parts of NJ.  Pennsauken just happens to be one of the hardest hit areas in South Jersey, and it was the first place that I noticed a real need for my services.  Now I will admit a certain lack of foresight on my part in choosing this domain name, but I assure you that I'm currently looking for a new one so that everyone will feel included in this problem. I hate to make my blog entries sound too much like a commercial, but I do want to assure all of my current and future clients...
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I was recently speaking with an agent from another firm that also specializes in helping distressed homeowners with their foreclosures and short sales.  He was telling me that one of the main benefits that his clients recieve is that he personally negotiates with their lenders.  I found this to ba a little disturbing to say the least.  Now when I first started working on foreclosures, I thought that I would be doing this as well.  I thought of myself as uniquely qualified, because I do have a master's degree in real estate finance, and have worked in the mortgage industry for several years.  I quickly realized however that while this specific experience was extremely helpful in getting the home sold, playing two roles in the process was not in the best interest of my clients.  The hours...
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I was recently speaking with a homeowner who asked me why I would be marketing his home primarily to investors. He had a nice 3 bedroom 1.5 bath colonial that needed a little updating and had some deferred maintenance. He owed substantially more than his home was worth, so the sale will be a short sale, contingent upon his banks approval. His impression of investors was similar to the way I portrayed some of the 'we buy houses' guys in one of my previous entries. He thought they were just hoping to rip him off.I had to explain that many home buyers don't want to have to spend money fixing up a home once they have purchased it. Also, many home buyers aren't willing to wait the 3 months or more that a typical short sale may take to close. For these reasons it is usually an investor who is...
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I get this questions all the time, "I'm getting foreclosed on and don't qualify for a loan modifications, but if I sell my home I'll have no place to live." I realize that this is a concern that a lot of distressed homeowners have. In New Jersey, a lot of them have been told that they will be able to live in their home for up to a year before their foreclosure actually goes through. So, many of them believe that by selling their home in a short sale, they are speeding up the process of becoming homeless. From my experience, I would say that this is not entirely true, but it's also not entirely false. Sometimes homeowners are able to stay in their home for a very long time before their foreclosure occurs, but sometimes they don't. One of the benefits of a short sale is that you take back...
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I think that short sales are one of the most misunderstood options that distressed homeowners have today. I was speaking with a homeowner today who was facing foreclosure and was not able to qualify for a loan modification. She was adamant that she didn't want to do a short sale, because it would hurt her credit. What she didn't realize was that the foreclosure would have a much greater and longer lasting effect on her credit, and she may still owe whatever was leftover on her loan once the home was sold at auction. I was trying to help her avoid these problems, but because she had heard that short sales were bad, she didn't even want to discuss it. I've found that http://www.hopenow.com/homeowner_options.html is a great site that explains many of the options that homeowners have. Educa...
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By Matt Moxhay, Moorestown Real Estate
(Prudential Fox & Roach)
Here’s the Pennsauken Real Estate market update for August 2008.  Pended units for August were down 20 and Sold units were down 13 compared to August 2007; listed units were down 10 versus 2007.  This has led to a current inventory of 311 units.  Pennsauken has been averaging 29 units sold per month which means there is currently 10 months worth of inventory in Pennsauken.  This outperforms the overall Camden County market, which has 12 months worth of inventory. Year to date listed units are down 79 (a 12.8% decrease), pended units are down 89 (a 39.4% decrease) and sold units are down 98 (a 48.5% decrease).  See how this compares to the Camden County Market. Over the last 3 years the average number of units pended and sold in August was approximately 53 & 44 respectively.  This August...
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By Matt Moxhay, Moorestown Real Estate
(Prudential Fox & Roach)
Here’s the Pennsauken Real Estate market update for July 2008.  Pended units for July were down 6 and Sold units were down 7 compared to July 2007; listed units were down 5 versus 2007.  This has led to a current inventory of 301 units.  Pennsauken has been averaging 28 units sold per month which means there is currently 10 months worth of inventory in Pennsauken.  This outperforms the overall Camden County market, which has 12 months worth of inventory. Year to date listed units are down 69 (a 12.9% decrease), pended units are down 71 (a 35.5% decrease) and sold units are down 84 (a 45.9% decrease).  See how this compares to the Camden County Market. Over the last 3 years the average number of units pended and sold in July was approximately 44 & 50 respectively.  This July, there were ...
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By Matt Moxhay, Moorestown Real Estate
(Prudential Fox & Roach)
  Here’s the Pennsauken Real Estate market update for June 2008.  Pended units for June were down 8 and Sold units were down 11 compared to June 2007; listed units were down 20 versus 2007.  This has led to a current inventory of 286 units.  Pennsauken has been averaging 31 units sold per month which means there is currently 9 months worth of inventory in Pennsauken.  This outperforms the overall Camden County market, which has 11 months worth of inventory. Year to date listed units are down 64 (a 14.1% decrease), pended units are down 65 (a 38.5% decrease) and sold units are down 77 (a 51% decrease).  See how this compares to the Camden County Market. Over the last 3 years the average number of units pended and sold in June was approximately 47 & 52 respectively.  This June, there were...
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By Matt Moxhay, Moorestown Real Estate
(Prudential Fox & Roach)
  Here’s the Pennsauken Real Estate market update for May 2008.  Pended units for May were down 6 and Sold units were down 14 compared to May 2007; listed units were down 19 versus 2007.  This has led to a current inventory of 286 units.  Pennsauken has been averaging 32 units sold per month which means there is currently 8 months worth of inventory in Pennsauken.  This outperforms the overall Camden County market, which has 11 months worth of inventory. Year to date listed units are down 44 (a 11.3% decrease), pended units are down 55 (a 38.5% decrease) and sold units are down 66 (a 55% decrease).  See how this compares to the Camden County Market. Over the last 3 years the average number of units pended and sold in May was approximately 51 & 48 respectively.  This May, there were 39 u...
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By Matt Moxhay, Moorestown Real Estate
(Prudential Fox & Roach)
  Here’s the Pennsauken Real Estate market update for April 2008.  Pended units for the April were down 7 and Sold units were up 2 compared 2007; listed units were up 7 versus 2007.  This has led to a current inventory of 282 units.  Pennsauken has been averaging 31 units sold per month which means there is currently 9 months worth of inventory in Pennsauken.  This outperforms the overall Camden County market, which has 11 months worth of inventory. Year to date listed units are down 27 (a 8.7% decrease), pended units are down 53 (a 53% decrease) and sold units are down 53 (a 60.2% decrease).  See how this compares to the Camden County Market. Over the last 3 years the average number of units pended and sold in April was approximately 45 & 39 respectively.  This April, there were 30 uni...
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By Matt Moxhay, Moorestown Real Estate
(Prudential Fox & Roach)
Here’s the Pennsauken Real Estate market update for March 2008.  Pended units for the March were down 16 and Sold units were down 30 compared 2007; listed units were down 32 versus 2007.  This has led to a current inventory of 266 units.  Pennsauken has been averaging 33 units sold per month which means there is currently 8 months worth of inventory in Pennsauken.  This outperforms the overall Camden County market, which has 8 months worth of inventory. Year to date listed units are down 34 (a 15.8% decrease), pended units are down 46 (a 65.7% decrease) and sold units are down 55 (a 93.2% decrease).  See how this compares to the Camden County Market. Over the last 3 years the average number of units pended and sold in March was approximately 46 & 46 respectively.  This March, there wer...
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By Matt Moxhay, Moorestown Real Estate
(Prudential Fox & Roach)
Here's the Pennsauken Real Estate market update for February 2008.  Pended units for the February were down 7 and Sold units were down 8 compared 2007; listed units were up 4 versus 2007.  This has led to a current inventory of 247 units.  Pennsauken has been averaging 33 units sold per month which means there is currently 7 months worth of inventory in Pennsauken.  This outperforms the overall Camden County market, which has 8 months worth of inventory. Year to date listed units are down 2 (a 1.4% decrease), pended units are down 31 (a 75.6% decrease) and sold units are down 27 (a 75% decrease).  See how this compares to the Camden County Market.Over the last 3 years the average number of units pended and sold in February was approximately 39 & 33 respectively.  This February, there we...
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By Matt Moxhay, Moorestown Real Estate
(Prudential Fox & Roach)
The Pennsauken Real Estate market started 2008 by following how the Camden County market performed as a whole.  Pended units for the January were down 25 and Sold units were down 20 compared 2007; listed units were down 7 versus 2007.  This has led to a current inventory of 243 units.  Pennsauken has been averaging 36 units sold per month which means there is currently 6 months worth of inventory in Pennsauken.  This outperforms the overall Camden County market, which has 8 months worth of inventory.Over the last 3 years the average number of units pended and sold in January was approximately 40 & 38 respectively.  This January, there were 12 units pended and 19 sold.  A decline in the amount of properties pended and sold is to be expected, however these drops were fairly significant.  ...
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By Matt Moxhay, Moorestown Real Estate
(Prudential Fox & Roach)
The Pennsauken Real Estate market was slightly outperformed by the Camden County market as a whole in 2007.  Pended units were down 101 and Sold units were down 82 versus 2006.  Listed units were down by 58 in the same period.  This has led to a current inventory of 293 units.  Pennsauken has been averaging 41 units sold per month which means there is currently 7 months worth of inventory in Pennsauken.  This outperforms the Camden County market, which has 8 months worth of inventory. An inventory accumulation rate of 7 months represents a fairly balanced market given the time a year: favoring the buyers. Pennsauken had an average sale price in 2007 of $180,753 which is 0.04% lower then the sold average in 2006 (basically flat year to year).  This lags behind how Camden County performed...
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By Matt Moxhay, Moorestown Real Estate
(Prudential Fox & Roach)
The Pennsauken Real Estate market is slightly outperforming the Camden County market.  Pended units through October are down 68 and Sold units are down 72 versus the same period in 2006, listed units are up by 87 in the same period.  This has led to a current inventory of 333 units.  Pennsauken has been averaging 38 units sold per month which means there is currently 8 months worth of inventory in Pennsauken.  This outperforms the Camden County market, which has 10 months worth of inventory. An inventory accumulation rate of 8 months represents a fairly balanced market given the time a year: leaning more towards buyers then sellers. Year to date through October, Pennsauken has an average sale price of $183,728 which is 1.2% higher then the sold average in 2006.  Camden County is 1.9% hi...
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By Matt Moxhay, Moorestown Real Estate
(Prudential Fox & Roach)
The Pennsauken Real Estate market appears to be doing better than Camden County as a whole.  Pended units through September are down by 63 units and Sold units are down by 63 versus the same period in 2006.  However, listed units are up by 83 units in the same period.  This has led to a current inventory of 346 units.  Pennsauken has been averaging 39 units sold per month which means there is currently 8 months worth of inventory in Pennsauken.  This is better than Camden County which has a 10 month inventory.  Through September Pennsauken has an average sale price of $183,925 which is 1.29% higher then the sold average in 2006.  The average Days on Market (DOM) for the year is 62, which compares favorably to Camden County, where the DOM is at 73.  What does all this mean?  It means tha...
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