Living at the Jersey Shore | January 2018

LIVING AT THE JERSEY SHORE

A FRESH

Start

 How to Prepare to Buy a Home  Investment & Vacation Homes: 2017 Home Buyer Stats

 Questions to Ask When Considering Selling  Why You Need Title Insurance  Kitchen Design Trends  Tips for Brightening Your Home this Winter Featured 553Salmon.com

JANUARY 2018

A NEW YEAR, A NEW BEGINNING Thinking of Buying or Selling a Home in 2018?

No matter what your real estate goals for 2018, it’s good to learn everything you can in order to make the best decision.

CONTENTS 4-5

How to Prepare to Buy a Home

6-9

Investment & Vacation Homes: 2017 Home Buyer Stats

10-11

Questions to Ask When Considering Selling

12-13

Why Do You Need Title Insurance

14-15

Kitchen Design Trends that Make Buyers Swoon

16-17

Tips for Brightening Your Home this Winter

18

Introducing You to Our Sotheby’s International Realty Colleagues in Your Next Destination

HOW TO PREPARE TO BUY A HOME Buying a home is a huge investment. Before you jump into the wonderful world of homeownership, make sure you are prepared.

TALK TO MORTGAGE BROKERS Many first-time home buyers don’t take the time to get prequalified. They also often don’t take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely.

BE READY TO MOVE This is especially true in markets with a low inventory of homes for sale. It’s very common for home buyers to miss out on the first home they wish to purchase because they don’t act quickly enough.

By the time they’ve made their decision, they may find that someone else has already purchased the house. find a trusted partner It’s absolutely vital that you find a real estate professional who understands your goals and who is ready and able to guide you through the home buying process.

MAKE A GOOD OFFER Remember that your offer is very unlikely to be the 4

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only one on the table. Do what you can to ensure it’s appealing to a seller.

Factor maintenance & repair costs into your buying budget Even brand-new homes will require some work.

Don’t leave yourself short and let your home deteriorate. think ahead It’s easy to get wrapped up in your present needs, but you should also think about reselling the home before you buy. The average first-time buyer expects to stay in a home for around 10 years.

Develop your home/neighborhood wish list Prioritize these items from most important to least.

Select where you want to live Compile a list of three or four neighborhoods you’d like to live in, taking into account nearby schools, recreational facilities, area expansion plans, and safety.

- Source: REALTOR Magazine

OUR REACH IS GLOBAL. OUR EXPERTISE IS LOCAL.

SOTHEBY’S INTERNATIONAL REALTY MONMOUTH & OCEAN COUNTIES 2017 CLOSED SALES $1,000,000,000 $900,000,000 $800,000,000 $700,000,000 $600,000,000

$500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $0 2015 SIR

2016 Broker A

Broker B

Broker C

2017 Broker D

*Monmouth/Ocean MLS 2017 Closed Single Family 1/1/17-12/31/17

Looking to achieve true market value with the sale of your home?

Rely on a local expert with the backing of a powerful brand and an extraordinary marketing platform. Contact one of our offices today.

BELMAR 732.681.0027

MANASQUAN 732.223.2266

SEA GIRT 732.449.5959

SPRING LAKE 732.449.3322

investment & vacation home buyers 2017

Traditionally, the majority of home buyers make a primary residence their housing purchase. However, some buyers purchase a vacation home to use for a family retreat, for a principal residence in the future and investors for a home to rent to others or diversify their investments. The NAR (National Association of Realtors) Investment and Vacation Home Buyer’s Survey breaks down the share of home sales by primary residences, vacation homes, and investment properties, and presents characteristics of the nonprimary residence transactions.

• The share of vacation buyers fell last year to 12% from 16% which puts it at the historical average.

• Investment buyers remain unchanged at 19% • 42% of vacation home buyers plan to use their property for vacations or as a family retreat.

• 37% of investment property buyers purchased generate income through renting the property.

- Source: 2017 NAR Investment & Vacation Home Buyer’s Survey

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LOCATION, LOCATION, LOCATION • 25% of vacation buyers purchased in a resort area, 25% purchased in a rural area, and 21% in a small town - all highter than other buyer types.

• 36% of vacation buyers purchased in a beach area, 21% purchased on a lake front, and 20% purchased a vacation home in the country.

• 34% of investors purchased in a suburb or subdivision and 23% in an urban area or central city.

“More than 80% of vacation buyers reported that now is a good time to purchase real estate.”

- 2017 NAR Investment & Vacation Home Buyer’s Survey

Questions to Ask When Considering Selling These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, you may be ready to move.

1

Have you built substantial equity in your current home?

Check your annual mortgage statement or call your lender to find out how much you’ve paid down. Usually you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest. But if you’ve owned your home for five or more years, you may have significant, unrealized gains.

2

Has your income or financial situation changed?

If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. If your income has decreased, you may want to consider downsizing.

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3

Have you outgrown your neighborhood?

The neighborhood you pick for your first home might not be the same one in which you want to settle down for good. You may have realized that you’d like to be closer to your job or live in a better school district.

4

Are there reasons why you can’t remodel or add on?

Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

5

Are you comfortable moving in the current housing market?

If your market is hot, your home may sell quickly and for top dollar, but the home you buy will also be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. Ask your real estate professional what they see happening locally.

6

Are interest rates attractive?

Low rates help you buy “more” home, and also make it easier to find a buyer for your current place.

- Source: REALTOR Magazine wardwight.com

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REFLECTING ON A SUCCESSFUL RENTAL YEAR ...while Preparing for Summer 2018

Don’t Miss out on a Memorable Jersey Shore Summer...

For a list of available 2018 summer rentals or to learn how we can market your home as a vacation rental through the Sotheby’s International Realty network, contact one of our offices today.

BELMAR

732.681.0027

MANASQUAN 732.223.2266

SEA GIRT

732.449.5959

SPRING LAKE

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732.449.3322

Home Closings Made Simple.

What’s Title Insurance going to cost?

How much will Transfer Tax be?

What is the Mansion Tax? Before you even make an offer on a home, you can know the answer to all these questions and others with the help of Jersey Shore Title.

Simply go to the App Store and Download the Jersey Shore Title App.

info@jerseyshoretitle.com

732.247.7300 JerseyShoreTitle.com

kitchen design trends 5 Kitchen Design Trends that Make Buyers Swoon There’s a difference between renovating your kitchen with the purpose of living in it for a few years and renovating with the goal of putting your house on the market. In the latter situation, the homeowners’ design preferences are somewhat irrelevant.

Homeowners who want to sell, should make design choices with mass appeal in mind.

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CONCEALED APPLIANCES There was a time when kitchen appliances were the focal point of the kitchen. Stainless steel refrigerators and dishwashers were what buyers looked for in a modern home.

If you browse online listings, you’ll find that the following kitchen design trends are popular right now:

However, style preferences are evolving and one of today’s biggest trends is concealed or hidden appliances. Refrigerator faces now blend in with walls, and dishwashers look like they’re part of the cabinets.

QUARTZ COUNTERTOPS In high-end kitchens all over the country, you’ll notice that granite countertops have been replaced by quartz. Whereas granite can easily be stained, quartz is non-porous and highly resistant to staining and bacterial growth.

LED LIGHTING Gone are the days where bright overhead lighting was the primary light source for kitchens. Today’s most luxurious kitchens are using under-cabinet LED lighting to accent features and provide sophisticated ambiance.

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Not only can the brightness of these lights be changed, but in many cases, the color and hue can be adjusted as well. And because the light strips are so thin, you won’t even notice they’re present.

really prevalent trend is the use of reclaimed wood.

You don’t want to go overboard, but a nice accent wall or unique kitchen island can add an attractive flare.

STEEL WINDOWS Steel windows are officially in. They’ve long been used in industrial settings, but some of today’s most luxurious and fashion-forward kitchens are using steel to turn windows into statement pieces.

When combined with metal or exposed pipe, reclaimed wood creates that posh, industrial look that many homebuyers desire.

One of the hottest trends is to install floor-toceiling steel and glass windows for a modern and sophisticated look. Other homeowners simply choose to replace existing double-hung windows with fresher steel options.

RECLAIMED WOOD Reclaimed materials are totally in right now.

The kitchen can be a huge selling point for a home.

Thankfully, it’s also one of the highest returning rooms. Homeowners can expect to get most — if not all — of the money they put into a kitchen facelift back at closing, so now’s the time to get serious about a renovation.

Source: Inman.com

Not only do they add character, but they also appeal to homebuyers who are big on sustainability. One wardwight.com

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5 TIPS FOR BRIGHTENING YOUR HOME THIS WINTER Fall and winter start cozy — who hasn’t used the colder temperatures as an excuse to binge-watch Netflix while swaddled in a couch blanket? But come January, staying indoors can feel less like a treat and more like you’re living in a cave.

Here are five ways to make your house lighter, brighter, and cheerier. >>>>

Featured 68CourtSt.com

1. take the screens off the windows

You’ll get 30% more sunlight shining indoors without screens on your windows. Here’s the best part: Sunlight warms your room and saves you money on your heating bill. It’s solar power — for you!

Be sure to store your screens in your garage or basement where they won’t get damaged. In the spring you’ll want to put them back on so you can keep that 30% of the sun out and run your cooling system less.

2. CHANGE YOUR BULBS

Replace those incandescent bulbs and their yellowy light with LEDs, which produce a brighter, whiter light.

But get your bright right: • The higher the K rating on the bulb, the cooler and whiter its light.

• For cool, white light, opt for a bulb rated 3,500K to 4,100K. • For blue-white light that’s closest to natural daylight, use a bulb between 5,000K and 6,500K.

3. hang mirrors

Make the most of that weak winter light by bouncing it around the room with mirrors.

If you don’t want the distraction of seeing your reflection all the time, use a large, convex one — also known as a fish-eye mirror. It will amplify light better than a flat one. Another option: Hang a gallery wall of small mirrors.

4. Replace Heavy Curtains With Blinds or Roman Shades

Fabric curtains, while quite insulating, block light and make a room feel smaller and more cramped, especially if they’re a dark color or have a large print.

Try Roman shades or a simple valance paired with blinds to let in the maximum amount of natural light.

5. Trim branches and bushes that block light

If you look out your windows and see the tops of your bushes, grab your pruning shears and get whacking.

You don’t want anything blocking that precious natural light. Same for tree limbs that may be arching down and blocking windows. Cut them off.

- Source: Houselogic

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INSTANT CONNECTION THROUGH THE SOTHEBY’S INTERNATIONAL REALTY NETWORK

Exclusive Relationships & Partners All Over the Globe Real estate is about personal relationships and at Ward Wight Sotheby’s International Realty we strive to provide an unrivaled experience for buyers and sellers from beginning to end and beyond. Our successful contacts with our Sotheby’s International Realty affiliates and partners allow us to connect you to our associates that share the same energy, enthusiasm, and ability to get things going and get things done. Allow our relocation and referral department to connect you or someone you know with a Sotheby’s International Realty associate who is ready to assist you with your real estate needs, whether buying, selling or renting.

BELMAR 732.681.0027

MANASQUAN 732.223.2266

SEA GIRT 732.449.5959

SPRING LAKE 732.449.3322