Pending Home Sales Plunge 31% From a Year Ago

Persistent inflation is proving “quite harmful to the housing market,” says NAR Chief Economist Lawrence Yun.

The housing market is quickly contracting as rising mortgage rates and stubbornly high inflation prompts more home buyers—and even sellers—to back away. The National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on home contract signings, dropped for the fourth consecutive month in September, down 10.2% compared to August and a whopping 31% compared to a year earlier.

“Persistent inflation has proven quite harmful to the housing market,” says NAR Chief Economist Lawrence Yun. “The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.”

The number of active listings also is falling quickly as more homeowners grow reluctant to trade in the lower mortgage rates they secured in the last few years for today’s higher rates. “The new normal for mortgage rates could be around 7% for a while,” Yun says. “On a $300,000 loan, that translates to a typical monthly mortgage payment of nearly $2,000, compared to $1,265 just one year ago—a difference of more than $700 per month. Only when inflation is tamed will mortgage rates retreat and boost home purchasing power for buyers.”

NAR’s latest report also shows that all four major regions of the U.S. are seeing a sharp pullback in home sales, with pending home sales down about 27% or more on a year-over-year basis in each region. The West is seeing the largest yearly contraction in pending home sales, down 38.7% annually. However, the Northeast posted the largest month-over-month drop in September, with pending home sales down 16.1% compared to August, NAR reports.

NAR September 2022 Pending Home Sales chart

©National Association of REALTORS®
Reprinted with permission

What Happens When Mortgage Rates Break 7%?

NAR Chief Economist Lawrence Yun paints a picture of what could happen with borrowing costs once it passes a critical threshold.

Mortgage rates remained just shy of 7% this week—the 30-year fixed rate loan is at 6.94%—which could be a “new normal” after recent rapid increases in borrowing costs, says Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®. Mortgage rates have been hovering near 7% for the last month.

Higher mortgage rates are prompting home buyers to adjust their price points so they don’t go over budget. A year ago, a home buyer looking to spend about $1,500 on a monthly mortgage payment could afford a $380,000 home, says Lisa Sturtevant, chief economist for Bright MLS. Today, with mortgage rates more than double what they were a year ago, that budget has dropped to $250,000. “In many areas of the country, homes in this price range don’t exist,” she says. First-time home buyers may be hit particularly hard because they don’t have equity to roll into a new home purchase, Sturtevant adds.

The heights that mortgage rates have reached caught the housing market off guard. “At the beginning of the year, it seemed very unlikely that mortgage rates would push past 6%,” Sturtevant says. “Now the question is how high will they go? A lot of the answer depends on how aggressive the Federal Reserve is going to go on rate hikes in its next two meetings. But the impacts of the Federal Reserve’s actions are crystal clear: The Fed will continue to raise rates in an attempt to tamp down inflation, even if it causes pain in the short term.”

NAR Chief Economist Lawrence Yun warned at the recent National Association of Real Estate Investors conference in Atlanta that mortgage rates could rise up to 8.5%, “which would be another big shock to the housing market.” With inflation outpacing wage growth, the typical family is spending more than 25% of their income on mortgage payments, Evangelou writes at the association’s blog, Economists’ Outlook. “Including other expenses, such as mortgage insurance, home insurance, taxes and expenses for property maintenance, homebuying costs exceed 30% of a typical family’s income,” she notes. Many financial experts consider households in this situation to be cost-burdened.

Mortgage rates at 7% were typical in the mid- to late-1990s and early 2000s. But home buyers today are facing high inflation and more expensive home prices. “The 30-year fixed-rate mortgage continues to remain just shy of 7% and is adversely impacting the housing market in the form of declining demand,” says Sam Khater, Freddie Mac’s chief economist. “Additionally, homebuilder confidence has dropped to half of what it was just six months ago, and construction—particularly single-family residential construction—continues to slow down.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 20:

  • 30-year fixed-rate mortgages: averaged 6.94%, with an average 0.9 point, rising from last week’s 6.92% average. Last year at this time, 30-year rates averaged 3.09%.
  • 15-year fixed-rate mortgages: averaged 6.23%, with an average 1.1 point, rising from last week’s 6.09% average. A year ago, 15-year rates averaged 2.33%.
  • 5-year hybrid adjustable-rate mortgages: averaged 5.71%, with an average 0.4 point, dropping from last week’s 5.81% average. A year ago, 5-year ARMs averaged 2.54%.

Freddie Mac reports commitment rates along with average points to better reflect the upfront cost of obtaining the mortgage.

©National Association of REALTORS®
Reprinted with permission

Vacation Home / Jersey Shore – 209 38th St. Sea Isle City, NJ. 08243

209 38th St. Sea Isle City, NJ. 08243

Listing courtesy of Dustin Laricks – COMPASS RE – Sic

$750,000

Est. Mortgage $4,722/mo*
3 Beds
2 Baths

Description about this home for sale at 209 38th St. Sea Isle City, NJ. 08243

Located on a wide street in a very nice residential neighborhood, this townhouse has great qualities! The entire first floor is wide open and filled with natural light. With a front deck, rear deck and large back yard, there is plenty of outdoor living space for friends and family. The top floor features three nice size bedrooms. Don’t miss the opportunity to make this townhouse your own!

Interior Features on this home for sale at 209 38th St. Sea Isle City, NJ. 08243
Interior DetailsNumber of Rooms: 7
Beds & BathsNumber of Bedrooms: 3Number of Bathrooms: 2Number of Bathrooms (full): 1Number of Bathrooms (partial): 1
Appliances & UtilitiesAppliances: Range, Oven, Refrigerator, Washer, Dryer, Dishwasher, Electric Water HeaterDishwasherDryerRefrigeratorWasher
Heating & CoolingHeating: Electric,Fireplace(s)Has CoolingAir Conditioning: Central AirHas HeatingHeating Fuel: Electric
Fireplace & SpaHas a Fireplace
Levels, Entrance, & AccessibilityLevels: Two
Exterior Features
Parking & GarageHas Open ParkingParking: Stone Driveway
Water & SewerSewer: City
Days on Market
Days on Market: 1
Property Information
Year BuiltYear Built: 1981
Property Type / StyleProperty Type: ResidentialProperty Subtype: Townhouse
BuildingNot a New Construction
Property InformationIncluded in Sale: Furniture
Price & Status
PriceList Price: $750,000
Active Status
MLS Status: ACTIVE
Location
Direction & AddressCity: Sea Isle City

PLEASE NOTE: Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale, they may also have updated pricing and conditions. Please Contact Me for more information about this home for sale at 209 38th St. Sea Isle City, NJ. 08243 and other Homes for sale in Delaware County PA and the Wilmington Delaware Areas

Anthony DiDonato
ABR, AHWD, RECS, SRES
, SFR
CENTURY 21 All-Elite Inc.

Home for Sale in Delaware County PA Specialist
3900 Edgmont Ave, Brookhaven, PA 19015
Office Number: (610) 872-1600 Ext. 124
Cell Number: (610) 659-3999 {Smart Phones Click to Call}
Direct Number: (610) 353-5366 {Smart Phones Click to Call}
Fax: (610) 771-4480
Email: anthony@anthonydidonato.com
Call me for info on this home for sale at 209 38th St. Sea Isle City, NJ. 08243

Listing courtesy of Dustin Laricks – COMPASS RE – Sic

Delaware County / Delco Home – 204 Oldfield Way, Broomall, PA. 19008

204 Oldfield Way, Broomall, PA. 19008

Listing courtesy of Diana Hallinan – Compass RE,

$510,000

Est. Mortgage $3,603/mo*
3 Beds
3 Baths
1856 Sq. Ft.

Description on this home for sale at 204 Oldfield Way, Broomall, PA. 19008

Step into this move-in ready 3 Bedroom, 2.5 bath split in a highly desirable section of Lawrence Park. It is freshly painted in a contemporary palette and boasts custom millwork throughout. A large front window provides plenty of light to the open concept living/dining room. The kitchen has been updated and the wall opened for a great flow on the first floor. A light-filled family room, surrounded by windows, can be accessed by French doors from the dining room. Although not heated, a gas fireplace makes this room useful for most of the year. Just a few steps down from the kitchen, the lower level space has another generous family room, pantry, powder room and laundry room with additional storage. Upstairs the primary bedroom has a double closet and newly remodeled full bath. Two additional bedrooms and a hall bath, also newly remodeled, completes this floor. This house has everything you are looking for: beautiful walnut hardwoods, luxury vinyl plank in some areas, Shaker style soft-close cabinets with granite and stainless in the kitchen, new tile bathrooms and an open concept. It sparkles with curb appeal on a large corner lot that has been well-maintained. There is a storage shed and a 3-car parking driveway. Make your appointment today. This home will not disappoint.

Interior Features on this home for sale at 204 Oldfield Way, Broomall, PA. 19008
Interior DetailsNumber of Rooms: 8
Beds & BathsNumber of Bedrooms: 3Number of Bathrooms: 3Number of Bathrooms (full): 2Number of Bathrooms (half): 1
Dimensions and LayoutLiving Area: 1856 Square Feet
Appliances & UtilitiesUtilities: Cable ConnectedAppliances: Dishwasher, Refrigerator, Stainless Steel Appliance(s), Built-In Range, Gas Water HeaterDishwasherLaundry: Lower Level,Laundry RoomRefrigerator
Heating & CoolingHeating: Forced Air,Natural GasHas CoolingAir Conditioning: Central A/C,Natural GasHas HeatingHeating Fuel: Forced Air
Fireplace & SpaNumber of Fireplaces: 1Fireplace: Gas/PropaneHas a Fireplace
Gas & ElectricElectric: 200+ Amp Service
Windows, Doors, Floors & WallsWindow: Replacement, Skylight(s)Flooring: Wood, Tile/Brick, Luxury Vinyl Plank, Wood Floors
Levels, Entrance, & AccessibilityStories: 3Levels: Split Level, ThreeAccessibility: NoneFloors: Wood, Tile Brick, Luxury Vinyl Plank, Wood Floors
ViewView: Street
Exterior Features
Exterior Home FeaturesRoof: ShingleOther Structures: Above Grade, Below GradeExterior: Sidewalks, Street LightsFoundation: Slab, BlockNo Private Pool
Parking & GarageOpen Parking Spaces: 3No CarportNo GarageNo Attached GarageHas Open ParkingParking Spaces: 3Parking: Asphalt Driveway,Driveway
PoolPool: None
FrontageNot on Waterfront
Water & SewerSewer: Public Sewer
Finished AreaFinished Area (above surface): 1856 Square Feet
Days on Market
Days on Market: 1
Property Information
Year BuiltYear Built: 1961
Property Type / StyleProperty Type: ResidentialProperty Subtype: Single Family ResidenceStructure Type: DetachedArchitecture: Colonial
BuildingConstruction Materials: Vinyl Siding, Aluminum Siding, BrickNot a New Construction
Property InformationCondition: ExcellentNot Included in Sale: Topiary Bush Outside.Included in Sale: Washer, Dryer, Refrigerator, Microwave And Cabinet, All In “as Is” Condition At Time Of Settlement.Parcel Number: 25000348006
Price & Status
PriceList Price: $510,000Price Per Sqft: $275
Status Change & DatesPossession Timing: Negotiable
Active Status
MLS Status: COMING SOON
Location
Direction & AddressCity: BroomallCommunity: Lawrence Park
School InformationElementary School: LoomisElementary School District: Marple NewtownJr High / Middle School: Paxon HollowJr High / Middle School District: Marple NewtownHigh School: Marple NewtownHigh School District: Marple Newtown

PLEASE NOTE: Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale, they may also have updated pricing and conditions. Please Contact Me for more information about this home for sale at 204 Oldfield Way, Broomall, PA. 19008 and other Homes for sale in Delaware County PA and the Wilmington Delaware Areas

Anthony DiDonato
ABR, AHWD, RECS, SRES
, SFR
CENTURY 21 All-Elite Inc.

Home for Sale in Delaware County PA Specialist
3900 Edgmont Ave, Brookhaven, PA 19015
Office Number: (610) 872-1600 Ext. 124
Cell Number: (610) 659-3999 {Smart Phones Click to Call}
Direct Number: (610) 353-5366 {Smart Phones Click to Call}
Fax: (610) 771-4480
Email: anthony@anthonydidonato.com
Call me for info on this home for sale at 204 Oldfield Way, Broomall, PA. 19008

Listing courtesy of Diana Hallinan – Compass RE

Top Claim Against Agents: Failure to Disclose

Not revealing known property defects to a buyer—a common problem in real estate, studies show—can land you in court. Follow these best practices to avoid liability.

When a home buyer discovers a property defect that wasn’t disclosed by the seller or listing agent, the buyer may sue, claiming the home was misrepresented. This has become a more urgent problem in real estate since buyers in last year’s frenzied market started waiving the home inspection contingency to win bidding wars. Sixty percent of sellers admit to not disclosing a known problem with their property to buyers, according to a July study from Cinch Home Services(link is external).

“Failure to properly disclose can lead to misrepresentation claims, ranging from fraud to negligence and, in some states, innocent misrepresentation,” Deanne Rymarowicz, associate counsel at the National Association of REALTORS®, warns in the latest “Window to the Law” video. She cites a court case in which an agent was ordered to pay $170,000 after being found to have shown a “reckless disregard for the truth” by not disclosing a listing’s prior water damage.

Rymarowicz offers best practices to help avoid a misrepresentation claim due to the failure of the seller to disclose:

  • Do not complete a disclosure form on behalf of a seller.
  • Encourage the seller to reveal all known facts and defects, and share them with the buyer.
  • Review the seller’s disclosure form to make sure they answered all the questions.
  • If the seller refuses to disclose a material fact or defect you’re aware of, you should disclose it to the buyer as soon as possible.
  • Document any information the seller has provided to the buyer, such as answers to questions about the condition of the property. Keep any research you’ve done separately on the condition of the property as well.

©National Association of REALTORS®
Reprinted with permission

Mortgage Rates Slip After Fed Hike

Economists eye two possible scenarios: Rates could rise to 8% or higher by the end of the year, or they could stabilize. Know what to expect.

Mortgage rates this week dipped slightly below 7%, even after the Federal Reserve aggressively raised its benchmark interest rate again to tame inflation. The 30-year fixed-rate mortgage averaged 6.95% this week after hitting a 20-year high of 7.08% last week, Freddie Mac reports.

“Even with the Federal Reserve raising its short-term fed funds rate by another large amount, longer-term interest rates look to move only slightly,” says Lawrence Yun, chief economist for the National Association of REALTORS®. “The mortgage market has already priced in the latest Fed move.”

On Wednesday, the Fed approved its fourth consecutive rate hike of three-quarters of a percentage point to help bring down 40-year high inflation. The central bank’s lending rate now falls within the target range of 3.75% to 4%—its highest since January 2008. “The inflation picture has become more and more challenging over the course of this year,” Fed Chairman Jerome Powell said at a news conference Wednesday. “That means we have to have policy be more restrictive, and that narrows the path to a soft landing.”

What Happens Next?

Mortgage rates will start to “drift lower” once inflation has been contained—but that could be another year or two, Yun notes. However, the slight dip this week in rates likely will offer little relief to priced-out buyers. “Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint,” says Sam Khater, Freddie Mac’s chief economist.

Mortgage rates likely will be volatile in the coming weeks, adds Lisa Sturtevant, chief economist for Bright MLS. “Home buyers expecting mortgage rates to fall significantly will be disappointed,” she says. “The question is: Will rates stabilize or will they push even higher?”

Sturtevant says that if inflation remains stubbornly high, the Federal Reserve could continue to aggressively raise rates. “Under this scenario of persistently higher inflation, mortgage rates could climb to 8% or beyond in late 2022 and into the first part of 2023,” she says.

But if October’s inflation data—which will be released next week—shows signs of easing and offers some indication that the Fed’s tactics are working, the Fed could pull back on its rate increases. That could mean mortgage rates would stabilize, “though probably still remaining around 7%, on average, through the first part of 2023,” she notes.

Mortgage Rate Averages This Week

Freddie Mac reported the following national averages with mortgage rates for the week ending Nov. 3:

  • 30-year fixed-rate mortgages: averaged 6.95%, with an average 0.8, falling last week’s 7.08% average. Last year at this time, 30-year rates averaged 3.09%.
  • 15-year fixed-rate mortgages: averaged 6.29%, with an average 1.2 point, dropping from last week’s 6.36% average. A year ago, 15-year rates averaged 2.35%.
  • 5-year hybrid adjustable-rate mortgages: averaged 5.95%, with an average 0.2 point, falling from last week’s 5.96% average. A year ago, 5-year ARMs averaged 2.54%.

Freddie Mac reports commitment rates along with average fees to better reflect the total upfront cost of obtaining the mortgage.

©National Association of REALTORS®
Reprinted with permission

Sea Isle City / Jersey Shore Vacation Home – 3700 Boardwalk #910S, Sea Isle City, NJ. 08243

3700 Boardwalk #910S, Sea Isle City, NJ. 08243

Listing courtesy of Jennifer Denunzio – SEA ISLE REALTY

$819,000

Est. Mortgage $5,824/mo*

Description for this home for sale at 3700 Boardwalk #910S, Sea Isle City, NJ. 08243

Welcome to “The Spinnaker” condominium building, one of Sea Isle City’s most popular beach front locations! You will absolutely love the stunning views from this South Tower Penthouse Level, 2 bedroom, 2 bath condo located on the 9th floor! The top level unit has views the moment you walk in through the door to this spacious condo with over 1050 square feet of living space. Unique to the Penthouse level, are the vaulted ceilings in the living room, taller/wider sliding doors out to your balcony, and additional exterior vaulted ceiling over your private, enclosed deck, which enhances the already amazing, top floor views this lovely condo offers. This cozy getaway is walk-in ready and has been meticulously maintained by the same owners for over 24 years. Nicely furnished and appointed with a comfortable layout that provides privacy to family and friends with the guest bedroom on the West side of the condo with a full bathroom directly across the hall. The Master bedroom is ocean side with beautiful views from the moment you wake and also offers a full bathroom. South Tower roof was replaced in 2022.The Spinnaker offers amenities that are not easily found in Sea Isle City including a rooftop pool on the 2nd floor and private pickleball/tennis courts. On-site property management all year round, a strong association, and 100% commitment to building maintenance makes this home a perfect getaway as well as a strong investment. Exterior amenities include multiple access points to the building as well as elevators including ground level access from the garage and outside shower areas in the garage. Unit comes with one assigned parking spot in the garage, #1. Unit is not a rental but has exceptional rental potential. Move to the beach for the summer or make the most of your investment and start booking summer weekly rentals! Call to schedule your appointment today!

Interior Features on this home for sale at 3700 Boardwalk #910S, Sea Isle City, NJ. 08243
Interior DetailsNumber of Rooms: 5
Beds & BathsNumber of Bedrooms: 2Number of Bathrooms: 2Number of Bathrooms (full): 2
Dimensions and LayoutLiving Area: 1053 Square Feet
Appliances & UtilitiesAppliances: Oven, Microwave, Refrigerator, Washer, Dryer, Dishwasher, Electric Water HeaterDishwasherDryerMicrowaveRefrigeratorWasher
Heating & CoolingHeating: ElectricHas CoolingAir Conditioning: Central Air,Ceiling Fan(s)Has HeatingHeating Fuel: Electric
Windows, Doors, Floors & WallsWindow: Drapes, BlindsFlooring: Carpet, TileCommon Walls: No One Above
Levels, Entrance, & AccessibilityLevels: OneEntry Location: Top FloorFloors: Carpet, Tile
ViewHas a ViewView: Water
SecuritySecurity: Smoke Detector(s)
Exterior Features
Parking & GarageParking Spaces: 1Parking: 1 Car,Assigned
PoolPool: Community
FrontageWaterfrontWaterfront: Beach Front, WaterfrontOn Waterfront
Water & SewerSewer: City
Days on Market
Days on Market: 4
Property Information
Year BuiltYear Built: 1972
Property Type / StyleProperty Type: ResidentialProperty Subtype: Condominium
BuildingNot a New Construction
Property InformationIncluded in Sale: Drapes, Blinds, Furniture
Price & Status
PriceList Price: $819,000Price Per Sqft: $778
Status Change & DatesPossession Timing: Settlement
Active Status
MLS Status: ACTIVE
Media
See Virtual Tour
Location
Direction & AddressCity: Sea Isle City

PLEASE NOTE: Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale, they may also have updated pricing and conditions. Please Contact Me for more information about this home for sale at 3700 Boardwalk #910S, Sea Isle City, NJ. 08243 and other Homes for sale in Delaware County PA and the Wilmington Delaware Areas

Anthony DiDonato
ABR, AHWD, RECS, SRES
, SFR
CENTURY 21 All-Elite Inc.

Home for Sale in Delaware County PA Specialist
3900 Edgmont Ave, Brookhaven, PA 19015
Office Number: (610) 872-1600 Ext. 124
Cell Number: (610) 659-3999 {Smart Phones Click to Call}
Direct Number: (610) 353-5366 {Smart Phones Click to Call}
Fax: (610) 771-4480
Email: anthony@anthonydidonato.com
Call me for info on this home for sale at 3700 Boardwalk #910S, Sea Isle City, NJ. 08243

Listing courtesy of Jennifer Denunzio – SEA ISLE REALTY

Delaware County / Delco Home – 2889 Eastburn Ave, Broomall, PA. 19008

2889 Eastburn Ave, Broomall, PA. 19008

Listing courtesy of Mike Mulholland – Long & Foster Real Estate, Inc

$539,900

Est. Mortgage $3,879/mo*

3 Beds
2 Baths
2096 Sq. Ft.

Description about this home for sale at 2889 Eastburn Ave, Broomall, PA. 19008

Absolutely One of Marple Townships Finest! Welcome to 2889 Eastburn Avenue; an Expanded & Updated 3 Bed, 1.5 Bath Split Level situated on a great lot with an abundance of private off-street parking (up to 5 cars) & a rear deck overlooking the level fenced-in yard! Main Level Features: an Open Concept design beginning with the foyer entry into a sizable Living Room comprising of floor-to-ceiling windows and the formal dining area. Next, enter into the Modern Eat-in-Kitchen that overlooks the spacious and sun-filled Family Room addition. The Kitchen features Granite Tops, wood cabinetry, Tiled backsplash & floor. The family room features vaulted ceilings, 3 oversized skylights, Gas Fireplace & Slider access to rear Deck & Hot tub! This space was designed for entertaining & will comfortably host the Eagles Superbowl party in February! Upper Level Features: Completely Updated Bathroom (2022) that features a fully tiled stall shower, floor & surround with modern fixtures. Three Generously sized bedrooms, all with ample closet space & hall closet with attic access complete the upper level. Lower Level Features: Finished family room that can be used as a 4th bedroom, Updated Half Bathroom, Laundry/utility room & Inside access to garage. Upgrades & Extras Include: Upgraded 200 Amp Electric, New Roof (2021), Upgraded Fixtures T/O, Upgraded Entry Doors, Hot-tub (included), Widened Stamped concrete driveway & Large Storage shed! Conveniently located only 1 block from Highland Park and in close proximity to local schools, shopping & eateries make 2889 Eastburn avenue and absolute must see!

Interior Features on this home for sale at 2889 Eastburn Ave, Broomall, PA. 19008
Interior DetailsBasement: Crawl SpaceNumber of Rooms: 1
Beds & BathsNumber of Bedrooms: 3Number of Bathrooms: 2Number of Bathrooms (full): 1Number of Bathrooms (half): 1
Dimensions and LayoutLiving Area: 2096 Square Feet
Appliances & UtilitiesAppliances: Gas Water HeaterLaundry: Lower Level
Heating & CoolingHeating: Forced Air,Natural GasHas CoolingAir Conditioning: Central A/C,ElectricHas HeatingHeating Fuel: Forced Air
Fireplace & SpaNumber of Fireplaces: 1Fireplace: Gas/PropaneSpa: Hot TubHas a FireplaceHas a Spa
Gas & ElectricElectric: 200+ Amp Service
Windows, Doors, Floors & WallsFlooring: Hardwood, Ceramic Tile, Laminate Plank
Levels, Entrance, & AccessibilityStories: 3Levels: Split Level, ThreeAccessibility: NoneFloors: Hardwood, Ceramic Tile, Laminate Plank
Exterior Features
Exterior Home FeaturesRoof: Architectural ShingleOther Structures: Above Grade, Below GradeNo Private Pool
Parking & GarageNumber of Garage Spaces: 1Number of Covered Spaces: 1Open Parking Spaces: 5No CarportHas a GarageHas an Attached GarageHas Open ParkingParking Spaces: 6Parking: Garage Faces Front,Inside Entrance,Concrete Driveway,Driveway,Attached Garage
PoolPool: None
FrontageNot on Waterfront
Water & SewerSewer: Public Sewer
Farm & RangeNot Allowed to Raise Horses
Finished AreaFinished Area (above surface): 2096 Square Feet
Days on Market
Days on Market: 1
Property Information
Year BuiltYear Built: 1956
Property Type / StyleProperty Type: ResidentialProperty Subtype: Single Family ResidenceStructure Type: DetachedArchitecture: Detached
BuildingConstruction Materials: BrickNot a New ConstructionNo Additional Parcels
Property InformationCondition: Very GoodNot Included in Sale: CamerasIncluded in Sale: Hot Tub, Washer & DryerParcel Number: 25000131400
Price & Status
PriceList Price: $539,900Price Per Sqft: $258
Status Change & DatesPossession Timing: Negotiable
Active Status
MLS Status: ACTIVE
Location
Direction & AddressCity: BroomallCommunity: None Available
School InformationElementary School District: Marple NewtownJr High / Middle School District: Marple NewtownHigh School District: Marple Newtown

PLEASE NOTE: Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale, they may also have updated pricing and conditions. Please Contact Me for more information about this home for sale at 2889 Eastburn Ave, Broomall, PA. 19008 and other Homes for sale in Delaware County PA and the Wilmington Delaware Areas

Anthony DiDonato
ABR, AHWD, RECS, SRES
, SFR
CENTURY 21 All-Elite Inc.

Home for Sale in Delaware County PA Specialist
3900 Edgmont Ave, Brookhaven, PA 19015
Office Number: (610) 872-1600 Ext. 124
Cell Number: (610) 659-3999 {Smart Phones Click to Call}
Direct Number: (610) 353-5366 {Smart Phones Click to Call}
Fax: (610) 771-4480
Email: anthony@anthonydidonato.com
Call me for info on this home for sale at 2889 Eastburn Ave, Broomall, PA. 19008
Listing courtesy of Mike Mulholland – Long & Foster Real Estate, Inc

Young Buyers Focus on Investment Properties to Build Wealth

Many under the age of 40 are looking at real estate as a means to generate income rather than looking for their own home to live in, a new survey shows.

A growing number of young adults are charting a different path toward building wealth through homeownership, prioritizing buying an investment property before a primary residence, according to a new survey by Mynd, a company that leverages technology tools to help investors buy, finance and manage single-family rental properties.

Forty-three percent of people younger than 40 say they are considering becoming “rentvestors,” who continue to rent their own home while shoring up income from an investment property, Mynd’s 2022 Consumer Insights Report(link is external) shows. That compares to just 9% of baby boomers and 27% of Gen Xers who are using the same wealth-building strategy. Some first-time investors see this as an opportunity to make more money and better afford a lifestyle in larger, more expensive markets, the report notes.

“Young people are discovering that buying an investment property gives them the best of both worlds: They can live wherever they want, including cities where they can’t yet afford to buy, and still become property owners, which, as we learned in our survey, is still considered an important part of their American dream,” says Mynd founder and CEO Doug Brien. “Buying an investment property means they can go where their life, their work and their sense of purpose takes them without being tied down, and they can still benefit from the diversification, appreciation and tax benefits of real estate investing.”

As the economy teeters on the brink of recession, diversifying a portfolio may become a bigger priority for prospective buyers. Brien notes that many millennials, who came of age during the Great Recession in 2008, watched their parents and others face great financial loss because they were overleveraged on their mortgages. “This cohort is also more skeptical of the stock and bonds market,” Brien says.

But young adults appear optimistic about real estate’s long-term potential. Brien says he believes many of the younger people buying investment properties don’t necessarily view it as a step toward purchasing a primary residence but as an investment that will live alongside their home one day.

The Remote Investor

Remote investing is another trend helping more first-time investors take the leap. More than half of the properties Mynd manages are owned by out-of-state investors. The company has predicted that number to grow as technology makes it easier to buy and manage investment properties from afar. That doesn’t appear to be a scary thought to consumers: Seventy-two percent of the more than 1,000 survey respondents say they’d consider buying an investment property in a different city or state than where they live.

“For decades, the real estate investment class was seen as too complicated and intimidating for many consumers,” Brien says. “Fast forward to today: Consumers now have access to a slew of tools and platforms that demystify the real estate investment process.” He added that Mynd’s mission has been to help inspire a new crop of investors “who were previously too intimidated by real estate or were constrained to investments within commuting distance.”

Tech property management companies have been introducing tools to help novice and experienced investors alike find, finance, purchase and manage properties remotely.

As recession fears mount, single-family rental investments could grow into an even more attractive asset class, Brien says. “As inflation rises, rents are bound to rise, which increases potential cashflow for property owners.” Twenty-eight percent of survey respondents say they’re considering purchasing an investment property now, despite the current economic climate. “As the Federal Reserve increases interest rates in an effort to tamp down inflation, that can impact demand for rental homes, too,” Brien says. “If it becomes more expensive for potential buyers to finance a purchase, fewer will be able to afford it. This will increase demand for single-family homes and create more upward pressure on rental prices.”

©National Association of REALTORS®
Reprinted with permission

Warning Signs Your Listing Has a Mold Problem

Though not as obvious as fire or flood damage, mold can spread quickly and cause significant property issues if not caught early.

Many homeowners may think the worst thing that can happen to their property is a fire or flash flood. But there’s another kind of threat that’s less obvious yet potentially just as harmful: mold.

Though not as pronounced as fire or flood damage, mold can be equally pervasive, scaling walls, floors and ceilings to inflict significant property damage and health hazards. Mold also is a progressive problem: It can spread quickly if not spotted and addressed early. So, how can homeowners head off mold problems before they begin? Here are five signs you should pay attention to if you suspect mold in your property.

  1. Mold-conducive environments. Many homes have rooms or areas that are especially susceptible to mold. Kitchens and bathrooms with old plumbing, pipes or appliances can lead to leaks—which, in turn, fuel mold. Crawl spaces, basements and attics with minimal ventilation and high humidity are ideal environments for mold to thrive. Cracks on exterior walls also can allow water to enter the structure slowly but in enough quantity to generate mold.
  2. Allergy-like symptoms. If people visiting or living in your property are experiencing hay fever–like symptoms outside of springtime, or whenever they enter the structure, that can be a sign of mold. Mold causes symptoms very similar to allergies in many people, like itchy eyes or skin and irritated noses, throats and lungs. These mold-exposure symptoms are especially prevalent for those with a preexisting respiratory problem such as asthma.
  3. A musty smell. Perhaps the most surefire way to detect mold is its scent. Mold produces a musty odor similar to that of rotting wood. If you catch wind of an odor like this and can’t pinpoint the source, it’s likely mold that is festering nearby.
  4. Water stains. If water stains appear on a property’s walls, ceilings or carpeting, there may be mold lurking beneath those surfaces. The older the water stain is, the longer the mold will have had a chance to spread. Even if the source of the water damage has been fixed—like, say, a busted pipe—mold may still be present and thriving.
  5. Strange coloring. Not all mold is green, nor does it all have the same texture. In fact, mold can appear in just about any hue, because it takes on the color of whatever it’s eating to sustain itself. If you notice strange discolorations or textures on the surfaces of a home, it may be mold.

Mold isn’t as dramatic as a blazing fire or flash flood, but it can sow just as much damage. If allowed to spread unmitigated, mold will render a home dangerous and unlivable. It can also be incredibly costly to remediate, requiring specialty techniques, equipment and professionals. Your clients should develop a keen eye for detecting mold so that the problem can be addressed before it becomes a major issue.

©National Association of REALTORS®
Reprinted with permission

Jersey Shore Vacation Home – 118 66th St. Sea Isle City, NJ. 08243

118 66th St. Sea Isle City, NJ. 08243

Listing courtesy of Joseph Mooney Iii – SEA ISLE REALTY

$1,329,900

Est. Mortgage $8,541/mo*
4 Beds
3 Baths
1973 Sq. Ft.

Description about this home for sale at 118 66th St. Sea Isle City, NJ. 08243

Great property in a great location. Shopping and restaurants are within a minutes walk. Improvements include newer kitchen and flooring. Beautiful rear hardscaped patio. Upon entering the home you will find 2 bedrooms and a hall bath. The living area is located on the 2nd floor along with the 3rd bedroom and a hall bath. Off the living room is a large upgraded Trex deck with ocean and bay views. The master suite is located on the 3rd floor. The master is very large with sliders opening up to a solid surface deck. Being sold mostly furnished. Property has never rented but however has strong rental potential.

Interior Features on this home for sale at 118 66th St. Sea Isle City, NJ. 08243
Interior DetailsNumber of Rooms: 10
Beds & BathsNumber of Bedrooms: 4Number of Bathrooms: 3Number of Bathrooms (full): 3
Dimensions and LayoutLiving Area: 1973 Square Feet
Appliances & UtilitiesAppliances: Range, Oven, Self Cleaning Oven, Microwave, Refrigerator, Washer, Dryer, Dishwasher, Disposal, Gas Water HeaterDishwasherDisposalDryerMicrowaveRefrigeratorWasher
Heating & CoolingHeating: Natural Gas,Zoned,Fireplace(s)Has CoolingAir Conditioning: Central Air,ZonedHas HeatingHeating Fuel: Natural Gas
Fireplace & SpaHas a Fireplace
Windows, Doors, Floors & WallsFlooring: Tile
Levels, Entrance, & AccessibilityLevels: ThreeFloors: Tile
ViewHas a ViewView: Water
SecuritySecurity: Smoke Detector(s)
Exterior Features
Parking & GarageHas a GarageHas Open ParkingParking Spaces: 2Parking: Garage Door Opener,Garage,2 Car,Concrete
Water & SewerSewer: City
Days on Market
Days on Market: 2
Property Information
Year BuiltYear Built: 1998
Property Type / StyleProperty Type: ResidentialProperty Subtype: Townhouse
BuildingNot a New Construction
Price & Status
PriceList Price: $1,329,900Price Per Sqft: $674
Active Status
MLS Status: ACTIVE
Media
See Virtual Tour
Location
Direction & AddressCity: Sea Isle City

PLEASE NOTE: Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale, they may also have updated pricing and conditions. Please Contact Me for more information about this home for sale at 118 66th St. Sea Isle City, NJ. 08243 and other Homes for sale in Delaware County PA and the Wilmington Delaware Areas

Anthony DiDonato
ABR, AHWD, RECS, SRES
, SFR
CENTURY 21 All-Elite Inc.

Home for Sale in Delaware County PA Specialist
3900 Edgmont Ave, Brookhaven, PA 19015
Office Number: (610) 872-1600 Ext. 124
Cell Number: (610) 659-3999 {Smart Phones Click to Call}
Direct Number: (610) 353-5366 {Smart Phones Click to Call}
Fax: (610) 771-4480
Email: anthony@anthonydidonato.com
Call me for info on this home for sale at 118 66th St. Sea Isle City, NJ. 08243

Listing courtesy of Joseph Mooney Iii – SEA ISLE REALT

Jersey Shore / Sea Isle City Home – 229 44th St. E, Sea Isle City, NJ. 08243

229 44th St. E, Sea Isle City, NJ. 08243

Listing courtesy of Barbara Boeshe – FARINA & BOESHE, INC

$1,399,000

Est. Mortgage $9,018/mo*
4 beds
4 Baths
1904 Sq. Ft.

Description about this home for sale at 229 44th St. E, Sea Isle City, NJ. 08243

Center Island Tom Welsh built townhouse in the heart of iconic Fish Alley neighborhood. Easy access to traditional Sea Isle amenities such as dining, entertainment, city marina and recreation areas. 4 bedrooms, 3.5 bathrooms. Convenient off-street parking. Property offered mostly furnished with few exclusions. Owner occupied. Shown by appointment only.

Interior Features on this home for sale at 229 44th St. E, Sea Isle City, NJ. 08243
Interior DetailsNumber of Rooms: 9
Beds & BathsNumber of Bedrooms: 4Number of Bathrooms: 4Number of Bathrooms (full): 3Number of Bathrooms (partial): 1
Dimensions and LayoutLiving Area: 1904 Square Feet
Appliances & UtilitiesAppliances: Range, Self Cleaning Oven, Microwave, Refrigerator, Washer, Dryer, Dishwasher, Gas Water HeaterDishwasherDryerLaundry: Laundry RoomMicrowaveRefrigeratorWasher
Heating & CoolingHeating: Natural Gas,Forced Air,Zoned,Fireplace(s)Has CoolingAir Conditioning: Central Air,ZonedHas HeatingHeating Fuel: Natural Gas
Fireplace & SpaHas a Fireplace
Windows, Doors, Floors & WallsWindow: Drapes, Curtains, Shades, BlindsFlooring: HardwoodCommon Walls: End Unit
Levels, Entrance, & AccessibilityLevels: ThreeFloors: Hardwood
SecuritySecurity: Smoke Detector(s)
Exterior Features
Parking & GarageHas a GarageHas an Attached GarageHas Open ParkingParking Spaces: 1Parking: Garage,1 Car,Attached,Concrete
Water & SewerSewer: City
Days on Market
Days on Market: 1
Property Information
Year BuiltYear Built: 2007
Property Type / StyleProperty Type: ResidentialProperty Subtype: Townhouse
BuildingNot a New ConstructionAttached To Another Structure
Property InformationIncluded in Sale: Drapes, Curtains, Shades, Blinds, Rugs, Partial Furniture
Price & Status
PriceList Price: $1,399,000Price Per Sqft: $735
Status Change & DatesPossession Timing: Settlement
Active Status
MLS Status: ACTIVE
Location
Direction & AddressCity: Sea Isle City

PLEASE NOTE: Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale, they may also have updated pricing and conditions. Please Contact Me for more information about this home for sale at 229 44th St. E, Sea Isle City, NJ. 08243 and other Homes for sale in Delaware County PA and the Wilmington Delaware Areas

Anthony DiDonato
ABR, AHWD, RECS, SRES
, SFR
CENTURY 21 All-Elite Inc.

Home for Sale in Delaware County PA Specialist
3900 Edgmont Ave, Brookhaven, PA 19015
Office Number: (610) 872-1600 Ext. 124
Cell Number: (610) 659-3999 {Smart Phones Click to Call}
Direct Number: (610) 353-5366 {Smart Phones Click to Call}
Fax: (610) 771-4480
Email: anthony@anthonydidonato.com
Call me for info on this home for sale at 229 44th St. E, Sea Isle City, NJ. 08243

Listing courtesy of Barbara Boeshe – FARINA & BOESHE, INC