We LIVE here.
We WORK here.
We SELL and RENT properties here.
The full time agents and staff of Tim Kerr Sotheby’s are THE local experts in Avalon and Stone Harbor NJ!
Visit our website to view sale and rental properties: Tim Kerr Sotheby’s website
I have a lifetime of experience on the island; 40+ years in the industry; and 20 years associated with Tim Kerr and his agency.
Thank you for the opportunity to help you and your friends with all of your real estate needs!
ann.delaney@tksir.com
The recent rate increase for mortgages is understandably a hot topic. Ă‚Â Buyers considering a 30 year fixed rate loan are facing sticker shock!
Yet there ARE other options. Ă‚Â I’ve had personal experience with almost every type of loan over 40 years of property ownership, and each was well suited for a specific circumstance.
Examples of shore house purchases and possible loan solutions:
1) Are you considering an older cottage to keep for a few years and then build new? Ă‚Â If so, a 30 year fixed rate loan may not be the best fit. Ă‚Â A 7/1 ARM (adjustable rate mortgage) offers an initial lower rate (and the protection of rate caps). Ă‚Â When you are ready to build, you are likely to refinance and incorporate a construction loan that converts to conventional financing once the project is complete.
2) Did you know that “jumbo money” is less expensive to borrow. Ă‚Â If you are close to the threshold of a jumbo loan, borrowing slightly more may save you 1% off your interest rate.
3) While owner financing is not the norm, it can be worthwhile to discuss if a short term loan is needed. Ă‚Â The near future building scenario is a practical example. Ă‚Â Obviously this only works if the seller does not have debt to satisfy with the sale.
4) Although a 30 year mortgage provides a sense of security with a locked in rate, most property owners don’t keep the same loan for the full 30 years. Ă‚Â It’s not unusual for shore property owners to decide to sell after 10 years (or less) so that they can purchase something larger or closer to the beach!
5) Refinancing is a realistic option to take advantage of future lower rates. Ă‚Â Or, some lenders allow property owners to “re-cast” their loan with a payment toward their principal balance. Ă‚Â We have taken advantage of that perk several times with our Wells Fargo loans. Ă‚Â Although the interest rate stays the same, the monthly payment is recalculated off the lower principal amount. Ă‚Â It allows us to reduce the overall debt (principal balance) and the monthly payment at the same time.
I’m happy to provide additional information, and recommend lenders familiar with our local market.
ann.delaney@tksir.com Ă‚Â or 609-967-7950 office
It’s darker in the mornings for our regular walks. Yet we have the benefit of catching the sunrise even if we get a late start!
Big waves on the ocean…contrasting with calm water on the bay.
Effective Spring 2023, both Avalon and Stone Harbor will implement new trash and recycling container requirements.
Stone Harbor:
“Standardizing trash can size to 64 gallons (31.8” long x 24.25” wide x 41.75” high), equipped with wheels and a bar that allows the can to be tipped into the truck. The Borough will provide a list of retailers where homeowners can purchase the cans. Required compliance is set for May 1, 2023”.
Avalon:
“As previously announced, the Borough intends to purchase and distribute new, uniform roll off solid waste and recycling carts for the community in 2023.Ă‚Â These roll off carts will improve efficiency with trash collection while restricting trash from impacting the marine environment”.
Property owners in both towns are reminded to remove non-compliant containers prior to the summer season so tenants/guests do not inadvertently use the wrong trash or recycle cans. Ă‚Â Bulk trash pick up in early May will be an ideal time for disposal of old cans.
The remnants of Ian buddied up with an annoying coastal low…and gave us 6 days of rain and some moderate tidal flooding.
Happy for a warm and sunny day!
But of course my thoughts are with the residents of Florida.
So many people in our community have connections (as either property owners or regular visitors)Ă‚Â to the areas devastated by the hurricane . Ă‚Â We recognize the landmarks and share their heartbreak.
No need for any camera adjustments this time of year!
The “colors” of fall at the beach:
The orange bills of American oyster catchers along the water’s edge (and a stunning sunrise back drop).
Goldenrod blooming in the dunes attracting Monarch butterflies.
The pop of white fur in the center islands (or meandering a few feet in front of you) as the island skunks emerge on our quieter streets!
Location, Location, Location!
The perks of an office located just 2 blocks from the beach 🙂
Sneakers are an important part of my “business attire” for days like today!