RealtorIrene Blogs about Northwestern NJ Real Estate - Hunterdon & Warren: New Jersey: Sparta: Lake Mohawk

Hubby Chip & I excitedly planning a short vacation from our comfy home in Sussex County, NJ. We're headed to the White Mountains of New Hampshire to car-camp. You know, where you pull up to a site, unload a 4 bedroom tent with hot & cold running water, ask James the butler to don his flannel shirt, throw a gourmet feast on the barbie, etc.

What prompts me to do this?  I want to see a moose in the wild. Better yet, many meese. (While I am aware that the plural of moose is moose, I have spent many sleepless nights worrying how geese feel about that.  Besides, it amuses me - if no one else - to use the term meese and watch reactions; I'm big on funny and you're most welcome to laugh at me along with me!)

To the right is a photo of the only moose I will ever see in the Sussex County vicinity!

So, with a real estate transaction in which I represent both the home sellers and the buyers closing this week and a great colleague to back me up while I'm away, I off to hunt real meese.

Our moose-hunting arsenal consists of a couple cameras and a tripod, so no need to alert PETA to my plans. I may never blog again because I've warned Chip that I am staying in the White Mountains until I see a moose. He pointed out that it is a very long walk home, lovingly adding that he'll miss me in the interim. Bet you will too!

So, Chip and I will relax, enjoy the beauty of Mother Nature for a few days and hunt meese.

Oh - and one other dream. I'm hoping to return with ONE picture that is of the quality that Richard Weisser - Coweta Fayette Real Estate - Newnan homes for sale shares with us day in and day out. 

The one to the left is from US wildlife authorities - free use. I intend to pose the meese against more greenery to yield better contrast. I'm utterly surprised that the wildlife folks didn't think of that but then again, they probably don't say meese either...

While inventory homes for sale in Sparta, NJ, remains highs, people are buying and selling homes every day. Home buying is a reality in Sparta, where we have some fabulous offerings - even within Lake Mohawk.

In April, 38 Sparta homes for sale went Under Contract - more deals solidified than in any of the preceeding 5 months! So far in 2009, April showed fewer homes were listed for sale. Based on Garden State MLS market reports for Sparta NJ, the list price to sale price ratio ticked up slightly to 96%.

Look for homes for sale in Sparta, NJ.

Let's sit down and talk about what impact - IF ANY - such GSMLS statistics should have on your real-estate plans!

A distressed property normally is associated with the foreclosure process. Distressed properties are on the rise in my market area of Sussex County, NJ. They're not limited to this region plus experts predict we'll ALL be living with them for quite some time to come.

So, let's get comfortable with Short Sales and REOs.

When the owners are behind in mortgage payments and cannot catch up, they may try to sell the property for less than they owe on it. As an alternative to foreclosure, many banks will "forgive" the shortfall between the debt and the sale price. These are commonly known as Short Sales or pre-foreclosures.

The other common type is when a foreclosure or a deed-in-lieu-of foreclosure has occurred. I'll use the term bank but the new owner also could be a mortgage company, corporation or debt collector. The bank is now the deeded owner of the property, usually called an REO for real-estate-owned. The initials are normally spelled out R-E-O although some people say it as a word for like the Brazilian city, Rio de Janeiro.

Many buyers and agents lump all distressed properties into the same "it takes months to get an answer" category. Based on my very extensive work - and training - with pre-foreclosure and foreclosed real estate in Sussex County, NJ, I can dispel some myths and clarify some issues for you.

Many folks confuse Short Sales and REOs. These are very different animals. Let me elaborate in a little series of postings...

• Part 1 - Distressed Properties are NOT Black Holes!
• Part 2 - Short Sales can be a great thing despite Timeframe & Lowballs
• Part 3 - So You Want a Foreclosure: Bank-owned Properties - REOs
• Part 4 - Want to Steal a Foreclosure? Get the REO facts.
• Part 5 - Consider a Foreclosure - Advantages of REOs
• Part 6 - Pitfalls of Foreclosures. Disadvantages of REOs for Buyers

My office had a guest speaker on March 10, 2009. Albert Bolle, an excellent local appraiser, reviewed some hard data on local Sussex County, NJ, homes sales within a one-year period. I took notes on Al's lecture and did an Excel spreadsheet.

Home values in Sparta fared MUCH better than any of the other Sussex County towns cited. Mortgage rates remain low, so buyer's dollars stretch further.

So it IS really a good time to sell that home in Sparta.