Open House Ocean County

Golf Course Living In Ocean County includes Greenbriar-Oceanaire in Waretown is a 55+ golf community with the course designed by the famous architect George Fazio and there is also an adult golf community in Manchester called River Pointe.

Golf Course Homes Greenbriar-Oceanaire, Waretown:

• Details: 8  SEA GIRT LN, WARETOWN, NJ – $319,000
• Details: 59  STRATHMERE ST, WARETOWN, NJ – $319,500
• Details: 1  LONGPORT CT, WARETOWN, NJ – $349,900
• Details: 139  BRIGANTINE BLVD, WARETOWN, NJ – $369,000
• Details: 8  LONGPORT CT, WARETOWN, NJ – $397,700

Golf Course Homes River Pointe, Manchester:

• Details: 0  ASCOT LN, #3PET, MANCHESTER, NJ – $279,990
• Details: 64  CHALFONT LN, MANCHESTER, NJ – $239,000
• Details: 60  CHALFONT LN, MANCHESTER, NJ – $335,000
• Details: 30  CHALFONT LN, MANCHESTER, NJ – $339,999
• Details: 6  EDENBRIDGE LN, MANCHESTER, NJ – $329,990
• Details: 11  MONTROSE LN, MANCHESTER, NJ – $337,900

If you are not eligible for a 55+ community or don’t want to live in one, there are other options.  You can find golf course, or near golf course living, in Brick, Toms River, Tuckerton and a few other areas in Ocean County.

The idea of life on a golf course is a dream to many prospective home-buyers. Through each window, a golf course can create lush picture-perfect views of vast, meticulously maintained lawns. In fact, in many neighborhoods and towns, golf course homes offer the best vistas available. Another benefit is that houses are often sited so that neighbors are not directly visible, and all views face the fairway. Best of all, for avid golfers, owning a house at a golf course means that their next round of play is right outside.

In home buying, what seems ideal seldom is. It’s important to consider the pros and cons of living next to a golf course, especially if you’ve never lived on a course. Here are the top five things to keep in mind when hunting for your golf course home:

1. Courses are maintained, early and often. Lawns must be cut and tended to in the morning, before rounds are played. That means that groundskeepers are out on the course before sunrise. In places with a year-round golf season, putting greens are usually maintained every day. If a master bedroom window faces a green, headlights from golf carts and riding mowers will blaze through. The engine noises will be heard as well.

The fix: If you’re a sound sleeper, no worries. If you’re a light sleeper, make sure that your home is located on a fairway and relatively distant from greens and tee boxes that require more maintenance. Select a property that positions your master bedroom away from the course or look for window treatments such as blackout curtains. You may even want to consider investing in a white noise machine.

2. Pay attention to location of cart paths when house hunting. Many courses built in residential developments are lined on both sides by houses. The path for golf carts will run along one side of the fairway from tee box to green. If a cart path is directly behind a home, golf carts will be zipping by all day. This can be more than a little disruptive to the otherwise serene setting a golf course affords.

The fix: Proximity to a cart path does affect housing lot desirability and this should be reflected in the price of a home. Sometimes a house in one of these “high-traffic areas” will be a great deal. Good landscaping can block out some disturbance, but will also block views from the ground level. Smart positioning of outdoor features like decks, pools, hot tubs and other water features is a must to minimize the disruption of carts zooming by.

3. Tee boxes and greens are regular stopping points. Every golfer will park his or her cart at every tee box and putting green during a round of play. If a house is located near these course elements, players will be stopping near your home throughout the day. Their chatting and laughter will be audible, and their loud golf pants will be visible. If a house is on a cart path near a tee box or green, carts will park on the path regularly.

The fix: Where there’s a golf course, there are golfers. This will always be true. So when viewing a house at a golf course, always sit out back or facing the course and wait for a foursome to play through. Take note of where they park their carts and how much noise they make while playing. If you’re not comfortable with the noise and motion of the golfers, then the house is not for you.

4. Understand all of the deed restrictions. One of the potential cons of living next to a golf course is that homes are almost always in deed-restricted communities where certain aspects of home maintenance and modification are regulated by a homeowner’s association (HOA). In order to maintain a certain look and feel of the course, house exterior paint colors usually need to be selected from a limited palette. You probably can’t put a swing set in your backyard, facing the course. Landscaping requirements may mandate that a certain density of trees be planted on your property and which species are acceptable – this may seem un-American, but it is rather common. In golf course communities, homeowners tend to have visible pride of ownership and take these rules very seriously. Golfers who can see your house from the course may complain to the community or HOA if they notice that you’re behind on maintenance.

The fix: If you like the feel of a neighborhood, aspects of the deed restrictions probably appeal to you. It means that many qualities of the neighborhood will be retained for years. Always request the HOA documents and read through them when contemplating the purchase of a golf course house that is part of a deed-restricted community. These documents are often available online. If the rules don’t work for you, look elsewhere.

5. Golf course land is often off-limits for non-golf activities. Golf courses are great for playing golf, but can’t be used for much else. Recreational walking or biking on cart paths is forbidden at almost all courses. You can’t walk your dog along a fairway.

The fix: If you like to walk or bike, make sure that a golf course community also serves these needs as well. Even if you live on a golf course, you won’t play every day, and your golf course home should meet the needs of a well-balanced life.

There’s no question that having a house at golf course provides a great quality of life for many people. If you think a golf course home might be right for you, just remember to weigh the pros and cons and carefully research specific properties before taking the leap into homeownership. Then you can enjoy all the perks of living next to golf course views. Information provided by Karl Hess, Ocean County Realtor, Market Leader and Realty101.

Get a positive, helpful consultant for buying or selling a home in Ocean County:

• Trusted resource for answers about the process
• Innovative marketing strategies
• Expertise about neighborhood features
• Ability to target home searches
• Strong negotiation skills
• Support through the closing and beyond
• Has the Market Stabilized? – the very latest in Market Trends and Analysis

With potential home-buyers sometimes finding it difficult to get a mortgage, more and more consumers are looking for an alternative to realizing the American dream of owning a home.  One of those alternatives is the “Lease Purchase Option.”

First; What is a Lease Purchase Option?

This basically means you are leasing or renting a property with an option to buy it at a future date. The future price of the property should be fixed at the time the lease-option is signed.

Usually there is an up-front payment of some amount to purchase the option. The amount can vary. Sometimes the monthly payment is larger than normal and the excess is used to purchase the option. In some cases, the option money can be applied toward the down payment for the later purchase of the home.

Lease-purchase plans can be structured in such a way that both parties benefit. They can also be structured so that all the benefits flow to one of the parties and none to the other. Buyers especially need to be careful because they usually know less about the market than sellers, and the seller usually provides the contract….unless you are working with a REALTOR!

The lease-purchase offers homeownership opportunities to consumers who can’t qualify for a loan from any source, but who are prepared to bet on themselves. The bet is that before the option period expires, they will qualify for the mortgage they need to exercise the purchase option. During the option period, they have the opportunity to rebuild their credit and accumulate savings while living in the house.

Even though it can be more costly, the right not to exercise the option is of value to buyers. If there is something seriously wrong with the house, neighborhood, or neighbors, the buyer can cut her losses by not exercising the option.

Dangers to Buyers

A major threat to buyers is contractual provisions that can nullify their option, such as the failure to pay the rent on the first day of the month. Such provisions are most likely to appear in contracts used by developers or firms that own multiple homes.

As with all contracts, it is wise to consult a real estate attorney before signing.

Here are some “lease purchase option’ homes in Ocean County, NJ:

Details: MARACAIBO PL, TOMS RIVER, NJ – $1,000
Details: MANSFIELD DR, BRICK, NJ – $1,350
Details: GREENBRIAR BLVD, BRICK, NJ – $1,350
Details: KNOLLWOOD TER, BRICK, NJ – $2,200
Details: WALNUT DR, LANOKA HARBOR, NJ – $1,500
Details: PASSAIC AVE, POINT PLEASANT, NJ – $1,795
Details: VESSEL LN, MANAHAWKIN, NJ – $1,400
Details: BRUCE DR, MANAHAWKIN, NJ – $1,750
Details: PEGGY LN, MANAHAWKIN, NJ – $1,750
Details: JONATHAN DR, MANAHAWKIN, NJ – $2,200

Get a positive, helpful consultant for buying or selling a home: Karl Hess, Keller Williams Realty

• Trusted resource for answers about the process
• Innovative marketing strategies
• Expertise about neighborhood features
• Ability to target home searches
• Strong negotiation skills
• Support through the closing and beyond
• Has the Market Stabilized? – the very latest in Market Trends and Analysis

I recently took a buyer out to tour Waterfront Homes in Bayville, NJ.  One of the houses we looked at had this language in the agent remarks section; “Extra paperwork involved.” The extra paperwork was in relation to the house being sold by a relocation company.

So, Is Buying a “Relocation House” a Good Deal?

A lot of people ask, ‘Are relocation house purchases a good deal?’ If you’re asking this question, you are most likely interested in purchasing a house from a relocation company. By buying a house from a relocation firm, often called a ‘relo,’ you can get a good deal if you take a few precautions as you go through the home buying process.

Relocation companies typically buy homes at a discount, but with the increased number of foreclosures and short sales in the past couple of years, they may be more willing than ever to make a deal. With the glut of properties available at great prices, take your time, do your due diligence, and you should be able to drive a hard bargain.

Steps to Make Relocation House Purchases a Good Deal

You need to find out the pricing history for the home and the neighborhood. Is the relocation company pricing the property to move? Get pricing opinions on the properties you select. This will usually be called a Comparative Market Analysis or CMA, available through me. Make an offer only after you have all of this information. Also, remember that a relocation company is an unemotional seller, and this can help you get a good deal on a relocation house purchase. Unlike an individual owner, there’s virtually no risk of ‘offending’ the seller with a low offer.

Buying a House from a Relocation Firm

Most properties owned by relocation companies will be sold ‘as-is.’ This means your home inspector’s inspection needs to be as thorough as possible when buying a house from a relocation firm. Be sure the home inspector knows the home is a relocation house being sold by a relocation company. This is really important for all real estate transactions, but especially when buying from a relocation company. The relocation company’s property disclosure form will likely say that they have “no knowledge of any problems.” In other words, they can say whatever they want, and you’ll have a virtually impossible time trying to prove otherwise. Make sure your inspector is extra thorough on your inspection and looks for things like water damage, evidence of poor drainage, foundation settling … anything that could cost you money fixing after you’ve purchased the house.

Get pre-approved and not just pre-qualified by your mortgage lender. Pre-approved means you’ve filled out a mortgage application. This way your offer, even if it’s a low one, will get more attention. The more complete your offer is, and the quicker and easier the relocation company perceives the closing to be,  regarding what percentage you can put down, how quickly you can get settlement, and your credit score – may end up being more important than your offer.

As with other real estate listings, the length of time a house is on the market will have an impact on how willing the relocation company will be to negotiate on price. You will have the greatest bargaining power with homes that have been on the market longer. If you offer a low price on a house that has only been on the market a few weeks, the relo company may not budge. But, if you find a relocation house that has been on the market for a few months or one that has already had several price reductions, you may be able to get a really good deal.

It all depends on inventory, time on the market, and market conditions. You cause no harm by offering low, and you just might get a deal. The worst that can happen is the relo company says no. Unless you are in a seller’s market or the home is already deeply discounted, your chances of getting a good deal on a relocation house purchase are good.

If the relocation company purchased the house, they are paying the utilities and taxes as well, so they may be in a good position to sell at a lower price to a quick and secure settlement. Ask if they’ll pay or split closing costs if they won’t lower the price.

You want someone looking out for your interests, not those of the relocation company, so you should hire a real estate attorney to review the documents. Most relocation companies require the use of their sales agreement forms, which differ from standard realtor-approved forms, and you don’t want to end up in a bad mortgage deal.

Many people have successfully purchased houses from relocation companies. With a good real estate agent and a well-constructed offer, in this market, you should be able to get a good deal on a relocation house purchase. Which brings us back to the question, ôAre relocation house purchases a good deal?ö With the right market and a little effort from the buyer, they can be. Information provided by Karl Hess, Keller Williams Realty Ocean County and Realtor101.

Making an of Offer on a House Without a Buyer’s Agent

Thinking about making an offer on a house without a real estate agent? Nervous about negotiating the best house price in this crazy economy? We don’t blame you. When it comes to buying a home, negotiation can mean the difference between a few thousand dollars and tens of thousands of dollars. It’s stressful and scary, especially if you’re doing it without an experienced real estate agent. Negotiating a home selling contract in this current real estate market is also financially tricky. Why you would want to try this without an experienced agent that understands the local market is a mystery, especially since the commission is usually paid by the seller and can save you, the buyer, both time and money.

For those brave enough to consider making an offer without a buyer’s agent, here are a few tips on negotiating house price:

Negotiating House Price Tip #1: Arm Yourself with Information

The most important information is a Comparable Market Analysis (CMA), which is a neighborhood survey of the similar and recently sold homes in your neighborhood of choice. There are several places you can get partial information about sold houses online these days, but it is important to choose the right homes and get full information. This is another way a professional real estate agent can help you save money. Agents have access to the most up-to-date real estate data and are experts at figuring out which houses truly belong in a CMA. More importantly for today’s economy, a real estate agent can tell you how short sales and foreclosures in the neighborhood can affect negotiating an offer. House pricing is very tricky in this economy.

Once you have access to a detailed CMA, check out the houses as much as possible. A real estate agent might be able to get inside some of the houses that were just recently sold or have a current offer. You can check to see if the house you’re looking at is up to par or if it falls frighteningly below the homes listed in the CMA. This is a great way to tell if your house is near the proper price point or if there is leeway in negotiating an offer. House pricing is much more complicated these days than it used to be. Rather than comparing features like which houses have pools and which don’t, buyers are weighing short sales against foreclosures and traditional home sales.

Negotiating House Price Tip #2: Figure Out the Seller’s Motivation

Information is key in negotiating house price. But, finding out how your dream house price compares to the market is only part of the process. The second is figuring out the seller’s motivation. It’s the fun part to play detective and look inside the home seller’s mind for a minute. Do they have to sell their house or do they want to sell? Motivation isn’t always revealed, the seller’s agent doesn’t necessarily have to give you this information. However, if you have a good real estate agent, he or she often can get the information from the seller’s agent.

Have too reasons:

• They are relocating for a job.
• They just got laid off and can’t afford the mortgage.
• The house is close to foreclosure and they don’t want to ruin their credit history.
• They just had an addition to their family and truly don’t have enough space.

Want too reasons:

• They are testing the market to see if they could sell their house.
• They want to buy a different house while housing prices are down.
• They want to buy a new house while mortgage rates are low.

You can see what scenarios give you bargaining power. When the seller has to move, you have more bargaining power. Right now, most people aren’t selling to try and ôtest the market. They’re selling because they have to. Knowing the timing of a move or how long before the house may foreclose is very important when negotiating house price.

Negotiating House Price Tip #3: Don’t Waste Time

Buying a home can be super stressful. You don’t have time to waste with sellers who won’t budge and you shouldn’t waste the seller’s time with a low-ball offer.

How do you know if sellers are wasting your time? If they won’t discuss asking price in relation to similar homes in the neighborhood, they probably are not serious about selling the home. Sellers will do this when they’re unsure about moving or to figure out how much they can get for their property.

Just as they shouldn’t waste your time, don’t waste theirs. Don’t give them an unrealistic low-ball offer just to see if they bite. It makes you seem like you’re not ready to buy or that you want to scam them. If you are truly interested in the house, this is not a good negotiating tactic.

Negotiation is an art, not an exact science. Experienced real estate agents have practiced different techniques and know what works when negotiating house price and what doesn’t. Once again, in today’s economy, negotiating house price can be much easier if you have an experienced agent on your side. Negotiating a home selling contract is a tricky proposition if done on your own.

Information provided by Karl Hess, Keller Williams Ocean County, Market Leader and Realty101.com

Get a positive, helpful consultant for buying or selling a home:

• Trusted resource for answers about the process
• Innovative marketing strategies
• Expertise about neighborhood features
• Ability to target home searches
• Strong negotiation skills
• Support through the closing and beyond
• Has the Market Stabilized? – the very latest in Market Trends and Analysis

Karl Hess, Keller Williams Realty

• Cell: 609-553-7926

• Office: 732-942-5280 Ext. 133

• Email

Creating your Home Wish List when Buying a Home in Ocean County

Before the home search begins, I will want to know as much as possible about the features and amenities you desire. To help me serve you better, analyze what you want and what you need in a home’s features and amenities.

Amenities:

• Office
• Play/exercise room
• Security system
• Sprinkler system
• Workshop/Studio
• In-law suite
• Fireplace
• Pool
• Hot tub
• Sidewalk
• Wooded lot
• Patio, deck, or porch
• Laundry room

Location, location, location

Where you buy not only affects the home’s current and future value, but it also affects your lifestyle. I will be able to conduct a more targeted home search if you outline your preferences in neighborhoods and nearby amenities. Here’s a checklist of items you should consider and communicate to me.

* Waterfront, in-town, suburban or rural
* Commute time
* School districts
* Desirable neighborhoods
* Proximity to restaurants and retail
* Access to major highways and thoroughfares
* Access to public transportation
* Health care facilities
* Parks and recreation
* Length of time you plan to live in the home

Get a positive, helpful consultant for buying or selling an Ocean County Home:

• Trusted resource for answers about the process
• Innovative marketing strategies
• Expertise about neighborhood features
• Ability to target home searches
• Strong negotiation skills
• Support through the closing and beyond
• Has the Market Stabilized? – the very latest in Market Trends and Analysis

What is the fair market value of my Ocean County Home? What is My Ocean County Home Worth?

Whether your are in Point Pleasant, Brick Twp, Toms River, Lacey Twp, Barnegat, Manahawkin or anywhere in between, we all have questions of what our Ocean County Home is worth or what is the fair market value of my Ocean County Home?

These are two very common questions when people are considering selling a home. Talk to any real estate agent, and the first thing they’ll tell you about calculating home value is that location is a big factor, but not the only factor. After the big real estate crash many people are asking themselves, “What is the fair market value of my home?”

Most of us understand there are more factors involved in calculating home value than just granite countertops and stainless steel appliances. We also know that there are online sources like www.HomeValuesInOceanCounty.com that can assist with determining Ocean County house values by address. HomeValuesInOceanCountyNJ.com is one of the best ways to calculate the market value of your house because it doesn’t just use algorithms and general housing data.

HouseValuesInOceancounty.com and Karl Hess provides local real estate expertise that can determine the real fair market value of your home. It’s okay if you are just checking out the value of your home and aren’t actually ready to sell your house. Asking me for help in calculating your home value is very common in today’s economy. Many people are wondering, “Could we sell our home if we had to or wanted to?”

Whether you are trying to calculate the value of your home because you are thinking of selling or just out of curiosity, here are five factors to consider.

Five Factors that Help Determine the Market Value of Your Home

Home Location

Location is the key influence for calculating the value of your home. Besides the proximity of the home to a major metropolitan area or a breathtaking view, these are a few more location factors that can increase home value:

• Proximity to schools, parks and points of interest

Homes within reasonable walkability to schools or parks will strongly influence buyers with small children. However, homes that boarder school or park property lines may suffer in home value due to unwanted traffic, parking limitations and the likelihood of youth mischief.

• Neighborhood with increasing desirability

Where is new growth heading in town? Will there be any new business areas, grocery stores, or libraries in the future?

• Proximity to infrastructure

Is the house surrounded by other houses? Apartment complexes? Other buildings? The best possible situation for your home is to be situated between two other houses and located along a road without yellow traffic lines.

Homebuyer Demographics

After you buy a house, the market value of your home is affected by who else is likely to purchase the property. If the property is a perfect starter home for pre-family newlyweds, and the main homebuyers in town are senior-citizens, the fair market value of your home might be lower than you think.

Older buyers typically look for one story homes without stairs, whereas families with small children often desire homes with a front yard away from a busy street and multiple bathtubs.

Home Storage Space

The more closets, garages and laundry rooms a house has, the higher the fair market value of your home. Most homebuyers look for a walk-in closet in the master bedroom, as well as closets in high traffic areas like front entryways, bathrooms and other bedrooms.

The two-door garage is the most common size for most homes, yet three-car garages are becoming more and more common.

As for the laundry room, the washer and dryer units should be located together in a common access space without creating an eyesore.

Kitchen

The kitchen is the most active area of a home. Typically, the following features add value to the kitchen:

• Granite countertops
• Stainless steel appliances
• Gas stovetops
• Convection ovens and microwaves
• Ice machines
• Cable television access ports

Also, the proximity of the kitchen to the dining room and family room will impact the usability of the house and thus is a factor in calculating the value of your home.

Home Layout and Size

Homebuyers typically look for homes with three to five bedrooms with an average of one shower per every two bedrooms. Split bedroom plans with bedrooms on opposite sides of the house are a popular trend with modern homes. Also, many real estate professionals love to use the phrase ôlight and brightö to highlight homes with lots of natural lighting.

As for size, most residential neighborhoods will have a slight variation in square-footage and number of rooms, but they all should be within a standard deviation of one another. If resale value of your home is a big concern, it’s in your best interest to not buy the largest home in the neighborhood. When calculating the market value of your home, real estate professionals measure the homes in the surrounding area against yours, and if most of the nearby properties are smaller than yours, it can act as an anchor to drag down your fair market value.

The median asking price for a home in Ocean County. NJ is $299,900. The median sold price is $274,000 which results in a sales price vs listing price ratio of 93%. These statistics can vary widely depending on your exact location; go to www.HomeValuesInOceanCountyNJ.com for a personalized home market report for your neighborhood.

Information provided by Karl Hess, Keller Williams Ocean County, Market Leader and Realty101.com

Pre-approval is one of the most important steps in the home buying process. You should apply for a loan and receive approval from a lender before searching for a home.

Here are some reasons why being approved at the beginning of the home buying process is so important:

1. Pre-approval for a home loan will determine your price range. Based on your down payment and that pre-approved mortgage amount, you’ll know what you can afford before you start looking. This saves you time and allows you to focus on houses that you can actually purchase.

2. Pre-approval strengthens your offer and negotiating position. Home sellers tend to accept an offer from a buyer who is pre-approved for a home loan over someone whose financial picture is still in question.

3. Pre-approval often cuts days or even weeks when you close. The lender has already analyzed your credit and approved you for a mortgage.

What is the difference between being pre-approved and pre-qualified?

There is actually a big difference between buyers who are ôpre-qualifiedö and those who are pre-approved. Lenders pre-qualify buyers and determine how much they can borrow based only on information the buyer has provided. The buyer still must fill out a loan application and go through the lender’s approval process. If you are pre-approved, lenders have already done a credit check and verified employment and deposit. Pre-approval is a commitment to lend you a predetermined amount. The only piece missing is the lender’s appraisal of the home to confirm its value.

How long should a pre-approval for home loan take?

If you are dealing with an experienced mortgage representative who uses an automated approval system, it should only take a few minutes to get a pre-approval. However, if your lender is not using the most up-to-date automated systems, pre-approval for a home loan could take a few days. The automated system takes all of your income, debt and asset information and enters it into their computer. The pre-approval process is usually pretty fast as long as the loan officer is certified to use the DU underwriting system (automated underwriting). The final loan approval comes once you have an actual property and then the lender re-verifies all of the property, income, debt and asset information.

What happens if I change jobs after getting pre-approval for a home loan? Do I have to go through the process again?

Unfortunately, the answer is usually yes. Your pre-approval is good as long as none of the information provided to the lender changes. You will need to notify the company that pre-approved you that your employment status has changed. They will have to enter your new income data. The good news is that if you took a new job that pays more, you might be able to afford a larger house.

What happens if I decide to work for myself after getting pre-approval for a home loan?

There will be complications when going from W-2 employee to 1099 or Schedule C income. You will probably need a two-year history of self-employment to qualify with that income. In this instance, you might want to ask your lender about undocumented home loans.

Information provided by Keller Williams Realty, Market Leader and Realty101.

Karl Hess, Your Jersey Shore Real Estate Expert

Get a positive, helpful consultant for buying or selling a home:

• Trusted resource for answers about the process
• Innovative marketing strategies
• Expertise about neighborhood features
• Ability to target home searches
• Strong negotiation skills
• Support through the closing and beyond
• Has the Market Stabilized? – the very latest in Market Trends and Analysis

The median price for a single-family home in the area that includes Monmouth and Ocean counties dropped 9.9 percent in the third quarter, the National Association of Realtors said Wednesday, a sign that the housing market continues to struggle, except for homes on The Jersey Shore where prices are up almost 8 percent.

The median price for a house in the region of Monmouth, Ocean, Middlesex and Somerset counties dropped to $320,700, down from $355,800, the price during the third quarter in 2010.

FALLING HOME PRICES IN OCEAN COUNTY

The economy continues to take its toll on home prices. The third quarter median price in the combined area of Monmouth, Ocean, Middlesex and Somerset counties fell 9.9 percent in the third quarter. Here’s a look at how third quarter prices have fared since 2006.

• 2011: $320,700
• 2010: $355,800
• 2009: $343,800
• 2008: $377,300
• 2007: $391,800
• 2006: $415,300
  Source: National Association of Realtors

Statewide, the median price declined 3.3 percent in the third quarter, to $282,524.

The declines in Ocean and Middlesex counties reflect the influence of first-time home buyers, (or lack thereof) on those two housing markets, as entry-level prices are down signficantly as young people are not finding employment and the first-time homebuyer demand has not yet materialized.

Otteau Valuation Group expects to see a “slow and sustained” recovery in June with the exception of urban and rural markets where there is a backlog of foreclosures.

RISING HOME PRICES ON THE JERSEY SHORE

On The Jersey Shore in Ocean County, water-view (not waterfront) home sales are up almost 4.5% over last year. The average price for water-view homes sold in the third quarter last year was $554,499. This year the average price of a water-view home in Ocean County is $629,489.

For waterfront homes in Ocean County, home sales are up over 7%. The average price for a waterfront home on The Jersey Shore last year was $586,939, this year the average price is $627,831. Premium property values have risen relatively significantly in the last year.

Waterfront and Water-veiw home prices on The Jersey Shore in Ocean County are expected to continue to rise along with increased demand.

For your local neighborhood market analisys, go to www.homevaluesinoceancountynj.com or contact Karl Hess, Realtor, Keller Williams Ocean County