Happy Spring, and we hope that you'e doing well! All is well and busy here with a healthy and active market! This month, seals were seen on the beach in Bay Head and Mantoloking, and dolphins have been spotted heading north (a few photos of the seals here)!
You are probably aware of the proposed National Association of Realtors settlement that has been in the news. Though we are aware of what it contains, it has not yet been been finalized, nor approved by all parties involved. We are told that it will not likely take effect until July at the earliest, and will keep you informed as we learn more.
We recently analyzed our Bay Head and Mantoloking listings from last year, and were pleased to learn that our listings, on average, sold for 98% of their asking price (some sold for more than asking price). The average for the MLS (Multiple Listing Service) is only 93%. This helps to underscore why it is so important to set the right price for a home the first time. Frequently, a home that is not well priced the first time will experience multiple price reductions, and ultimately sell for less than it would have, if properly priced from the start.
Other News
As is periodically necessary, Congress has reauthorized the National Flood Insurance Program through September 2024, with a bill that offers funding in the amount of $1.2 trillion.
On a related topic, state laws that require more detailed disclosures regarding flood risk when selling real estate have gone into effect - this includes new language in the standard sales contract, and also in the seller's disclosure. You can find additional details about the new law here. Last but not least, you can receive a report about your flood risk and required disclosures via the state Flood Risk Notification Tool.
Bay Head and Mantoloking have both shared their upcoming bulk pickup dates - Bay Head has a bulk pickup scheduled for June 3rd, and starting April 1st, Mantoloking will have bulk pickup on the 4th Thursday of each month.
Over the winter, Ed furthered his real estate education, and earned a number of new certifications - Real Estate Negotiation Expert (RENE), Accredited Buyer Representative (ABR), and Green Designee (smart homes, home efficiency, and more). All three help him to help both seller and buyer clients in a variety of ways.
In Bay Head, Summer Recreation Camp registration has opened, and details can be found here.
Take note - on or about March 29th, Bay Head and Mantoloking's traffic lights will switch from "blink" to normal "summer" operation.
Meetings and Events
- April 1st, 7:00pm, Bay Head Council Meeting
- April 4th, 6:30pm, Mantoloking Planning Board Meeting
- April 13th, 9:00am, Clean Ocean Action Beach Sweeps: Details here.
- April 16th, 5:30pm, Mantoloking Council Meeting
- April 17th, 6:30pm, Bay Head Planning Board Meeting
- April 27th, 10:00am, Mantoloking's Barnegat Bay Blitz (bayfront cleanup) - meet at Bergen Avenue
- May 18th, Bay Head 5K Memory Run: Details here.
Market
The market in Bay Head and Mantoloking remains active, with a balance of new listings coming on the market, with a similar number going under contract and closing. Having said that, inventory is still below typical levels. Our listing at 47 Mount Street is now under contract, and we also just listed 104 Bay Point Harbour (a 2 bedroom, 2 bath Harbour House for $1,100,000). For the moment, interests rates remain around 6.75%, but it is still hoped that they will decrease as the year progresses.
For further insights and market statistics, please visit our blog to read our March Market Update.
Equity Reports and Home Values
If you are curious about your home's value, you can find three AI generated values here, but if you'd like, we'd be happy to send you an equity report, showing your purchase price, and any appreciation since then, a computed market value, and other details (just reply to this email).
Local Photos and Videos
A selection of Ed's local photos from the last month can be found here. You can see some of our recent videos on our Youtube channel (and you may want to subscribe to our channel for future updates). Ed also recently published a book of some of his Bay Head and Mantoloking photos - if you'd like to know more, please send him an email.
If you know anyone who would enjoy these updates, feel free to forward this email, or ask them to get in touch with us.
Thank you, be well, and have a Happy Easter!
Suzie and Ed
All statistics are per Monmouth/Ocean MLS as of 3/21/24.
