Ocean City Real Estate BlogRecently posted or modified blog postshttps://www.coastallifeoc.com/blog/Copyright CoastalLifeOC.com2019-10-31T04:54:33-07:00tag:coastallifeoc.com,2012-09-20:2858Choosing an Ocean City Realtor<br class="Apple-interchange-newline" />There are literally hundreds of Realtors serving the Ocean City real estate market. You owe it to yourself to do your due diligence before choosing an Ocean City Realtor to assist you. The agent you choose to work with will have an impact on the value you get and the overall transaction.
1. EXPERIENCE
There are few ways that a Realtor can gain experience other than by working with Buyers and Sellers to get deals done. While time in the real estate business helps, it doesn't necessarily equate to adequate experience. A real estate agent that has been in the business for fifteen years part-time may not have as much useful experience as someone who has been in the business full-time for five years and had success. Viewing an agent's track record of past sales and their agent ratings will always tell the full story.
2. MARKET KNOWLEDGE
Confirm the Ocean City real estate agent you choose has market knowledge and experience in the specific areas that are of interest to you. Even in a small area like Ocean City there can be considerable differences between property types and related items. If the agent you choose to work with is not familiar with these nuances it could make for a challenging transaction and large opportunity costs.
3. TOOLS AND SYSTEMS
Does the agent have tools and systems that are going to streamline the overall real estate process and make life easier for you? If you are buying they should have tools to help you organize your search and make it more efficient. If you are selling they should have a listing portal setup for you so you know what is going on with your listing at all times and are being provided feedback from property showings. Once a purchase contract is secured they should have systems in place to assist in navigating from contract to closing with a minimum amount of hassles.
4. SUPPORT STAFF
A typical Ocean City real estate agent is responsible for all aspects of their business, which can get overwhelming for both themselves and their clients. You want to look for an agent that has support staff in place to help them manage their business. Ideally they should have a transaction coordinator to manage property sales and a listing coordinator to manage listings. Having these staff members in place to assist the agent ensures that nothing gets overlooked and that you have a hassle free transaction from start to finish.
5. RESPONSIVENESS
Did the agent answer the phone the first time you called them? If they didn't, did they get back to you promptly? If you requested information from them did they deliver it to you in a timely manner? You must choose an Ocean City Realtor that is responsive in order to get the results you are looking for in today's competitive real estate market. Deals get done off of momentum and choosing an agent that is responsive and proactive keeps the momentum going.
6. PERFORMANCE GUARANTEES
Experienced real estate agents will offer performance guarantees. These guarantees will provide easy exit options from the listing agreement or buyer agency agreement in the event that you are not satisfied with the respective agent's services or results. This likely won't be an issue if you choose an agent that possesses all of the skills and tools presented in this article.
7. AGENT RATINGS AND REVIEWS
Check an agent's ratings and reviews from previous clients that they have assisted with buying or selling real estate. These reviews and ratings will provide good insight into the agent's effectiveness, responsiveness and overall ability. Additionally, you will want to look at the agent's record of past sales to ensure they have the experience necessary to assist you in the market areas that are of interest to you.
If you have any other questions feel free to contact us anytime at 443-552-7579.
Contact Coastal Life2019-03-08T08:38:00-07:002019-03-08T08:49:10-07:00Nicholas Bobenkotag:coastallifeoc.com,2012-09-20:27966 Buyer Turn-Offs6 Buyer Turnoffs
Are you considering listing your Ocean City home or condo for sale this Spring? If so, you will want to ensure none of the issues outlined below are present in your property. The old adage is true, you only have one chance to make a first impression. These issues will immediately turnoff a potential buyer and they will not give your Ocean City home or condo a second look:
Damp or wet spots
Odors from pets, smoke or dampness
Dull light or darkness
Clutter
Outdated bathrooms and kitchens
Over the top decor
If any of these items are present in your property you will want to get them addressed prior to listing for property for sale on the Ocean City real estate market. In regards to kitchens and baths, many folks don't want to go through the hassle and cost of updating them. In this case you will want to check the kitchen and bath condition of comparable properties that have sold and set your listing price accordingly.
If you need assistance with any of the issues we have experienced contractors that can help. Feel free to contact us anytime at 443-552-7579 or via email below.
Contact Coastal Life2019-01-30T15:17:00-07:002019-01-30T15:39:55-07:00Nicholas Bobenkotag:coastallifeoc.com,2012-09-20:2784Contract and Escrow Phase
You made an offer on an Ocean City property and the Seller accepted the offer ... Now what? Below is an overview of what you can expect as you work through the escrow phase of the contract towards the property settlement:
Mortgage Application - The process typically takes 30-45 days and includes gathering financial and supporting documentation, property appraisal, HOA approval and final underwriting.
Title Work - The title company will research the deed and title, account for all monies and prepare closing documents.
Property Inspections - Structural and mechanical inspections will be performed along with any other specialized inspections that may be needed or desired.
HOA Review - You will receive a resale package from the homeowner's association containing all of the governing and financial documents for review.
Final Steps - Utility transfer, review settlement statement and a final walk-through of the property before closing.
As experienced real estate agents in Ocean City and the surrounding areas we assist our clients with every step throughout this process. Buying Ocean City real estate should be a fun, enjoyable and stress free process. Coastal Life Realty Group goes to great lengths to ensure this happens for all of our clients.
If you have any other questions about real estate in Ocean City and the surrounding areas feel free to contact us anytime at 443-552-7579 or info@coastallifeoc.com.
Contact Coastal Life2019-01-18T09:01:00-07:002019-01-18T10:14:06-07:00Nicholas Bobenkotag:coastallifeoc.com,2012-09-20:2772Who Represents Who?Before you start looking at real estate in Ocean City or enter into a real estate agreement to sell your property it is helpful to know which real estate agents represent who in a particular real estate transaction. Below is an overview of the three main capacities that an real estate agent can operate under:
Seller's Agent (Listing Agent) - A seller's agent works for the Ocean City real estate company that lists and markets the property for the sellers and exclusively represents the sellers. A Seller's agent may assist the Buyer in purchasing the property, but his or her duty of loyalty is only to the Seller. If you purchase a property from the Seller's agent you are unrepresented.
Buyer's Agent - A Buyer's agent will represent a Buyer in locating an Ocean City property to buy. A Buyer's agent assists the Buyer in evaluating properties, preparing offers and developing negotiating strategies that work in the best interests of the Buyer. This relationship is established through a Buyer Agency agreement.
Dual Agency - Dual agency arises when the Buyer's agent and the Seller's agent both work for the same Ocean City real estate company and the Buyer is interested in a property listed by that company. In this situation, if all parties agree the transaction will move forward under Dual Agency. Under Dual Agency the Buyer's agent and the Seller's agent can each fully represent their clients and their respective best interests.
If you have any other questions or want to discuss this in greater detail feel free to contact us anytime at 443-614-9179.2019-01-11T13:15:00-07:002019-10-31T04:54:33-07:00Nicholas Bobenkotag:coastallifeoc.com,2012-09-20:2727Christmas in Ocean City - 2018I get asked all the time what there is to do in Ocean City, MD when the temperatures cool down. The off-season and especially the holidays are some of the best times to enjoy this beautiful beach community. Below are the top eleven things that my family and I like to do during the holidays in Ocean City and the surrounding areas.
1. Check out a local Christmas parade. Mark your calendars for Saturday, December 1st for the Ocean City Christmas parade! The parade will start at 11am on Old Landing Rd. and march northbound to 120th street. The event will feature more than 50 units, including high school bands, horses, antique cars, colorful holiday floats, and more. Continue the parade fun later in the week at the Berlin Christmas parade, scheduled for Thursday, December 6th at 7pm. The Berlin Christmas parade, celebrating its 150th anniversary, will bring the town of Berlin to life and light as floats, bands, firetrucks, and more parade down Main Street.
2. Support a good cause. Christmas and the holiday season in general is a time when most people’s thoughts turn to giving. And thankfully, Ocean City has no shortage of charitable events to take part in. Whether it’s as small as donating canned goods to<a href="http://www.diakoniaoc.org/"> </a>Diakonia for their annual food drive, or as big as taking a plunge in the ocean on New Year’s Day to support our not-for-profit community hospital, there are many ways to give back at the holidays and have fun while doing so.
3. Light up your night. Each winter, Northside Park transforms into a magical winter wonderland with its annual Winterfest of Lights. This award-winning light display includes a trolley ride through Northside Park with over one million Christmas bulbs and music to go along with it! Open every evening from November 15th – December 31st from 5:30pm-9:30pm.
4. Be amazed at Wonderfest. Every Friday, Saturday and Sunday in late November and throughout December, Schell Brothers opens up their Christmas Village at the Cape May Lewes Ferry parking lot. Enjoy ice skating, photo ops with Santa and Mrs. Claus, rides, live music and an incredible Christmas Village designed and built by the employees at Schell Brothers. For tickets and more information, visit the WonderFEST website.
5. Watch an old (or new!) Christmas movie. On December 5th at 7pm, enjoy the classic movie, A Christmas Story while lounging in the recliners at Sun & Surf on 143rd street in Ocean City, MD. Or if you’d rather see a new Christmas movie, Dr. Seuss’ the Grinch has viewings every day and night.
6. Skate around the ice skating rink at the Carousel. The Carousel hotel on 117th street features an indoor ice skating rink open year round much to the delight of hotel guests, tourists, and locals alike. Bring your own skates or rent them. Open Sundays 9am-9pm, Monday-Tuesday 4pm-9pm and Wednesday-Saturday 10am-10pm.
7. Ride the Polar Express at the Salted Rim. All aboard for the Polar Express dinner and movie at the Salted Rim in Ocean View, DE! Hop aboard an authentic train car decorated for Christmas while enjoying a buffet breakfast or dinner and watching the Polar Express. During the movie, Santa’s Elves will serve hot chocolate and cookies and Santa will make an appearance with presents for all the little ones.
8. Watch a performance of the Nutcracker at the Ocean City Performing Arts. This state-of-the-art theater in our backyard offers an intimate setting for concerts, musicals, dance performances and more. This year, the Sussex Performing Arts presents the quintessential holiday performance, the Nutcracker on December 16th at 1pm and 5pm.
9. Have breakfast with Santa. Many area restaurants including Harpoon Hannas, Ropewalk Ocean City and Pickles Pub offer special themed breakfasts with Santa throughout the month of December.
10. Take a free carriage ride through the town of Berlin. Every year, the Town of Berlin offers free carriage rides through beautiful downtown Berlin. Offered Saturdays and Sundays 11am-3pm throughout December.
11. Ring in the New Year in Ocean City. Celebrate the end of 2018 and the beginning of the New Year with free events all day long in Ocean City! Start with a special New Year’s Day Concert at the Ocean City Performing Arts Center. Later, take in a free fireworks display at Northside Park. The fireworks begin at midnight and will be accompanied by live entertainment, warm hot chocolate and the opportunity to ride through the Winterfest of Lights.
I hope you enjoy these holiday events in Ocean City, MD. Merry Christmas and Happy New Year!2018-12-07T14:10:00-07:002018-12-07T14:13:00-07:00Nicholas Bobenkotag:coastallifeoc.com,2012-09-20:2670Renting PropertyA lot of folks rent out their Ocean City real estate to help subsidize the property's carrying costs. Below is a brief overview of the rental process for Ocean City real estate:
The rental season in Ocean City runs from mid May to late September with the summer months generating a majority of the gross rental income.
Rental management companies in Ocean City charge between 12% and 16% of the gross rental income to manage the property for you.
You will be responsible for the cleaning fees after each rental turnover. The cleaning fees vary depending on the size of the home or condo.
You are able to block out weeks to use for yourself or for friends and family.
The proliferation of online rental sites has streamlined the process for property owners to manage rentals on their own if the choose.
If you have other questions or want to discuss this in greater detail feel free to contact us directly anytime at 443-552-7579.
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2018-10-22T14:48:00-07:002018-10-31T10:19:39-07:00Nicholas Bobenkotag:coastallifeoc.com,2012-09-20:2669Closing Costs - SellersAs you consider selling real estate in Ocean City or the surrounding areas it is helpful to know what to expect in regards to closing costs. This will enable you to properly position your property and market it accordingly based on the net price you are trying to achieve. Closing costs will vary from deal to deal, however there are some common similarities that you will find outlined below:
Transfer Costs
Every time a property transfers in the state of Maryland the state and local municipalities charge transfer taxes on the sale, which total 1.66% of the purchase price. These transfer charges are typically split equally between the Buyer and the Seller, however they are a negotiable item.
Commissions
Sellers are responsible for the commissions associated with the property sale. Commission rates typically range from 5% to 6% depending on the property and the Ocean City Realtor you choose to work with. The commissions are paid at settlement from the proceeds of the property sale.
Deed Release
The Seller is responsible for the costs associated with releasing the current deed so the property can transfer. This cost will vary depending on the property and the title company doing the settlement, however it typically ranges from $125 to $150.
Prorations
You will be reimbursed for any items that you have paid in advance, such as property taxes and condominium fees. These items will be prorated down to the day of settlement and you will be reimbursed for the unused portion.
Non-Resident Withholding tax
If you are not a resident of Maryland you could potentially have Maryland withholding taxes that you will need to address for the property sale. If you are a non-resident and there will be any type of net proceeds from the sale on the settlement statement you will need to file for a non-resident withholding exemption. The title company that is handling your property sale can assist you with this.
We would be glad to have a preliminary settlement statement prepared for you so you know what to expect in regards to closing costs. If you have other questions or want to discuss this in greater detail feel free to contact us directly anytime at 443-552-7579.
Contact Us2018-10-22T14:18:00-07:002018-10-31T10:25:46-07:00Nicholas Bobenkotag:coastallifeoc.com,2012-09-20:2668Closing Costs - BuyersClosing costs are the costs associated with buying a home or condo that are in addition to the down payment. Closing costs are going to vary from deal to deal depending on the terms and structure of the contract. Common closing costs you can expect are:
Transfer and recordation charges
Lender fees (credit reports, application fees, etc.)
Appraisal
Property inspection costs
Prorations (property taxes, condo fees, etc.)
Title charges (title exam, document prep, etc.)
Escrow account set-up
Title insurance
Closing costs for properties that are financed typically range from 3% to 4% of the purchase price. These percentages will be lower for higher price points and cash purchases.
We would be glad to have a closing cost estimate prepared for you based on the specific type of properties you are interested in. If you have other questions or want to discuss this in greater detail feel free to contact us anytime at 443-552-7579.
Contact Us2018-10-22T14:07:00-07:002018-10-31T10:30:02-07:00Nicholas Bobenkotag:coastallifeoc.com,2012-09-20:2660Condominium FeesCondominium fees are the maintenance costs associated with a particular condo or townhome. They are charged monthly or quarterly and paid separately from your mortgage payment. Condominium fee amounts will vary from building to building, however there are some common similarities as to what they cover:
Master homeowners insurance policy
Flood insurance
Exterior maintenance and replacement (roofs, decks, railings, etc.)
Water usage
Trash pick-up
Building reserve fund
Property management
Amenity usage and maintenance
Landscaping
Service contracts (elevators, sprinkler systems, etc.)
The condominium fees for every listing are noted in the financial section on the listing detail pages of this website. If you have questions about condominium fees for a specific building feel free to give us a call at 443-552-7579 and we would be glad to research them for you.
Contact Us2018-10-17T18:48:00-07:002018-10-31T10:33:46-07:00Nicholas Bobenko