Archive for December, 2009

Many times when working with people looking to purchase in the Bedminster, NJ area I encounter buyers who are getting help from their family to buy their first home.  I wanted to make sure that you have all the information you need to make the best decision about this very important investment!

Buyers who purchase a property with someone else may wonder about their ability to claim the homebuyer tax credit. The Internal Revenue Service (IRS) recently issued tax credit eligibility guidelines for co-borrowers purchasing a home.

One of the most commonly seen situations is when a parent co-signs their child’s mortgage and both names appear on the note. If the parent owns a home, they are not eligible for any portion of the credit. However, if the home-buying child has not owned a home in the previous three years and meets the other requirements, he or she can qualify for the full $8,000 first-time buyer tax credit.

In other cases, unmarried individuals purchase a home to live in together. If only one of the co-borrowers meets all of the requirements, the eligible buyer may claim the full tax credit.

Click here to visit the homebuyer tax credit section on the IRS Web site.  You can also contact me directly for additional questions.  Click here to start your search in Bedminster, or here to start your search in Basking Ridge.  I also cover surrounding areas and have contacts all over the state for areas in other counties.

According to the National Association of Realtors (NAR), in November existing home sales rose 7.4 percent over October, and were 44.1 percent higher than the pace in November 2008. Current sales remain at the highest level since February 2007.

The rise in sales is attributed to a rush of first-time buyers who wanted to close before Nov. 30, the original tax credit deadline. In fact, a NAR practitioner survey shows firsttime buyers purchased 51 percent of homes in November. And, another surge is expected in the spring as buyers take advantage of the expanded tax credit.

Total housing inventory at the end of November declined 1.3 percent to a 6.5-month supply at the current sales pace. The last time there was a lower supply of homes on the market was April 2006, when it was at a 6.1-month supply.

For the second month in a row, sales have risen in all price classes from a year earlier. Prior to October, the only  consistent gains were in the lower price ranges.

(reprinted from a Weichert Realtors publication to sales associates)

Do you need a last minute holiday gift for someone special?  Consider a one bedroom condo in Basking Ridge!  Okay, okay, I know that’s silly – BUT, it is a great time to buy and this first floor Ardsley model in the Spring Ridge community is a wonderful opportunity.  Priced at only $215,000 it offers a garage and a really nice location facing open space.  Click here for more details and contact me directly if you’d like to see it.

One bedroom Arsdsley ModelLiving area

If you purchase now and are under contract before April, 2010, you may qualify for the home buyer tax credit!

Three properties went under contract this past week.

Only one new property was listed.

Four properties reduced their list price.

If you are considering a move into our out of Bedminster, NJ, please contact me directly.  I can provide you with the information you need to make the best possible decision for all of your real estate needs – especially in Bedminster or Basking Ridge, NJ!  I plan to be around all weekend – I stopped at the market and bought lots of goodies to make cookies and rented several movies.  We are ready for the snow to hit the Blanchard household!  Please don’t hestitate to call me – at least you know where you will find me!

There hasn’t been much going on in Bedminster, NJ this month.  Three properties have reduced their list prices since December 1st.  I am pretty confident that there are some good deals out there!

Please contact me if you would like more information about any of these Bedminster homes or visit my Bedminster real estate site for more information on what has sold by month over the past year.

I know I have been on vacation – it seems that maybe lots of people have!  I had to check twice, but it is true – nothing has gone under contract in Bedminster since 12/04!

As of this evening there a total of 75 listings showing active in Bedminster in the MLS. With 8 going under contract in the last 30 days, Bedminster market absorption is 9.4 months.

Visit my Bedminster website to search townhomes for sale in Bedminster, NJ and surrounding areas.  You can also search for Bedminster Luxury Properties or for single family homes for sale.

If you are thinking of moving, I can provide a free market analysis of your home’s value  in today’s market.

I have been in Disney all week – will be back soon with new posts!

11/28/2009 – 11/04/2009

There was only one contract sale in Bedminster, NJ last week.  And there is only one property working through attorney review which means they have accepted an offer and lawyers are working through the contract details. 

Please contact me if you would like more information about any of these Bedminster homes or visit my Bedminster real estate site for more information on what has sold by month over the past year.

As of this evening there a total of 69 listings showing active in Bedminster in the MLS. With 15 going under contract in the last 30 days, Bedminster market absorption is 4.6 months; a typical fluctuation for this time in the season.  This is still great news for sellers in Bedminster!

Visit my Bedminster website to search townhomes for sale in Bedminster, NJ and surrounding areas.  You can also search for Bedminster Luxury Properties or for single family homes for sale.

If you are thinking of moving, I can provide a free market analysis of your home’s value  in today’s market.

Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors (NAR).

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent, and is 31.8 percent above October 2008.  The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006.

Lawrence Yun, NAR chief economist, said “the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.”  He believes that “as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010.”

Homes are selling!