Archive for the ‘First Time Homebuyers Tax Credit’ Category

Please visit the following open houses today:

57 Dogwood Terrace, Millington – $839,900

50 Church Street, Liberty Corner – $499,000

1502 Bayley Court, Bridgewater - $409,000

If your attorney is quick, you can make an offer today or tomorrow and still be under contract by Friday – in time to qualify for the First Time or Repeat Buyer tax credit!

Are you thinking about making a move into or out of Basking Ridge, Bedminster or Bernardsville?  I’m happy to help. Contact me today for information about properties available in any of these towns or the surrounding areas.  I’m also happy to help you understand the value of your home in today’s market.  Feel free to follow any of these links for more information.

Have a great Sunday!

I must apologize for being away for so long – it’s been very busy in my little real estate world!  I’ve ben dealing with mulitple offers on several of my listings (something we hadn’t anticipated), an appraisal issue for a property which is the subject of a contingency on one of my deals that was under contract, and working with a couple who needed to make a decision about a competing offer on a property that they were hoping to purchase.  I am happy to report that the buyers with the appraisal issue selected another lender and were able to close their deal, two of the sellers looking at multiple offers selected one – one is under contract and the other will be signed today, and the buyers faced with competition for the home of their dreams made a decision and have already completed their home inspection!  I will admit that after all that hard work, it feels good to have a few closings on the horizon!

So, how are things going in Bedminster?  Market Absorption is at a healthy 6.9 months; a somewhat balanced market that is still favoring buyers to some degree.  I am anticipating a bit of a jump in contract sales due to the impending expiration of the tax credit on April 30th.  If you are considering a move – whether you are a buyer or a seller – now is the time to do it!  Stay one step ahead of the game by registering for listing alerts – be notified of new Bedminster listings within 24 hours of availability.  I can also provide you with a current market analysis for your Bedminster home.  If you just want to browse the inventory – you can do that too: Luxury homes, Single Family Homes, Townshouses and Condos.

Take a quick look at what has sold since I last reported (2/22/10):

30 Tansy Court List: $240,000  Sale: $235,000 Mayfield Condo
64 Foxwood Court  List: $279,999  Sale: $277,500  Fieldstone Condo
41 Pine Court  List: $289,900  Sale: $270,000  Pinevale Condo
102 Stone Run Road  List: $415,000  Sale: $414,000 Stone Run Townhouse

Have a great day!

I just spent a few minutes downloading closed sales information for my Bedminster Real Estate website.  It didn’t take very long – there were only TWO sales in Bedminster during the month of January.  Market Absorption in Bedminster is surprisingly high – at the end of last year, it was hovering between 3 and 5 months, during any other economic time period that would have been considered a clear seller’s market!  However, given the nature of today’s economy and recent housing “slump”, even though the inventory numbers were low, buyers still had the advantage.  All month, Bedminster’s market absorption has been climbing – wrapping up at 8 months!  There are currently 72 listings and there were only 9 sales in the last 30 days.  There were 23 new listings this month and I expect that there will be at least that many each month through the end of April.  Hopefully for seller’s buyer activity will pick up – my recommendation if you are planning to buy in Bedminster is to do so NOW.  While there is lots of inventory, and few buyers and while there is still time to qualify for one of the tax credits!

Get ahead of the game, visit my website to learn about homes for sale in Bedminster, NJ: from condos to luxury properties.  I honestly believe that it’s a great time to get a great deal in Bedminster!

You are invited to a free Home Buyer Seminar Saturday, January 23rd at 11:00 in my office at 22 Henry Street in Basking Ridge. I will be there along with other real estate professionals, including my broker, our mortgage representative and a real estate attorney. We’ll address local market conditions and buyer incentives, including the Federal Tax Credit as well as current mortgage products.

If you want to get ahead of the game, click here to search homes for sale in Bedminster, NJ as well as all other areas covered by the Garden State MLS. Space may be limited, so please RSVP today by calling me directly at 908-432-0318 or emailing me at jennifer@jenniferblanchard.com. Please let me know how many will attend and if you have can stay after the seminar or come back on Sunday to get started!

The spring market is here!  My phone has been ringing and my email has been busy!  I am fielding inquiries from both buyers and sellers – going on listing appointments and scheduling showings.  One thing I’ve noticed – year after year – is that buyers are always ready before sellers. 

While I am going on listing appointments, many potential sellers are waiting to put their houses on the market.  But the buyers I am speaking to are more than ready to get in the car and look at what’s on the market!

The home buyer tax credit is definitely fueling some of this activity, but I can’t attribute it all to the credit and I do wonder how much of a drop off we might have come May 1st when that window closes.  But that is more than three months from now! 

If you are considering putting your home on the market and sooner rather than later doesn’t interfere with your other plans or goals, then I would give serious thought to putting the house on the market now.  Before the sellers who are waiting to come on the market increase the inventory on April 1st!

If you are considering a move into or out of Bedminster, please contact me for a buyer consultation or a market analysis of your current Bedminster home.  Visit my Bedminster Real Estate site to search homes for sale – whether you are looking for a condo, a single family home or a luxury property.  I’m happy to help!

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.

With the extension of the $8,000 tax credit for first-time buyers, much has been made about the great opportunity available to those who have never owned a home.  Yet, the reality is that today’s market offers just as many advantages for existing homeowners wishing to move-up to a larger home.  The expansion of the credit to these repeat home buyers makes that opportunity even greater!

“Many current homeowners mistakenly don’t think it is good time to buy because they are focused on what they might have sold their home for in the past,” said James W. Weichert, president and founder of Weichert, Realtors. “Once they realize how beneficial it can be to trade-up now, both financially and personally, they often have a change of heart.” 

The Financial Benefits

Given the recent decline in home prices, some homeowners are understandably hesitant to sell their home.  However, when you factor in the cost-savings on the home also being purchased, trading up now can produce a very positive financial outcome. 

Take for example a homeowner who paid $200,000 for a home several years ago.  If prices in their market declined by 10 percent, they would experience a $20,000 loss upon the sale of their home.  However, if they are also buying a larger home that had cost $400,000; they would now benefit from a $40,000 savings on their purchase.  This is a $20,000 gain in overall equity as a result of moving up.  In addition, when prices begin to rise, this trade-up buyer will see greater appreciation in their new home than their previous one. 

More House for Your Buck

With home affordability at a record-high and interest rates at a record-low, those looking to move-up can get more for their dollar today than at any time in recent memory.  For some this historic buying opportunity can translate in to a home with more bedrooms for the kids or a bigger yard where the dog can play.  For others it might mean a larger dinning room for entertaining family and friends.    

Whatever the reason, today’s market makes it possible for many trade-up buyers to afford a home they couldn’t just a few years ago and might not be able in a few years to come.  

In the Middle of the Action

Perhaps the biggest advantage for trade-up buyers is the fact that they are in the middle of the real estate action – literally.   In most cases, the home they own is in the best-selling segment of today’s market, while the home they wish to buy is in a price range that is seeing far less activity.  

According to the National Association of Realtors, for the first-time ever, more than half of all buyers are now first-time homebuyers.  More often than not, the properties these first-time buyers want and can afford are the homes currently owned by move-up buyers.  As a result, trade-up buyers who own starter homes that would be attractive to a first-time buyer may have a much easier time selling than they expected. 

On the flip side, those looking to move up benefit from the reality that there are less people looking to buy larger, higher-priced homes.  This lack of activity at the higher end of the housing market offers move-up buyers more negotiating power and affords the opportunity to be more selective. It also provides the very real possibility of even greater savings on the buy side during the trade-up process.  

What remains unclear is just how long this opportunity to move-up to a larger home at an affordable price will last.  After several years of price declines, many financial experts are predicting the market is close to a bottom.  In addition, the government’s continued involvement shows that it is committed to stabilizing the housing market to stimulate the economy.  At the same time, there is much speculation that interest rates may begin to rise in the near future after remaining stagnant within the same range for several months.   

“Today’s affordable prices and low interest rates have opened a great window of opportunity for all buyers, not just first-time home buyers.  The big question is how long the window will stay open before it slams shut,” added Weichert.  

To search for available Bedminster, NJ properties visit my website: www.Bedminster-Real-Estate.com.

Originally printed: 6/2/2009 by Weichert, Realtors (Press Release)

Homeownership has many advantages, including tax benefits and the ability to build equity. And now, current market conditions make purchasing a home an even more attractive option than ever before.

In fact, a report earlier this year showed that the National Association of Realtors’ Housing Affordability Index rose to the second highest monthly reading on record. That means homes are more affordable now than at almost any other time. What’s more, the limited-time $8,000 first-time buyer tax credit makes purchasing a home an even better deal.

Those considering a move from renter to homeowner should keep these factors in mind:

• Length of ownership: How long do you plan to own your new home? Because of the costs associated with a home purchase, buying now could be a great choice if you plan to own the home for at least five years.
• Cost: How much should you spend? Contact a mortgage professional to find out your price range, and then crunch the numbers so you don’t buy a home that is more than you can afford.
• Quality of life: In addition to greater median wealth compared to renters with comparable incomes, research shows that homeowners have better physical and psychological health, as well as higher life satisfaction and self esteem.

Are you ready to start looking at listings?  I can send them to you via email each day, once a week – whatever works for you – until you are really ready.  Click here to let me know what  might be looking for and I can start sending you listing alerts. 

An additional bonus: you can now take advantage of a Federal Housing Administration program to allow qualified home buyers to apply the credit as a downpayment when purchasing a home. This is possible through a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger downpayment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate.

Finally – don’t forget that the First Time Homebuyers tax credit has been extended through April, 2010!

Contact me directly for additional information.