Archive for the ‘Tax credit’ Category

There were 21 contract sales in Bedminster during the month of July. This is UP from June when only 14 sales were recorded. This seems to contradict the sentiment that the expiration of the tax credit woud lead to a dip in sales activity.

There were 12 closings in Bedminster this past month:

70 Willow Drive, $720,000/$650,000
33 Spruce Court, $239,000/$235,000
27 Stafforoad Court, $779,000/$730,000
41 Teal Lane, $469,000/$450,735
26 Academy Court, $254,999/$250,000
16 Pheasant Brook Court, $349,900/$332,000
83 Cortland Lane, $99,999/$100,000
19 Ashley Court, $312,000/$318,000
28 Teal Lane, $460,000/$450,000
61 Edgewood Road, $449,000/$435,000
81 Autumn Ridge Road, $715,000/$690,000
12 Lockhaven Court, $499,999/$505,000

If you are consdering a move into or out of Bedminster, try searching for available properties: luxury homes or townhouses and condos or sign up for listing notifications as properties are listed.  Contact me directly for any other questions related to real estate in and around our area in beautiful Somerset County, NJ.

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!

It might have been a snow day for some, but I was busy listing another home!  This property is a vintage colonial in the heart of Liberty Corner.  It features chestnut molding and pine floors - a walk up attic with plenty of space for storage.  It has been wonderfully maintained and features many current amenities, including a new roof (2004), a gas fired cast iron stove in the family room addition and finished 12×20 shed in the back yard.  The yard is just under an acre and backs to Liberty Corner’s English Farm.  I will be hosting an open house this weekend, Sunday, February 14th from 12:00-4:00, stop by for a visit, view this wonderful home and we can discuss what’s happening in the local market.

If you are considering a move into or out of Bedminster, Basking Ridge or any of the surrounding areas, please contact me directly – selling homes is what I do best!

January 4, 2010

The final two weeks of December have not been kind to mortgage rates. Stronger than expected economic data, comments from Fed officials, and a stock market rally all were negative for mortgage markets, and mortgage rates moved higher during the period.

Heading into December, mortgage rates were close to record low levels, but a combination of factors caused them to increase throughout the month. First, an improving economic outlook, which is good news for the country, is negative for mortgage markets because it generally leads to higher inflation. Second, the government already will need to issue an enormous amount of debt to pay for its spending, and it now looks more likely that additional expenditures are on the way for job creation and health care bills. Higher yields are required to attract investors to purchase the extra debt, pushing up yields for competing investments such as mortgage-backed securities (MBS). Finally, the Fed is winding down its $1.25 trillion MBS purchase program, reducing demand for mortgage investments.

With mortgage rates that are still historically low, high levels of affordability, and the homebuyer tax credit, the housing sector outlook for 2010 is for improvement from 2009. According to projections from the Mortgage Bankers Association (MBA), sales of existing homes are expected to increase by more than 10% next year. In addition, housing starts will rebound sharply from extremely low levels, and median home prices will move a little higher. Forecasts from the National Association of Realtors (NAR) and from Fannie Mae are generally consistent with the outlook from the MBA.

The biggest economic event next week will be the important Employment report on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before the employment data, the ISM manufacturing index will be released on Monday. Pending Home Sales, a leading indicator for the housing market, will come out on Tuesday. ISM Services and the minutes from the December 16 Fed meeting will be released on Wednesday. Construction Spending and Factory Orders will round out the schedule. In addition, the Treasury will announce the size of upcoming auctions on Thursday.

Copyright @ 2010 MBSQuoteline

At the date of this printing all information is deemed reliable but not guaranteed.  This publication is a service to our clients and friends.  It is designed only to give general information on the topics actually covered.  It is not intended to replace tax, legal or financial advice, for which you are encouraged to seek a competent professional advisor.

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.

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!

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)