…”SO is it over? The three-year period of unrelenting home price declines: has it stopped? And is it possible that sales prices will go the other way in 2010?
Archive for the 'Real Estate News' Category
February 2010 This Month in Real Estate
February 8th, 2010 Categories: Buying a Home in NJ, NJ First Time Home Buyers, Real Estate News
Who is buying real estate along the Midtown Direct Communities?
First time home buyers have until April 30th
to be Under Contract and then must close by June 30th.
Are you ready?
Want to learn more about the towns along
the Midtown Direct Train line into NYC?
Contact Perri K. Feldman
973.650.4727
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2010 Real Estate Shows Optimism
January 23rd, 2010 Categories: Buying a Home in NJ, NJ First Time Home Buyers, Real Estate News
Real Estate is local.
We all know that.
But it is nice to see that Optimism is Back for 2010 Real Estate.
I was recently at a Real Estate convention in NYC and here is what the “experts” had to say:
Ha Ha, yes that’s me!
Enjoy!
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Optimism for NJ Real Estate in 2010
January 14th, 2010 Categories: Buying a Home in NJ, Commuting to NYC, NJ Mortgage Update, Real Estate News, Selling A Home in NJ
There is optimism in the air about the NJ real estate market for 2010 as reported in The New York Times by Antoinette Martin on January 10th.
…“Every county has its own story,” said Mr. Otteau, (market analyst, whose Otteau Valuation Group continuously tracks sales data in 21 counties for real estate companies.)
…Several brokers said they did not even think of real estate markets in terms of county lines. Perri K. Feldman, an agent with Keller Williams Realty, sees her primary turf as being towns running along the Midtown Direct Train line from Morristown to South Orange (Morris to Essex County).
Prices rose in that area late in 2009, Mrs. Feldman said; she originally saw a rush to meet the Nov. 30 deadline to ensure eligibility for a federal income tax credit. That federal stimulus program has since been extended; now buyers have until April 30 to enter into a contract for a new primary residence and June 30 to close on the home.”
What does this mean for you as a buyer in this market? If you see a home you like…Put in an offer NOW!!!
We are already seeing homes moving quickly in 2010 in South Orange, Maplewood, Millburn/Short Hills, Summit, Chatham and Madison.
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First Time Home Buyer Tax Credit Extended…
November 5th, 2009 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update, Real Estate News
IT’S OFFICIAL!!!!….
THE TAX CREDIT HAS BEEN EXTENDED AND EXPANDED
Well…almost…
(President Obama still has to sign it, which he will)
Per Martin Straka, Mortgage Loan Officer with Bank of America:
On Thursday afternoon (11/5/090 the House of Representatives voted to pass the legislation extending the Tax Credit and Unemployment Benefits (HR 3548).Homebuyer Tax Credit: H.R. 3548 extends the $8,000 tax credit for first-time homebuyers for five months, from November 30, 2009 to May 1, 2010. In addition, the bill provides a $6,500 tax credit for homebuyers that are not first time buyers, but have owned a primary residence at least five consecutive years in the last eight years.
The bill would cap the eligibility for the credit on homes that cost $800,000 or more and raises the current income limit from $75,000, or $150,000 in the case of a joint return, to $125,000 or $225,000. H.R. 3548 waives provisions to recapture the credit for military, intelligence, and Foreign Service personnel who are on qualified official duty and extends the tax credit for an additional year for those on qualified extended duty overseas for 90 days or more since 2008.
The full $8,000 tax credit will be available to qualified First Time Home Buyers (FTHB), defined as not having owned their “Principal Residence” within the past 36 months. This means that even if you have owned a vacation home or an investment property, you may still qualify for the FTHB Tax Credit. The amount of the Tax Credit is 10% of purchase price up to a $80,000 purchase price and then the total is capped at $8,000.
In the past few months, the Tax Credit has inspired many home buyers to stop waiting for “the bottom” of the housing market and to act now to take advantage of the great home prices in conjunction with near record low interest rates.
For those of you that like to read the details If you prefer, give Martin Straka a call at 973.598.5006 or email Marty
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Home Buyer Tax Credit Ends Dec 1st
June 23rd, 2009 Categories: NJ First Time Home Buyers, NJ Mortgage Update, Real Estate News
Did you know that the Home Buyer Tax Credit can now be used for closing costs with FHA-approved lenders?
But ”first-time home buyers” only have until December 1, 2009 to purchase their principal residence to take advantage of the credit.
The National Association of Realtors (NAR) has a very valuable website: http://www.housingmarketfacts.com/ with easy to understand question and answers for first-time New Jersey home buyers.
With historically low interest rates today (yes we are seeing them start to creep up!) and affordable housing prices in the key Midtown Direct communities of South Orange, Maplewood, Millburn/Short Hills, Summit, Chatham, Madison, Montclair, Glen Ridge and Westfield, as well as Livingston, West Orange and Springfield…
NOW IS THE TIME
FOR FIRST TIME HOME BUYERS
TO TAKE ADVANTAGE OF
NEW JERSEY HOME OWNERSHIP!!!
New Jersey Homes for Sale
Contact Perri K. Feldman for more information
about Homes for Sale Along and Adjacent to the Midtown Direct Train.
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Designers Are Working on Blog Design…
February 8th, 2009 Categories: Real Estate News
Please bear with us while the designers update NJRealEstateWire.
February 8th @10:25 PM
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More Money for New Jersey Home Buyers?
January 23rd, 2008 Categories: Buying a Home in NJ, NJ Mortgage Update, Real Estate News
Tuesday, January 22, 2008 Fed Lowered Interest Rates and New Jersey Home Buyers May Benefit
Steve Lupton of Metrocities Mortgage Sent Me the Following Alert I Wanted to Share:
NEWS ALERT!!!!
1. Today, the Fed lowered both the Fed Funds Rate and the Discount Rate by 75 basis points. This unusually aggressive move is an acknowledgement that equity and credit market issues are threatening growth in the real economies throughout the world.
2. As of Friday Jan 18th, all of the S&P gains from 2007 were erased and equity markets world wide are in a “bear market” (down 20% off their highs)
3. Since these Fed rate cuts were already priced into the market, we can’t assume that mortgage rates will drop immediately. However, it is safe to assume that the downward trend will continue. I will keep you posted.
4. There MAY be a silver lining for us. If the Fed continues on this path it may give a boost in the arm to those who need to refinance. It may also increase awareness of “low rates and lower housing prices” for the fence sitters.
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Residential Real Estate is a LOCAL Market Product, Even in New Jersey
October 4th, 2007 Categories: Buying a Home in NJ, NJ First Time Home Buyers, Real Estate News
Hot New Jersey Real Estate Markets…Think LOCAL!
I just had to share a piece from Keller Williams Realty International:
TOP STORY: Gary Keller: The only market that matters is yours!
Last week on the Today Show, during a segment on the national real estate market, CNBC’s Jim Kramer uncompromisingly stated, “now is the absolute worst time to buy!”
Concerned that remarks such as these from so-called experts might be pushing potential buyers to the sidelines?
Here’s what Gary Keller, co-founder and chairman of Keller Williams Realty has to say about waiting out the current market:
First, residential real estate is not a national market product — it is a local one. To say from a national position that this is either a good time or a bad time to buy real estate is like saying the national forecast for the U.S. today is 92 degrees — it is a useless and irrelevant perspective. What is happening in your local market is all that matters.
Second, trying to predict when it is a good time to buy, or not, means you’re trying to time the market. Staying on the sidelines is the surest way for most people to never time anything correctly.
Last, and maybe most important — there are always two markets in every market. There is the market of properties that are good buys and there is the market of properties that are not a good buys. Interestingly enough, this is true in either buyer or seller markets. To categorically say that this is the time to buy or not is absolutely ignoring the fact that every market really has two markets inside it.
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