Archive for June, 2009
Why Renters Should Buy – especially now!
June 15th, 2009 | 
Author: 
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 month showed that the National Association of Realtors’ Housing Affordability Index rose in April 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.
Don’t forget that the $8,000 tax credit is available only if you close before December 1, 2009 – that might be sooner than you think given that you should allow enough time to find the perfect home and then 60-90 days for everything that needs to happen between contract and close.
This $8,000 tax credit does not need to be repaid. Combined with historically low interest rates and more affordable home prices, the tax credit has made the decision to purchase real estate an easy choice for many buyers.
Review the following information to see if you are eligible to take advantage of the tax credit:
- The home purchase closed/will close on or after Jan. 1, 2009, and before Dec. 1, 2009.
- The home is being used as a principal residence.
- You have either never owned a home, or have not owned a home in the last three years.
- Your modified gross income is less than $95,000 for single tax payers or $170,000 for married filers.
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.
Contact me at www.Basking-Ridge-Real-Estate.com for additional information.
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Another new listing – this one in Bernardsville, NJ
This nicely priced 3-bedroom ranch should be viewed as a great opportunity to take advantage of the first time home buyer tax credit. Why buy a condo when you can own a house?
http://www.160mountairyroad.com/
160 Mt. Airy Road
This solidly built home – lived in always by the original owners – features hard wood floors, a full basement, a bluestone patio and newer windows. Close to the center of town as well as to public transportation. Contact me today to make an appointment to see it.
Spotlight on Basking Ridge Townhomes: The Cedars
The Cedars in Basking Ridge is a community of about 500 units, in the form of duplexes, townhomes, condominiums, and low to moderate income housing. One of the only developments of Basking Ridge townhomes where the units offer garage AND basement (many are finished). The community features a pool, tennis courts, playgrounds, clubhouse and jogging paths. Students attend the Liberty Corner elementary school and are eligible for courtesy busing.
Property Descriptions:
Townhouses – two models (interior and end units) each with 2 bedrooms + loft, 2.5 bathrooms, kitchen, living, dining & laundry areas, fireplace, basement, garage, deck. Currently listing and selling just under $350,000.
Duplexes – four models: each with 2 or 3 bedrooms + den, 2.5 bathrooms, kitchen, living, dining & laundry areas, fireplace, basement, garage, patio. Currently listing and selling around $420,000.
Condos – two models, each with 1-2 bedrooms and a den, 1-2.5 bathrooms, kitchen, living, dining and laundry areas, fireplace, and garage. Currently listing and selling between $269,000 and $325,000.
Affordable housing units – Studio apartments, 1 BR, 2 BR, 3 BR. Contact me for more information on affordable housing in Basking Ridge.
Visit my website to register for listing alerts for Basking Ridge homes or to see what Basking Ridge Townhomes are currently available. No obligation – just information!
What sold this week and what’s new to the market?
12 properties went under contract this past week. That means offers were negotiated, attorney review was completed and inspections are underway on the following properties:
90 POTOMAC DR listed for $199,900 DOM: 21
31 SPRING VALLEY BLVD listed for $230,000 DOM: 81
106 IRVING PL listed for $237,650 DOM: 40
212 ENGLISH PL listed for $249,000 DOM: 7
52 Commonwealth Dr listed for $279,000 DOM: 124
129 Church Street listed for $364,900 DOM: 118 (bank sale)
27 Cannon Court listed for $430,000 DOM: 142
152 Smithfield Court listed for $527,000 DOM: 41
12 MAYFLOWER DR listed for $549,900 DOM: 12
45 Hamilton Road listed for $859,000 DOM: 71
5 Savannah Court listed for $989,000 DOM: 42
22 BEACON CREST DR listed for $999,000 DOM: 11
There are an additional 15 properties that are working through attorney review.
Please call me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold by month.
New to the Basking Ridge market are the following 13 properties (note that some of these have been available for quite some time but have been relisted):
124 IRVING PL listed for $270,000
197 ALEXANDRIA WAY listed for $274,900
82 Woodward Lane listed for $345,000
18 Acken Road listed for $464,900
6 RALEIGH CT listed for $499,999
62 BATTALION DR listed for $518,000
17 CHARLESTON CT listed for $549,000
32 MAYFLOWER DRIVE listed for $559,000
195 Annin Road listed for $585,000
16 FAIRBANKS LN listed for $589,000
31 AMHERST DR listed for $696,000
4 Richmond Drive listed for $729,000
11 Linden Drive listed for $825,000
95 Manchester Drive listed for $983,000
165 Annin Road listed for $1,295,000
83 Queen Anne Road listed for $1,325,000
Please call me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to sign up for listing alerts in and around Basking Ridge.
The Down Market Offers an Ideal Opportunity for Homeowners Looking Up
With the passing of an $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.
“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 Basking Ridge Real Estate visit my website: www.Basking-Ridge-Real-Estate.com.
Originally printed: 6/2/2009 by Weichert, Realtors (Press Realease)
Under Contract!
Remember when I first advertised this home at 24 Sentinel Drive in Basking Ridge?
It’s already under contract!
In less than three weeks we had two offers! Something is in the air; in the last month, properties in the Hills in Basking Ridge are starting to move.
For more information on properties available in Basking Ridge please visit this page of my website: http://www.basking-ridge-real-estate.com/homes-for-sale.htm.
The Daffodil Project
Doesn’t that sound cool? A few weeks ago I blogged about the 250th anniversary of Bernards Township. Holland Bulb Farms and Basking Ridge have teamed up to celebrate this wonderful occasion; Bernards Township has adopted the “Flower Drift” Daffodil as the 250th Anniversary flower. The township is asking that you plant these flowers in your yard to show your support. And, if you purchase the flowers from their website, Holland Bulb Farms will donate a portion of the proceeds to the anniversary celebration.
You can also purchase bulbs for the town – to be planted in public areas. The intent is to blanket the town in daffodils. Please let me know if you’d like to be part of this legacy; I will show you how!
Visit www.Basking-Ridge-Real-Esate.com to learn more about me and Basking Ridge!
What sold this week and what’s new to the market?
11 properties went under contract this past week. That means offers were negotiated, attorney review was completed and inspections are underway on the following properties:
72 POTOMAC DR, listed for $239,900
212 ARROWOOD WAY, listed for $359,900
12 HOPKINSON CT, listed for $549,900
19 COPPERGATE DR, listed for $675,000
10 DICKINSON RD, listed for $729,000
33 E ASH ST, listed for $849,900
51 SENTINEL DR, listed for $898,999
19 Paisley Lane, listed for $999,000
61 WEXFORD WAY, listed for $1,150,000
24 Sentinel Drive, listed for $1,169,000
45 Overlook Avenue, listed for $1,600,000
Please call me if you would like more information about any of these Basking Ridge homes or visit my website at http://www.basking-ridge-real-estate.com/basking-ridge-sold-homes.htm for more information on what has sold by month.
New to the market are the following 17 properties (note that some of these have been available for quite some time but have been relisted):
240 POTOMAC DR, listed for $224,000
212 ENGLISH PL, listed for $249,000
69 JAMESTOWN RD, listed for $249,000
186 ENGLISH PL, listed for $259,000
214 English Place, listed for $265,000
169 Irving Place, listed for $279,900
3152 VALLEY ROAD, listed for $525,000
16 CANNON CT, listed for $525,499
28 ROBERTS CIRCLE, listed for $530,000
26 COPPERGATE DR, listed for $547,000
195 SMOKE RISE RD, listed for $549,999
25 COMPTON CT, listed for $575,000
15 DICKINSON RD, listed for $699,000
15 LENAPE CT, listed for $749,900
20 PRINCETON CT, listed for $749,900
51 STOCKMAR DR, listed for $1,099,999
58 BERNARD DR, listed for $1,150,000
Please call me if you would like more information about any of these Basking Ridge homes or visit my website at http://www.basking-ridge-real-estate.com/new-listing-notifications.htm to sign up for listing alerts in and around Basking Ridge.
A new listing in Millington
Five bedroom expanded ranch
This five bedroom expanded ranch offers three full baths and boasts many upgrades: Viking appliances, granite counter, fresh paint, hardwood floors, crown molding, and a spectacular fireplace. The backyard is private, completely fenced and wooded with a large deck off the kitchen. The location is terrific – walk to the train station for an easy commute. The home also features a newer furnace, water heater, roof and central air. Garage refrigerator and plasma TV also included…There is nothing to do except move in!!
Check out www.1658LongHillRoad.com for more photos and call me today for an appointment.
Please visit my website at http://www.basking-ridge-real-estate.com/new-listing-notifications.htm to sign up for listing alerts in and around Basking Ridge.
Do you need a home inspector?
Absolutely! Even if you purchase a home in “as-is” condition, you should never waive your right to a home inspection. There are many terrific home inspectors in our area – I can recommend someone or you can call someone you know and trust just make sure that they are ASHI certified. Follows are a handful of home inspectors that my clients frequently use:
Mike Kenny – Solid Foundations – 908-707-8838
Ken Salvo – Ridge Home Inspections – 908-221-9444
John Peterson – 908-334-1282
Mike Fitzpatrick – Fitzpatrick Consulting Group – 888-627-5558