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Many times when working with people looking to purchase in the Basking Ridge, 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.
If you purchase now and are under contract before April, 2010, you may qualify for the home buyer tax credit!
I’m ready – are you? I stopped at the market on the way home and picked up all sorts of stuff for cookie making…that’s what I’m planning to do tomorrow! And I rented some movies – gotta get the firewood ready!! It’s winter!!
But – business goes on as well! I continue to be encouraged by the level of activity we are seeing here in town even with the holidays right around the corner.
Click over to the new Basking Ridge Patch for my article on marketing your home during the holiday season! I am the real estate feature writer for this great new hyperlocal website!
I am headed out for some holiday cheer this evening, but please don’t hesitate to contact me over the weekend. I love to talk real estate and I’m happy to provide you with any information you need regarding real estate in Basking Ridge!
Have a great weekend!
This year’s Liberty Corner Holiday parade is on Thursday, December 17th. Sponsored by the Bernards Township Chamber of Commerce and co-hosted by the Liberty Corner Fire Company, the parade starts in the center of Liberty Corner and makes its way back to the firehouse. The trucks are on display, the Girl Scouts and Boy Scouts march, and Millington Savings Bank usually donates prizes, cider and other goodies for the post-parade reception, which also features a special visit from Santa!
Visit my Basking Ridge website to search homes for sale in Basking Ridge and surrounding areas.
Many properties have reduced their list prices since the beginning of December. I think there are some really great deals out there – and the spring is right around the corner…get out now or you might be competing with other potential buyers. But, on the flip side, there may be more inventory to choose from after the first of the year.
Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate site for more information on what has sold by month over the past year.
12/05/2009 – 12/13/2009
EIGHT sales over the last nine days – not a bad week or so for Basking Ridge, NJ!
There are an additional 5 properties that are working through attorney review. Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate site for more information on what has sold by month over the past year.
As of this evening there a total of 152 listings showing active in Basking Ridge in the MLS. With 22 going under contract in the last 30 days, Basking Ridge market absorption is 6.9 months. A very respectable inventory level for this season.
Visit my Basking Ridge website to search homes for sale in Basking Ridge and surrounding areas.
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 – will be back soon with new posts!
11/28/2009 – 12/04/2009
Same as last week there were only TWO sales here in Basking Ridge.
There are an additional 12 properties that are working through attorney review which means they have accepted offers and lawyers are working through the contract details. Only 11 show as being in Attorney Review – I have a deal at the attorneys but the listing agent has chosen not to mark the property as such. This is a good time for me to remind you that the data I report is only as accurate as what is in the MLS, or what I can add from personal involvement in any deal.
Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate site for more information on what has sold by month over the past year.
New to the Basking Ridge market are 20 properties. Before you say, “WOW, why are so many people listing their homes NOW, let me explain that many of these are relists. There has been some restructuring of several firms here in town. Coldwell Banker has absorbed Burgdorff and several Burgdorff agents had their clients pull their listings off the market until they figured out where they were going to hang their license. Some of these issues have been resolved and the homes are now back on the market. As always, I have marked the relists.
As of this evening there a total of 164 listings showing active in Basking Ridge in the MLS. With 21 going under contract in the last 30 days, Basking Ridge market absorption is 7.8 months. A one month difference from last week – due mostly the “new” listings appearing as an increase in inventory. This is why I don’t like to track Market Absorption every week, I prefer to look at the trends.
Visit my Basking Ridge website to search homes for sale in Basking Ridge and surrounding areas.
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!