Tax Credits for Home Buyers/Sellers Set to Expire

The federal tax credits for first time home buyers and buyers "moving up" are set to expire in less then 60 days.Last time this program expired in 2009, there was a fair bit of lobbying, and buzz to get Washington to extend and expand the credit. The result then was that the credit was extended for first time home buyers and expanded to folks that were not first time home buyers, so-called "move-up" buyers.

This time around the effort to expand/extend these tax credits does not appear to have gained much traction. We anticipate that if buyers are not under contract to purchase a home by April 30, 2010, and the credits are not extended, that they will no longer be available.Tax credits reduce (dollar for dollar) the actual taxes due to the IRS, and are much more valuable than deductions or write-offs.
Also noteworthy to report, is that the Federal Reserve has announced they will curtail their highly unusual practice of purchasing mortgage securities, and may in fact become a seller of these same securities. This measure is slated to occur in March (this month). In many cases, the Federal Reserve has been the only, or nearly the only buyer, for certain new mortgage securities. Economists disagree about the exact impact on mortgage interest rates, but most agree that removing a large buyer of these securities will cause a rise in mortgage rates. Now the debate appears to be about how much of an increase is likely, not whether rates will rise.Therefore, the timing is excellent to buy a home, and we are strongly recommending to all that they evaluate for themselves and others, the ability to act now to benefit from both the tax credit and low mortgage rates.If you, or someone in your family, a colleague, or a young professional who is thinking of buying real estate in Berkeley Heights And Beyond, can benefit from learning more about how the program works, and/or how to get a fixed rate better than 5%, please let us know, we'd be delighted to help.

Feel free to share this update with people that can benefit from this unique opportunies.

Contact Mathew Northup for mortagae and tax credit information if you are thinking of purchasing a home Contact Mathew@arlingtoncapital.com Mathew is with Arlington Capital Mortgage. Mathew is always available to speak to you at (609) 921-3131x1334

Want to know more about Berkeley Heights and surrounding areas of Long Hill, New Providence,Warren, Warren or Watchung? Contact Me for Free Information. No Obligation.

How Much is Your Home in Berkeley Heights, NJ Worth?

Berkeley Heights, NJ  Real Estate

Looking Ahead to 2010...

There has been a multitude of press surrounding the real estate market this year. Articles about the weak housing market, increased inventory, absorption rate, sub prime mortgages, etc.. Yes, the average sale price in Berkeley Heights did decline in the past year, However, on a positive note the existing-home sales are expected to rise slowly as indicated by pending sales activity, and continue through 2010.
There are mixed opinions as to when the market will recover in NJ, but statistics are showing us that homes will continue to sell in our town of Berkeley Heights. While location, condition and amenities are important elements, competitive pricing has been and will remain to be, the major factor to a successful sale.

So how does the Berkeley Heights NJ real estate market look these days? Currently Berkeley Heights has a average listing price for homes for sale of $706,824. The Union county average currently is $560,436.
The current number of properties on the market in Berkeley Heights is 56, with 23 properties "under contract" (as of 03/01/2010). The Berkeley Heights median listing price is $611,650.

If you're thinking of buying or selling a home, Call Me! Let me show you what a full service Realtor can do for you. You Will Not Regret It. The Difference is the Experience that I Bring to my Clients.

Maria Lourdes Couto, ABR, CRS, GRI, SRES
RE/MAX Premier
"Berkeley Heights Neighborhood Specialist"
Contact me directly at (908)400-1801
E-Mail: Homes@MariaLCouto.com
BerkeleyHeightsAndBeyond.com