Friday, February 27, 2009

New First-Time Buyer Tax Credit

The American Recovery and Reinvestment Act that was recently signed into law could be the key to achieving the American dream of homeownership for many first-time buyers. The stimulus plan includes a new and improved version of a first-time buyer tax credit originally passed last summer.
The 2009 first-time buyer tax credit includes these enhancements, and applies to any buyer who has not owned a home in the three years prior to their 2009 purchase:
  • The maximum tax credit amount was increased to $8,000 from $7,500.
  • Buyers are no longer required to repay the credit.
  • The time during which first-time buyers can benefit from the credit was extended by five months. It now applies to purchases of principal residences made on or after Jan. 1, 2009, and before Dec. 1, 2009.
The passing of this legislation is very positive news for anyone looking to buy or sell a home. Specifically, first-time buyers can now take advantage of the improved tax credit in addition to today's historically low interest rates and a large supply of homes to choose from.
Weichert has a resource for first-time homebuyers on its Web site that includes the most up-to-date information on the new tax credit. Click here or visit www.weichert.com/firsttimebuyer today to learn how this new legislation can help you achieve the American dream of homeownership.


Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.MorrisPlaceLiving.com or http://www.MorristownCourt.com.

Monday, February 23, 2009

A Homeowner Affordability and Stability Plan Primer

As you may know, President Obama presented a new plan this week to prevent foreclosures and stabilize the housing market. The Homeowner Affordability and Stability Plan will be funded with money from the $700 billion financial industry bailout passed by Congress in the fall.
The plan was designed to help up to 9 million families avoid foreclosure by restructuring or refinancing their mortgages. While it may seem that the main benefactors of the initiative are homeowners at risk of defaulting on their mortgage, we will all benefit. Defaults and foreclosures result in lower home values, lost jobs and economic troubles for local communities.
The main components of the Homeowner Affordability and Stability Plan are to:
  • Provide incentives for mortgage lenders and servicers to modify loans in a way that would reduce monthly mortgage payments to sustainable levels and aid up to 4 million homeowners struggling to make their payments.
  • Allow Fannie Mae and Freddie Mac to refinance mortgages they own or guarantee, even when more is owed on the home than what it is worth. By removing restrictions on the government-sponsored enterprises, monthly payments could become more affordable for up to 5 million homeowners.
  • Keep mortgage rates low for all buyers by doubling support for Fannie Mae and Freddie Mac, which were taken over by the government last year.
Said National Association of Realtors President Charles McMillan, "The administration's proposed plan, combined with provisions like the $8,000 first-time buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values and move the country closer to an economic recovery."

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.MorrisPlaceLiving.com or http://www.MorristownCourt.com.

Wednesday, February 18, 2009

New Real Estate Stimulus Package Signed Into Law

President Obama signed the American Recovery and Reinvestment Act into law Tuesday afternoon. The $787 billion plan is designed to stimulate consumer spending and create jobs, in order to help families recover and prosper.
Realizing that an economic recovery is contingent upon improvements in the housing market, the package includes provisions that will help attract first-time buyers, reduce inventory, stabilize home values and improve liquidity in the overall mortgage market.
The bill specifically helps real estate in the following ways:
  • Increases the first-time homebuyer tax credit to $8,000 and eliminates the repayment requirement.
  • Reinstates the 2008 higher loan limits for FHA, Fannie Mae and Freddie Mac.
Both provisions were championed by the National Association of Realtors (NAR), which estimates that the new version of the homebuyer tax credit could stimulate up to 300,000 additional home sales.

Tuesday, February 3, 2009

Morris County Real Estate Recent Townhouse/Condo Sales- January 2009 Condo and Town home Sales Report

January 2009 Condos and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate


Town

Address

List Price

Style

Beds

Baths

Garages

Sold Price
Denville Twp. 19 Savage Road A-1  $189,900 First Floor Unit, One Floor Unit 1 1 0 $185,400
Denville Twp. 33 Diamond Spring Road 2A  $329,900 Multi Floor Unit, Townhouse-End Unit 2 1.1 0 $323,900
Dover Town 54B Foxhill Drive  $120,000 Townhouse-End Unit 1 1 0 $115,000
Dover Town 64 C E Blackwell St.  $224,900 Multi Floor Unit, Townhouse-Interior 2 1.1 0 $208,000
East Hanover Twp.  8 KINGSBRIDGE DR   $479,000 Townhouse-Interior 3 2.1 1 $460,000
Florham Park Boro  38 PARK ST 12-G   $449,000 Townhouse-Interior 3 2.1 2 $423,000
Hanover Twp. 70 Sunrise Dr.  $349,900 Townhouse-End Unit 2 2 1 $330,000
Hanover Twp. 101 Appleton Way  $424,950 Townhouse-End Unit 2 2.1 1 $408,000
Hanover Twp.  601 COBBLESTONE WAY  $448,000 Townhouse-End Unit 2 2.1 2 $421,500
Jefferson Twp. 4 Pond Hollow Drive  $324,000 Townhouse-Interior 3 2.2 1 $324,000
Jefferson Twp.  44 RED OAK TERRACE  $345,000 Townhouse-End Unit 2 2.1 2 $225,000
Madison Boro  99 GREENWICH CT   $479,000 Townhouse-Interior 2 2.1 1 $465,000
Mine Hill Twp.  400-31 E RANDOLPH AVE   $280,155 Townhouse-Interior 2 2.1 1 $280,155
Montville Twp.  67 GENOBLE RD   $349,000 One Floor Unit 2 2 0 $315,000
Montville Twp. 62 Village Dr  $538,000 Townhouse-End Unit 3 2.1 2 $520,000
Morris Twp. 221 Pitney Place  $219,900 One Floor Unit, Townhouse-Interior 1 1 0 $212,000
Morristown Town 50B Ridgedale Avenue  $330,000 Townhouse-Interior 2 1.1 0 $310,000
Morristown Town  38 CHESTNUT ST  $439,000 Multi Floor Unit, Townhouse-End Unit 3 2.1 1 $415,000
Morristown Town 35  Community Place  $950,000 Townhouse-Interior 2 2.2 2 $900,000
Mount Arlington Boro 105 CRESTVIEW LANE  $219,800 First Floor Unit 1 1 0 $212,500
Mount Arlington Boro  4 RIDGEVIEW LN   $299,000 First Floor Unit 2 2 1 $285,000
Mount Arlington Boro 77 RIDGEVIEW LANE  $325,000 One Floor Unit 2 2 1 $315,000
Mount Arlington Boro 42  Zachary Way  $361,900 One Floor Unit, Townhouse-Interior 2 2 1 $361,900
Parsippany-Troy Hills Twp. 2467 Route 10 East, 19/7B  $184,777 One Floor Unit, Townhouse-Interior 1 1 0 $173,750
Parsippany-Troy Hills Twp.  2D YACENDA DR   $375,000 Townhouse-End Unit 2 2.1 1 $389,000
Parsippany-Troy Hills Twp.  106 Summerhill Drive  $429,900 Townhouse-Interior 2 2.1 1 $410,000
Parsippany-Troy Hills Twp.  18 GORDON CIR   $449,900 Townhouse-Interior 3 3.1 1 $425,000
Randolph Twp. 88 ARROWGATE DRIVE  $421,800 Townhouse-End Unit 3 2.1 2 $420,000
Rockaway Twp. 322 RICHARD MINE RD B2  $175,000 One Floor Unit 1 1 0 $165,000
Rockaway Twp. 322 Richard Mine Road Y-4  $199,000 First Floor Unit 1 1 1 $192,000
Rockaway Twp. 322 RICHARD MINE RD V-9  $205,000 One Floor Unit 2 1 0 $200,000
Roxbury Twp.  26 PASTURE CT   $214,500 One Floor Unit, Townhouse-Interior 1 1 1 $207,000
Roxbury Twp. 6 PONDSIDE DRIVE  $229,000 One Floor Unit 1 1 1 $229,000
Roxbury Twp.  47 DRAKE LN   $259,000 Townhouse-End Unit 2 2 1 $235,000
Roxbury Twp. 27 Drake Lane  $260,000 Townhouse-End Unit 3 2 1 $250,000
Roxbury Twp.  169 DRAKE LANE  $289,999 First Floor Unit, One Floor Unit, Townhouse-End Unit 3 2 1 $285,000
Roxbury Twp. 19 PONDSIDE DRIVE  $386,000 Townhouse-Interior 3 2.1 1 $376,000
Victory Gardens Boro 41 VICTORY COURT  $179,900 One Floor Unit, Townhouse-Interior 1 1.1 0 $179,900
Washington Twp. 39 Bennington  $275,000 Townhouse-End Unit 2 2.1 1 $250

Information Deemed Reliable But Not Guaranteed.





Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com.

Remodeling Projects That Add Value


According to Remodeling magazine's 2008-2009 "Cost vs. Value Report," even despite the challenging economy, investing in your home still pays off at resale. Based on interviews with real estate professionals throughout the country, the Remodeling report found that homeowners could expect to recoup an average of 67.3 percent of their investment in 30 different home improvement projects.
Exterior projects that boost curb appeal and kitchen remodels generally get the biggest bang for the homeowner's buck. The right remodeling project, when done well, also has the potential to make for a quicker sale and reduce negotiations with buyers over perceived shortcomings.
Some of the projects that are paying off the most nationally this year at resale include the following. The number in parentheses represents the percentage of the project's cost that is recovered.

  • Upscale fiber cement siding (86.7 percent)

  • Midrange wood deck (81.8 percent)

  • Midrange vinyl siding (80.7 percent)

  • Midrange minor kitchen remodel (79.5 percent)

  • Upscale vinyl window replacement (79.2 percent)

  • Midrange major kitchen remodel (76 percent)
 
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com.