Saturday, May 30, 2009

Existing-Home Sales Jump 11.6 percent

Once again, additional signs have emerged that point to an end to the economic recession. The newest "green shoots" include rising demand for big-ticket items such as appliances, fewer people applying for unemployment benefits and positive sales data in the housing market.
The latest statistics and other positive news over the past several months have had an impact on the outlook of both consumers and economists. In fact, the Conference Board's Consumer Confidence Index soared in May to the highest level since September 2008. Additionally, more than 90 percent of the economists surveyed by the National Association for Business Economics predict the recession will end this year.
The positive news specific to real estate shows that homes are selling:
  • The National Association of Realtors reported on Wednesday that existing-home sales increased 2.9 percent nationally in April, beating economists' forecasts. In the Northeast, existing-home sales jumped 11.6 percent.
  • Sales of new homes also rose in April. According to IHS Global Insight economist Patrick Newport, the new home sales numbers seem to confirm that the market for new single-family homes is flattening and may have hit bottom in January.
 
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.

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Wednesday, May 27, 2009

First-Time Buyer Tax Credit Already Deemed a Success

First-Time Buyer Tax Credit Already Deemed a Success
Preliminary figures from the Internal Revenue Service (IRS) show that the first-time buyer tax credit may have been a deal maker in 10 percent of the approximately 5 million new- and existing-home sales last year.

By March 6, 2009 -- six weeks prior to when 2008 returns were due -- 567,685 taxpayers had claimed more than $3.9 billion worth of first-time buyer tax credits on their 2008 tax returns, according to Steve Cook of the real estate Web site RealEstateEconomyWatch.com. Given that pace, the final figure should exceed the dollar value of the credits estimated by Congress last year.
With the more attractive $8,000 first-time buyer tax credit still available for transactions that close before Dec. 1, 2009, it is expected that the tax credit will continue to be a major factor in the housing recovery currently underway.
Time is running short to take advantage of this incentive to buy now.
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.

Morristown Homes for Sale | Denville Homes for Sale | Madison Homes for Sale | Parsippany Homes for Sale |
Montville Homes for Sale | Chatham Homes for Sale | Hanover Homes for Sale | East Hanover Homes for Sale |
Randolph Homes for Sale | Whippany Homes for Sale | Morris Township Homes for Sale |
Mendham Homes for Sale | Florham Park Homes for Sale | Roxbury Homes for Sale |
Morris County Homes for Sale

Tuesday, May 5, 2009

Reasons to Move Up Now

The $8,000 tax credit for first-time buyers makes all the headlines, but that doesn't mean it isn't a good time for all homebuyers to get into the market. Consider, for instance, the move-up buyer who can now purchase a new home that is bigger and better than what they could have afforded just a few short years ago.
The National Association of Home Builders recently suggested the following reasons why current homeowners should consider upgrading to their dream home:
  • Interest rates are at historical lows - Buyers can get more house for the same amount of money.
  • Homes are more affordable - Even though they might receive less when they sell their home, move-up buyers will also pay less for their new home.
  • There are many homes to choose from - With more homes on the market than in the past, buyers have more options and greater negotiating power.
  • Starter homes are selling - A move-up buyer's current home may no longer fit their needs, but it could be the ideal starter home for another family. The incentive of the $8,000 tax credit, which can be used for transactions closing before Dec. 1, 2009, makes these types of homes even more desirable for first-time buyers.
 
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.Morris-Townhomes.com or http://www.MorrisCountyTownhomes.com.

Signs of Economic Recovery

This week brought many signs that the economy and the real estate market may be recovering from recession. Positive trends were reported in real estate, retail and consumer confidence.
In addition, a report on Friday showed that the pace of job losses slowed in April, as employers shed fewer jobs than in previous months. This is notable since employment tends to be one of the last areas where improvement is seen before an economic recovery takes place.
The positive news specific to real estate points to increased demand for home purchases, and included:
  • The National Association of Realtors' index of pending sales rose 3.2 percent in March. The index was 1.1 percent above last year's levels and has risen for two straight months. Pending home sales typically turn into closed transactions.
  • According to a Federal Reserve survey of loan officers, demand for prime mortgages was up substantially in the first quarter of this year, for the first time since early 2007.
While it is still early, these "green shoots" are encouraging signs of a brighter future to come. 

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.Morris-Townhomes.com or http://www.MorrisCountyTownhomes.com.