Wednesday, June 24, 2009

Open House Traffic Up Again

Motivated buyers are out there!

For the second weekend in a row, the average number of attendees at each Weichert Open House was up compared to the same weekend in 2008. In fact, the average number of attendees for Open Houses taking place on May 16 and 17 was 25 percent higher than last year.

In addition, the total number of attendees at all Weichert Open Houses was up 3 percent year-over-year.

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.

Existing-Home Sales Rise Again

Sales of existing homes showed another gain in May, according to the National Association of Realtors (NAR). May's increase of 2.4 percent represents the first back-to-back monthly gain since September 2005.

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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Buying your first home may be easier than you think

New $8,000* Tax Credit
For 2009, Congress has enacted an $8000 credit specifically to help first-time homebuyers. To qualify, you can earn no more than $75,000 as an individual or $150,000 as a married couple that files a joint tax return. If you do qualify, you will be able to deduct the full $8,000 from your federal tax liability. Or, if you owe less than $8,000, the government will subtract the amount you owe from $8,000 and send you a check for the difference.
Only first-time homebuyers who purchase their principal residence on or after January 1, 2009 and before December 1, 2009 are eligible. You will also be considered a first-time buyer if you have not had any ownership interest in such a home in the three years previous to the day of your 2009 purchase.`
For detailed information about the tax credit, click on, First Time Home Buyers Tax Credit.
For more information about the $8,000 tax credit, please fill out the short form below. You will be put in touch with a local Weichert Sales Associate who can also tell you about our informative homebuyer seminars and help you get started on your way to homeownership.

* Up to $8000 or 10% of cost of home (whichever is smaller). Certain conditions apply.

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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Montville Homes for Sale | Chatham Homes for Sale | Hanover Homes for Sale | East Hanover Homes for Sale |
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Attracting First-Time Buyers

The current market is ideal for buyers looking to purchase their first home. And, as we near the November 30 expiration date for the $8,000 first-time buyer tax credit, it is expected that many more buyers will be making purchase offers.
Sellers can benefit from this anticipated demand. A recent MarketWatch article offers these tips to attract first-time buyers:
  • First and foremost, the house should be priced appropriately. A real estate agent will be able to look at comparable homes on the market, as well as ones that have recently sold, and help you come up with a realistic price that will get buyers' attention.
  • Make sure your home is well maintained and seems lived in. This will help buyers imagine themselves living in your home. In addition, adding a fresh coat of paint and decluttering gives the impression that the new owners will not have to spend a lot of money on repairs and other improvements.
  • Entertain all offers, even if they seem low. Any offer is a good offer and opens the door to negotiations. By keeping an open mind, you and the buyer might be able to arrive at a mutually agreeable purchase price.
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.

Wednesday, June 10, 2009

Down Market Offers Ideal Opportunity for Homeowners Looking Up

According to Jim Weichert, President of Weichert Realtors, many current homeowners mistakenly think it's not a good time to buy because they are focused on what they might have sold their home for in the past. Once they realize how beneficial it can be to trade up now, both financially and personally, they often have a change of heart.
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.
With home affordability near record highs, those looking to move up can get more for their dollar today than at any time in recent memory. This also 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 to in a few years 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.

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Thursday, June 4, 2009

Existing- and Pending-Home Sales Rise in April, Affordability Also Up

Existing-home sales rose 2.9 percent in April with strong buyer activity in the lower price ranges, according to the National Association of Realtors (NAR). In the Northeast, existing-home sales jumped 11.6 percent.
Lawrence Yun, NAR chief economist, said first-time buyers continue to influence the market, but there is also a seasonal rise in repeat buyers. In addition, a NAR practitioner survey in April showed that the number of buyers looking at homes has increased 14 percentage points from a year ago.
In more good news from NAR, low mortgage rates boosted pending-home sales for the third consecutive month. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent from March, and is 3.2 percent above April 2008. What's more, the Pending Home Sales Index in the Northeast increased a huge 32.6 percent.
To round out the positive statistics, NAR's Housing Affordability Index rose in April to the second highest monthly reading on record after peaking in January of this year.
According to Yun, "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market. Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat 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.
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 |
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Improving Credit Scores so you can Qualify for a Mortgage

One of the first steps for consumers considering a home purchase is to learn more about their credit score and the impact it can have on their loan eligibility. To improve one's credit score and qualify for better mortgage programs at better interest rates, Weichert Financial Services offers these tips:
  • Check and review your credit report. Since a credit score, which is determined by a borrower's bill-paying history and debt profile, is the biggest factor a lender uses when considering a borrower, buyers should start by looking for problem areas and any errors on their report.
  • Keep your credit card balances low. Thirty percent of a borrower's score is determined based on a ratio of the amount that is owed in relation to their available credit. Buyers should keep credit card balances as close to zero as possible by making a payment right after any big purchases.
  • Keep your cards active. No activity on credit cards can lead to cards being closed, so it is important that a borrower utilize their credit cards on a regular basis to show usage. A good way to do this without incurring high balances is to make small purchases a few times a year.
  • Pay your bills on time. Payment history counts for 35 percent of a borrower's credit score. If you anticipate having a problem paying on time, contact your credit card company immediately. To avoid late payments, consider setting up a monthly e-mail reminder or an automatic payment system.
  • Avoid opening new credit cards. Having too many active cards can have a negative effect on your credit score in the short term, and keeping track of purchases and bill due dates of several credit cards can be difficult.
To learn more about your credit rating and ways to improve your credit score, ask Smitha to set up a meeting with the her office's Gold Services Manager, who will personally review your credit file and put you in the best possible position to become a homeowner.
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