The Real Voice of New Jersey Real Estate

What makes now a good time to buy a home?

Affordability in the New Jersey market, combined with low interest rates and a remarkable $8,000 tax credit for first-time home buyers, make for a prime opportunity for financially sound buyers to purchase. 

How does the $8,000 tax credit work? It is open to buyers who have not owned a principal residence during the three-year period prior to the purchase are eligible. Unlike the credit that was available last year, this does not have to be repaid at all. Obtaining the credit is easy. You can claim it on your federal income tax return.

There is another great opportunity to consider too, related to the credit -- if you're buying in New Jersey, you have a chance to get some of that credit up front to help cover the down payment or closing costs. The New Jersey Housing and Mortgage Finance Agency (known as the HMFA) is offering up to a $5,000 "Prefund" advance on the tax credit for first-time purchasers who utilize HFMA financing.

How much longer is the tax credit available?

As of today (the 13th), there are only 48 days for first-time buyers to take advantage of the tax credit. In order to qualify, the transaction must close before 11:59 p.m. on November 30, 2009.

The real estate transaction is a complex process that typically takes a couple of months from beginning to end so we are right upon the time needed to close before expiration of the credit.

Why is it important to act with urgency now when the deadline is more than two months away?

When you consider all of the facets of the home buying process: shopping for and securing a mortgage, finding a REALTOR®, searching for a home, settling on a home, presenting an offer, obtaining a home inspection, shopping for homeowners insurance, and more - it is important to get started soon in order to close in time to qualify for the tax credit.

How can buyers take advantage of affordability?

With prices lower than they were a year ago, affordability has increased significantly. Consider this: 56 percent of households in New Jersey can afford to buy an entry level home, compared to 45 percent of households a year ago. Source: National Association of REALTORS®.

How do interest rates impact buyers in today's market?

Mortgage rates have been creeping up from the record-low levels encountered recently. Waiting to buy may cost you thousands of dollars. Locking in a rate now will secure low payments for years to come. A few tenths of a percentage might not seem like a lot, but over the course of a 30 year mortgage, that could lead to tens of thousands of dollars in savings.

Do you have any other advice for buyers?

It is vital to contact a REALTOR® to get a better understanding of what is truly happening in your local market. REALTORS® can help explain and demystify complex housing trends and can help you navigate what could be some pretty confusing roads to home ownership in the short time that's left to claim the tax credit.

Buying a home is a difficult task, and to do it in 65 days in time to claim the $8,000 tax credit is especially so. A REALTOR® knows the ins and outs of the process and can help expedite things so that you can close in time and claim your credit.

NJAR® launched its Get the Real Story® campaign, a public education campaign that encourages consumers to take a closer look at local market conditions, state or regional economic factors, and their own personal circumstances when making a decision about buying or selling property in today's market.

Are there any other resources out there for buyers?

If you are searching for a home in New Jersey, please start your search by clicking <here> for a free up to the minute inventory of all homes for sale regardless of listing agency.

If you need additional information please call us at (609) 448-2222 (home) as we would be happy to help you achieve your home ownership goals!

http://www.robbinsvillehomesforsale.com/009E50

Homebuyers Tips to Sip From

Perhaps you've been throwing around the idea of entering into the wonderful world of buying a home.  Maybe you've even came across a house that not only tickled your fancy, but left that euphoric taste of bliss running through your bones.  Either way, probably the most important thing you can do is to become educated.  From there, there's one place to start... Behold, The Basics:

• Cash isn't necessarily King.  If you are paying rent, pay it on time and do so by check.  That's a documented housing history.  Any applicable down payment you have has to be sourced from the banking institution with whom holds your depositories.  Documentation is one of the important things lenders look for these days.  So, if you are slinging crack in the alleys in your spare time, instead of putting that money in a jar beside your bed... put it in the bank.  Of note, I don't endorse slinging crack.  I just endorse documenting your rental history and funds that you have to come to the table with to close.
• Before even traveling down the road of tangibly looking to buy a home, know what your credit score is before making any decisions.  In the current lending atmosphere, your credit score has never been more important.  Here's a link to help you get a grasp on the importance of credit in borrowing money in general, let alone to buy a home. 
• Don't be Mortgage Poor.  Many times you are pre-approved for X amount of dollars because on paper, that is what the lender deems "affordable" in your world.  There's one small problem with that, the lender doesn't live in your world... You Do!  Sit down and go over your monthly expenses (utilities, credit cards, student loans, car payments, insurance, groceries, any vices you like to partake in, etc) and come to an understanding of what type of payment is comfortable for you.  And don't forget to figure in the taxes, home owner's insurance, and PMI/MIP (if applicable) along the way.  Your Mortgage Professional can help you with that.  By the way, I'm a Mortgage Professional and enjoy helping:)
• A Tax Advisor can be your friend.  While I realize that the words 'tax' and 'friend' are strange bedfellows in the same sentence, read on.  A lot of you folks may have heard about the tax credit for home buyers and for those who haven't, remove the rock and continue reading.  First-time home buyers (includes folks who have not owned a property for at least three years) qualify for a tax credit of up to $8,000 if purchasing a home before December 1st, 2009.  As long as it's own-occupied for at least three years, that credit does not have to repaid.  If that doesn't give you enough incentive, all homeowners qualify for tax credits for various home energy efficiency improvements throughout 2009!

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If you answered with a resounding "YES" to that question, you aren't alone.  I can't think of many sane individuals who don't want the best deal possible, and when the word "free" is mentioned... people tend to flock in interest like the George Foreman family to a Bobby Flay BBQ.  While it seems the path of least resistance, to jump at what appears to be the least (or no) amount of money for a service rendered or product delivered... it most times ends up the path of greatest disappointment.

Such is life...

Back in some of my more naive years, I used to think that when my parents offered up the timeless cliché "you get what you pay for" that the very slogan they were spouting was probably conjured up by some individual(s) who just wanted to soak up every bit of money they could from unsuspecting folks who needed their product and/or service.  Then my naive nature awoke to a staunch reality.  There may be something to that.

The Mortgage Business is an interesting one, for sure.  We compete on many levels (service, lowest rate, lowest fees, name brand, delivery, reputation, marketing, etc) but it is no more interesting than most businesses who compete on similar levels.  Let me digress:

• Have you ever purchased anything from an infomercial you saw on television?  Come on, be honest.  Okay then, I have.  I'll put it this way, there won't be any testimonials airing anytime soon from yours truly on how I became a multi-millionaire while sitting and sipping cocoa in my underwear from the confines of my humble abode.

Perhaps that isn't the best example in the world, yet I think it drives home another age old point of view... "If it sounds too good to be true, it probably is."  That written, here's a few Marketing Gems you've probably seen, or things you've said you wanted from the Mortgage Industry that may not be all they are cracked up to represent - or, you were just smart to ask for in the first place:

• No Closing Costs and/or No Fee Mortgage Loans!  I've never offered this product.  That certainly doesn't mean it is bad; I just am unable to offer it.  What it means for you as a consumer is that you'll see a much higher interest rate than the ones the market is currently bearing.  Does it make sense?  That depends on your situation, frankly.  For me, the longer I plan on staying in my home, the lower I want my interest rate to be.  If I don't want to pay points of any kind, I should expect a higher rate.  The profits are being made somewhere.  On no closing cost, no point loans, those profits are on the back-end... in the form of a higher, sometimes much higher, interest rate.
• I want your lowest rate with no fees.  Have you ever called a Mortgage Company or Bank and said that?  If you have, you aren't getting the lowest rate.  End of story.
• I'm going to log on to Zillow.Com or BankRate.Com and get the best quote possible!  It's called low-ball offers, folks.  The honest ones are typically disclosing at a more expensive pace.  You'll probably (from the low-ballers) be getting quotes on 15-day locks (not done nearly as much as you would think, for a variety of reasons) instead of 30 or 60 day locks... which are more realistic, especially in this market.  To boot, you may get a version of the bait and switch when you contact that sweet quote and hear that, "Rates change daily, the quote I gave you isn't available as I disclosed."  The fact is rates DO change daily, no question about that.  Yet, using that to draw in phone calls and emails isn't somebody I want to work with.  That's just me.  We all make money, as a consumer... I just want a fair shake.
• No Application Fee!  First off, I don't believe in application fees at all unless they are applied to paying for the appraisal or refunded if your loan doesn't close.  I have a very simple philosophy here, if your loan doesn't close... nobody should be making a dime off of you.  If I had charged for every application I have taken in the past eight years, I'd be sipping martini's with Gene Hackman in the Cayman Islands.  Sorry, just wanted to work in a reference to the film, "The Firm."
• Does your town or city get a Sunday paper?  Mine does.  There's a section where Mortgage Companies and Banks advertise rates.  I'm not sure about areas outside of Allentown, Pennsylvania... but we used to advertise in there every week.  Our advertisement was due by Wednesday and came out Sunday.  Is there something wrong with that picture?  Yup.  Rates could have changed, sometimes significantly, on Thursday or Friday.  So of course you get rates that may or may not even be relevant when you turn to that section on any given Sunday. 

For what it is worth, my advice is as follows when shopping for a mortgage to buy or refinance a home:

• Reputation, Education, Price.  While I wouldn't recommend taking the most expensive deal in town, I don't think it is a splendid idea to jump at the cheapest either.  If you want a free loan, hit up Aunt Mary and stiff her while trying to live with yourself.  You won't find it in lending institutions of any kind.  As long as it takes money to buy things, profits and personal income need to be made to survive and thrive.  And for God's Sake, make sure they are prone to calling and/or emailing you back in a very timely manner.  If days go by, tell them buh-bye!

Jason Sardi is a human being involved in the Mortgage Industry.  Other than being a former star on an undefeated Little League Team, hitting the winning shot "Chip Hilton" style in a high school basketball game to defeat the best team in the league, he has also made a prominent (in the day) high school wrestler who just competed in the Olympic Try-Outs tap out in less than two minutes.  Come to think of it, maybe that's why that wrestler didn't make the team. 

I can be reached via email at jsardi@ihmci.com or on my cell phone @ 610-653-0317. 

http://www.robbinsvillehomesforsale.com/009666

THREE REASONS NEW JERSEY HOME BUYERS

CAN'T AFFORD TO WAIT

(EDISON, NJ) - New Jersey residents might have heard a lot about waiting for the real estate market to "bottom out" lately from real estate speculators and financial pundits, but before deciding to wait on the sidelines, home buyers need to first consider three timely reasons why waiting can end up costing them.

 "No one can time the market perfectly," said 2008 New Jersey Association of REALTORS^® (NJAR^®) President, Drew Fishman. "We really won't know when home prices have officially 'bottomed out' until they start to go up.  That's why interested home buyers who are financially capable can't afford to let these opportunities pass them by."

1)      The Federal Housing Administration (FHA) will require a higher down payment percentage after January 1, 2009. The Housing and Economic Recovery Act passed by Congress in July raised the down payment requirement on FHA loans to 3.5 percent, up from the current requirement of 3 percent.

2)      FHA, Fannie Mae and Freddie Mac mortgage loan limits will drop after January 1, 2009. The February 2008 Economic Stimulus Package temporarily raised the FHA loan limit to $729,750 in high cost areas through December 31, 2008.  According to the Department of Housing and Urban Development (HUD), beginning January 1, 2009, FHA will insure single-family home mortgages in New Jersey up to $417,000 in low cost areas and up to a maximum of $625,500 in high cost areas. Buyers purchasing homes in Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex and Union counties will be affected by the new lower maximum loan limit.  Loan limits in the remaining New Jersey counties will vary based on the median home price indicator used by FHA.  Depending on the area, some buyers in these counties may also face lower limits.

 Fannie Mae and Freddie Mac insured loans will also drop down to the lower limits as of January 1, 2009, according to the Federal Housing Finance Agency (FHFA). More information is available at www.fha.gov and www.fhfa.gov.

3)       First-time home buyers can only take advantage of a $7,500 tax credit until July 1, 2009. The 2008 Housing and Economic Recovery Act (HERA) became law last July and included a new, temporary tax credit for buyers who have not owned a home in the past three years. To qualify, buyers must purchase a principal residence on or after April 9, 2008 and before July 1, 2009 to qualify for the tax credit when filing their federal tax returns. Individual buyers with an adjusted gross income of less than $75,000 and joint filers with income no more than $150,000 are eligible. Individual buyers with income of up to $95,000 and couples with income up to $170,000 are eligible for a partial credit. The credit is repaid in 6.67% increments over 15 years making it, essentially, an interest-free loan. For an overview of the tax credit, visit

      http://www.njar.com/government_affairs/issues/federal/pdf/tcchart.pdf.

NJAR^® is encouraging New Jersey residents to Get the REAL Story^SM on real estate in New Jersey with a public education campaign that features an informational website and advertising campaign that also features real stories from recent buyers and sellers. For more information on the campaign, or simply to Get the REAL Story^SM on real estate in New Jersey, visit

 www.REALstoryNJ.com

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Robbinsville, New Jersey Homes for Sale - All Available Foxmoor Town homes for sale in Miry Crossing, Sturbridge, Candlewood and Nottinghill as of October 21, 2008.   If you need additional information, floor plans, photos or to schedule a private showing, please call us at (609) 448-2222 (home) .

If you are searching for a new home in New Jersey, then please consider Robbinsville for your real estate purchase. With all the modern conveniences of a big city nestled in a charming small town like atmosphere. With easy access to all the major highways and train stations we are a commuters dream.

I want to invite YOU to come see why I am proud to call Robbinsville, New Jersey Home!

For additional information on Robbinsville please click here Robbinsville, New Jersey

MLS #: 5407415   Tax: $5,272 Bs: N Gar: None LDt: 08/18/2008 Area: 21112   Robbinsville Twp Asmt: 263600 Fp: Y Prk: 1-Car SPr:   Sb/Nb: Foxmoor Acres: 0.04 FR: N Age: 19 StD: 08/18/2008 SchD: Robbinsville Twp Assn: $91 / M CA: Y DOM: 64 PMP: 64 Dir: Washington Blvd. to Tynemouth to Devon Map:   RE/MAX Tri County

MLS #: 5369147   Tax: $5,294 Bs: N Gar: None LDt: 06/13/2008 Area: 21112   Robbinsville Twp Asmt: 264700 Fp: Y Prk: 2-Cars SPr:   Sb/Nb: Foxmoor Acres: 0.04 FR: N Age: 15 StD: 06/13/2008 SchD: Robbinsville Twp Assn: $90 / M CA: Y DOM: 130 PMP: 130 Dir:   Map:   Keller Williams

MLS #: 5425607   Tax: $5,194 Bs: N Gar: None LDt: 09/25/2008 Area: 21112   Robbinsville Twp Asmt: 259700 Fp: N Prk: AsgnDeed SPr:   Sb/Nb: Foxmoor Acres: 0.04 FR: N Age: 999 StD: 09/25/2008 SchD: Robbinsville Twp Assn: $91 / M CA: Y DOM: 26 PMP: 26 Dir:   Map:   RE/MAX Tri County Desiree Daniels (609) 448-2222

MLS #: 5415595   Tax: $5,282 Bs: N Gar: None LDt: 09/08/2008 Area: 21112   Robbinsville Twp Asmt: 264100 Fp: Y Prk: ParkingLot SPr:   Sb/Nb: Foxmoor Acres: 0.04 FR: N Age: 20 StD: 09/08/2008 SchD: Robbinsville Twp Assn: $91 / M CA: Y DOM: 43 PMP: 43 Dir:   Map:   RE/MAX Tri County Desiree Daniels (609) 448-2222

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