West Essex at a Glance

November 2009

Real Estate Market Reports and Stats for North Caldwell New Jersey 07006

North Caldwell Real Estate Market Report and Market Stats 07006

North Caldwell, New Jersey 07006 Single Family Real Estate Market Report and Stats as of November 2009:   

  • Active Listings: 32    
  • New Listings in November: 0                                         
  • Under Contracts in November:  5                                         
  • Solds in November:  2
  • Months Supply on the Market:   6.4
  • Absorption ratio: 16% (only 16% of the total inventory went U/C in November, leaving 84% of the inventory unsold)

There are currently 4 rental properties available in North Caldwell, New Jersey and there are no multi-family homes available on the market as of November 2009. 

Although maintaining its own grammar school, North Caldwell is part of the West Essex Regional School District, serving the sending districts of Essex Fells, Fairfield, North Caldwell and Roseland.   Although separate from Caldwell and West Caldwell, all three towns share the same zip code (07006).    

Search homes for sale in North Caldwell, NJ 07006.  Search properties for rent in North Caldwell, New Jersey 07006.  Search all homes for sale in New Jersey zip code 07006.

More information about The West Essex Community of North Caldwell New Jersey and additional West Essex Communities can be found at West Essex at a Glance ~ The Communities Within West Essex.

 

COMMITTED TO OUR SCHOOLS!

COMMITTED TO OUR COMMUNITIES!!

Proudly serving the Communities of West Essex AND a Resident too,

 

 Prudential New Jersey Properties Gina Chirico Realtor

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Communities (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield and Nutley.****

When Opportunity Knocks...make sure Gina Chirico is there to open your door!

 When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

Friend NJ Realtor Gina Chirico on Facebook          Follow NJ Realtor Gina Chirico on Twitter          Subscribe to NJ Realtor Gina Chirico's Active Rain Blog

 

 

West Essex at a Glance

Real Estate Market Reports and Stats for Essex Fells, NJ and Roseland, NJ

November 2009

Essex Fells Real Estate Market Reports and Market Stats for November 2009

Essex Fells, New Jersey 07021 Single Family Real Estate Market Report and Stats as of November 2009:   

  • Active Listings: 15    
  • New Listings in November: 1                                          
  • Under Contracts in November:  3                                         
  • Solds in November:  0
  • Months Supply on the Market:   5
  • Absorption ratio: 20% (only 12% of the total inventory went U/C in November, leaving 80% of the inventory unsold)

There are currently no multi-family homes on the market in Essex Fells, New Jersey and only one rental property available for "sharing" at this time.

 

Roseland New Jersey Real Estate Market Report and Market Stats

Roseland, New Jersey 07068 Single Family Real Estate Market Report and Stats as of November 2009:   

  • Active Listings: 40    
  • New Listings in November: 11                                          
  • Under Contracts in November:  4                                         
  • Solds in November:  5
  • Months Supply on the Market:   10
  • Absorption ratio: 10% (only 10% of the total inventory went U/C in November, leaving 90% of the inventory unsold)

There are currently 3 rental properties available in Roseland New Jersey and no multi-family homes for sale as of the end of November 2009.

Search for homes for sale in Essex Fells, New Jersey 07021.  Search rental properties available in Essex Fells, NJ  07021.

Search for homes for sale in Roseland, New Jersey  07068.  Search for rental properties available in Roseland, New Jersey 07068.

More information about The West Essex Communities of Essex Fells New Jersey and Roseland, New Jersey and/or additional West Essex Communitiescan be found at West Essex at a Glance ~ The Communities Within West Essex.

Although Essex Fells and Roseland maintain their own grammar schools, they are both sending districts of the West Essex Regional School system for grades 7-12, along with Fairfield and North Caldwell. 

 

COMMITTED TO OUR SCHOOLS!

COMMITTED TO OUR COMMUNITIES!!

Proudly serving the Communities of West Essex AND a Resident too,

 

 Prudential New Jersey Properties Gina Chirico Realtor

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Communities (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield and Nutley.****

When Opportunity Knocks...make sure Gina Chirico is there to open your door!

 When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

Friend NJ Realtor Gina Chirico on Facebook          Follow NJ Realtor Gina Chirico on Twitter          Subscribe to NJ Realtor Gina Chirico's Active Rain Blog

 

 

West Essex at a Glance

November 2009

Real Estate Market Reports and Stats for Fairfield New Jersey 07004

Real Estate Market Reports and Stats for Fairfield NJ 07004

Fairfield, New Jersey 07004 Single Family Real Estate Market Report and Stats as of November 2009:   

  • Active Listings: 56    
  • New Listings in November: 8                                         
  • Under Contracts in November:  4                                         
  • Solds in November:  7
  • Months Supply on the Market:   14
  • Absorption ratio: 10% (only 10% of the total inventory went U/C in November, leaving 90% of the inventory unsold)

Although multi-family homes in Fairfield are rare and there are none currently for sale, there are a handful of multi-generational homes in Fairfield.  As of the end of November 2009 there were no multi-family homes listed for sale in Fairfield, NJ.  There are currently 5 rental properties available in Fairfield, New Jersey 07004.

Although Fairfield maintains its own grammar schools, it is one of the four sending districts of the West Essex Regional School system for grades 7-12. 

Search homes for sale in Fairfield, NJ 07004.  Search properties for rent in Fairfield, New Jersey 07004.

More information about The West Essex Community of Fairfield New Jersey and additional West Essex Communities can be found at West Essex at a Glance ~ The Communities Within West Essex.

COMMITTED TO OUR SCHOOLS!

COMMITTED TO OUR COMMUNITIES!!

Proudly serving the Communities of West Essex AND a Resident too,

 

 

 Prudential New Jersey Properties Gina Chirico Realtor

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Communities (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield and Nutley.****

When Opportunity Knocks...make sure Gina Chirico is there to open your door!

 When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

Friend NJ Realtor Gina Chirico on Facebook          Follow NJ Realtor Gina Chirico on Twitter          Subscribe to NJ Realtor Gina Chirico's Active Rain Blog

 

 

West Essex at a Glance

Real Estate Market Reports and Stats for Cedar Grove, NJ and Verona, NJ

November 2009

Cedar Grove NJ Real Estate Market Reports and Stats for November 2009

Cedar Grove, New Jersey 07009 Single Family Real Estate Market Report and Stats as of November 2009:   

  • Active Listings: 59    
  • New Listings in November: 6                                          
  • Under Contracts in November:  7                                         
  • Solds in November:  9
  • Months Supply on the Market:   8.4
  • Absorption ratio: 12% (only 12% of the total inventory went U/C in November, leaving 88% of the inventory unsold)

Cedar Grove New Jersey does not currently have any multi-family homes for sale.  There are currently 8 rental properties available as of the end of November 2009 in Cedar Grove, New Jersey  07009.  The Township of Cedar Grove described by the Star Ledger newspaper as "Beautiful Suburbia".

Verona NJ Real Estate Market Report and Stats for November 2009

Verona, New Jersey 07044 Single Family Real Estate Market Report and Stats as of November 2009:   

  • Active Listings: 74    
  • New Listings in November: 13                                          
  • Under Contracts in November:  8                                         
  • Solds in November:  12
  • Months Supply on the Market:   9.2
  • Absorption ratio: 11% (only 11% of the total inventory went U/C in November, leaving 89% of the inventory unsold)

There is currently one multi-family home for sale in Verona NJ and 21 rental properties available in Verona as of the end of November 2009.   Verona, New Jersey was voted #1 Best Place to Live in Essex County by New Jersey Monthly in 2008.

More information about The West Essex Communities of Cedar Grove, New Jersey and Verona, New Jersey and additional West Essex Communities can be found at West Essex at a Glance ~ The Communities Within West Essex.

Search homes for sale in Cedar Grove, New Jersey 07009.  Search for rental properties in Cedar Grove, New Jersey  07009

Search homes for sale in Verona, New Jersey 07044.  Search properties for rent in Verona, New Jersey  07044.

COMMITTED TO OUR SCHOOLS!

COMMITTED TO OUR COMMUNITIES!!

Proudly serving the Communities of West Essex AND a Resident too,

 

 Prudential New Jersey Properties Gina Chirico Realtor

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Communities (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield and Nutley.****

When Opportunity Knocks...make sure Gina Chirico is there to open your door!

 When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

Friend NJ Realtor Gina Chirico on Facebook          Follow NJ Realtor Gina Chirico on Twitter          Subscribe to NJ Realtor Gina Chirico's Active Rain Blog

 

 

West Essex at a Glance

Market Reports and Stats for Caldwell, NJ and West Caldwell, NJ

November 2009

Real Estate Market Reports and Stats for Caldwell NJ 07006

Caldwell, New Jersey 07006 Single Family Real Estate Market Report and Stats as of November 2009:   

  • Active Listings: 31    
  • New Listings in November: 5                                          
  • Under Contracts in November:  4                                          
  • Solds in November:  9
  • Months Supply on the Market:   7.7
  • Absorption ratio: 13% (only 13% of the total inventory went U/C in November, leaving 87% of the inventory unsold)

There are currently 2 multi-family homes and 23 rental properties available as of the end of November 2009 inCaldwell, New Jersey  07006

Real Estate Market Report and Stats for West Caldwell NJ 07006 homes

West  Caldwell, New Jersey 07006 Single Family Real Estate Market Report and Stats as of November 2009:   

  • Active Listings: 36    
  • New Listings in November: 5                                          
  • Under Contracts in November:  3                                          
  • Solds in November:  7
  • Months Supply on the Market:   12
  • Absorption ratio: 10% (10% of the total inventory went U/C in November, leaving 90% of the inventory unsold)

West Caldwell New Jersey does not currently have any multi-homes for sale.  There are currently 9 rental properties available as of the end of November 2009 inWest Caldwell, New Jersey  07006.

Presently Caldwell and West Caldwell are part of the same Caldwell school district consisting of four grammar schools, Grover Cleveland Middle School and James Caldwell High School in West Caldwell.  Caldwell and West Caldwell have a combined population of approximately 18,000 and are located within 25 miles or so from New York City.  

More information about The West Essex Communities of Caldwell and West Caldwell New Jersey and additional West Essex Communitiescan be found at West Essex at a Glance ~ The Communities Within West Essex.

Search homes for sale in Caldwell, New Jersey 07006.  Search for rental properties in Caldwell, New Jersey 07006. 

Search homes for sale in West Caldwell, New Jersey 07006. Search properties for rent in West Caldwell New Jersey 07006.

COMMITTED TO OUR SCHOOLS!

COMMITTED TO OUR COMMUNITIES!!

Proudly serving the Communities of West Essex AND a Resident too,

 

 

 Prudential New Jersey Properties Gina Chirico Realtor

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Communities (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield and Nutley.****

When Opportunity Knocks...make sure Gina Chirico is there to open your door!

 When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

Friend NJ Realtor Gina Chirico on Facebook          Follow NJ Realtor Gina Chirico on Twitter          Subscribe to NJ Realtor Gina Chirico's Active Rain Blog

 

 

Re-blog Tips for first time homebuyers, repeat buyers and sellers to qualify for tax credit extension and expansionThis morning I noticed that my post on Tips for first-time homebuyers, repeat  buyers and sellers to close escrow by July 1, 2010 was reblogged.  What is the proper etiquette when someone reblogs your post

  • Do you comment to them and say thanks for the reblog? 
  • Do you send them a quick email thanking them for reblogging your post? 
  • Do you just take the extra 25 points and pretend that the reblogging didn't take place?

I think the reblogfeature is a great tool to use not only for the writer reblogging it it but also for the original writer.  It's almost sort of like an "honor" to have one of your posts reblogged, I think so anyway.  As Paddy Pizappi points out in her post about reblogging

...."ReBlogging is not stealing the original Blogger has given their permission by allowing it.  ReBlogging is not the lazy Bloggers way to get ahead, trust me some of the most active Bloggers here reBlog all the time.  ReBlogging is a way to spread that ActiveRain to others and to put someone else's good thoughts to work for you."

 So back to my initial question....what is the proper etiquette when someone reblogs your post

In addition, what is the proper etiquette when YOU reblog someone's post?

  • Do you comment on their original blog with a kudos and say that you are reblogging?
  • Do you send them an email and let them know you are reblogging?
  • Do you simply mysteriously reblog and they will find out the next time they check their points summary or perhaps a google alert will notify the original writer?

 

Proper etiquette when reblogging someone's blog on active rainI'm interested in seeing what everyone's thoughts are on reblogging etiquette.

 

 

Interesting posts on reblogging:

Do You Pay it Forward in your Re-blog? (Jeff Belonger)Proper etiquette when reblogging someone's blog on active rain

What is a Re-blog? (Bob Stewart)

 

 Prudential New Jersey Properties Gina Chirico Realtor

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Communities (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield and Nutley.****

When Opportunity Knocks...make sure Gina Chirico is there to open your door!

 When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

Friend NJ Realtor Gina Chirico on Facebook          Follow NJ Realtor Gina Chirico on Twitter          Subscribe to NJ Realtor Gina Chirico's Active Rain Blog

 

 

All in the Family - West Essex Multi-generational homes nj mother/daughter housingIn 2008, there were 3.8 million multigenerational households in the United States.    According to the United States Department of Commerce's Census Bureau, multigenerational households are defined as households that consist of "three or more generations of parents and their families" living in the same house

Multigenerational homes are often referred to as a"mother/daughter home" and/or an "in-law suite", basically both have the same meaning...keeping the house "All in the Family".

There's no doubt that many varieties of multigenerational homes exist but the most common are families which consist of grown children, grandparents and grandchildren all living under the same roof:

  1. the homeowner, his/her children and grandchildren; or
  2. the homeowner, his/her children and his/her own parents. 

There are many reasons as to why a single family home houses more people

  • Baby boomers are now caring for elderly parents;
  • Another group consists of younger families who live with their parents in order to pool finances in expensive housing markets or so they both can afford to live in a nicer home. Having live-in grandparents available for babysitting is an extra bonus;
  • The empty nest sometimes becomes the crowded nest when parents welcome their grown children back for a period of time to help them get on their feet financially after graduating from college, losing a job or going through a divorce; and
  • Home foreclosures have also caused many families to pool their resources with relatives and live together.

 Mother Daughter or In-law suite homes for sale in West Essex, Essex County NJ

There are also several variations of what a multigenerational home consists of.  Some will have its own entrance, include a full second kitchen, bathroom and living area where others may just have an extra room or two with a private bath, without its own kitchen, with or without a separate entrance.   

Typically families under the same roof still desire own privacy and independence however zoning rules can forbid a property owner to create a multigenerational (a/k/a mother/daughter or in-law suite) type home with separate entrances and kitchens in a single-family zone.  

West Essex Mother Daughter Homes and Homes for Sale in Essex County with in-law suites

 

There are a handful of multigenerational (a/k/a mother/daughter or in-law suite)homes for sale within The Communities of West Essex (Caldwell, Cedar Grove, Essex Fells, Fairfield, North Caldwell, Roseland, Verona and West Caldwell) located within Essex County, New Jersey.  Some of these homes offer the convenience of two kitchens (i.e., second kitchen) which may attract multigenerational families or perhaps just a single family who desires two kitchens.  When a second kitchen is not present in a multigenerational home, the families share the kitchen in the main living area of the house. 

 

For more information on multigenerational homes also known as mother/daughter or in-law suite homes for sale in Caldwell, Cedar Grove, Essex Fells, Fairfield, North Caldwell,Roseland, Verona and West Caldwell (i.e.,"WEST ESSEX"), please contact Your Resource for West Essex Real Estate, Gina Chirico.

Map of West Essex Essex County NJ Real Estate

 

COMMITTED TO OUR SCHOOLS!

COMMITTED TO OUR COMMUNITIES!!

 

 Prudential New Jersey Properties Gina Chirico Realtor

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Communities (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield and Nutley.****

When Opportunity Knocks...make sure Gina Chirico is there to open your door!

 When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

Friend NJ Realtor Gina Chirico on Facebook          Follow NJ Realtor Gina Chirico on Twitter          Subscribe to NJ Realtor Gina Chirico's Active Rain Blog

 

 

It's that time of year again!

Families of Fairfield NJ Residents Holiday Tree LightingCome share the joy of the season with my family and neighborhood friendsas  The Mayor of Fairfield, New Jersey, James Gasparini, kicks off the holiday season for the residents Fairfield, New Jersey with the 48th Annual Lighting of the Fairfield Town Tree on Sunday, December 6th at the Fairfield Recreation Complex on Hollywood Avenue.

As always, the four year old Fairfield Busy Hands classes will be singing the holiday songs (including my youngest..IF he actually gets on the stage). TK and 'No Cover' bands will also be performing some holiday tunes. 

Starting at 4:30 p.m., families can enjoy some hot cocoa, coffee, cookies, kettle corn, pretzels, chestnuts and photos with Santa (don't forget your cameras)! 

Thanks again to the Township of Fairfield, New Jersey and The Fairfield Department of Recreation for providing yet another fun and free event for friends and families of Fairfield, New Jersey. I look forward to seeing you there!!

This is a rain or shine event so please dress accordingly!

The Fairfield Department of Recreation can be reached at 973-227-2745.

~~HAPPY HOLIDAYS~~

Fairfield NJ Family Activities for Holidays

Thinking of moving to Fairfield? Fairfield, New Jersey is 1 of the 8 towns within the West Essex Communities.  Fairfield, New Jersey is part of the West Essex Regional School District.  The West Essex Regional School District is located in North Caldwell and serves the four area sending districts of Essex Fells, Fairfield, North Caldwell, and Roseland.   

Your search for your Fairfield, NJ home begins here.

 

COMMITTED TO OUR SCHOOLS!

COMMITTED TO OUR COMMUNITY!!

Your Resource for West Essex Real Estate AND a Resident too,

 

 

 Prudential New Jersey Properties Gina Chirico Realtor

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Communities (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield and Nutley.****

When Opportunity Knocks...make sure Gina Chirico is there to open your door!

 When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

Friend NJ Realtor Gina Chirico on Facebook          Follow NJ Realtor Gina Chirico on Twitter          Subscribe to NJ Realtor Gina Chirico's Active Rain Blog

 

 

First time homebuyer tax credit and extension April 2010Originally posted in my How Many Buyers and Sellers have Benefited from the $8000 Tax Credit post, which was written in line with the 2009 First-time Homebuyer $8000 tax credit deadline of November 30, the following tips may help first-time homebuyers, repeat buyers (i.e., move up buyers or empty nestersand sellers close escrow before July 1, 2010 and reap the benefits of the Extension and Expansion of the Homebuyer Tax Credit.

FOR BUYERS who want to benefit from the $8,000 federal tax credit, taking advantage of low prices and attractive interest rates, the following tips may help you close escrow before July 1, 2010:

  • You need to contact a REALTOR® today;
  • You need to have a solid pre-approval from a reputable bank;
  • You need proof of funds for cash deals;
  • Don't waste time with low ball offers, have your REALTOR® run the sold comparable properties, make an educated offer and definitely in a multiple offer situation...put your best offer on the table because you may not get a second chance;
  • Don't waste your time looking for houses out of your price range - you can only buy and a bank will only lend you money what you can afford to buy;
  • Get in and out of attorney review (not sure about other states but here in NJ, listings in attorney review are still active listings and offers can still be submitted thus bumping your offer right off the table) and/or request the seller agree to back-up offers only;
  • Even with the extension, most short sales, if not all short sales, will never close in time (by July 1, 2010);
  • You lose control on purchases where the sellers need to find suitable housing before they can sell (your purchase would then be contingent upon the seller first finding another house); and
  • You need to be under contract by the end of April 2010 and close no later than June 30, 2009.

FOR SELLERS who really want to sell their home, take advantage of today's affordability, and the expansion of the $6,500 tax credit, the following tips may help you close escrow before July 1, 2010:

  • Price your home at market value from the start (Do NOT overprice);
  • Work with a REALTOR® in your area who has an aggressive marketing plan;
  • Make your home irresistible (do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting so that a buyer would want that lifestyle too);
  • Be flexible with showings, lockbox and for sale sign (a home cannot sell if a buyer cannot get in to see it and even more importantly, it cannot be sold if nobody knows its for sale); 
  • If you don't want to sell your house, don't put it on the market not only does it waste the time of buyers and their agents but it brings the property stats down as well);
  • If selling and buying, do not make an offer on the house you want to buy until your house is under contract, and if at all possible, after the home inspection and mortgage contingencies are satisfied on your sale (most sellers will not sign a contract with a home sale contigency...would you?); and
  • If selling and buying and if you qualify for the $6,500 tax credit, you need to be under contract no later than the end of April 2010 and close no later than June 30, 2009.

For more information on the First-Time Homebuyer $8000 Tax Credit Extension and the Expansion Credit of $6,500 to move-up buyers, please read my post First-Time Homebuyer Extended through April 30, 2010 and Expanded to Include Qualified Homeowners.

Extension and Expansion of the Homebuyer Tax Credit.Even with the extension there is no reason for New Jersey buyers and sellers to still be waiting on the fence.  It takes time to buy and sell your New Jersey home.  Don't wait until the last minute...wouldn't you like to be in your new house before we spring forward?

 

 

 

 Prudential New Jersey Properties Gina Chirico Realtor

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Communities (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield and Nutley.****

When Opportunity Knocks...make sure Gina Chirico is there to open your door!

 When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

Friend NJ Realtor Gina Chirico on Facebook          Follow NJ Realtor Gina Chirico on Twitter          Subscribe to NJ Realtor Gina Chirico's Active Rain Blog

 

 

 

With the Extension and the Expansion of the First-Time Homebuyer Credit...there's never been a better time to make your move in New Jersey.

If you are like many other people -- you may be thinking...What's the Big Deal or the tax credit only benefits First-Time Homebuyers, yada yada yada....

Let me tell you what the big deal is!! 

Let's back up a minute....for starters, the original tax credit of up to $8,000 for first-time homebuyersdid not only benefit first-time homebuyers -- think about all the sellers who sold their house to first-time homebuyers.  Those sellers benefited too from the sale of their house to first-time homebuyers

Moving forward....not only has the tax credit of up to $8,000 for first-time homebuyers been extended from November 30, 2009 through April, 2010, the income limits have been raised thus allowing more first-time homebuyers to take advantage of the tax credit being offered.   Some key points to the $8,000 first-time homebuyer credit include:

  • To qualify as a "first-time homebuyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase and must purchase a home between November 7, 2009 and April 30, 2010.  As long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until June 30, 2010 to close.
  • The income limits to qualify for the full credit are $125,000 for a single person and $225,000 for a married couple.  Individuals earning up to $145,000 and married couples earning up to $245,000 are eligible for partial credit.  (The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.)
  • The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Not only will Move-Up Buyers and Empty Nesters (i.e., REPEAT BUYERS) reap the benefits from selling their house ONLY to First-Time homebuyers (i.e., the old tax credit), but current homeowners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight may be eligible for the new tax credit of up to $6,500 ($3,200 for those filing separately).  Some key points to the tax credit expansion include:

  • To qualify, you must have owned your home and used it as a principal residence for at least five consecutive years of the previous eight years.  (E.g. If you sold a home you owned and lived in for five years two years ago, and have been renting since, you'd still be eligible for the credit.) As long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until June 30, 2010 to close.
  • The income limits to qualify for the full credit are $125,000 for a single person and $225,000 for a married couple.  Individuals earning up to $145,000 and married couples earning up to $245,000 are eligible for partial credit.  (The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.)
  • The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
  • Your new house does not need to cost more than your old house for you to be approved for the credit.
  • The credit cannot be used on homes costing more than $800,000.

For more special tips on how buyers and sellers can take advantage of the First-time Homebuyer Extended Tax Credit of up to $8,000 and the New Tax Credit of up to $6,500 for qualified move-up/empty nester/repeat home buyers (i.e., existing homeowners) and close escrow before July 1, 2010, please read my post Tips for First-Time Homebuyers, Repeat Buyers and Sellers to Close Escrow by July 1, 2010 (The Extension and Expansion of the Homebuyer Tax Credit) .

In addition to the tips I posted in my blog, you basically need to:

  1. Find a Realtor;
  2. Get a pre-approval;
  3. Look at homes;
  4. Choose a home and make an offer;
  5. Negotiate terms;
  6. Complete attorney review, conduct inspection, property appraisal, homeowners insurance BEFORE April 30, 2010;
  7. Get financing and close the deal BEFORE July 1, 2010.

(Keep in mind that steps 3-6 may have to be repeated...several times).

NJ First Time Homebuyers Expansion and Extension deadline before July 2010

Even with the extension there is no reason for New Jersey buyers and sellers to still be waiting on the fence.  It takes time to buy and sell your New Jersey home.  Don't wait until the last minute...wouldn't you like to be in your new house before we spring forward?

 

 

 

 

 Prudential New Jersey Properties Gina Chirico Realtor

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Communities (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield and Nutley.****

When Opportunity Knocks...make sure Gina Chirico is there to open your door!

 When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

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Gina Chirico, Specializing in Essex County, Prudential New Jersey Properties

Fairfield, NJ

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West Essex/Livingston Offices

Address: Prudential New Jersey Properties, 50 E. Mt. Pleasant Avenue, Livingston, NJ, 07039

Office Phone: (973) 992-6363 x 116

Cell Phone: (973) 715-1158

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