As was hoped by many, Congress passed an extension of the First Time Homebuyer credit and expanded the program to include qualified current homeowners. New deadline isn't until June 30, 2010 for settlement, with contracts executed no later than April 30th. We saw many First Timers wait until the last minute and some executed contracts with insufficient time to close before the previous deadline of November 30, 2009. This will help them and hopefully bring many other buyers into the marketplace. Below are some details.
Tax Credit for Homebuyers
First-Time Homebuyers: First-time homebuyers (i.e. people who have not owned a home within the last three years) may be eligible for the tax credit. The credit is valued at 10% of the purchase price of the home, with a maximum credit of $8,000.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: This is new: the tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
New Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Tax Credit Vs. Tax Deduction
It's important to remember that the tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.
Best of all, the tax credit is refundable, meaning the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $5,000 in income tax, she can still receive a check for the remaining $3,000!
Higher Income Limits
The amount of income someone can earn and qualify for the full amount of the credit has been increased. This will be welcome news to Monmouth County homebuyers where the median income tends to be higher than most other parts of the country.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sale price of $800,000.
There's a lot of misinformation this year about the flu so I thought it might be useful to publish an official source of information.
The State of New Jersey Department of Health has published a webpage where you can find where to get your seasonal or H1N1 flu shot. Click here to visit that page.
They plan to provide information about where to get vaccinated on this page when that information is available. H1N1 flu vaccine is arriving in very limited quantities, and the vaccine is recommended for certain target groups.
Each week, additional shipments of H1N1 vaccine arrive in the state. As H1N1 flu clinics are scheduled by local health departments and other providers, this web site will be continuously updated. Please continue to use this page as a resource for finding a flu shot. Retail locations, federally qualified health centers, local health departments and some schools will likely be offering the H1N1 vaccine.
Governor Corzine has ensured that anyone who wants to get an H1N1 flu shot will be able do so regardless of ability to pay. Free vaccinations for the 1.2 million uninsured New Jerseyans will be offered at public health clinics in every county throughout the state. For those insured, vaccinations will be covered by their provider.
Symptoms of H1N1 The symptoms of H1N1 flu include fever, cough, sore throat, body aches, headache, chills and fatigue. Some people have reported diarrhea and vomiting.
H1N1 Vaccine Target Groups It is recommended that certain target groups be among the first to receive the H1N1 vaccine as it becomes available. These groups include:
Pregnant women
Household contacts and caregivers for children younger than 6 months of age
Healthcare and emergency medical services personnel
All people from 6 months through 24 years of age
Persons aged 25 through 64 years who have health conditions associated with higher risk of medical complications from influenza.
Seasonal Vaccine Target Groups Some groups are more likely to have complications from the seasonal flu. These include:
Those age 65 and older
Children younger than 2 years old
People of any age who have chronic medical conditions (e.g. diabetes, asthma, congestive heart failure, lung disease)
Detailed information about the H1N1 flu is also available from www.visitmonmouth.com that will provide you with links to the Health Department and the Center for Disease Control and Prevention (http://www.cdc.gov/swineflu/) or you can call the county Health Department at 732-431-7456 or the New Jersey Department of Health and Senior Services at 866-321-3751.
Just last week Highlands was the lucky recipient of some community outreach from over 30 sailors from the USS Nassau which was docked at Naval Weapons Station Earle.
They helped restore the Kavookijian War Memorial Field, an ongoing project, did some cleanup landscape work at War Memorial Monument nearby, and more.
Later in the week they volunteered at the Robert D. Wilson Community Center where their work included painting the skate park.
Read Carla Cefalo Braswell's full story visit www.highlandsnj.com. Photos courtesy of Ken Braswell/Shoregrafx and highlandsnj.com.
Since the National Association of Realtors made such a positive announcement today ("Big Rebound in Existing-Home Sales"), I thought I'd check to see how we're making out in our neck of the woods.
Good news! In Monmouth County, we're experiencing the same thing...
For single family homes September was up almost 15% for total number of homes sold compared with Sept '08. Unit sales were down from August of this year by a little less than 4%.
Overall we're still trying to compensate for the heavy reductions in sales experienced in late 2008 thru May 2009. Three of the past four months have shown an increase in unit sales. Despite this, unsold inventory remains high (although even that has shrunken somewhat (about 1.5% since last year.)
Many are pointing to the 1st Time Home Buyer Tax Credit (trying to beat the Nov 30th Deadline) which very well may be. Although the median sale price in September ($401,000) actually increased albeit ever so slightly.
All in all, still encouraging trends. I know there's lots in the news to make people feel a bit uneasy but hopefully even modest gains on the housing front will help rebuild confidence.
Is your seasonal pride showing? Does your front yard have a special Halloween, Thanksgiving or Harvest display? Then go get your digital cameras and enter Resources Real Estate's inaugural Peninsula Harvest Home Decoratingcontest. Tell them Thomas McCormack sent you!
Beginning this weekend, residents of Peninsula towns including Rumson, Fair Haven, and Little Silver are invited to submit photographs of their exterior autumnal decorations showcasing the creative, picturesque, and whimsical tastes of homeowners residing between the two rivers.
All Halloween, Thanksgiving, and fall house decorations will be considered.
As part of their community outreach program Sharing Resources, Resources Real Estate will donate a Thanksgiving pie for every home submitted to the contest to Lunch Break in Red Bank and will make a monetary donation to the firehouse of the winning home's town.
Entries can be submitted by uploading photos here or by depositing snapshots in the wall mailbox at the agency's 112 River Road address. Submissions can be made by the homeowner or nominated by another party such as a friend or neighbor.
Voting will take place in person as well as online and the winning homeowner will receive an exquisite floral table arrangement for their Thanksgiving setting to accompany their seasonal style.
Resources Real Estate owner Carolynn Diakon said, "We hope this contest will inspire homeowners to take advantage of the beautiful, seasonal resources our area has to offer in an effort to complement the exceptional architectural detail of Peninsula towns."
Diakon hopes the contest will become an annual event - one in which area residents will anticipate and plan for each year during the months leading up to and including autumn.
Every Monday through Friday, Lunch Break serves over 2,500 free hot meals each month at its location on 121 Drs. Parker Boulevard with another 400 meals being delivered to home bound seniors. The Pantry also provides groceries to those who need help and more than 500 children receive Christmas gifts. Social, medical and legal services are available onsite and clothing in good repair is handed out once each month.
Peninsula Harvest Home Decorating contest submissions can be made until Monday, Nov. 23 and the winner will be announced by a special guest at the Resources Real Estate offices on Tuesday, Nov. 24 at 10:00 a.m. For more information call 732-212-0440.
Is your seasonal pride showing? Does your front yard have a special Halloween, Thanksgiving or Harvest display? Then go get your digital cameras and enter Resources Real Estate's inaugural Peninsula Harvest Home Decoratingcontest. Tell them Thomas McCormack sent you!
Beginning this weekend, residents of Peninsula towns including Rumson, Fair Haven, and Little Silver are invited to submit photographs of their exterior autumnal decorations showcasing the creative, picturesque, and whimsical tastes of homeowners residing between the two rivers.
All Halloween, Thanksgiving, and fall house decorations will be considered.
As part of their community outreach program Sharing Resources, Resources Real Estate will donate a Thanksgiving pie for every home submitted to the contest to Lunch Break in Red Bank and will make a monetary donation to the firehouse of the winning home's town.
Entries can be submitted by uploading photos here or by depositing snapshots in the wall mailbox at the agency's 112 River Road address. Submissions can be made by the homeowner or nominated by another party such as a friend or neighbor.
Voting will take place in person as well as online and the winning homeowner will receive an exquisite floral table arrangement for their Thanksgiving setting to accompany their seasonal style.
Resources Real Estate owner Carolynn Diakon said, "We hope this contest will inspire homeowners to take advantage of the beautiful, seasonal resources our area has to offer in an effort to complement the exceptional architectural detail of Peninsula towns."
Diakon hopes the contest will become an annual event - one in which area residents will anticipate and plan for each year during the months leading up to and including autumn.
Every Monday through Friday, Lunch Break serves over 2,500 free hot meals each month at its location on 121 Drs. Parker Boulevard with another 400 meals being delivered to home bound seniors. The Pantry also provides groceries to those who need help and more than 500 children receive Christmas gifts. Social, medical and legal services are available onsite and clothing in good repair is handed out once each month.
Peninsula Harvest Home Decorating contest submissions can be made until Monday, Nov. 23 and the winner will be announced by a special guest at the Resources Real Estate offices on Tuesday, Nov. 24 at 10:00 a.m. For more information call 732-212-0440.
Is your seasonal pride showing? Does your front yard have a special Halloween, Thanksgiving or Harvest display? Then go get your digital cameras and enter Resources Real Estate's inaugural Peninsula Harvest Home Decoratingcontest. Tell them Thomas McCormack sent you!
Beginning this weekend, residents of Peninsula towns including Rumson, Fair Haven, and Little Silver are invited to submit photographs of their exterior autumnal decorations showcasing the creative, picturesque, and whimsical tastes of homeowners residing between the two rivers.
All Halloween, Thanksgiving, and fall house decorations will be considered.
As part of their community outreach program Sharing Resources, Resources Real Estate will donate a Thanksgiving pie for every home submitted to the contest to Lunch Break in Red Bank and will make a monetary donation to the firehouse of the winning home's town.
Entries can be submitted by uploading photos here or by depositing snapshots in the wall mailbox at the agency's 112 River Road address. Submissions can be made by the homeowner or nominated by another party such as a friend or neighbor.
Voting will take place in person as well as online and the winning homeowner will receive an exquisite floral table arrangement for their Thanksgiving setting to accompany their seasonal style.
Resources Real Estate owner Carolynn Diakon said, "We hope this contest will inspire homeowners to take advantage of the beautiful, seasonal resources our area has to offer in an effort to complement the exceptional architectural detail of Peninsula towns."
Diakon hopes the contest will become an annual event - one in which area residents will anticipate and plan for each year during the months leading up to and including autumn.
Every Monday through Friday, Lunch Break serves over 2,500 free hot meals each month at its location on 121 Drs. Parker Boulevard with another 400 meals being delivered to home bound seniors. The Pantry also provides groceries to those who need help and more than 500 children receive Christmas gifts. Social, medical and legal services are available onsite and clothing in good repair is handed out once each month.
Peninsula Harvest Home Decorating contest submissions can be made until Monday, Nov. 23 and the winner will be announced by a special guest at the Resources Real Estate offices on Tuesday, Nov. 24 at 10:00 a.m. For more information call 732-212-0440.
Local: Monmouth County home sales experienced a staggering 120% increase in July, more than doubling the sales of the previous year (1678 vs 763). Year-to-date Monmouth's sales are still down significantly ~ -36% ~ but the recent sales figures are certainly encouraging. Condo sales also experienced a large increase, with an almost 65% increase over sales in July 2008.
Price-wise Monmouth's July figures show a median sales price increase of 7.3% from June but still 8.5% lower than July 2008.
National: In July new home sales across the nation jumped more than forecast, reinforcing signs the economy is rebounding from the the recession. Nationally, home sales increased 9.6% in July, the most in four years, to a 433,000 annual pace, the Commerce Department said. July's national home sales pace was the highest in 10 months and exceeded all estimates.
The median price of a new home decreased 12 percent to $210,100 from $237,300 in July 2008.
The jump in sales was led by a 32 percent surge in the Northeast. Purchases increased 16 percent in the South and 1 percent in the West. They dropped 7.6 percent in the Midwest.
Atlantic Highlands was the site for the beginning of the NYC to DC AIDS Ride and I was glad to be there to see the group of about 100 riders off.
Although technically the start was in Manhattan, the riders took the Seastreak Ferry from Pier 11 and arrived in Atlantic Highlands at about 8:45am yesterday and gathered in front of the Blue Bay Inn on First Ave.
After a brief intro, guidelines for the ride and basic "Rules of the Road" they were off on a 330 mile journey.
I was there to cheer on friends Chad Wolbrink and Toby Clark in what I think is an amazing feat (and, god bless them, their statue of libery hats clearly identified them from the pack). I can't even imagine making a ride of that length (let alone in green foam headgear) so I'm very impressed.
After their first day (85 miles!) they were scheduled to continue on today and arrive in Cape May this evening - but the weather made riding today pretty much impossible. They are supposed to arrive in Washington D.C. on Sunday.
To keep up to date on their journey (and donate to the cause if you're so inclined) visit the ride websites of Chad or Toby.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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