Tax Credit Expanded for Jersey Shore Home Buyers

The $8000 first-time tax credit for Jersey Shore home buyers was scheduled to expire in just a few short weeks…Nov 30, 2009. I say ‘was’, because the Senate voted unanimously to extend the credit on Monday and the House of Representatives approved the extension yesterday afternoon by a vote of 403-12. The extension includes an expanded tax credit to repeat home buyers. The bill now goes to the President for his signature which is expected to happen today. 

Home Buyer Tax Credit Expansion and Extension 

1. The $8,000 tax credit will be extended and available for first-time home buyers through May 1, 2010.
2. A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
3. Prospective buyers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
4. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
5. Limitation on the cost of a purchased home is $800,000. 

If you know anyone looking to buy their first Jersey Shore home at a time when prices and interest rates are still down, or if you are thinking of buying another Jersey Shore home and getting the new $6,500 credit please contact me today.

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Selling Your Bardley Beach Home with Successful Internet Campaign

In today’s real estate market Bradley Beach home owners trying to sell on their own get discouraged when it comes to getting their Bradley Beach homes sold. What they may not realize is that in the modern market selling a home takes a lot more than just sticking a “for sale” sign in the front yard. Traditional real estate marketing tactics have evolved into a variety of more complex and effective strategies. The internet has become the most popular and successful aid in setting up successful home-selling campaigns. 

According to the National Association of Realtors, almost 90% of home buyers do their house hunting online. The fact that the internet is taking over many traditional methods, makes it imperative for Bradley Beach home owners to move their campaigns to the web. Consumers are becoming more independent in the home buying process, relying on the internet for real estate market information and shopping for their perfect home. The quantity of home buyers who ended up purchasing a home they found using the Internet has significantly increased from only 8% in 2001 to a soaring 32% in 2008. However, buyers only account for half of the real estate equation that results in using the internet. 

Sellers are relying on the internet to create effective online selling campaigns that catch the mouse click of potential buyers. Whether selling by owner or using a real estate agent, anyone trying to attract the attention of a buyer for their Bradley Beach home  should take full advantage of online marketing strategies. Listing agents advertise client’s homes on their company websites, the Multiple Listing Service and Realtor.com, and by other professional tools. Home owners choosing the for sale by owner route or just simply looking for more ways to expose their home on the market, now have access to many of the same professional tools real estate agents use and more. For example ForSaleByOwner.com now allows their clients to list their homes on the Multiple Listing Service and Realtor.com too. In addition, homes are also popularly advertised on websites such as, Craigslist, Google Base, Yahoo Real Estate, and Facebook.

Tips For Buyers Looking To Purchase Their First Jersey Shore Home

Low listing prices, reasonable interest rates, and an abundant variety of homes to choose from are among a few of the reasons now is the perfect time for buyers to make a move in today’s real estate market. Current market trends and other factors have made conditions even more favorable for first-time homebuyers. Though becoming a homeowner comes with huge responsibilities and financial commitments, first-time home buyers should take advantage of the market over flowing with opportunities. The following tips will help ease the mind when considering the smart purchase of your first Jersey Shore home. 

1. Become familiar with the new first-time home buyer federal tax credit.  

People who are considering the purchase of their first home, or have not been home owners for at least the past three years can gain great benefits from the first-time homebuyer tax credit. In February 2009 the American Recovery and Reinvestment Act was put in to effect, offering many new opportunities that lend a helping hand to everyone struggling in today’s times. The new legislation includes everything from home improvement tax credits to the popular first-time homebuyer tax credit. According to FederalHousingTaxCredit.com, qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009 will receive a tax credit of up to $8,000. Unlike past tax credits from 2008, the money received does not have to be repaid, unless the homebuyer sells the property with in three years. 

Efficient Ceiling Fans In Your Jersey Shore Home Can Save Energy and Money

Ceiling fans are one of the most popular and effective ways to conserve energy and save money, especially during the hot summer months. Ceiling fans also provide decorative alternatives to ordinary light fixtures and they are great at multi-tasking. Ceiling fans create a “wind chill effect”, which pushes air downwards creating a cool breeze in the room. Ceiling fans are handy in the wintertime too. In the cold winter months, ceiling fan motors can be reversed. This allows the blades to turn in the opposite direction which pulls cool air upwards and forces warmer air down. Since ceiling fans provide quality décor, lighting and air circulation, they have become one of the most popular home accessories found in multiple rooms of homes everywhere. Making sure your Jersey Shore home is equipped with energy efficient ceiling fans will conserve energy, save money, and maximize comfortable room temperatures. 

While ceiling fans offer many benefits, they can also end up being major energy guzzlers depending on how they are used, the brand, and the type of lighting. If ceiling fans are already installed in your Jersey Shore home it is important to make sure they are an Energy Star model. According to Energystar.gov, ceiling fan and light combination units that are labeled with the ENERGY STAR are approximately 50% more efficient than other fans. ENERGY STAR certified ceiling fans are more efficient because of improved motors and blade designs. Fans that also include ENERGY STAR qualified lighting conserve even more energy and increase the life of light blubs. If your fan does not come with lighting, an ENERGY STAR light kit can be purchased separately. New ceiling fans are over 75% more efficient than older models. If a ceiling fan in your Jersey Shore home was purchased before the beginning of 2002 than it would be a good idea to consider upgrading to newer more efficient model. 

There are several other things to consider when shopping for the right ceiling fan, such as size, lighting, and style. Ceiling fans come in various different sizes. Standard sizes include diameters from 24-72 inches. For averaged sized living and bedrooms, a 52 inch ceiling fan is a popular choice. It is important not to underestimate when trying to determine the right fan size. Since fans have speed adjustments it would be better to go with a slightly bigger fan than to end up with a fan that is not powerful enough. Another thing to consider when picking out a new ceiling fan is décor. Ceiling fans come in a variety of different styles. From contemporary to classic, ceiling fans can be found to compliment the décor of any style room in your Jersey Shore home. 

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Don’t Let Credit Score Myths Get In The Way When Buying A Bradley Beach Home

The most important piece of a person’s financial life is their credit score. Whether buying a new Bradley Beach home, applying for a job, refinancing your Bradley Beach home, paying off debt, or getting utility service, your credit score will drive the outcome. One would think that Americans are all aware of what the scores are measuring and what factors play a part. But, most Americans do not know enough about the three digit rating or what is involved. Do not let these credit score myths get in your way when preparing for the purchase of your next Bradley Beach home.

Myth: Checking a credit report can either damage or lower your score. A credit report can be conducted by you or someone like an employer as many times as desired with out having any impact on your credit score. Reviewing your credit report will never change your credit score. Just make sure that reports are retrieved through the bureaus or a legitimate score seller.

Jersey Shore Home Ownership Tax Benefits

New tax code changes create benefits for owners of a Jersey Shore home. For years, many people have usually turned away from considering taking on the financial responsibilities of being a homeowner. Renters and prospective home owners are well aware of all the financial stress that comes with owning a home, which makes them hesitant to make the big step and commitment. What might not be known is that homeowners are receiving more tax benefits now than ever before. The Internal Revenue Services, known as the IRS, has made owning a Jersey Shore home a more favorable option in several ways. 

Monthly house payments bring the biggest tax benefit to home owners. The interest included in the monthly mortgage payments is tax deductible as long as the loan is for less than a million dollars. IRS guidelines also allow deductions for interest on refinancing and home equity loans. However, they do put limits on how much is actually allowed to be deducted. Borrowing against the equity of your Jersey Shore home is an option renters do not have. Renters also do not have the ability to file federal tax deductions on their monthly rental payments. 

Are Lower Bradley Beach Real Estate Prices Worth The Wait

Buyer’s often find themselves watching a property for a price reduction. Although getting the best deal possible when purchasing Bradley Beach real estate is important, it is not the only factor that determines monthly payments on a home. Rising interest rates nearly diminish the positive aspects of waiting for prices to drop. 

Most people are familiar with the basic trends in real estate that have been affected by the United States economic crisis. The listing prices of homes have been steadily declining over the past couple years. This has put people looking to purchase Bradley Beach real estate at an advantage over those trying to sell. People have best described this as a buyer’s market due to the low property prices and reasonable interest rates. However, the decline in prices is stabilizing while interest rates are beginning to inch up. It is becoming more and more popular for investors to make offers on properties, sometimes sweeping the property away from home buyers. Could buyers begin loosing their advantage? Today, properties that are correctly listed at a reasonable asking price are not being reevaluated and reduced as often. These are some of the factors that prove lower Bradley Beach real estate prices are not always worth the wait. 

Five Mistakes To Avoid When Selling Your Bradley Beach Home

Selling your Bradley Beach home should be a smooth profitable transaction. But it could end up being an unsuccessful, draining experience, especially if the appropriate precautions and preparations are not observed. A majority of the time, the chance for success lies within the hands of the hired real estate expert. In order to guarantee optimal results, the sellers must be willing to cooperate and consider the professional advice of their real estate agent. Agonizing over a listing price, making the property presentable, rushing for last minute showings, answering inconvenient calls, and frazzling thoughts of not being able to sell are all stressful components of selling your [city] home. If you and your Bradley Beach home are not properly prepared there is a great risk of losing thousands of dollars in an unsuccessful transaction. Included in the following section are five of the most common, costly mistakes homeowners can easily avoid when selling their Bradley Beach home. 

Do not believe all real estate professionals are the same, choose wisely

The process of selling your home involves many tedious details and critical decisions. Real estate professionals are experts in handling these situations and offering knowledgeable guidance to sellers. It is crucial to research several professionals in order to find a suitable match with experience selling homes similar to yours. Real estate agents use different methods to sell their listings. Innovative professionals who promote listings with newer techniques to attract buyers are always more successful than professionals relying on traditional strategies. 24-7 advertising, excessive exposure and lead generation are important services agents offer to aid in selling your home. Hiring and utilizing the right real estate professional can significantly maximize the chances for a smooth, profitable transaction. 

Bradley Beach Real Estate Appraisal Myths And Facts

A real estate Appraisal is not the same thing as a Comparative Market Analysis (CMA). A real estate Appraisal determines the market value of the property, which is an estimate of the sale price of the house. An Appraisal is mandatory when you are borrowing money from a lender to purchase a home. An Appraisal is done by a specially trained and experienced individual known as an appraiser. 

On the other hand, a Comparative Market Analysis is used to determine a reasonable asking price based on the selling and listing prices of comparable real estate. This is conducted by the real estate agent listing the property. The sole purpose of a CMA is to help the real estate agent advise the sellers when trying to come up with an appropriate asking price. This is different from an appraisal because a Comparative Market Analysis helps determine the actual asking price, where as the appraisal reveals the property’s actual value. Appraisers usually use similar research on comparable properties as a factor in determining the property value. 

Here are some myths and facts to help you lean more about the Appraisal of your Bradley Beach real estate. 

1. Myth: Some people may think that making sure the buyer does not overpay is the main goal of an appraisal. 

Fact: People buying and selling real estate can gather resourceful information from an appraisal. However, the appraiser’s intended purpose is to provide protection for lenders. An Appraisal is required before the lender approves a buyer’s loan. 

2. Myth: Appraisers determine the property value by multiplying the price per square foot by the square footage of the property. 

Fact: Appraisers determine the value of the Bradley Beach real estate by other characteristics too. Things they take in to consideration include the location, proximity to desirable destinations, school districts, quality and condition of the property, selling prices of comparable real estate, and other relevant qualities. 

3. Myth: Anyone involved in real estate could conduct Appraisals. 

Fact: States regulate the requirements for Appraisals to obtain a license. Obtaining a license usually includes taking courses, passing an exam, and possible hours of experience. 

4. Myth: There is never an obligation to educate buyers on problems with the home found by the appraiser. 

Fact: The appraiser is required to notify buyers of problems when the buyer is applying for a mortgaged insured by the Federal Housing Administration. For other types of mortgages, the appraiser is not required to disclose potential defects. 

5. Myth: If an Appraisal is done there is no need to obtain a home inspection on your Bradley Beach real estate. 

Fact: As mentioned earlier the purpose of the Appraisal is to protect the lender. This does more for the people selling the Bradley Beach real estate. Where as, home inspections are meant to educate buyers on the state of the home and its major elements. 

Get a no obligation Comparative Market Analysis on your Bradley Beach real estate.

Choosing the Best Neighborhood for Your Jersey Shore Real Estate Purchase

Sometimes people have to sacrifice purchasing their dream home for a less perfect home in a better location. The buyer and family’s quality of life can be affected by their surroundings and features a neighborhood has to offer.  Choosing the best neighborhood is just as important as finding the perfect home.  Neighborhoods have numerous characteristics to consider when trying to make the right choice.

One of the most important things to look in to is the quality of schools in the area. Compare various public schools within a school system; some may be better than others. In order to keep all options open, also take a look at private schools in the area. Even if you do not have kids that will attend school, it is still a good idea to pick an area with good schools to help with reselling Jersey Shore real estate.

Another crucial characteristic of a neighborhood to research is the crime. Contact the local police office to find out crime trends, types, and rates. Go online to find out if there are any sex offenders living near by. Do not judge a book by its cover, just because a neighborhood looks well kept and charming does not mean there are not any crime related issues.