Things To Know About $8000 Tax Credit

The “American Recovery and Reinvestment Act of 2009,” which was signed into law recently by President Obama provides an $8000 tax credit for first-time  home buyers. Below are important things for Bradley Beach home buyers to know.  

1. It is a tax credit to home buyers, not a loan as in last year’s program.
2. It is only for first time home buyers, defined as someone who has not had an ownership interest in a principle residence in the 3 year period prior to the date of the 2009 purchase.
3. The buyer must remain in the home for a minimum of 3 years.
   
4. It is applicable to purchases between January 1, 2009 and December 1, 2009.
   
5. Full credit is available to those with adjusted gross income of $75,000 or less ($150,000 for married filing jointly). The credit is phased out entirely for those with adjusted gross income over $95,000 ($170,000 for married filing jointly).

If you bought a Bradley Beach home last year under the old $7,500 tax credit rules, those rules still apply to your 2008 home purchase. 

If you purchased a home after January 1, 2009, or are thinking of buying a Breadley Beach home this year and want to learn more about the $8,000 tax credit, give me a call or visit PatrickParkerRealty.com.

Issues you will want to consider are the definition of adjusted gross income, how to apply for the credit, what happens if your total tax liability is less than the credit, definition of ‘principle residence’, and other issues. I am happy to advise you as to how you can benefit from the tax credit.

Search all Bradley Beach homes for sale.

Jersey Shore Real Estate Sales Statistics: May 2009

Real estate sales were up in May according to many reporting agencies including the National Association of Realtors.  Jersey Shore real estate sales of single family homes experienced the same increase in some of our Jersey Shore communities. Take a look at May 2009 Jersey Shore real estate sales statistics compared to May 2008 for Bradley Beach, Avon-By-The-Sea, and Belmar:

Bradley Beach Real Estate

Homes Sold May 2008: 5
Average Sales Price: $632,300
Average Days On Market: 153

Homes Sold May 2009: 0
Average Sales Price: 0
Average Days On market: 0

Avon-By-The-Sea Real Estate

Homes Sold May 2008: 0
Average Sales Price: 0
Average Days ON Market: 110

Homes Sold May 2009: 1
Average Sales Price: $850,000
Average Days On Market: 28

Belmar Real Estate

Homes Sold May 2008: 3
Average Sales Price: $1,440,891
Average Days ON Market: 176

Homes Sold May 2009: 3
Average Sales Price: $587,333 
Average Days On Market: 38

Although no single family homes sold in Bradley Beach in May, sales increased in Avon-By-the Sea and Belmar and market times dropped dramatically.

Wouldn’t you like to summer in your own Jersey Shore home? It’s not too late to take advantage of moderate prices. If you are thinking year-round rather than vacation home, you can use your $8,000 tax credit towards closing costs. Visit Patrick ParkerHomes.com to learn how.

Time Saving Tips For Your Jersey Shore Move

It doesn’t matter if you are moving across town or across the country, moving is stressful! But a little planning can go a long way to making the move to your new Jersey Shore home less stressful. Below are 10 time-saving tips for a hassle-free move. 

1. Make a list. 

Create a week-by-week checklist of everything that needs doing. Start 60 days prior to your move and include the most trivial items. Staying on schedule will eliminate a lot of headaches, especially the closer you get to moving day. 

2. Hire a quality moving company. 

If the quote you get from a moving company seems too good to be true…it probably is! An unreliable company will cost you more in the long run, so be sure to check out the companies you interview with the Better Business Bureau. 

3. Have a yard sale. 

Now is the perfect time to get rid of items you haven’t used in the last few years. Why pack, move and unpack something you most likely won’t use in your new Jersey Shore home? Discard it now rather than later. 

4. Create a system. 

Create a color coded boxing system with a different color for each room in the house. Only pack items for a specific room in specific boxes. Let your movers know which colors correspond to which room so they will put the boxes in the correct room. 

5. Unplug. 

Most movers won’t unplug appliances, computers, etc. Before the movers arrive, disconnect all appliances, electrical equipment and lighting fixtures that go to your new Jersey Shore home.

6. Stock up on packing supplies. 

Don’t run out of packing tape the morning of the move; have plenty of supplies on hand. Early on in the moving process, start gathering boxes, tape, bubble wrap, newsprint, box cutters and markers. Try to save time and the environment by packing with materials you already have. Load up suitcases and plastic containers and use pillows, scarves and towels to “wrap” fragile items.

7. Pack a moving survival kit. 

Pack a “last-to-go” box with all of the necessities-toiletries, snacks, important documents-and keep it with you instead of packing it in moving truck.

8. Clean it up. 

An empty house is much easier to clean than one with boxed stacked everywhere. Clean your new home before you move in so you can concentrate on unpacking after the movers leave. 

9. Create a floor plan. 

Prior to the move, create a floor plan with graph paper and cutouts for the furniture. Plan where the furniture will go so the movers can put it in the right place the first time and you don’t have to move it around later. 

10. Change service prior to the move. 

Arrange for your mail, utilities, phone, cable, Internet and any other services to be transferred prior to the move so you don’t have a lapse in service. There is nothing worse than not having water, heat or air conditioning on moving day! 

Search all Jersey Shore homes for sale.

Has Bradley Beach Real Estate Reached Bottom?

Many Bradley Beach home buyers want to wait until the market reaches bottom to buy, insuring they are getting the best possible price. But how do you know when the market has reached bottom?

Usually it is by looking back and saying “Oh, I wish I had Bought back then!” We may be reaching the bottom of the current real estate market and beginning to see the return of appreciation. Do Not Miss your opportunity.

Here is an “Interesting” excerpt from CNBC. I suggest you take it as a “For What It’s Worth”. There are certainly some good and some “Over the Top” comments in this clip:  http://www.CNBC.com/id/29757411

Personally, I don’t subscribe to “Over the Top” commentary. I just think it makes sense to realize we are likely at or very near the bottom of the housing market and it IS a great time to buy a home! Rates are extremely low, Sellers are ready to sell and there is a large inventory of homes in all price ranges. The “Magic Three”… Think about it… Take advantage of it… Give us a call!

Learn more about Bradley Beach real estate by visiting PatrickParkerHomes.com.

Search all Bradley Beach real estate and homes for sale.