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Vital Information For
First-Time Buyers
The first-time homebuyer Federal tax credit for $8000, record-low interest rates, and nationwide median home prices dropping to the lowest point in five years, makes this an enticing time to consider buying a home. By the way, that tax incentive isn't truly just for first-time buyers -- it's defined as those not having owned a home in the last three years. Research and knowing your options are critical. Check with your tax accountant for more details. It’s increasingly likely that Congress will extend and expand the popular home buyer tax credit, which will expire at the end of this month.
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According to an article in August in the Raleigh News & Observer, 10.8 percent of buyers are motivated to buy due to Federal and state tax incentives. So far only 1.14 million buyers have filed
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Relieving the Stress of Packing
Packing can be stressful time for every member of the family. To ensure that your move goes as smoothly as possible, try the following tips!
Pack a "Red Box"
Since one in five American families moves every year, that means 22 million families may be searching for their TV remote controls!
One of the pitfalls of packing for a move is you can't always anticipate what you'll need when you arrive at your new home, and movers typically list only the obvious such as dishes, glasses, bedding, etc. The miscellaneous items you need in the first few hours invariably wind up on the bottom of a random box.
To start, you may want to create your own "red box" as some moving companies ("Removers") do in Great Britain. This is the last box loaded and the first one off the truck. The one universal item in the red box is the tea kettle (perhaps this would be the coffee maker in the U.S.). This is also the place
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Making Your Home Age Appropriate Creates Appeal
All of us have something in common with our homes. Sure, style, design, and location are at the top of the list, but how about age? As we age, buyers, especially the baby boomer generation, are looking to transform their homes into a place that they can stay in for as long as possible or they're hoping to find one that's already equipped for them to age-in-place.
So how old your home and you are, are reason to give some thought to if your home needs age-appropriate adaptation in order for you to be most comfortable. And, in doing so, you may actually make your home more valuable to a wider audience of buyers, should you ever sell it.
According to the National Homebuilders Association, making a home suitable for the golden years is economicaly sound. The baby boomer generation (77 million people) makes up 28 percent of the U.S. population. Assisted living for this generation can cost more than $60-thousand per year, not counting moving expenses.
That's pretty pricey. So, if you've taken some steps to make your home an age-in-place sanctuary, then make sure you highlight those renovations if you ever
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Millburn/Short Hills Real Estate Update
Following a strong performance in January, the Millburn/Short Hills real estate markets continued to show some strength in February. Eleven properties went under contract in February. Of those eleven, six were under $1 million, four of those homes were listed between $1-$2 million, and one home listed for $2,999,000 million went under contract last month. The fact that the homes are finding buyers in such varied price ranges, is a positive indicator for future activity.
Six homes were sold in the township in February. Those six homes sold at an average of 97.6% of the asking price. This is an improvement for sellers over the previous month where buyers had been able to negotiate deals at only 95.1% of the asking price. The homes that sold in February had been on the market for an average of 55.4 days on the market (DOM). This also represents a trend in the seller’s favor as in the previous month homes took an average of 64.5 days on the market before finding buyers. These figures demonstrate that Millburn/Short Hills real estate is continuing to fare better than many real estate markets in surrounding towns.
Six homes sold in February. They were:
20 Spring Street (asking price $450,000, selling price $410,000, DOM 48)
408 Wyoming Avenue (asking price $529,000, selling price $535,000, DOM 47)
416 Old Short Hills Road (asking price $739,000, selling price $739,000, DOM 7)
100 Oakview Terrace (asking price $800,000, selling price $781,000, DOM 70)
315 Lupine Way (asking price $979,000, selling price, $969,000, DOM 17)
50 Baltusrol Way (asking price $990,000 selling price $950,000, DOM 54)
Many homeowners are interested to know how the assessed value of their home compares with the anticipated selling price. Of the homes that sold in February, the average selling price was 2.1% over the total tax assessed value. This means that your total tax assessed value should very closely relate to the expected current market value.
As is typical in the spring market, the number of homes being offered for sale has increased. As of March 12, 2009 there are 117 homes listed in Millburn and Short Hills on the Garden State Multiple Listing Service (GSMLS). This is up significantly since the end of January, when 83 homes were listed on the GSMLS in the township.
Shannon Aronson
Direct 973-214-0691 / Office 973-376-0033 x 124
email: Shannon@ShannonAronson.com
www.ShannonAronson.com
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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