Homebuyer Tax Credit Passes in Congress

Urgent update on the first time home buyer tax credit…

Great news for both Buyers and Sellers!

Both the House and Senate pass through legislation to extend and expand the first time home buyer tax credit. This new legislation will extend the current $8,000 tax credit, which would have expired November 30, to the new date of May 1, 2010. In addition to the tax credit extension for first time buyers, this new legislation adds a $6,500 tax credit to repeat buyers as long as they have lived in their home for five of the last eight years. Eligible home prices must be under $800,000. Additional requirements include an income limit of $125,000 for individuals and $225,000 for joint buyers.

Home buyers who have a signed contract by April 30, 2010 will also be allowed another 60 days to close on the property. For those in the military serving overseas between January 1, 2009 to May 1, 2010, the credit has been extended another year.

In addition to the tax credit news, the chairman of the Federal Reserve, Ben Bernanke, announced this week that interest rates would remain at their current level for some time to come. This is great news to the real estate market and, more importantly, to potential buyers.

Now is the time to stop looking from the sidelines and start BUYING IMMEDIATELY! We may never see another time in the real estate market where the prices and interest rates remain historically low!

Your Uncle Sam is saying, “BUY NOW…I’ll even give you some money to help you out in the way of a tax credit incentive”… NOW is the time to take advantage of the real estate market. There are plenty of Hoboken and Jersey City properties available to meet your needs and qualify for the tax credit.

To capitalize on this amazing opportunity, call me immediately. My direct number is 201-427-1032… Say, “Your Uncle Sam told you to call”!

In this real estate market finding experienced real estate help is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.

First Time Home Buyer Tax Credit: Extension gets approval from Obama

The first time home buyer tax credit, which expires November 30, gets an approval from the Obama administration for an extension and expansion.

The $8000 tax credit given to qualifying new home buyers has undoubtedly given the real estate market a bolster in the right direction. What happens once the tax credit is gone is up for great debate. Fortunately, and with a sigh of relief, it looks as though the real estate market will get a reprieve from the upcoming deadline with an extension endorsed by the Obama administration.

The tentative agreement reached in the Senate would not only extend the current tax credit, it would also expand to include current homeowners wanting to move. The credit being discussed for current homeowners who move could come to $6500 provided they purchase their home before the new deadline, which could come in April. Reportedly, in order for current homeowners to qualify for the new tax credit, they must have resided in their current home for five years.

So when will the speculation be over?
Any of the several purposed tax credits have still yet to hit the floor of Congress for a vote. Although, with the endorsement from the Obama administration, pressure is certainly being applied to get this done quickly.

Is all the fuss about the tax credit worthwhile?
This is a great question with numerous answers depending your personal situation. For example, for the first time buyer with a individual income of $75,000 or less annually or a combined income of $150K or less for married couples, it’s an additional 8K in their pocket!

In contrast, for the buyer who has owned in the past 3 years and/or earns more than the maximum income guidelines, extending the credit will have very little ‘direct impact’ to their personal situation. Even with the possible expansion for repeat buyers, they must have owned the residence they are selling for five consecutive years. With regards to the sellers, the answer becomes more complicated. If your considering selling your home in the near future I would suggest calling me immediately at 201-427-1032 for a personal and confidential conversation in regard to the impact of the credit.

With interest rates still at an all time low and the tax credit incentive still available, this is the time to take advantage of the real estate market. There are plenty of Hoboken and Jersey City properties available to meet your needs.

In this real estate market finding experienced real estate help is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.

(additional source: cnn.com)

Hoboken Condos with FHA Approval Including Adams Square

What exactly is the FHA and what does it do?
FHA stands for the Federal Housing Administration, which is a government agency that provides mortgage insurance for loans that are granted by FHA-approved lenders. This insurance protects lenders against any losses they might incur if a home owner defaults on their mortgage. As a result, FHA will pay a certain claim amount to the lender should the home owner default on the loan, creating less of a risk for the lender. Of course, these loans must meet certain FHA requirements in order to qualify.

How does it work in a condo building with multiple owners?
Similar to a regular FHA loan, FHA Condominium Loans also encourage lenders to offer mortgages to condo buyers who have a non-traditional form of ownership. This type of ownership is considered unique due to separate owners jointly owning the condo buildings common areas and amenities. FHA’s Section 234(c) program is for potential condo buyers looking for a 30 year loan to buy in an approved FHA condo building.

What condo buildings are FHA approved in Hoboken?
There are several to choose from in Hoboken including Adams Square. Adams Square is a hot new Hoboken property located in a quiet historic neighborhood just across the river from Manhattan and just minutes from fine dining, shopping and night life. It is conveniently located just minutes from the PATH, bus and ferry services. Adams Square is a historic building with towering Gothic architecture which has been newly renovated with modern amenities. Residents are indulged by open spaces, plenty of upgrades and spacious balconies with breathtaking views of Manhattan.

• Stainless steel appliances including a Bosch microwave, dishwasher and range
• Kitchen-Aid refrigerator
• Kashmir granite counter tops with tile backsplash
• Stainless steel sink with Kohler faucet
• Under-cabinet task lighting
• White Carrera marble vanity tops
• Solid hardwood floors
• High ceilings and over-sized windows

Residents of Adams Square also have a state of the art fitness facility and health center, private courtyard with a beautifully landscaped garden, bike storage, gorgeous exterior entrance, lobby with marble inlay and assigned parking for most homes.

In addition to Adams Square, other FHA approved condo buildings in Hoboken are:

• 405 FOURTH STREET CONDOMINIUM
• 531 GARDEN STREET CONDOMINIUM
• 60 MADISON ST. CONDOMINIUM
• CLINTON MILLS CONDOMINIUM
• JEFFERSON TRUST CONDOMINIUM
• METRO STOP CONDOMINIUM
• THE 110 BLOOMFIELD STREET
• VESTA HOBOKEN CONDOMINIUM

For a complete list of FHA approved condos in New Jersey, please visit entp.hud.gov.

To get more information on an FHA approved condo buildings, call Sean T Shallis of Weichert Realtors and The Shallis Group immediately… For questions with regards to “How are the FHA Guidelines going to effect either buying or selling your home?”, my direct line is 201-427-1032.

Jersey City: 13th Best Place to Raise Kids

New Jersey can now boast about more than just being the state with the most expensive zip code. Two cities are on the top 100 list of best places to raise kids. Jersey City has been dubbed the 13th best place to raise kids according to a recent MSNBC.com article. Coming from the editors of Children’s Health, they evaluated various factors such as: crime rates, education, local economy, housing, culture and health such as air quality and obesity rates. The list consists of 100 cities with Burlington Vermont coming in at number one and Newark making the list at number 42.

So what is it about Jersey City that makes it come in at number 13? Teenage driving is far less of a concern in Jersey City than in a suburb reducing one of the number one causes of death for teenagers. Culture is at your front door with local museums, galleries and, of course, New York city a quick commute across the Hudson River. For parents that work in Manhattan, it is a short commute into the city without the cost of inflation that goes along with a Manhattan zip code.

Excellent property prices can be found on luxury properties up for sale in Jersey City especially when compared to similar properties across the way in New York City. For example, a 2/bd 3/ba waterfront luxury condo in The Pier House with incredible views of the Hudson and almost 1700 square feet with all the upgrades can be found for $677k. The Saffron Condo complex, which is set for it’s grand opening in December, is auctioning off 9 to 15 units November 8 with prices starting at $175k and $250k. After the auction, prices will start at $200k to $500k. Alternatively you can also do a property search for Jersey City Condos for sale as well as property searches for other areas in Hudson County.

To become a resident of the ‘Top 13 best place to raise kids’, call the experienced Realtor for Jersey City: Sean Shallis of The Shallis Group at 201-427-1032 to assist you with your Jersey City real estate needs.

Hoboken Real Estate: What will happen when the tax credit ends?

The Pending Home Sales Index continues to climb. However, will it continue after the first-time home buyer tax credit runs out on November 30? According to the National Association of Realtors (NAR), the Pending Home Sales Index rose 6.4 percent in August, which is the highest level we’ve seen since spring of 2007. The Index has now risen for seven consecutive months and will most likely continue through November.

So what’s happening in the Northeast? The Pending Home Sales Index, which is based on contracts signed to purchase a home, rose 8.2 percent, almost 2 percent above the national average. According to the Hudson County Multiple Listing Service, in our area there are 558 Hoboken condos up for sale with approximately 150 condos under contract, which is 27 percent.

What’s behind this upswing? Of course one obvious response is the first-time home buyer tax credit. Time is running out for buyers to close before the deadline comes. According to NAR, one and a half million buyers have already taken advantage of this tax program and many more are scrambling to get under contract now since escrow can take forty-five days on average to close.

But what happens after the first-time home buyer tax credit runs out…? This is a great question with numerous answers depending your personal situation! For example, for the first time buyer with a individual income of $75,000 or less annually or a combined income of $150K or less for married couples, it’s an additional 8K in their pocket! In contrast, for the buyer who has owned in the past 3 years and/or earns more than the maximum income guidelines, extending the credit will have very little ‘direct impact’ to their personal situation. With regards to the sellers, the answer becomes more complicated. If your considering selling your home in the near future I would suggest calling me immediately at 201-427-1032 for a personal and confidential conversation in regard to the impact of the credit.

In this real estate market finding experienced real estate help is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.

Jersey City Condo Auction: Saffron Condos

Up for auction will be 9 to 15 units in the Saffron condo complex in Jersey City a month prior to its grand opening. The Saffron is a soon-to-be 76 unit condominium complex in downtown Jersey City with a contemporary design, low monthly association fees and a 5 year tax abatement. The complex consists of two five-story buildings located at 217 Newark Avenue. The Saffron condos are move-in ready with a 2% discount to the highest bid if it closes in 15 days. Up for auction are two floor plans: a 1 bedroom with a suggested starting price of $175,000 and a 2 bedroom suggested to start at $250,000. So what do you get for your money?

Property features include:

Stainless steel appliances

Bamboo hardwood floors

Washer/dryer hook-ups in condo

Community fitness center

Community laundry center

Elevators

Underground parking

Lounge and sundeck on the roof

Community courtyard

3 blocks from the Grove St. PATH station

5 year tax abatement

 

Once the grand opening starts on December 12, prices will jump for the remaining 53 two bedroom units and the 2 three bedroom units to the high $400,000 to low $500,000. As for the 21 remaining one bedroom units, prices will range from the high $200,000 to the low $300,000, which is a significant jump from the starting price at auction.

When and Where?
So where do you sign up? The auction will be held November 8 at the Westin Jersey City Newport (479 Washington Blvd). Registration starts at 11am with the auction starting at noon. There will also be prior viewing opportunities on October 11, 17-18, 24-25, 31 and November 1 and 7 from 11am to 2pm.

With all the incentives and property features, these units will go fast.  For more information about upcoming condo auctions in Jersey City and Hoboken, call Sean Shallis at The Shallis Group at 201-427-1032 to assist you with your buying needs.

Short Sales in Jersey City: Is a short sale right for you?

Home Staging: Tips on how make it a success

Selling a home is not as simple as it once was. With the flood of homes on the market due to the economic downturn and another wave of foreclosures just around the corner, competition is tough. Adding to the mix is the bountiful inventory of new home and condo builds on the market with upgrades and incentives that never seemed possible four years ago. For home buyers, this is paradise.

However, when it comes to selling a home, potential buyers are looking for pristine conditions, plenty of upgrades and decor seen in model homes. Kitchens are now expected to have stainless steel appliances and granite counter tops. Bathrooms are expected to have tile floors, updated fixtures and new paint. But before you go running to Home Depot, it is important to understand where your money will best be spent. Upgrading a kitchen with new appliances and cabinets will earn more in resale value and attract more buyers than your pool in the backyard.

What is home staging?
Another inexpensive way to entice home buyers is a successful staging of your home. Home buyers need help envisioning what your home would be like if they were to buy it. Having clutter, knick knacks and excessive memorabilia interfere with the basic layout of the home and can make the home appear much smaller. There are staging professionals that can be hired to help evaluate your space and show you the changes that need to be made in order for the home to sell.

Here are some useful tips you can do yourself:

• Update furniture. Furniture should match or look like it belongs together. If there are pieces in the room that are not necessary, take them out to open up more space.

• Clean the clutter. Prospective home buyers don’t want to see your bills, post-it notes on counter tops or your child’s latest masterpiece on the refrigerator. They want to see space. Laundry, unfinished projects and toys must be contained in an out-of-site storage place.

• Smaller is better. Too much furniture or furniture that is too big for a particular room needs to be placed in storage. This will open up a room and give the appearance of more square footage. Keep it as simple as possible.

• Paint. Painting is a relatively inexpensive way to update your home and give it a clean look. Neutral tones are always the safest option to help a buyer feel comfortable.

• Think green. If a room appears too cold or somewhat bare, add plants that are appropriate in size to help add warmth and take up the space. They are a less expensive alternative to buying furniture.

• Upgrade accessories. Upgrade bath towels, shower curtains (no vinyl) and counter top accessories. Fabric shower curtains give a more elegant look to a bathroom and towels should complete the look. If shower bottles are within eye site, place them in a cabinet when the home is being shown.

• Clear kitchen counters. Try to create as much open space on the kitchen counters as possible. There should be no visible storage containers or unnecessary appliances such as coffee grinders, grills, griddles, bowls, rotisseries, etc. Open counter tops give the appearance of a bigger brighter kitchen.

• Look outside. When selling a home it’s important to remember its curb appeal. Replace any dead plants and landscaping. Clear all weeds and fix any brickwork or drywall issues. Make sure the outside paint is current and maintained.

• Atmosphere. When possible before a buyer comes to look at your home, create an inviting atmosphere. Open some windows to let in some fresh air and light. Turn off the TVs and turn on some quiet music. Place fresh flowers in the kitchen or on the dining room table.

Does staging work?
A 2005 study done by Coldwell Banker found that the average home was then on the market for 31 days. However, the average staged home sold in only two weeks. In addition to a faster selling time, the price of a staged home went for 6.3% above asking price. Although the study was done at the height of the real estate market, the results still prove relevant today.

An experienced real estate agent can give helpful guidance and tips for improving the look and selling points of your home. It is important to find a Realtor that best fits your buying or selling needs. For tips on what to look for in a Realtor, please see How to choose the best Realtor for you.

In this real estate market finding experienced real estate help is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.

New Jersey Boasts the Most Expensive Zip Code

Move over Beverly Hills. Manhattan…forget about it! The most expensive zip code in the U.S. is home to none other than New Jersey. According to Forbes list of 100 priciest zip codes for 2009, zip code 07620 is the most expensive zip code in the country. The average home is estimated at over $4.1 million making this a hot spot for plenty of celebrities.

However, just as the rest of the country has been hit by the downturn in the real estate market, this Bergen county community has also seen its fair share of foreclosures and falling home prices. On average, home prices have dropped almost 25% from last year’s already low numbers.

Northern California comes in second in Atherton, zip code 94027, with an average home value of $3.85. Coming in with the third highest home value is New York’s West Village neighborhood, zip code 10014, with an average asking price of $3.5 million. Other New Jersey neighborhoods making it to the top 100 list also include New Vernon coming in at number 57, Far Hills at number 84 followed by Saddle River coming in at number 85.

Finding an experienced professional real estate team that knows the New Jersey market is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.

How to Choose the Best Realtor for You

Buying or selling a home can be one of the biggest financial transactions you face. It is just as important to do your research on picking a realtor as it is in picking a home. Whether it is a buying or selling transaction, you must first make a list of your needs. Then interview at least three realtors to be confident in which one will represent you and your needs the best.

Do Your Homework
Word of mouth is of course one way to find a realtor. Most people know someone who’s used a realtor recently and can get their input or recommendations. However, you still must do your homework. Even if your friend had a successful transaction and his expectations were met, you have to make sure yours will be too. Every buying and selling situation is different. For example, if you are interested in buying a short sale or foreclosure, some realtors are very experienced in the process and some try to avoid it like the plague. Your friend might have been buying a property and you might need to put yours up for a short sale. In each case, a different set of needs must be met.

When Selling a Property
Ask each agent what they intend to do for you. These days selling a house is no longer as systematic as setting up signs and holding open houses. Make sure your realtor is internet savvy. The 2008 NAR Profile of Home Buyers and Sellers reported that 87% of all home buyers searched for a home online prior to contacting a realtor. It is not enough just to have your home listed on the agent’s web site. As a seller, it is important to find out on what web sites the realtor’s MLS listings are placed in order to assure maximum exposure.

Other information to find out is whether your realtor will show your home personally or will there be an assistant or no representative at all. Will the realtor be out of town such as on vacation when the house initially goes on the market. This is the most crucial time to have your realtor’s full attention. Ask the realtor to go through the house and give you advice on how it can best be staged. Although open houses are not as much of a priority as they once were, it is important to find out if your realtor plans to hold any and how important they are to you.

When Buying a Property
Does the agent have experience and knowledge of the area in which you wish to live? They should be well acquainted with the market in that location as well as the comp sales in the neighborhood. Make sure they are able to devote the time to look for a property that meets your needs as opposed to only showing you the homes you find on the internet. They also must do their homework in finding out any association fees, maintenance fees, estimated property tax, outstanding liens and any other costs that could affect your decision. Start with a structured approach, use a home buyers wishlist, which will help you decide what properties suit your needs.

A Senior Real Estate Strategist
Experienced and professional real estate support is essential in today’s unpredictable market. I have specialized in premium properties in Hudson County and the New York Metro area for over 10 years. My insight and expertise have also been featured in prestigious media outlets including The Wall Street Journal, The New York Times, Bloomberg Radio, Bloomberg International News Service, AOL.com, The Record and The Jersey Journal. More importantly, I grew up in the area and am also a resident.

Weichert Realtors and The Shallis Group
Weichert Realtors and The Shallis Group, specializes in luxury living in the hottest New York Metro area communities including the prestigious New Jersey waterfront area. With access to numerous condominium, townhome, commercial, residential, land development, single family, multi-family, and other real estate listings for sale, The Shallis Group is the premier agent for the metro area real estate and was awarded #1 in the region among all Weichert Sales Associates in June 2009!

If you are looking for experience and professionalism in a New Jersey realtor, please contact Sean T Shallis today for a personal consultation on your buying or selling needs at 201-427-1032. If you are looking for real estate elsewhere, please see the real estate directory at real-estate-blogs.com.

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