Thursday, January 28, 2010

Buy a Home in Mercer County NJ and Lower your Taxes

New rules that took effect on Nov. 7, 2009, extend and liberalize tax credits for homebuyers. Now there are two kinds of credits for homes costing under $800,000. One is a credit of up to $8,000 for first-time buyers of a principal residence who didn't own another principal residence during the three-year period ending on the date they purchase the new place. The other is up to $6,500 for buyers who owned a principal residence for any five consecutive years during the eight-year period that ends on the purchase date. Both credits allow buyers with higher incomes to qualify and require them to sign a binding contract by April 30, 2010, and complete the deal by June 30, 2010.

Tip to Remember:  there is a 1st time buyer Tax Credit + a Repeat Buyer Tax Credit

If you own more than one dwelling, principal residence or main home means the place you live most of the year, as opposed to a vacation retreat or property for which you charge rent. A principal residence is not just a conventional single-family home. It also can be a condominium, a co-op apartment, a housetrailer, a mobile home or anything else that provides all the amenities of a dwelling, such as a houseboat or yacht that has facilities for cooking, sleeping and sanitation.

Tip to Remember:  You can own more than one property and qualify for the tax credit

How do you use the credit?  A tax credit will lower your taxes dollar for dollar.  A deduction reduces the amount of income upon which you figure taxes owed. 

Example:  a credit of $1,000 reduces taxes by that amount, regardless of tax bracked.  A deduction of $1,000 saves $350 in taxes for someone in the 35% tax bracket, but only $100 for someone in the 10% bracket.

Tip to Remember:  These are tax credits offered you by uncle Sam, not deductions.

What if the home buyertax credit is more than the total taxes you owe?  A Refundable Tax Credit (like the recently revised one for first-time homebuyers) can be refunded to the extent that they exceed your income tax. So even buyers who have no income-tax liability could receive as much as $8,000 from the IRS.

Bottom Line:  Don't Lose this Opportunity to Buy Now, at Great Rates, at Great Prices, and get paid back on your taxes!  Look at homes for sale in Mercer County on my web site, and call me today to look at homes. 

Tip to Remember:  You must be in contract to purchase by April 30.

Joe Giancarli

Saturday, January 23, 2010

New Home Forecast for Mercer County NJ

According to economists speaking at the International Builders' Show in Las Vegas this past  week, the end of the economic recession, along with the continuation of low mortgage interest rates and stabilizing housing prices, will result in growth in the nation's housing market this year.  But improvements will come slowly as high unemployment levels will discourage consumers and push home foreclosures higher.

"The stage is set for the consumer to return," said David Crowe, chief economist of the National Association of Home Builders (NAHB), and because of the slow pace of the recovery home builders will profit from generally low inflation in building materials prices and wages.  Crowe warned that this remains "a cautionary period" for housing, largely because of the discouraging level of joblessness.  The inability of builders to obtain financing for new residential development is also "a significant retardant to recovery," Crowe said.

NAHB is forecasting 697,000 total housing starts in 2010, up 25.6 percent from an estimated 555,000 units last year. However, this year's recovery will occur entirely in the single-family sector, where starts are forecast to rise 37.7 percent from 443,000 last year to 610,000, he said. Suffering from an acute shortage of available financing, multifamily starts are expected to lose further ground in 2010, slumping to 87,000 units, down 22.3 percent from last year's 112,000 level. In 2008, 285,000 multifamily units were started, which is near the level that is needed to keep the supply in balance with demand.

I work with builders here in Mercer County and the surrounding areas, and can help you into a new home.  Visit my Dogwood Meadows site for ideas on models and amenities in one new home development in Hamilton.

To use your 1st Time Buyer or Trade Up tax credits, you need to start looking now and decide soon.   Contact me for references to lenders who can help you finance a new home and for the latest on builders and their products here in Mercer County.

Joe Giancarli
Sales Associate

(resource:  RealEstate Channel)

Wednesday, January 20, 2010

Hightstown, NJ: 130 Monmouth St.. Sold!

2 bedroom colonial located close to Historical Downtown Hightstown.  Great starter home, and buyers recognized the value in today's market.  Listed for $169,900.

To find more homes at these reasonable prices in Mercer County, just call or email me, or 609-658-2612.

Thursday, January 14, 2010

Real Estate Buyer Opportunities in Hamilton and Mercer County NJ

The clock is ticking for first-time buyers to take advantage of the federal first-time home buyer tax credit.   Find details on the RealStoryNJ New Opportunities page.  Who is eligible?  Find out if you qualify on this New Opportunities page.

Contact me to discuss the best buyer market in a generation.

Joe Giancarli, Sales Associate

Wednesday, January 6, 2010

East Windsor Attached Home in Twin Rivers - SOLD!

Beautiful 3 bedroom, 2.5 bath townhouse situated in a magnificent location in Twin Rivers. This home is loaded with upgrades. Totally updated kitchen with all newer appliances, freshly painted ceiling, brand new recessed lighting, beautiful oak hardwood floors, large pantry and spice rack, new hot water heater for instant hot water, decorative wallpaper, also in updated powder room. Spacious living room, dining room or den with built-in wall unit, neutral wall-to-wall carpeting and central vacuum system. Second floor features 3 bedrooms, 2 full updated bathrooms. Large master bedroom has full bathroom, full length closet, walk-in closet and ceiling fan. Lower level has partially finished basement with neutral carpeting, recessed lights, laundry room with plenty of closet and storage space, and brand new dryer. Backyard is fenced with lovely English style gardens, storage shed and gas grill. Close to pool, tennis, library and school.

Contact Joe Giancarli, 609-658-2612, for a private showing.