LONG HILL TOWNSHIP MARKET UPDATE - MARCH 2009

The following are the numbers for real estate in Long Hill Township for the month of March 2009:

March 2009

New Listings - 20

Under Contract - 5

Closed Sales - 3

Inventory is definitely picking up for the Spring market. Active inventory in Long Hill Township is currently at 63. Out of the 5 homes which went under contract in March, 2 were over $500,000. One of those homes was on Laura Drive. It was only on the market for 11 days before it went under contract. This home was priced nearly $90,000 less than the last sale on Laura Drive, which was in September 2008. 211 Sherwood Lane went under contract in March and also sold in March after 138 days on the market.

To search all active properties in Long Hill Township visit my website at www.longhilltownshiphomes.com. Please do not hesitate to contact me with any questions.

Dianne Sommers

Realtor Associate

Long Hill Township Market Update

I want to take this time to compare December 2008 numbers to January 2009 numbers...

December 2008

New Listings - 5

Under Contract - 2

Closed Sales - 6

Out of the 6 closed sales, 5 were under $500,000. One of the under contract listings went under contract and sold in the month of December. It sold for under $500,000. The other under contract listing was listed for $525,000.

January 2009

New Listings - 10

Under Contract - 6

Closed Sales - 0

There were NO closed sales in the month of January. Out of the 6 under contract listings, all 6 were under $500,000.

It will be interesting to see what Long Hill Township's spring market will bring. Apparently the buyers are staying at the $500,000 mark or below. We currently have 46 listings ranging from $300,000 to $1,525,000. I'm sure the higher end homeowners would like to see their listings move. Hopefully the higher end buyers will come out for the "spring thaw."

To search all active listings in Long Hill Township visit my website @ www.longhilltownshiphomes.com.

The Mortgage Forgiveness Debt Relief Act

The Mortgage Forgiveness Debt Relief Act of 2007 changed tax rules so that when mortgage debt is fogiven by a lender - as in a short sale, foreclosure or debt restructuring of a property - the amount forgiven is not considered part of the taxpayer's gross income, and therefore not subject to income tax, as had been the case previously.
The debt must have been incurred when buying or improving a principal residence, and the exclusion only applies to debt which was forgiven in 2007, 2008 and 2009. The excludable amount of debt is limited to $2 million or $1 million for married filing seperately.
There are some other restrictions which apply, so be sure to consult a knowledgeable tax professional for all the details. You can also go online to www.irs.gov and enter "Mortgage Foregiveness Debt Relief Act" in the search window. A newly revised Form 982 is used for reporting the exclusion.

OPEN HOUSE 11/23/08 1-4pm

Move right in to this beautifully updated home located on a quiet, dead end street. S/S appliances & granite counters in kitchen. Master bath with marble floor & granite counter. Hall bath with marble floor and marble counter. Fireplace in living room and a large family room with vaulted ceiling. Crown molding. 30 yr timberline roof (3yrs old). Beautiful home! Close to NYC trains & buses.

For more information, call my cell @ (908) 432-5721 or visit my website @ www.longhilltownshiphomes.com

OPEN HOUSE 11/02/2008 1-4pm

Move right in to this beautifully updated home located on a quiet, dead end street. Stainless steel appliances & granite counters in kitchen. The master bathroom has a marble floor & granite counter. Hall bathroom with marble floor and marble counter. Fireplace in living room and a large family room with vaulted ceiling. Crown molding throughout. 30 yr timberline roof (3yrs old). Beautiful home!. There are numerous parks and recreational facilities in the area. Close to NYC Train & Bus. Minutes from Routes 78 & 287. Easy Access to Shopping, and Entertainment.

For more information call my cell @ (908) 432-5721 or visit my website @ www.longhilltownshiphomes.com

JUST LISTED - 159 Midvale Avenue, Millington, New Jersey

Move right in to this beautifully updated home located on a quiet street in the Millington section of Long Hill Township. New paver walkway welcomes you into this spacious bi-level. Gourmet kitchen boasts granite countertops, mobile center island, heated floor, vaulted ceiling and sliders to an oversized, maintenance free deck. The deck wraps around to the master bedroom and overlooks a gorgeous piece of property! There are beautiful hardwood floors underneath the carpet throughout the first floor. All of the bathrooms are updated and the master bathroom has a jacuzzi type tub. Plenty of updates including vinyl siding, windows and paver patio.
Convenient to NYC Train /Bus. Minutes from major highways; Rt.. 78 & 287.
Easy Access to Shopping, and Entertainment

For more information visit my website @ www.longhilltownshiphomes.com

143 King Drive, Gillette, New Jersey

Move right in to this lovely, updated split level home on a dead end street. Kitchen boasts granite countertops, stainless steel appliances, and cherry cabinets. Formal dining room and living room with hardwood floors. Updated main bathroom and powder room. Hardwood floors (under carpet) throughout the three bedrooms Relax in the cozy Sunroom overlooking a private backyard.
There are numerous parks and recreational facilities in the area.
Close to NYC Train & Bus. Minutes from Routes 78 & 287.
Easy Access to Shopping, and Entertainment.

For more information visit my website at www.longhilltownshiphomes.com or call my cell at (908) 432-5721