The credit of up to $8,000 for first-time buyers, originally due to expire Nov. 30, has been extended into 2010. This is money that never has to be repaid, provided you live in the home for three years.
Homebuyers who owned and lived in their principal residence for five consecutive years of the last eight are eligible for a credit of up to $6,500.
Facts about the Homebuyer Tax Credit:
You must have a signed purchase agreement for your home no later than April 30, 2010, and the transaction must close before July 1.
First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.
Buyers who owned and lived in their principal residence for at least five consecutive years of the last eight can receive credit of up to $6,500 when they contract to purchase a home before April 30, 2010, and close before July 1.
The upper income limit to receive the full credit is raised to $125,000 for individuals and $225,000 for couples.
If the purchase price is more than $800,000, the buyer is not eligible for the credit.
There is no minimum income for claiming the credit. You qualify for the full credit even if you won't owe any taxes for 2009 or 2010.
You can claim the credit when you file your 2009 or 2010 tax return. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.
Contact me today to assist you in your home purchase.
Dianne Sommers
RE/MAX Classic Group - Sales Associate/Market Consultant
(908) 432-5721
www.sommerssellsrealestate.com
Don't forget to ask me about our 14ft truck available to all our clients!
Saturday, March 27, 2010
Monday, January 11, 2010
211 Hickory Tavern Road, Gillette, NJ - Great New Price!!!
Classic circa 1870's home in the heart of historic downtown Meyersville. Includes large barns currently being used as antique/furniture refinishing business. Close to restaurants, shopping and recreational activities. Convenient to Rt 24, Rt 78 and NYC transportation. Zoned Residential/Village Business. Being sold "as is".
For more information please feel free to contact me or visit my website @
www.longhilltownshiphomes.com.
Wednesday, January 6, 2010
LONG HILL TOWNSHIP HOMES - 2008 vs 2009
2008
86 Homes sold
Average sales price - $539,647
2009
56 Homes sold
Average sales price - $498,513
Long Hill Township saw a 7.6% decline in average sales price from 2008 to 2009. We have definitely seen a “slow down” in the Long Hill market over the past 6 months. With the interest rates still at record low numbers, and the first time home buyers tax credit extended, we are looking for the home sale numbers to pick up over the next few months.
For more information do not hesitate to contace me or visit my website @
www.longhilltownshiphomes.com
86 Homes sold
Average sales price - $539,647
2009
56 Homes sold
Average sales price - $498,513
Long Hill Township saw a 7.6% decline in average sales price from 2008 to 2009. We have definitely seen a “slow down” in the Long Hill market over the past 6 months. With the interest rates still at record low numbers, and the first time home buyers tax credit extended, we are looking for the home sale numbers to pick up over the next few months.
For more information do not hesitate to contace me or visit my website @
www.longhilltownshiphomes.com
Facts about the Home Seller Tax Breaks:
Almost everybody has heard about the $7500 tax credit for first-time home buyers, but what about tax breaks for home sellers? Home sellers enjoy a tremendous tax benefit upon resale. Internal Revenue Code Section 121 authorizes an “exclusion” — escape from income taxes — for profits from home sales. The exclusion is as much as $500,000 for married couples who file joint returns, and $250,000 for single filers and couples who file separate returns. What happens, though, when the gain is greater than the exclusion ceiling of $500,000 or $250,000? Answer: The excess is taxed as a long-term capital gain at a maximum rate of 15 percent, plus applicable state taxes. The key requirement: Own and live in the property as your principal residence for periods aggregating at least two out of the five years ending on the sale date, and at least two years must have elapsed since you last used the exclusion.
For more information do not hesitate to contact me or visit my website @
www.longhilltownshiphomes.com
For more information do not hesitate to contact me or visit my website @
www.longhilltownshiphomes.com
Wednesday, December 9, 2009
Facts about the Homebuyer Tax Credit
Facts about the Homebuyer Tax Credit:
You must have a signed purchase agreement for your home no later than April 30, 2010, and the transaction must close before July 1.
First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.
Buyers who owned and lived in their principal residence for at least five consecutive years of the last eight can receive credit of up to $6,500 when they contract to purchase a home before April 30, 2010, and close before July 1.
The upper income limit to receive the full credit is raised to $125,000 for individuals and $225,000 for couples.
If the purchase price is more than $800,000, the buyer is not eligible for the credit.
There is no minimum income for claiming the credit. You qualify for the full credit even if you won’t owe any taxes for 2009 or 2010.
You can claim the credit when you file your 2009 or 2010 tax return. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.
www.longhilltownshiphomes.com
You must have a signed purchase agreement for your home no later than April 30, 2010, and the transaction must close before July 1.
First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.
Buyers who owned and lived in their principal residence for at least five consecutive years of the last eight can receive credit of up to $6,500 when they contract to purchase a home before April 30, 2010, and close before July 1.
The upper income limit to receive the full credit is raised to $125,000 for individuals and $225,000 for couples.
If the purchase price is more than $800,000, the buyer is not eligible for the credit.
There is no minimum income for claiming the credit. You qualify for the full credit even if you won’t owe any taxes for 2009 or 2010.
You can claim the credit when you file your 2009 or 2010 tax return. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.
www.longhilltownshiphomes.com
Monday, November 2, 2009
LONG HILL TOWNSHIP MARKET UPDATE - OCTOBER 2009 - FIRST TIME HOME BUYERS TAX CREDIT
LONG HILL TOWNSHIP MARKET UPDATE
October 2009
New listings - 7
Under Contract - 4
Closed Sales - 7
FIRST TIME HOME BUYER TAX CREDIT:
The first time buyers tax credit has been EXTENDED and EXPANDED! Apparently through April 30, 2010 with a 60 day extension for contracts written by that date to close. It is also EXPANDED for move-up buyers (possibly a $6500 credit) who have lived in their homes for the past 5 years.
More details to follow...we are just waiting for a final bill to be passed in the Senate...this is great news!!!
For more infor mation on Long Hill Township Real Estate or the First Time Home Buyers Tax Credit, please do not hesitate to contact me on my cell at (908) 432-5721.
October 2009
New listings - 7
Under Contract - 4
Closed Sales - 7
FIRST TIME HOME BUYER TAX CREDIT:
The first time buyers tax credit has been EXTENDED and EXPANDED! Apparently through April 30, 2010 with a 60 day extension for contracts written by that date to close. It is also EXPANDED for move-up buyers (possibly a $6500 credit) who have lived in their homes for the past 5 years.
More details to follow...we are just waiting for a final bill to be passed in the Senate...this is great news!!!
For more infor mation on Long Hill Township Real Estate or the First Time Home Buyers Tax Credit, please do not hesitate to contact me on my cell at (908) 432-5721.
Friday, September 4, 2009
Great new listing in Long Hill Township!!!
Lovely, 3 bedroom 2 bathroom split level located in the Millington section of Long Hill Township. Great piece of property. Open, level back yard. Hardwood throughout first and second floor. Family room with wood burning stove and walkout to back patio.Spacious master bedroom with shower stall in master bathroom. Large, updated hallway bathroom. Close to NYC Train & Bus. Minutes from Routes 78 & 287. Easy Access to Shopping and Entertainment.
For more information visit my website @ www.longhilltownshiphomes.com or call me on (908) 432-5721.
Monday, August 31, 2009
New Listing - 211 Hickory Tavern Road, Gillette, NJ
Classic circa 1870's home in the heart of historic downtown Meyersville. Includes large barns currently being used as antique/furniture refinishing business. Close to restaurants, shopping and recreational activities. Convenient to Rt 24, Rt 78 and NYC transportation. Zoned Residential/Village Business. Being sold "as is".
For more information do not hesitate to contact me @ (908) 432-5721.
New Listing - 23 Chaucer Drive, Berkeley Heights, NJ
Bring your most particular buyers to this beautifully updated 3 bedroom, 2 bathroom ranch. Kitchen boasts granite counters and stainless steel appliances with bay window. Walkout to deck which overlooks a serene backyard. Updated bathrooms with wainscoting in master. Wood burning fireplace. Beautiful hardwood flooring throughout first floor. Possible 4th bedroom in basement and spacious recreation room. Lots of storage. Close to shopping, entertainment, Rt 78 and NYC trains and buses.
For more information do not hesitate to call me @ (908) 432-5721.
Monday, August 17, 2009
Great new price - $639,999
44 Cottage Place, Gillette, New Jersey
Move right in to this spacious 4 bedroom, 2 1/2 bath home located in the Gillette section of Long Hill Township. Nestled on over 1/2 an acre of wooded property this home offers an updated, eat-in-kitchen with stainless steel appliances. Large rooms. Beautiful hardwood floors throughout (1st floor recently refinished). Family room with wood-burning fireplace and a partially finished basement great for exercise/recreation room. Exterior freshly painted! Close to NYC trains.
For more information feel free to contact me or visit my website at www.longhilltownshiphomes.com.
Move right in to this spacious 4 bedroom, 2 1/2 bath home located in the Gillette section of Long Hill Township. Nestled on over 1/2 an acre of wooded property this home offers an updated, eat-in-kitchen with stainless steel appliances. Large rooms. Beautiful hardwood floors throughout (1st floor recently refinished). Family room with wood-burning fireplace and a partially finished basement great for exercise/recreation room. Exterior freshly painted! Close to NYC trains.
For more information feel free to contact me or visit my website at www.longhilltownshiphomes.com.
Sunrise at Gillette - $2000 mth rent
124 Sunrise Drive, Gillette, New Jersey
Lovely townhome in secluded location of the development. 2 bedrooms and 1 and 1/2 bathrooms. Hardwood floors on first floor. EIK and formal dining room. Large living room with cathedral ceilings and fireplace.
For more information feel free to contact me or visit my website @ www.longhilltownshiphomes.com.
Saturday, June 27, 2009
44 Cottage Place, Gillette, NJ Open House 6/28/09 1-4pm
Move right in to this spacious 4 bedroom, 2 1/2 bath home located in the Gillette section of Long Hill Township. Nestled on over 1/2 an acre of wooded property this home offers an updated, eat-in-kitchen with stainless steel appliances. Large rooms with beautiful hardwood floors throughout (1st floor recently refinished). Family room with wood-burning fireplace and a partially finished basement great for exercise/recreation room. Exterior freshly painted! Close to NYC trains.
For more information feel free to contact me or visit my website @ www.longhilltownshiphomes.com
Tuesday, June 9, 2009
44 Cottage Place, Gillette, NJ - Great new price - offered at $649,999
Move right in to this spacious 4 bedroom, 2 1/2 bath home located in the Gillette section of Long Hill Township. Nestled on over 1/2 an acre of wooded property this home offers an updated, eat-in-kitchen with stainless steel appliances. Large rooms with beautiful hardwood floors throughout (1st floor recently refinished). Family room with wood-burning fireplace and a partially finished basement great for exercise/recreation room. Exterior freshly painted! Close to NYC trains.
For more information feel free to contact me or visit my website @ www.longhilltownshiphomes.com
Wednesday, June 3, 2009
Long Hill Township Market Update - May 2009
May 2009
New Listings - 18
Under Contract - 6
Closed Sales - 6
As of May 31, 2009 there are 58 active listings on the market. We are still seeing the majority of sales in the $500,000 or below price range due to the first time home buyers taking advantage of the current incentives and low interest rates.
For more information and to search all listings in Long Hill Township, visit my web-site @ www.longhilltownshiphomes.com.
New Listings - 18
Under Contract - 6
Closed Sales - 6
As of May 31, 2009 there are 58 active listings on the market. We are still seeing the majority of sales in the $500,000 or below price range due to the first time home buyers taking advantage of the current incentives and low interest rates.
For more information and to search all listings in Long Hill Township, visit my web-site @ www.longhilltownshiphomes.com.
Saturday, May 2, 2009
LONG HILL TOWNSHIP MARKET UPDATE - APRIL 2009
April 2009
New Listings – 8
Under Contract – 10
Closed Sales – 1
In April we saw fewer new listings come on the market but more homes going under contract. The list price of the homes which went under contract range from $330,000 to $1,395,000. It is good news to finally see some higher priced homes go under contract. The only home that closed in April was 144 King Drive in Gillette and it sold for $370,000. Active inventory as of April 31 is 54.
To search homes for sale in Long Hill Township visit my website @ www.longhilltownshiphomes.com
New Listings – 8
Under Contract – 10
Closed Sales – 1
In April we saw fewer new listings come on the market but more homes going under contract. The list price of the homes which went under contract range from $330,000 to $1,395,000. It is good news to finally see some higher priced homes go under contract. The only home that closed in April was 144 King Drive in Gillette and it sold for $370,000. Active inventory as of April 31 is 54.
To search homes for sale in Long Hill Township visit my website @ www.longhilltownshiphomes.com
Friday, April 17, 2009
OPEN HOUSE SUNDAY APRIL 19, 2009 1-4PM
Move right in to this spacious 4 bedroom, 2 1/2 bath home located in the Gillette section of Long Hill Township. Nestled on over 1/2 an acre of wooded property this home offers an updated, eat-in-kitchen with stainless steel appliances. Beautiful hardwood floors throughout (1st floor recently refinished). Family room with wood-burning fireplace and a partially finished basement great for exercise/recreation room. Exterior freshly painted! Close to NYC trains.
For more information, or to request a showing, please feel free to contact me @ (908) 432-5721 or visit my website @ www.longhilltownshiphomes.com.
Friday, April 10, 2009
GREAT NEW PRICE!!!
Move right in to this spacious 4 bedroom, 2 1/2 bath home located in the Gillette section of Long Hill Township. Nestled on over 1/2 an acre of wooded property this home offers an updated, eat-in-kitchen with stainless steel appliances. Beautiful hardwood floors throughout (1st floor recently refinished). Family room with wood-burning fireplace and a partially finished basement great for exercise/recreation room. Exterior freshly painted! Close to NYC trains.
For more information, or to request a showing, please feel free to contact me @ (908) 432-5721 or visit my website @ www.longhilltownshiphomes.com.
Wednesday, April 1, 2009
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
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
Thursday, February 5, 2009
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.
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.
Wednesday, January 21, 2009
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.
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.
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