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!
Showing posts with label long hill township homes. Show all posts
Showing posts with label long hill township homes. Show all posts
Saturday, March 27, 2010
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.
Monday, August 17, 2009
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.
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.
Wednesday, November 19, 2008
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
Monday, April 7, 2008
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
Monday, March 31, 2008
Just Listed - 163 Rolling Hill Drive, Millington, NJ
Beautifully renovated 4 bedroom, 2 ½ bath split level located on a quiet street. Kitchen boasts granite countertops, stainless steel appliances, recessed lighting and sliders to the deck. Formal dining room with hardwood floors, living room with hardwood floors, wood burning fireplace and cathedral ceiling. Master bedroom has hardwood floors with full bathroom and plenty of closet space. Updated hallway bathroom with Corian countertop. Relax in the Florida room 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
Tuesday, November 20, 2007
Great NEW Price!
$875,000
Location, location, location!!!
Welcome to this beautiful brick front colonial which is located in one of Long Hill Township’s most sought after neighborhood…Stirling Ridge! This home offers a spacious, tiled entry and a large eat-in-kitchen with sliders to a deck overlooking a peaceful backyard. There is a cozy, sunken family room with a brick fireplace, formal dining room with chair rails and a sunken living room, both with beautiful hardwood floors. You have a large master bedroom with cathedral ceilings, 2 walk-in-closets and master bathroom with a relaxing soaking tub. Your full, finished basement has a large entertainment room and a custom wet-bar. There are two additional rooms for either an office, guest room or exercise room. Minutes from NYC trains!
For additional pictures and a virtual tour, visit my web-site at www.longhilltownshiphomes.com.
Location, location, location!!!
Welcome to this beautiful brick front colonial which is located in one of Long Hill Township’s most sought after neighborhood…Stirling Ridge! This home offers a spacious, tiled entry and a large eat-in-kitchen with sliders to a deck overlooking a peaceful backyard. There is a cozy, sunken family room with a brick fireplace, formal dining room with chair rails and a sunken living room, both with beautiful hardwood floors. You have a large master bedroom with cathedral ceilings, 2 walk-in-closets and master bathroom with a relaxing soaking tub. Your full, finished basement has a large entertainment room and a custom wet-bar. There are two additional rooms for either an office, guest room or exercise room. Minutes from NYC trains!
For additional pictures and a virtual tour, visit my web-site at www.longhilltownshiphomes.com.
Subscribe to:
Posts (Atom)
