Time is running out...here are the facts about the Homebuyers Tax Credit:

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!

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.

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

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

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.

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.

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

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.

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

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.

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.

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 - 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

Great NEW price in New Providence, New Jersey!

Almost new from top to bottom! New enlarged first floor master bedroom with double closets and new master bath. New kitchen with granite countertops and stainless steel appliances open to the dining room. Two more bedrooms (one with a walk-in closet) and new bath on the second floor. Entire interior freshly painted and hardwood floors refinished. The basement includes a new family room, playroom and laundry room with cabinet and countertops. There is an outside entrance to a patio, 2 car garage and driveway which are all new! Plus, new cedar shake vinyl siding and a new roof. This cape has the best of both worlds…walking distance to downtown shopping and restaurants, minutes to NYC train & bus. At the end of the day, relax in your own spacious backyard overlooking the tranquil Passaic River Parklands!

For more information call me on my cell at (908) 432-5721.

GREAT PRICE!

$850,000


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.

Long Hill Township, New Jersey Real Estate Market Report Update 2007

The numbers are in for Long Hill Township real estate for 2007. They are not as bad as our mainstream media would like us to believe. I am going to put a positive spin on the numbers using data from 2004 through 2007. I think looking at "the big picture" will paint a more accurate view!

In 2004 the average sales price was $508,255

In 2005 the average sales price was $573,514

In 2006 the average sales price was $595,342

In 2007 the average sales price was $559,975

We have seen a 6.3% decline in average sales price from 2006 to 2007, but we have seen a 10% increase in average sales price from 2004 to 2007. Also, the height of the real estate market was 2005. Long Hill Township still did better on average sales price in 2006.

I think this is a prime example of why you should not listen to the negative spin that is put out by the media. You would get more accurate data from a local Realtor in your desired area.

Real estate is primarily a long term investment. These numbers, to me, indicate that purchasing real estate in Long Hill Township, although the media is trying to scare everyone into believing otherwise, is definitely a good investment!

If you would like more detailed statistics on real estate in Long Hill Township, please do not hesitate to contact me. You can also visit my web-site at www.longhilltownshiphomes.com.

Posted by:

Dianne Sommers - Realtor

RE/MAX Classic Group