New Jersey

Homes for sale in Tuckerton - October, 2009 Housing Market Report

NAR Frequently Asked Questions

Homebuyer Tax Credit Changes
National Association of REALTORS® Government Affairs Division
500 New Jersey Avenue, NW, Washington DC, 20001

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who
meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a
new home. I have lived in my current home for more than 5 consecutive years and
am within the new income limits. I will go to settlement on November 20. If
President Obama has signed the bill by the time I go to settlement, will I qualify for
the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment
(when the bill is signed). There is no reference to the date of contract for the new credit. The
provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime
homebuyer but was not within the prior income limits at the time I
entered into my contract to purchase on October 30, 2009. I will be covered,
however, by the new income limits. If the new rules have been signed into law by the
time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill.
The income limit and other eligibility rules will look to your status as of the date of purchase,
which is the settlement date. So if the new rules have been signed when you go to settlement,
you should be eligible for the credit (or a portion of the credit if you're within the phaseout
range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I
have found a home with a nonnegotiable
price of $825,000. Will I be able to use any
of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount
above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an
absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting
since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the
other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you
will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000
and lived there until 2008 when he got a divorce. Whether John has been renting or bought in
the interim, he WOULD INDEED be eligible for the credit because he owned a home and
occupied it as his principal residence for 5 consecutive years out of the last 8 years. The
keyword here is "consecutive." As long as he lived in that house for 5 years straight what he
did since 3 years doesn't impact eligibility.

Question: I am an eligible firsttime
homebuyer. I entered into a contract to purchase on
November 1, 2009. Do I have to go to closing before December 1? How does the
extension date affect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as
if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30
(or July 1, worst case), the purchaser will be eligible for the credit

~

I was at a listing appointment this evening in a neighborhood that I had sold a home in a few years ago.

As I drove down that street I quietly smiled a contented smile remembering my two great buyers who bought that house

Then when I passed the house, I saw a light on and a weird little rush of excitement came over me thinking, "hey there are probably there right now !" ... so I pulled over and walked over to the house !

I had really enjoyed spending time with these buyers, and had been invited to a number of their barbecues and gatherings over the years, but I was ready to keep it very brief tonight if they were busy or didnt want to spend too much time chatting at this time.

... BUT !!!!!

They weren't too busy :o)

As they opened the door and saw it was me, their faces both lit up, and the wife stepped out quickly to give me a big hug !!!

... as did the hubby

Then they insisted I come on in, and we proceeded to chat for an hour about each others jobs, families and travels, and we exchanged pictures of our kids from our Blackberrys, and had a really really enjoyable 60 minutes just chatting !

Some Realtors dont believe in 'Drop Bys' as they are concerned about showing up unannounced and disturbing the homeowners, and I do understand it may not always be convenient, but I when I drop by, I always am ready to keep it very brief if it's not a good time, and I will immediately say "no problem at all ! I was just in the neighborhood and didnt want to drive on without at least stopping to say Hi to a couple of my favorite clients !"

... yet out of dozens of drop-bys, I've only kept it brief once ! - Every other time I have been happily invited in and often had coffee (and once even dinner ! lol ) with my clients.

For me, I am comfortable doing this, and it ALWAYS seems to bring me that much closer with my clients, and I am consistently invited to past client BBQs, parties and even 2 weddings !

So if it fits your personality, dont be afraid to drop by and make your clients smile, letting them know you were thinking of them and wanted to say Hi !!

(Oh and I have often brought gifts like sugar pumpkins for Halloween, and small candy baskets for Easter ! Bringing gifts usually makes you a very welcome visitor !!!! haha !)

Cheers Everyone and have fun out there !!!!!

All this content in one fun packed day!
Prizes, gift certificates and cash, contests, networking and guaranteed at least one tip that will earn you the cost of admission. You can't afford to miss this!
Visit www.StagersLISTExpo.com and click on Metro New York!

Keynote Speaker Christine Rae
Speaker at California Association of Realtors Convention October 2009, past recipient of RESA Innovator award, President of CSP International Training Academy, trainer and author of Wiley Publishing's Home Staging For Dummies (& a Resource for the Rest of us). This book is a terrific tool which guides the reader to discover that staging is a specialty that the average person needs professional help with.

Christine's talk, 5 Mistakes Businesses Make, 5 Steps to Turn Your Business Around, 5 Market Driven Trends to Build Revenue will inspire you to take action to turn your business around. She challenges you to answer, "What keeps you from the success you want?" You will leave motivated and ready to turn your business around. Businesses need to grow and change to increase their market share; learn the trends that can help you reach your financial goals. What heights do you want to achieve in 2010?

Melissa Marro
Founder of First Impressions Home Staging & Interior Redesign, IRIS, CSP, Dewey Trainer

Melissa will be presenting Marketing for Explosive and Consistent Sales. Learn how to effectively market your staging business with a minimal budget for consistent and explosive sales without cold calling or placing expensive media print ads. Melissa will cover e-newsletters, agent "lunch & learns", neighborhood and agent farming techniques and more. Master these topics and you will be able to break free of the ebb and flow of the sales world and launch into increased, sustained sales and bookings.

Melissa will also have a workshop titled Overcome Objections - Increase Sales. Having trouble closing the deal or even setting appointments? In this session Melissa will teach you how to overcome common industry objections masterfully and with confidence. Melissa's company has had incredible success in their marketplace, once managing 40 staged properties in one month! Learn simple, proven techniques and increase your presentation skills with this informative workshop.

Visit www.StagersLISTExpo.com and click on Metro New York!

Leigh Hagen
Photographer, professinal stager and cofounder of LH2 Staging, Leigh's work has been featured on the cover of Home Staging for Dummies, Midwest Living Luxury Tours, and International Staging Magazine Staging Standard.

Leigh is presenting our lunch workshop, Photos - the final ingredient. The Sale Begins in the MLS. Photographs sell your work, your talent and your staged properties IF they reflect what you've done. Learn how to take better photos, what you need in a camera and how to utilize your photos to sell more by marketing yourself and your work online and in your portfolio through brilliant photos.

Suzy Minken
Home stager and Feng Shui practitioner

Suzy's workshop is Feng Shui - The Home Staging Connection. Suzy blends home staging and Feng Shui with great success. Staging IS Feng Shui. Feng Shui does three things: 1. Harmonize space, 2. Neutralize space from negative emotions, 3. Direct energy to a specific goal. For home stagers that means creating space that buyers "feel" at home in. Learn how home staging and Feng Shui blend and compliment each other. Realtors know how a home feels makes a difference in what properties buyers will spend more time viewing. Stagers use these techniques all the time. Suzy will teach you why it works and help you understand how to use them with purpose and intention for even more success and SOLD properties.

Visit www.StagersLISTExpo.com and click on Metro New York!

Chris Fisher
Creator of StagersLISTWebsites.com, blogging expert and virtual assistant

Chris' workshop is Websites, Blogging, SEO - The Key To Building Your Business. Learn how you can get a web presence on YOUR budget. Do you have a website? Do you know it doesn't have to be expensive to be effective? If you have a website, is it active, engaging and bringing you business? You may only need slight changes to improve your existing site dramatically? Do you know that blogging is bringing Realtors and home stagers across the country business? If you answered no to any of these questions, this workshop is for you! Drive business to your door without spending a fortune doing it. Take this workshop and receive a FREE blog header for the blog platform of your choice.

How to Create and Solidify Realtor Relationships

We have three successful professional home stagers to talk about how they create partnerships with their Realtors and continue to get business. Sid Pinkerton has been featured on TLC as a home staging expert and has staged hundreds of apartments in Metro Nerw York in the last six years. Kate Hart is an award winning home staging expert, has helped hundreds of families prepare homes for sale, has mentored and trained thousands of Realtors and home stagers. Lynelle Hartman has been a trainer for the two largest staging training companies in the US, trains in the Dewey Color System and authored a continuing education course on vacant home staging.

Visit www.StagersLISTExpo.com and click on Metro New York!

It may be November, but the real estate market is heating up!

Maybe it's because of the new homebuyer tax credit, but my phone has been ringing all day with agents making appointments to show my listings! This is great!

It may be November, but it feels like spring!

___________________________________________________________________________________________

If you are thinking of buying or selling a home in Marlboro, Manalapan, Freehold or the surrounding areas in Monmouth County, New Jersey, don't wait! There are others buyers and sellers who want to make a deal with you. Call me, and let me help. I would appreciate the opportunity to earn your business!

____________________________________________________________________________________________

Lynn Michaels is one of the Top Producers in the Marlboro / Manalapan office of Weichert, Realtors.

Lynn Michaels (Cell) 908-804-3200 (Email) lynnmichaels@hotmail.com (Web) http://www.lynnmichaelshomes.com/