Sicklerville, NJ

Marketing Report for Gloucester Twp.

11/08 - 79 Units Listed, 89 Pending, 100 Sold

12/08 - 72 Units Listed, 26 Pending, 27 Sold

1/09 - 110 Units Listed, 34 Pending, 20 Sold

2/09 - 37 Units Listed, 6 Pending, 4 Sold

For the last 12 months the inventory is 516 Homes, with 46 Sales Per Month, and a inventory accumulation of 11 homes per month.

This price range is from $0-1 Million.

We just read a news article that both Fannie Mae and Freddie Mac are planning on toughening up their credit score and downpayment rules.  As of April 1, they will implement new guidelines for loans backed by them.  The new guidelines will require buyers that are putting down less then 25% for a downpayment to be charged a penalty of 3/4 of a point (a point equals 1% of the loan amount).  It won't matter what the buyer's credit score is, if they are putting less then 25% down for a mortgage loan, they will be penalized 3/4 (0.75%) of a point.

Buyers of duplexes, where one unit is owner-occupied and the other is rented, will be charged a 1 percent add-on as a penalty, while those who are refinancing their homes and who plan to take cash out will be charged as much as three points if they have a low to moderate equity stake in their homes.

Many major lenders are already factoring in these higher fees, which reduces the effectiveness of the stimulus efforts.  Brad German, Freddie Mac's spokesman,  said that the loan categories & credit risk combinations targeted by these fees "default at four to eight times" the rate of other mortgages that were backed by Freddie Mac. The reason for these fees, according to German, "We have to manage these risks appropriately,".

So, if you are seriously planning to buy a home, this may be an ideal time to make that offer on that special home, get under contract, and settled before your mortgage loan includes these new fees and charges.  If you haven't found that new home, yet...don't delay!  Call us NOW at 609-417-1084 so we can help you find that special new home in record time and get you moved in.

Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Marketers of HUD Owned Homes
ReSales & Investment Realty, LLC
856-795-3111 x263
609-417-1084
http://www.snewjerseyhomes.com/

Buying a house marks a new beginning. How do you know that you're getting your dream house and not straining your credit limit?

• Get yourself pre-approved by a professional mortgage representative. This pre-approval gives the seller the assurance that you have enough money to buy their property. Securing a pre-approved could range from a few days to a few weeks depending on the status if the request and any of your personal finanical factors. But it's worth the trouble of waiting. It increases the chances of you getting the best deal in the market.
• Getting your property sold if you have one before purchasing a new one would also help. It is because paying for the property upfront could get you into a great deal of getting a possible discount. It is because some property owners think of either letting a prospective buyer who would buy the property at once or waiting for a buyer to sell his present property before buying the new one. And in most cases, the seller would not pass up on the chance on having their property bought up at once wihtout having to include a contigency that the buyer must sell their home first.
• Know what you want. It is always knowing what you wanted matters. Sticking to these is the key of successfully purchasing your dream house. Upon seeing different houses, you will see a whole new picture of everything. But do you want these in the first place? At the onset, you may seem enamored by the beautifully manicured lawns and flower beds of a certain home but attached to it is a responsibility of maintenance. More so if you're not really into gardening. It would only cost you more to pay for someone to look after it or suffer the sight of drying lawn or a flower bed overgrown with weeds. Stick to the basics and what you really have planned on buying.
• Don't be misled by advertisements. Advertisements only contain positive things about a property. That is why they're called advertisements. Many things are left out in putting up an ad. It would not say that crime rates have been high recently or the neighborhood is plagued by gangsters. Check out the house itself. Does it suit your needs? Is it well ventilated? Is the house well-built? It would be your haven for a number of years so be sure that the house would be comfortable to the occupant.
• Consider the resale value of the property. Things change. Most likely there will come a time that you will have to sell your home. Know how long it will take to sell the home for the future. Knowing how long the "for sale" sign has been sitting by the front yard would give you enough knowledge about the market pacing.

Buying a new home is not like going to the local hardware store for a new tool. If it doesn't meet your needs, you can return it. When you are buying your new home, it is one of the largest financial investments you will be making, so make sure that you have the right REALTOR on your side and you are sure that the home is right for you. After all, you won't be able to return it for a full refund.

Hello,

Just wanted to let you that the government is offering a $7500 tax credit for first time home buyers that purchase a home from April 9 2008 through July 1 2009. If you purchase a home now you will be able to take the credit on your 2008 return filed this year. This is a dollar for dollar tax credit meaning if you do not owe any taxes and are getting a refund $7500 will be added to your refund if you purchased a home for $75,000 or more. Less than $75,000 your credit will be 10% of the sale price. Act now before its too late!

Your mortgage payments and closing costs are also major tax write offs you could be losing every month if you are renting. Its easy to qualify for a FHA mortgage right now all you need is a min 580 credit score ,3.5% down ($3500) on a $100,000 home , and documentable income from your job and you may qualify to purchase your dream home up to $417,000. Rates are at historic lows and your payments could be $529.00 per month plus taxes on a $100,000 loan amount. Rates on FHA loans are not based on credit scores either so if you have a 580 score you can get these low rates today! If you are interested in purchasing a new home call me today and I will get you approved and help you fine a home that fits your needs.

For more information on the federal housing tax credit click on the link below.

www.federalhousingtaxcredit.com

Warm Regards,

John Swartz


Re/Max All Pros
5701 route 42
Turnersville, NJ 08012
856-228-7990 x 109
856-308-2698 Cell
856-228-4433 fax
johnswartz@remax.net
www.njpremierhomes.com