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Eddie Perez

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New Tentative Agreement for the Homebuyer Credit Extension

11-01-09
Eddie Perez

There has been a tentative agreement in the senate to moneyextend the current $8,000 tax credit for first-time home buyers. In addition, there will be a new $6,500 credit offered to existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

The new requirements are that home buyers must be under contract by April 30, 2010, and close before July 1.

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How Much Would You Pay?

11-01-09
Eddie Perez

Obama_Neighbor_Chicago.sflbLocation, location, location, is a big factor in determining the price of a home. But, what does that mean when the home is next door to President Barack Obama in Chicago?

A 17-room mansion located in Chicago at 5040 S. Greenwood that is next to Obama's house at 5046 South Greenwood Avenue is for sale.

If you are interested, the home’s listing can be found at 5040greenwood.com. The website reportedly got 60,000 hits in just its first week.

The current owner, Bill Grimshaw, reportedly paid $35,000 for the 103-year-old home in 1973.

Although, homes in the area usually go for $1.5 million to $2 million, the Grimshaw house, which features period details and original woodwork, will likely be sold for a much higher price.

For more valuable information please go to I Want to Buy my Home at the Bottom.

There may some hidden treasures for you located in Hoboken. Whether you are search of the perfect Hoboken condo or a lovely Victorian brownstone, please contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

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False Claims for the $8,000 Tax Credit

11-01-09
Eddie Perez

You now have until the end of November to utilize the tax creditmoney available to "first-time" homebuyers who purchase a home this month.

Baltimore Sun reporter Jamie Smith Hopkins has estimated there are 19,000 people who have claimed the credit and have not bought a home. It’s amazing that there are people who are willing to commit fraud to get the $8,000 without buying a home.

It is possible there is as much as $600 million dollars worth of bogus first-time homebuyer tax-credit claims. With a total of more than 1.4 million first-time homebuyer tax-credit claims filed since late August, says the Los Angeles Times.

In addition to this, there are numerous reports of people under the age of 18 receiving the credit. There is even a case of a 4-year-old who has received the tax credit, says U.S. News & World Report.

For more great information go to First Time Home Buyers Are Leading The Way.

There still may be enough time for you to qualify for the $8,000 tax credit For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. He can be reached at eddie@InvestHoboken.com or 201-344-2886.

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Why Are Comps Important?

10-26-09
Eddie Perez

When the day comes that you decide to sell your home, house4salethe best method to calculate how much to sell it for is by utilizing real estate comps. This data is called “comparable sales” or “comps,” and is a big factor in determining the sale price of a particular home. Information is calculated by gathering the figures of recent sales of nearby homes. By using these figures you can determine how much a home might be worth.

Buyers can use comps to determine a fair price to offer for a home. Comps can also be used to track market trends to effectively determine whether a home has been properly priced.

Also, it is important for a buyer to keep in mind that the timing of comps should be considered. Generally, many sales could close within the range of four to six weeks, but some may take as long as six months to sell. The longer sales could reflect outdated market conditions and be poor comps to consider. This is another reason why a buyer needs to use a competent Realtor® to interpret the information about any home sales.

If the seller’s loan balance exceeds the value of the home, as defined by a short sale or foreclosure, the comps could be irrelevant.

For more valuable information please go to Making Homes Affordable.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

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Tax Credit Update

10-25-09
Eddie Perez

Now we have to play the waiting game to see whetherhouse Congress will extend or possibly expand the first-time home buyer tax credit.

The National Association of Realtors announcd that Speaker of the House Nancy Pelosi (D-Calif.) and House Ways and Means Committee Chair Charles Rangel (D-N.Y.) both support an extension.

What really needs to be worked out is to define how the credit should be extended and who should receive it. Some say the potential for an extension could be any where from a month to a year. If the extension does become approved, the length of time is likely to be some where between a month and a year. Another major question is, will the requirements of eligibility be changed to make the credit available to not just first-time buyers but to all primary home buyers, as well as buyers at higher income levels.

Currently, the tax credit is available to buyers with incomes up to $75,000 for individuals and $150,000 a year for couples.

For more great information go to First Time Home Buyers Are Leading The Way.

To find out all the benefits and options for preventing foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE or Anoir Redouane, REALTOR, CDPE. Their market includes Hoboken, Jersey City, Weehawken and Union City. They can be reached at eddie@InvestHoboken.com or 201-344-2886.

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