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Eddie Perez

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Hope That Tax Credit Will Increase Buyers

11-22-09
Eddie Perez

With the extension of the $8,000 credit and the addition of a credit for those who have owned and lived in their home for at least five of the last eight years.

With rates falling and beginning in January 2010, those who have the equity and can afford to refinance are taking advantage of the low rates. The refinance share of the loan market climbed 11.3 percent to 71.5 percent recently.

The 30-year fixed rate is at 4.69 percent and is the lowest since May 15. The average 15-year rate is 4.33 percent. The rate for a 1-year Adjustable Rate Mortgage was 6.85, up from 6.83

For more information on the new plan, visit the Homebuyer Tax Credit site

For more valuable information on current housing issues, please go to Making Homes Affordable.

Since there is more time to utilize the $8,000 tax credit, make this your opportunity to find the ultimate Hoboken home. Contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

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2010 Home Sales May Rise 15 Percent

11-22-09
Eddie Perez

Home sales will increase 15 percent to a potential of 5.7 million units and REALTOR® income will be up 20 percent in 2010, according to NAR Chief Economist Lawrence Yun.

The home buyer tax credit brought in up to 400,000 first-time buyers into the market who would not have bought otherwise. This created smaller inventories of starter homes and helped reduce households’ fear over further price drops.

Yun also says that the supply of homes will stabilize to the typical norm of six to seven months. Homes above $500,000 will remain elevated in the short term future, but it will also be offset by a big drop in starter-home inventories.

For more information on the credit to help homeowners, visit the Homebuyer Tax Credit site

For more great information go to Look What $334,000 Buys You in Hoboken.

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. 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 Has Been Extended

11-16-09
Eddie Perez

Congress passed a bipartisan measure extending the Life_Preserver_final$8,000 home buyer tax credit to April 30, 2010. The extension is estimated to contribute approximately $22 billion to the economy.

The legislation, which is part of a larger bill that also extends unemployment benefits.

The law also includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

For more valuable information please go to Making Homes Affordable.

Since there is more time to utilize the $8,000 tax credit, make this your opportunity to find the ultimate Hoboken home. Contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

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HUD's New Good Faith Form

11-16-09
Eddie Perez

The Department of Housing and Urban Development is making an attempt to simplifyhousing-market-recovery-graphic the process of looking for a loan. On Jan. 1, 2010, a new Good Faith Estimate form, or GFE, will be introduced that will outline the costs of a loan, including a revised settlement statement which shows your final loan costs and is signed at closing. HUD has made the estimation that an average borrower will save nearly $700 because they can now clearly define costs and compare loans.

For many buyers it can be difficult to understand the costs that are built in to their loan. If a buyer is given a loan where the cost is very clear it will make it easy to compare other loans and make informative decisions.

While shopping for a loan we all need to take the time to compare the different loans that are available. Hopefully, the new Good Faith form will help buyers better understand the type of loan they will be getting.

For more great information go to Everything You Need To Know About a Short Sale.

There are so many advantages to being a first time buyer in this current market. For more information regarding how I can help you negotiate the best deal on your first home, contact Eddie Perez, Broker-REALTOR, CDPE. My market includes Hoboken, Jersey City, Weehawken and Union City. I can be reached at eddie@InvestHoboken.com or 201-344-2886.

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A Rise in Pending Home Sales

11-16-09
Eddie Perez

As reported by the National Association of REALTORS® $8,000 Home Buyers Creditpending home sales have risen for an eight consecutive month making this the longest period of growth since 2001.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9.

The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.

For more great information go to Look What $334,000 Buys You in Hoboken.

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. 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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