Eddie Perez

• You must start a job within a year of your move. It is not necessary that you arrange to work before heading to a new locale.
• Your employer cannot reimburse you for the expenses. If your employer does reimburse your expenses, you must claim the money as income on that year’s tax return.
• You must pass the “distance test.” Your new job or business must be 50 miles further than your old job was from your previous home. If you don’t have a previous workplace, your new job must be 50 miles from your former residence. If you move less than 50 miles, you must prove that your move was necessary for work or that a closer home is saving you time or money to get the deduction.
• You must also pass the “time test.” Once you relocate, you must work full-time for at least 39 weeks during the 12 months after you move. Self-employed workers have to meet the first criteria, plus they must work full-time for a total of 78 weeks in the first 24 months.

The benefits

If you’re eligible, you can start deducting expenses as soon as your belongings are on their way to a new town.

What you can deduct

• Travel by car. If you (or a member of your household) drive to your new digs, you can deduct the cost of gas and oil — provided that you keep and document your receipts. You can also deduct the standard mileage rate of 20 cents per mile.
• Packing and moving belongings. You can deduct the cost of packing, crating and moving your stuff from your former home to your new home. You can also deduct the cost of shipping pets or cars.
• Storage costs. Once you move from your former home, any storage costs for the next 30 days are deductible.
• Lodging expenses. You can start deducting expenses for lodging the day your furniture is removed from your old house. If your family does not travel together, you can deduct expenses for one trip per person.

What you cannot deduct

• Food expenses. All the snacks, drinks and meals bought on your trip come from you own pocket.
• Moving costs for new furniture. If you buy furniture on the way to your new home, you cannot deduct the price of moving it. You also can’t deduct the cost of the furniture — no matter how good of a deal you get.
• Detours or sightseeing on the way to your new home. You’re on your own if you deviate from the most direct route to your new place.
• Costs associated with buying or selling homes. This includes closing costs, mortgage fees and improvements to help sell your old home.
• Trips other than the actual move. Costs from pre-move house-hunting trips or returns to your old haunt are not deductible.

For more valuable information please go to All About Home Home Inspections.

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.

A large tax hit wiped out Toll Brothers Inc. profits for the third fiscal quarter,but the luxury builder saw housing markets improve in many parts of the country.

Toll saw its first annual increase in new home contracts since 2005. Its cancellation rate was the lowest in three years. The current quarter is off to a great start with 26 percent more buyers putting down deposits than a year ago.

It’s still tough out there, but “things sure feel better than they did six months ago,” Robert Toll, chairman and CEO, told analysts. “We believe declining cancellations and more solid demand indicate that the housing market is stabilizing.”

While home sales continue to be effected by job losses and tighter mortgage lending standards, recent housing data and reports from major homebuilders like Toll Brothers Inc. suggest the worst of the housing market slide may be over. Nationally, new home sales have risen for four months in a row, and prices have edged up for the past two months..

The company lost $472.3 million, or $2.93 a share, in the three months ended July 31. That compares with a loss of $29.3 million, or 18 cents a share, the same period last year.

“We believe customers are recognizing that now is the time to get into the market to take advantage of near-record affordability in what is still, for now, a buyers’ market,” Toll said.

Demand is strong enough that Toll is reducing incentives and raising its prices in select communities.

The Commerce Department recently reported sales of new U.S. homes surged almost 10 percent in July, another sign the housing market is climbing back from the historic bottom it reached early this year.

Similar to a Cash for Clunkers effect, homebuyers are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000, for first-time owners. Home sales must be completed by the end of November for buyers to qualify.

Builders and real estate agents are urging Congress for that credit to be extended. If it is not, there is a risk sales could reverse their upward trend.

For more information about toll brothers properties please go to The Incredible Hudson Tea Building.

If you would like assistance finding the home of your dreams, please contact Eddie Perez at (201) 344-2886, www.Investhoboken.

Weekly statistics 8/23/09- 8/30/09

6 condos went into contract.
17 condos closed last week.

As of today, there are a total of 169 Hoboken properties pending to close.

Here are last weeks deals...

PENDING CONTRACTS

Studio & 1 bedroom
1 accepted offer
68 days on market.

CONDO-COOP - Pending

ADDRESS	Area	Sq Feet	Baths	Beds	DOM	LP	SP
924 JEFFERSON ST	Hoboken	800	1	1	68	$389,900
Total Listings					Avg	Avg	Avg
1					68	$389,900

CONDO-COOP - Pending

ADDRESS	Area	Sq Feet	Baths	Beds	DOM	LP	SP
807 WASHINGTON ST	Hoboken	885	1	2	18	$399,900
121 WILLOW AVE	Hoboken	709	1	2	129	$445,000
72 GARDEN ST	Hoboken	1250	2	2	155	$519,000
81-87 JACKSON ST	Hoboken	1340	2	2	62	$569,168
Total Listings					Avg	Avg	Avg
4					91	$483,267

CONDO-COOP - Pending

ADDRESS	Area	Sq Feet	Baths	Beds	DOM	LP	SP
207 2ND ST	Hoboken	1594	2	3	122	$877,000
Total Listings					Avg	Avg	Avg
1					122	$877,000

CONDO-COOP - Sold

ADDRESS	Area	Sq Feet	Baths	Beds	DOM	LP	SP
64 2ND ST	Hoboken	452	1	1	67	$290,000	$270,000
551 OBSERVER HIGHWAY	Hoboken	806	1	1	82	$359,000	$335,000
800 JACKSON ST	Hoboken	812	1	1	456	$397,900	$365,000
725 JEFFERSON ST	Hoboken	615	1	1	41	$389,000	$370,000
68 PARK AVE	Hoboken	699	1	1	41	$399,000	$380,000
300 NEWARK ST	Hoboken	855	1	1	12	$399,000	$385,000
Total Listings					Avg	Avg	Avg
6					116	$372,316	$350,833

CONDO-COOP - Sold

ADDRESS	Area	Sq Feet	Baths	Beds	DOM	LP	SP
800 JACKSON ST	Hoboken	1110	2	2	294	$635,900	$495,000
116 MADISON ST	Hoboken	1351	2	2	89	$519,000	$499,000
78 JACKSON ST	Hoboken	1300	2	2	460	$595,000	$550,000
530 MADISON ST	Hoboken	500	2	2	47	$619,000	$580,000
1200 GRAND ST	Hoboken	1121	2	2	23	$629,000	$600,000
328 GARDEN ST	Hoboken	1040	2	2	0	$629,000	$620,000
1425 GARDEN ST	Hoboken	1441	2	2	461	$765,000	$675,000
1025 MAXWELL LANE	Hoboken	1317	2	2	47	$899,000	$825,000
1425 GARDEN ST	Hoboken	1567	2	2	141	$899,000	$855,000
Total Listings					Avg	Avg	Avg
9					173	$687,766	$633,222

CONDO-COOP - Sold

ADDRESS	Area	Sq Feet	Baths	Beds	DOM	LP	SP
109 JACKSON ST	Hoboken	1801	2	3	84	$649,000	$652,500
81 ADAMS ST	Hoboken	1570	2	3	85	$769,000	$725,000
Total Listings					Avg	Avg	Avg
2					84	$709,000	$688,750

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Rates for 30-year home loans edged up last week, but remain close to record lows reached over the spring.

The average rate for a 30-year fixed mortgage was 5.14 percent, up from 5.12 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates, while above the record low of 4.78 percent hit in the spring, are still at attractive levels for people looking to buy a home or refinance.

To revive the economy, the Federal Reserve has spent more than $600 billion out of a promised $1.25 trillion in mortgage-backed securities, which has driven down rates on home loans. It has also left a key interest rate near zero.

Now that the economy is on the mend, Fed policymakers must decide how and when to withdraw that support. Some analysts think it could take four or five years for the Fed to pull back entirely and shrink a balance sheet that is now about $2 trillion, more than double what it was when the financial crisis struck.

Despite government efforts to prop up the mortgage market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically over the past year, so the best rates are available to those with solid credit.

The average rate on a 15-year fixed-rate mortgage rose to 4.58 percent, from 4.56 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.67 percent, down from 4.57 percent a week earlier. Rates on one-year, adjustable-rate mortgages were unchanged at 4.69 percent.

The rates do not include add-on fees known as points. The nationwide fee for all loans in Freddie Mac’s survey averaged 0.7 point for 30-year and 15-year loans, and 0.6 point for five-year and one-year loans.

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

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.

It is estimated that almost 6 million Americans are behind on their mortgage payments or in foreclosure, many more are using savings and retirement accounts to avoid joining those ranks. For the fortunate ones, there is a loan modification in their future.

When borrowers fall behind on their payments, lenders will sometimes modify the terms of the loan to make it more affordable. They might lower the interest rate, eliminating part of the principal or some other financial juggling to avoid foreclosure.

The process often involves a lot of paperwork and lengthy delays.

There are a few Web sites that offer to walk borrowers through the loan modification application process online, including the freeHomeownerToolbox.com.

The site delivers a submission-ready document that, along with supporting financial materials, the homeowner must mail or fax to their lender to be considered for a modification.

The site also offers tips on how to better understand the loan modification process and avoid mistakes on applications.

Borrowers, however, should also check their lender’s Web site because many of them, including JPMorgan Chase and Wells Fargo, have applications that borrowers can download at home or fill out online.

And for those who need extra help navigating the process, there’s an array of nonprofit housing agencies with counselors certified by the Department of Housing and Urban Development that provide counseling free of charge www.hud.gov/foreclosure.

The HomeownerToolbox began in April, the company charged a $99 fee, but eliminated it in July.

The site claims it can predict the likelihood a borrower’s application will get a thumbs up from the lender. The Web site’s “Success Probability Meter” gives a range of success between zero and 100 percent.

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 and Certified Distressed Property Expert (CDPE). Markets include Hoboken, Jersey City, Weehawken and Union City. He can be reached at eddie@InvestHoboken.com or 201-344-2886.