Jeffrey Lee

Really? New Jersey is a great place to live? Is this the same NJ that is known for it's bad drivers and high taxes; where most people have only seen it from the back-seat of their car as they drive through on the dreaded NJ Turnpike?

Although NJ has become the butt of many jokes, people still continue to buy, live, and stay in the Garden State. Why is that? I've been in NJ since I was 3 years old. I used to say that I was a New York transplant, but now I just fess up to being a New Jersey-an. Sure, it's taken some time to take pride in the place that I call home, but why wouldn't I? Like any other state, NJ has its pros and cons, but I really do believe that the pros in NJ are unique and the cons are really not that un-common. With a great geographical location wedged between New York, Pennsylavania, and the Atlantic Ocean, NJ offers a rich diversity of people, neighborhoods and activities that have something to offer to just about ANYBODY.

Here are some great points taken from the NJAR website of why NJ is a GREAT place to live:

· Employment opportunities

· Great schools

· Tourism and the beaches

· Prime location

• Desirable neighborhoods

MORE HERE

If you're looking for more information about the Central NJ (Middlesex, Monmouth, and Somerset Counties) market and lifesyle let me answer your questions. I'm sure you'll be able to take pride in calling NJ your home as well!

With the help of the $8,000 and $6,500 tax credits, we can get the real estate market moving again. The government has made it easy to qualify for the credits, but getting the facts out can be challenging. If you, a family member or friend have been thinking about buying (or selling to move up, down-size or get the home of your dreams), the time has never been better. I can help make it happen. To find out more, check out this video:

For more detailed info check out the IRS overview

NJAR Fact page

The countdown is on! In order to participate, you'll have to be under contract by 4/30/10 and close by 6/30/10. Dont let yourself or someone you care about to miss out on this opportunity. If you have any questions, feel free to call me or send me an e-mail.

Article: You lost your house - but you still have to pay

Scary stuff for homeowners who face foreclosure. Unfortunately, we have seen foreclosure rates increase over the past few years due to the mortgage crisis and economy. In order to avoid the type of situation outlined in the article above, where the previous home owner was held responsible for the short-fall of the home sale by the bank after foreclosure, be sure to get the right advice.

Today's market consists of between 7-10% of distressed home owners. This translates into a domino effect on market prices and real estate values. Anywhere from 50-80% of a given market's closed sales can be a distressed property (short sales and foreclosures). By definition, a short sale is a situation where the home owner owes more money on the home than it's current market value and can no longer stay current with their mortgage payments. A foreclosure property is one that has already been re-possessed by the primary lien holder (in most cases being the mortgage lender).

Realtors are taking a larger role in working with home owners who are in distressed properties (aka in default or pre-foreclosure) to help them avoid the "worst case scenario" of losing their home or facing bankruptcy. In most states, real estate agents are not attorneys, so it's also important to find a knowledgeable attorney to work with. Agents who have received specific training in handling "short sales" (i.e. Certified Distressed Property Expert) can help troubled home owners avoid foreclosure and sell their home using a "short sale". Trained agents can also help home owners think through and explore other options that may help them keep their home. Agents should explain all of the paper work that needs to be signed and should keep the client's best interest in mind, which includes protecting the client from any future liabilities (i.e. deficiency judgments). As always, trust and professionalism should play the biggest factor when choosing and agent to work with.

No one wants to lose their home, so if you or someone you know is in financial trouble be sure to get the right advice before it's too late!

Ah yes, the classic question of "should I rent or should I buy". Recently a friend asked me to keep it real and help him figure out what was better. My answer, it honestly depends on your situation. Generally, those looking for short term housing and who don't want to lock money up in one place should rent. On the other hand, those looking to have more long term housing, are looking to build equity and reap tax advantages should buy. This is especially true in this market where it will take some patience to build the equity and see large returns. However, the other factors for ownership are great in this market. Mortgage rates are at all time low, home affordability is high, selection is high, and the tax credit for first time most home buyer's is still available.

Here are some of the general advantages and disadvantages to consider:

Renting (+): fixed rent for lease term, no loss in equity in declining market, freedom to leave when lease is up, landlord responsible for maintenance and repairs, smaller amount of up-front cash

Renting (-): never gain equity, lease usually short term (1-2 yrs) and rent can increase at renewal, limited ability to personalize living space, no tax advantages

Buying (+): equity increases as mortgage principal is paid and/or property value appreciates, can remodel and redecorate home to suit personal needs/tastes, tax advantages (i.e. mortgage interest and real estate taxes deductible)

Buying (-): variable costs (real estate taxes and mortgage rates can change), equity may decrease or stagnate, usually have to sell if moving, homeowner responsible for maintenance, larger initial investment (i.e. down payment, closing costs)

If you feel that the positives of buying fit your situation and outweigh the positives of renting, then I would encourage you to take advantage of the unique market conditions for buying and to enjoy the pride, accomplishment, and financial benefits of owning a home!