Another feature of the Housing and Economic Recovery Act of 2008 offers qualified first-time buyers a tax credit of up to $7,500 (or up to $3,750 for married filing separately) if they purchase a principal residence on or after April 9, 2008 but before July 1, 2009. (The purchase date is the day of closing or settlement.)
The credit-which is more like an interest free loan--must be repaid to the government over a 15-year period in equal installments, or repaid in full when the home is sold or ceases to be used as a principal residence and there is enough gain from the sale to repay the credit. If there is no gain, however, the remainder is forgiven. The first payment is due two years after the credit is claimed. The amount of the credit is limited to 10% of the purchase price of the home, but no more than $7,500 or $3,750, depending on filing status. Those who qualify can claim the credit on their federal income-tax return. Qualified first-time buyers cannot have owned a principal residence during the three years prior to the home purchase. For married taxpayers, the rule applies to both spouses-if either has owned a principal home within the prior three year period, neither spouse can claim the credit. However the new law does not disqualify those who have owned a vacation home or rental property within the three year period. Also, in a divorce, although recapture is not triggered immediately, the spouse who get the home becomes liable for paying back the credit eventually upon sale.
The full credit is available to married joint-filers with Modified Adjusted Gross Income (MAGI) up to $150,000, and to single filers with MAGI up to $75,000. The credit is phased out for buyers with MAGIs above those levels and is totally unavailable for MAGIs at or above $170,000 (joint filers). Contact your tax professional to learn more about the fine points of qualifying for and taking advantage of this limited time opportunity.
The Gooder Group, December newsletter
Another feature of the Housing and Economic Recovery Act of 2008 offers qualified first-time buyers a tax credit of up to $7,500 (or up to $3,750 for married filing separately) if they purchase a principal residence on or after April 9, 2008 but before July 1, 2009. (The purchase date is the day of closing or settlement.)
The credit-which is more like an interest free loan--must be repaid to the government over a 15-year period in equal installments, or repaid in full when the home is sold or ceases to be used as a principal residence and there is enough gain from the sale to repay the credit. If there is no gain, however, the remainder is forgiven. The first payment is due two years after the credit is claimed. The amount of the credit is limited to 10% of the purchase price of the home, but no more than $7,500 or $3,750, depending on filing status. Those who qualify can claim the credit on their federal income-tax return. Qualified first-time buyers cannot have owned a principal residence during the three years prior to the home purchase. For married taxpayers, the rule applies to both spouses-if either has owned a principal home within the prior three year period, neither spouse can claim the credit. However the new law does not disqualify those who have owned a vacation home or rental property within the three year period. Also, in a divorce, although recapture is not triggered immediately, the spouse who get the home becomes liable for paying back the credit eventually upon sale.
The full credit is available to married joint-filers with Modified Adjusted Gross Income (MAGI) up to $150,000, and to single filers with MAGI up to $75,000. The credit is phased out for buyers with MAGIs above those levels and is totally unavailable for MAGIs at or above $170,000 (joint filers). Contact your tax professional to learn more about the fine points of qualifying for and taking advantage of this limited time opportunity.
The Gooder Group, December newsletter
Being a Realtor can be challenging to say the least. Especially in today's market.
However there are many stories I can share because they are memorable, enjoyable, and make my job as a Realtor so worth it. This would be the case with the Giacomelli family. The Giacomelli family have 3 children. Reilly, adorable 1 yr old little girl, that could be in a Gerber commercial. Lucas, and Zac, ages 8 and 11 that are so full of energy, and involved in all sports. Michele, and Brian Nallen, a wonderful couple, that were born, and raised in Bergen County New Jersey. Mrs. Giacomelli having lost her husband just a few years ago moved in, and so we have an extended family situation. Mrs. Giacomelli is a caring wonderful Mom, and the Matriarch of the family. All living in a cape cod in Dumont, which they expanded, and fully renovated a few years ago, is trully a beautiful home. However it was getting a bit tight. I put it on the market in the fall, listed it for $479,777, and got an offer for $460. A wonderful newly married couple whose parents live in Bergenfield made the offer. They simply loved this home, and it was perfect for them. Ok. Now for the challenging part. Finding The Giacomelli's a new home that fit their families needs. We looked in many towns, all in Bergen County. They wanted to be in close proximity to the rest of their family who live in Old Tappan, and also in Fairview. We looked day after day. The towns that they were interested in were River Vale, Old Tappan, Northvale, Norwood, Harrington Park, Oradell, They wanted to stay in Dumont, but thought maybe the family in Old Tappan wanted them in Old Tappan. As they got closer to finding a home, the thought of leaving Dumont was scary. They had created such a wonderful bond with so many friends, and the boys were involved in sports, football, soccer, and many of the school activities. When the "Under Contract" sign went on their lawn, the neighbors approached them with concern, and didn't want them to leave. After many weeks of searching, and with no real homes of interest, there was a home in Dumont. An expanded Split level home, with a perfect separate bedroom area for Mom. A finished basement for the boys, and Wow! A gorgeous backyard with an inground pool! The kitchen is huge, and the living space throughout the home is double in size from their cape. They cried when they left their cape, but their first night in their new home in Dumont was amazing! Michelle said, that for the first time when they were all in the kitchen, their elbows weren't touching! The next day when Lucas was going to school, one of the neighbor little boys called on Lucas to walk with him to school. Now what can be better than that.
I would say that my job as their Realtor has been accomplished. I LOVE BEING A REAL ESTATE AGENT IN BERGEN COUNTY, AND ALL OF NEW JERSEY.
Bergen County Real Estate: Is Cobuying A Second Home for You?
Craig Venezia is a nationally recognized expert on home mortgages, and the author of Buying a Second Home: Income, Getaway, or Retirement. Second-home ownership in Bergen County is more popular than ever due to such factors as the shrinking American family, older and wealthier households, and new technologies for working from home. One out of every three homes purchased in the United States today is a second home.
If you dream of owning a second home, but realize it isn't in your budget at the moment, cobuying a Bergen County second home may be just what you need to make your dream a reality.
Listen to Craig Venezia's podcast or read the transcript: ‘Should You Cobuy a Second
Home?' It may help you decide if cobuying is right for you.
Learn more about buying a Bergen County second home by visiting PaulaClarkRealtor.com.
Search all Bergen County homes for sale.
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Top Agent in the Northern, and Pascack Valley, and All of Bergen County. with a team of professionals that cover all of your Real Estate needs. Getting maximum exposure for your home is what you can
Welcome to Bergen County NJ Real Estate
I have been a licensed Realtor in Bergen County, New Jersey for 14 years. I have lived in Bergen County, New Jersey for over 24 years. During the mid 1990s I was Fort Lee's Commissioner of Housing for 5 years. Married for 25 years with two children ages 23, and 19. I volunteer for many committees in my community. Currently, I am Chairperson of Old Tappan's Oak Tree Property Committee as well as the Old Tappan's Environmental Commission.
I have represented Buyers and Sellers of Residential Real Estate all over Bergen County. Because of my vast experience all over Bergen County, I bring Buyers and Sellers together for that perfect match from every where. I am a "Relocation Specialist" and a designated "Previews Specialist".
I am a full time professional agent, with a great deal of energy, enthusiasm. I take pride in my profession. Assisting my clients so they get to the closing table with ease is my highest priority. I care about my clients, and do everything to make sure each transaction goes as smoothly as possible.
I have a unique marketing strategy unlike any other Realtor. I have a great team that assist me in making my profession one that will service ALL of my clients. Coldwell Banker is the Number 1 Company in All of Bergen County. Not only have we consistently held the Top Market share in my area... We are also on the cutting edge in Internet marketing.
The Rapid Response system allows us to contact prospective buyers immediately. 80% of Buyers are searching for homes via the Internet. The Paula Clark Team will make your move smooth, and stress free. We are with you from start to finish. I work hard at being "Your Realtor for life"
Making Bergen County NJ Home
Bergen County NJ is located in the north eastern tip of New Jersey and is considered within the New York Metro area, making a commute into the city hassle free. Bergen County communities offer a quiet, quality of life that can't be found in the city. They are close-knit, family-oriented oases, protecting you from the hustle and bustle of 21st Century living.
Edgewater is located on the Hudson River in Bergen County, NJ and within the New York metro area. The population is approximately 9,600. The name derives from its location on the river. This charming, historic borough, part of New Jersey's "Gold Coast", has witnessed an unprecedented period of rapid commercial and residential development in recent years.
Harrington Park, with a population of approximately 4,700 was named for the Harring family of settlers. Harrington Park was given the prestigious honor of ranking 7th out of 566 New Jersey municipalities based on economy, cost of living, education, crime, culture and leisure. People who move into Harrington Park usually stay for life!
Hillsdale is a historic town with ample picturesque charm. Home to about 10,500 residents, the town has a sensitively restored downtown of Victorian buildings, cobble sidewalks, gas-lamp style streetlamps, an expansive green, and a pretty Victorian gazebo. The slate blue train station was built in 1869 and is now on both the National and New Jersey Registers of Historic Places; commuters to Manhattan appreciate the fact that they can get to work in less than 40 minutes. A Victorian clock tower presides over all and numerous raised flower beds only add to the overall appeal. Hillsdale was the subject of a 2004' article in the The New York Times, titled A Haven For Commuters with Families and features an excellent school system.
Old Tappan is home to about 5,500 residents, Old Tappan is a friendly community on the shores of beautiful Lake Tappan in northeast New Jersey. Ample parks, steadily appreciating real estate and excellent schools make this human-scale community an ideal place to bring up a family. The Delaware Indian word "Tuphanne" is where the name Tappan is derived from. It means cold water. Why it was named Old Tappan, no one knows, but it is believed that it was to distinguish it from Tappan, New York, of which Old Tappan was formerly a part.
Known as the "Garden Spot" of the Pascack Valley, lush River Vale is famous for its beautiful plantings and abundant trees, bushes, and flowers. Home to about 10,000 residents, River Vale is a tranquil residential town of quiet winding streets, ample parks, and historic homes. "Downtown" is Rivervale Road, a friendly main street that runs north/south through the center of the community. the township of River Vale was featured by Money Magazine as number 29 on their list of the Top 100 Places To Live In America!
Norwood is about 2 miles from the New York state line. Norwood's 2007 population is 6,277 with there being 2,324 residents per square mile density. The average household size is 2.86 persons with 2,070 households. The name Norwood emanated from the old description "North-Woods". The Lenni Lenape Indians roamed the land as evidenced by an occasional arrowhead dug up in a local garden. Norwood is till proud of their "North-Woods: and in 2006 the Mayor and Council entered into a Deed of Conservation Easement with the Meadowlands Conservation Trust to preserve 100+ acres of property in perpetuity as open space.
Westwood is known as the 'Hub" of the Pascack Valley area in the center of Bergen County Westwood has a trendy downtown Business District with Stores that are sure to appeal to everyone. The Pascack Valley Train line also stops in Westwood and NJ Transit Buses are also plentiful. Westwood schools are rated among the best in the country.
Upper Montvale is a community of diversity and contrast with lovely suburban neighborhoods and attractive campus-like corporations resulting from prudent planning. Its geographic location makes Montvale an ideal place to live and work. Upper Montvale is renowned for one of the finest educational systems in Bergen County, which is strongly supported by our residents and local government.
Woodcliff Lake is one of the most scenic towns in all of the Pascack Valley, deriving its name from the incredible body of water that inhabits the town, the Woodcliff Lake Reservior. It is a beautifully scenic borough, with lush woodlands, streams, secluded properties, and the jewel of Woodcliff Lake Reservoir at its center. Pascack Hills High School is recognized as the Top 10 schools of New Jersey.
Emerson is a community that typifies tradition. It is located in the heart of the Pascack Valley, with a picturesque train station at its center. A fine educational system includes public and private schools. Primarily residential, the town offers a large shopping center as well as many local specialty stores. People travel from near and far to dine at the local historic hotel.
Park Ridge is in the beautiful Pascack Valley section of Bergen County. It is known for it's excellent schools and wonderful accessibility to New York City. In the early 1900's, it established its own Electric and Water Companies that still service its residents today. Park Ridge is home to a growing corporate population while it still maintains its small town flavor. The historic "Bears Nest" area is being developed with luxurious townhouses, a major hotel and well designed corporate campuses. Richard Nixon was once an owner of one of the original Bear's Nest townhomes.
Buying a home in Bergen County NJ? Search all homes for sale and sign up for an automated Email Home Search. Moving from out of town? You'll find relocation information here.
Selling a home? I offer a FREE no-obligation Market Analysis.
Get the latest Bergen County news. For the most up-to-date information about Bergen County NJ, be sure to read my Blog.
When buying or selling a home, call Paula Clark, your Bergen County NJ real estate Expert!
201-930-3070 ■ RealtorPaula777@aol.com ■ www.PaulaClarkRealtor.com
"You are head and shoulders above in your field. I never knew the professionalism of Coldwell Banker until I began to work with you and your team. You are not only savvy and knowledgeable, but you are also kind and genuine. This combination made buying a home stress-free and pleasurable. Since we met, I have appreciated how clearly you listened to what I wanted then made it happen. You have been an invaluable representative every step of the way. You are a consummate professional." - H.R. Partis, Woodcliff Lake, NJ
"I'm not sure if I ever conveyed the way I feel but having you represent us has made this entire process with real estate brokers before we started to really do anything about choosing a new home. There are many fine points of our relationship that I am pleased to be able to share with anyone I know who is looking to sell or a buy a home [none of which I heard in the many responses about other people's experiences with realtors-which were mostly negative comments]. In a nutshell, your right-on-target advice of how to prepare to sell our home; persistent research and lightning response in helping us find a new home and the infinitely man small details of this process that you have helped us understand and address make it clear that you combine expert knowledge and experience with a genuine caring for your clients is exceptional. I can't thanks you enough, and I can't imagine having traveled this road with anyone else. You are truly the Princess of Sales!"- P. Doll, Hillsdale, NJ
"While driving by a house we liked that was currently on the market we saw Paula Clark listed as the selling agent, and by chance decided to give her a call. My siblings and I needed to choose a realtor to work closely with our family and help my mother sell her house of 40 plus years, as well as find a new home to purchase. What started out as a call by chance ended up being the beginning of a wonderful personal and professional relationship with Paula Clark. Paula worked hard for us from the start by assessing my mother's house, handling all the aspects of home selling, and made herself available to fill any request no matter how large or small. She is a true real estate professional willing to go the extra mile to make her clients happy, and also a kind, caring person who realizes that selling a home or buying a new one is a big milestone for anyone. We have been lucky to have her as our realtor." Tracey, Old Tappan, NJ
Paula: Thank you very much for the high level of service you have provided for me on the sale of my condominium. You went above and beyond my expectations, and I greatly appreciate all that you have done for me. You're an exceptional Real Estate Agent and I wish nothing but the best for you. S. Sellas, Mahwah, NJ
"Working with you is always a pleasure. We know that you go the extra mile to make your clients know they are in good hands. You have a strong knowledge of real estate market and we really enjoy working with you!"- Starr, River Vale, NJ
Thank you so much for being my "Guardian Angel." What you do for me is over and above the "Line of Duty" and you have no idea how much I appreciate it." Berg, Edgewater, NJ
"Thank you very much for your professional service in the sale of our Saddle River home. Your efforts went above and beyond, especially since I live a long distance from New Jersey. You constantly kept your eye on the ball, and your hands-on approach took care of every detail, big and small, to bring the property to closing. Real estate sales are measured in results, and your personal touch made the process smooth and reliable." Mancuso, Waltham, MA
Hi Paula; It is very satisfying to me knowing how diligent you have been to sell each of the five properties on Motiva's behalf. Your efforts have resulted with four to of the five already sold with the fifth one scheduled Friday. Thank you for all of the hard work and diligent efforts to market and sell these properties. Steve Santoro, Motiva Enterprises
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