Susan Fishman

I am finding that today we need our real estate AA's to work very differently than they did even just 5 years ago. Advertising has changed, communication, files, etc. I am looking for an owner or office manager who has a great weekly work schedule or system set up and would like to share.

What we are finding here in Morris County, NJ is a large pool of buyers who are willing, ready, able, and PICKY to buy. As new listings come onto the market, a well priced home with good location will have a very busy week of showings. I tell my sellers to expect this and to expect one or more offers, if they have placed the home competitively to sell. This does not have to be a low price, just a good marketable one. I also make sure they are placed in a price to show up on 2 different search ranges. So many agents today are still using the ---,999 approach. This only limits the search range, instead use the whole number (such as 400,000 instead of 399,900) and the house will show up in the 375000 - 400000 search plus the 400,000 - 425000 search.

I prepare the seller ahead of time to either experience a quick offer or ending up in the land of price reductions with the rest of the inventory. It is a make it or break it market.

Morris County New Jersey is acually off to a start! Our office phones have been busy, and a couple of listings picked up multiple offers! Looks promising or people just can't stand being idle and need to do something!

Time is Running out on Interest-Free Assistance for First-Time Home Buyers

Area real estate professional notes that Housing and Economic Recovery Act benefits are set to expire soon

Parsippany, NJ (Grassroots Newswire) 12/10/2008 -- Individuals and couples contemplating the purchase of their first home have an opportunity to take advantage of a federal income tax credit that can help put them in the home of their dreams - but time is running out, noted Susan Fishman, Sales Manager of Gallo & DeCroce in Parsippany.

"The Housing and Economic Recovery Act of 2008 created a new, temporary federal income tax credit to provide an incentive for qualified first-time homebuyers," Fishman said, "but because of the recent uncertainty in the financial markets, many buyers who would qualify missed this piece of good news. Fortunately, there's still time for buyers to benefit."

A qualified "first-time" buyer - defined as an individual who has not owned a home during the past three years - can receive a federal tax credit of 10 percent of the cost of their principal residence, up to a maximum credit of $7,500. Buyers receive a tax credit (in essence, an interest-free loan) on their personal income tax return in the calendar year following the year of closing on their home.

Unlike a tax deduction, the tax credit lowers a qualified first-time homebuyer's tax bill, dollar-for-dollar. Tax deductions reduce taxable income, so their value varies with the tax bracket of the individual.

One year after taking the credit, the buyer begins paying the tax credit back in equal installments over the next 15 years. If the home is sold at any point during the 15-year payback period, the balance of the loan is repaid; the balance is forgiven if the home sells at a loss.

"The temporary tax credit provides one more sound reason for first-time buyers to take advantage of today's attractive interest rates and ample inventory of homes, as well as save on their federal taxes," Fishman said. "The benefits are significant. For example, if a home costs $65,000, the allowable credit is $6,500. For a home that's purchased for $120,000, the allowable credit is $7,500."

Fishman cautions that the emphasis is on "temporary." The credit went into effect on April 9, 2008, and to be eligible for the tax credit, a qualified first-time buyer's principal residence must be purchased before July 1, 2009. Other eligibility requirements must be met to receive the credit, Fishman noted, including income limits. Individuals who exceed the limit may be eligible for a partial credit. Buyers should seek advice from a professional tax advisor for specific tax calculations.

"For anyone contemplating the purchase of a home, there are currently very attractive opportunities out there," Fishman said. "And the availability of the temporary federal income tax credit makes this an especially good market for first-time homebuyers who qualify.

"I'd be happy to provide further information to anyone who may be thinking of buying and may be eligible to take advantage of this tax credit," Fishman continued, "as well as to anyone who may be providing financial assistance to a first-time homebuyer. To be sure they qualify they should contact their attorney or tax preparer."

To find out more about the Housing and Economic Recovery Act temporary federal income tax credit for first-time homebuyers, contact Susan Fishman of Gallo & DeCroce directly at susan.fishman@era.com or 973-887-1560.

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The month of September 2007 as compared to September in 2008, as taken from the statistics from the Garden State Multiple Listing.

The amount of active listings in Rockaway Twp has decreased by 12% / Sept 2008 = 257

The average list price of these listings have decreased by 8% / Sept 2008 = 421,705

There are 23% less homes under contract / Sept 2008 = 17

The under contract list prices decreased by 22% / Sept 2008 = 351,865

The amount of homes closing decreased by 37% / Sept 2008 = 17

The average sold price has decreased by 16% / Sept 2008 = 349,412

The average days on market rose by 20% / Sept 2008 = 96

The average sold price versus list price decreased by 3% / Sept 2008 = 94%

These numbers show that in a comparison of Sept 2007 versus Sept 2008, we still have a growing oversupply of houses for sale in Rockaway Twp. The lower average of under contract prices reflects the first time buyer activity in the market is probably greater than those looking to move up to a larger home. The 96 days on the market is similar to what our market was like in the 1980's, where you could expect your home to sell just into the 4th month of marketing. Today there are properties that still sell within the first couple of weeks, but these are the homes which are in the best condition, best appealing locations, and competitively priced.