Northeast home sales drop 8 percent

Northeast home sales drop 8 percent, prices fall, in March, Realtors say
- The Star Ledger (4/23/2009)
"Prices have fallen 15 percent to 20 percent here since June 2006, and New Jersey real estate analyst Jeffrey Otteau said he expects the eventual damage to hit 24 percent. He said he expects prices to keep falling at a rate of 1 percent a month."
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71% Think now is a good time to buy

GALLUP POLL: Americans See Buyers’ Market in Housing
Seventy-one percent think now is a good time to buy a house

by Dennis Jacobe, Chief Economist, Galluphttp://www.gallup.com/poll/117586/Americans-Buyers-Market-Housing.aspx

PRINCETON, NJ -- Plunging housing prices combined with historically low interest rates have persuaded 71% of Americans that now is a "good time" to buy a house -- up 18 percentage points from a year ago and the highest level of housing-purchase optimism in four years.

Asbury Park Considering New Parking Plan

Asbury Park Considering New Parking Plan

On April 22, 2009, the Asbury Park City Council will consider a parking plan prepared by the Asbury Park Parking Advisory Committee similar to a proposal considered but not enacted in 2008 in the Borough of Point Pleasant Beach.

This plan calls for a combination of meter and permit parking in the beachfront area. NJAR®, along with the Monmouth County Association of REALTORS® and South Monmouth Board of REALTORS®, oppose this proposal as it increases the cost to live in and visit Asbury Park.

Encore of First-Time Home Buyer Tax Credit Webinar – April 27

Encore of First-Time Home Buyer Tax Credit Webinar – April 27

Due to popular demand, NJAR® will be hosting a second free webinar for members and the public on Monday, April 27 at 2:00 p.m. titled Get the REAL StorySM on the First Time Home Buyer Tax Credit.

Linda Goold, director of federal tax programs for the NATIONAL ASSOCIATION OF REALTORS® (NAR), will discuss how home buyers can take advantage of the federal first-time home buyer tax credit, how it functions, and how purchasers can claim it. NJAR® will begin the webinar with information on the newly redesigned website, www.REALstoryNJ.com, along with details on the revamped Get the Real StorySM public education campaign focusing on the benefits of New Jersey's real estate market.

Reserve your space for the encore presentation of Get the REAL StorySM on the First Time Home Buyer Tax Credit today. The address for viewing the webinar will be http://njar.acrobat.com/tc042709.

Great News for Homeowners and Realtors Selling Houses in Oceanport...

Oceanport Approves New Sign Ordinance
After hearing concerns that the Borough of Oceanport did not allow the placement of open-house directional signs, REALTORS® from the Monmouth County Association of REALTORS® (MCAR) and NJAR® began working with the Mayor and Council in Oceanport to request a change in their sign ordinance.
On April 16, 2009, the Oceanport Borough Council approved an ordinance permitting the placement of two temporary, directional signs in the public right-of-way advertising an open house. In addition, as was the case under the previous ordinance, one temporary sign is allowed on the property being sold. Under the new ordinance, no sign can block a site triangle or have any attachments such as balloons that can obstruct a driver's view.
This is great new for homeowners and Realtors where the houses were more inland and not of the main road this way people driving by can find the house even if they did not see the ads

Correction Re Monmouth Tax Appeals

Please accept my apologies for stating incorrect information about Monmout County tax appeals. I read my tax card incorrectly and spoke to people who corrected me.
What I read was regarding tax revaluation. Some town in our county are being revalued and this applied to that.
I have deleted the post so there is no further confusion.
The tax appeal date deadline is every year no matter what April 1st.
I am sorry if I have caused any confusion , that was not my intent.

As an aside BEWARE of people telling you that they can get you a tax appeal or tax reduction now. I have been informed that there are people out there taking advantage of people.

Again my apologies.

Tax Credit for Ford Hybrids Begins Phase-Out

WASHINGTON — The tax credit for hybrid passenger automobiles and light trucks manufactured by Ford Motor Company has begun to phase out for purchases made after March 31, 2009.
Taxpayers may claim the full amount of the credit only on purchases made before April 1, 2009, because the total number of vehicles sold reached the 60,000 vehicle threshold in the last quarter of 2008. The cumulative sales of qualified Ford hybrid vehicles sold from the period of Jan. 1, 2006, to Dec. 31, 2008 is 66,157.
For vehicles purchased for use or lease on or after April 1, 2009, and on or before Sept. 30, 2009, the credit is 50 percent of the full amount. For vehicles purchased for use or lease on or after Oct. 1, 2009, and on or before March 31, 2010, the credit is 25 percent of the full amount. For vehicles purchased for use or lease on or after April 1, 2010, no credit is allowable.
The full credit amount for vehicle purchases made prior to April 1, 2009 is:
2005, 2006, 2007 Ford Escape 2WD, $2,600;
2008, 2009 Ford Escape 2WD, $3,000;
2005, 2006, 2007, 2009 Ford Escape 4WD, $1,950;
2008 Ford Escape 4WD, $2,200;
2010 Ford Fusion, $3,400;
2008, 2009 Mercury Mariner 2WD, $3,000;
2006, 2007, 2009 Mercury Mariner 4WD, $1,950;
2008 Mercury Mariner 4WD, $2,200;
2010 Mercury Milan, $3,400

Related link:
N-2009-37 - Phase-out of Credit for New Qualified Hybrid Motor Vehicles and New Advanced Lean Burn Technology Motor Vehicles

Fannie Mae Issues Guidelines for Loan Limits in High Cost Areas

Fannie Mae Issues Guidelines for Loan Limits in High Cost Areas
On March 20, 2009 Fannie Mae Issued Announcement 09-08, implementing the 2009 conforming loan limits for high cost areas (known as high-balance loans), like New Jersey. Through the American Recovery and Reinvestment Act of 2009 (ARRA), loan limits on mortgages secured by Fannie Mae were increased. Loan limits from Fannie Mae are limited to $417,000 to $729,750, depending on the county where the home is located and the loan program. The guidelines instituted in the announcement apply to loans delivered to Fannie Mae starting May 1, 2009.
Loan must be conventional, first-lien mortgages only.
One to four unit properties are eligible.
Loans must be fixed-rate or adjustable rate loans (no balloons).
Loans must meet loan-to-value (LTV) and minimum credit score requirements. For one unit properties with a fixed rate mortgage, the maximum LTV is 90 percent. The minimum credit score is 700 for LTVs above 75 percent and 660 for LTVs at or below 75 percent. For one unit properties with an adjustable rate mortgage, the maximum LTV is 75 percent and the minimum credit score is 680. For second homes and investment properties, the maximum LTV is 65 percent and the minimum credit score is 740. Other rules apply to other categories. See HUD's website for details on local loan limits and get more information regarding the Federal Housing Administration (FHA) on our FHA page.

State Budget Hearings Underway

State Budget Hearings Underway
In preparation for the Fiscal Year 2010 budget process, the New Jersey Senate and Assembly budget committees continue to meet while the remainder of the Legislature is on recess. The New Jersey Constitution mandates that a balanced budget be in place by July 1.
During this week's budget hearings, the nonpartisan Office of Legislative Services (OLS) revealed that state revenue will be $605 million less than what Governor Corzine projected last month in his budget address. OLS also released estimates that indicate the realty transfer fee will produce less revenue in fiscal years 2009 and 2010 combined than it yielded in 2006; the last year the fee was increased.
Reacting to the new revenue projections, NJAR® issued a press release explaining how the downturn in realty transfer fee collections shows that high taxes on real estate have a detrimental impact on the state economy.

Top Relocation Destinations 2008

Allied Van Lines have released their annual survey of top relocation destinations.

1. TEXAS tops the list for the 4th year in a row iwth 1903 in bound
2. North Carolina with 800 inbound
3. Virginia with a gain of 398

Biggest Losers:

Michigian
Pennsylvania
no surprise New Jersey
Illinois

World's Most Expensive Real Estate

Global Property Guide's 2009 List of the world's most expensive real estate is:

1. Monte Carlo $45,000 per square metre( = .8361 square yard)
2. Central Moscow $20,853 per square metre
3. London $20756
4. Tokyo $17,998
5. Hong Kong $16,125
6. New York $14,898
7. Paris $12,122
8. Singapore $9,701
9. Rome $9,166
10. Mumbai $9,163

For more info you can visit www.globalpropertyguide.com

Thoughts on Home Staging

It is a quick, intensive house make over that creates a theater for the home buyer. Staiging is a hybrid of advertising and marketing, which carefully designs the house to appeal to the statistically probable buyer.
Stagers create a property to appeal to the buyers not how they live NOW but how they aspire to live.
Homes that have been staged get faster market attention, sell rapidly for a higher price, are more organized and make the moving process lerss stressful for the seller