The Current State of the Local Market!

The news remains positive. New Jersey has gone from having 17 months of existing inventory at the beginning of this year to about nine months now. We have seen six straight months of increased sales. Locally, our areas currently have about five to six months of inventory overall, but in the most popular price points, there are three to four months available. I have not seen those low levels in a couple of years. As everyone knows, when the inventory goes down, that is when the prices will begin to rise. We are very close to seeing the very beginnings of this movement.

If you or anyone you know is currently considering a sale, now is an excellent time. I have quite a number of clients waiting for new listings to come on the market. Properties that have been sitting for awhile represent great opportunities for those of you that may want to upgrade or downsize a bit.

PROPERTY TAXES

I currently have many clients who are challenging their taxes successfully. If you would like to talk about this, please do not hesitate to contact me via email .

YOUR FRIENDS AND FAMILY

I am always grateful for your referrals. Many of you continue to send clients to me and I thank you. If you have anyone in your sphere who has been thinking about buying or selling, please think of me. I would be happy to speak to them about the market and their options.

Assignment

If you know anyone who has been thinking of buying a home instead of remaining in the rental market, please send them my way. I have access to some of the best mortgage people around. Many first time buyers are out there taking advantage of the First Time Homebuyers credit. This is an $8,000 credit on your tax return. In some instances, borrowers who use an FHA loan can actually get advances from their lender that let them effectively allow them to receive this credit in advance.

FHA loans require only a 3.5% down payment. This credit cannot be used for the minimum down payment but can be used as an additional down payment or for closing costs.

You must purchase your first home by November 30, 2009 to qualify.

(c) 2009 Fran Lichtman