Well…almost… 

(President Obama still has to sign it, which he will)

Per Martin Straka, Mortgage Loan Officer with Bank of America:

 On Thursday afternoon (11/5/090 the House of Representatives voted to pass the legislation extending the Tax Credit and Unemployment Benefits (HR 3548).Homebuyer Tax Credit:   H.R. 3548 extends the $8,000 tax credit for first-time homebuyers for five months, from November 30, 2009 to May 1, 2010. In addition, the bill provides a $6,500 tax credit for homebuyers that are not first time buyers, but have owned a primary residence at least five consecutive years in the last eight years. 

The bill would cap the eligibility for the credit on homes that cost $800,000 or more and raises the current income limit from $75,000, or $150,000 in the case of a joint return, to $125,000 or $225,000.  H.R. 3548 waives provisions to recapture the credit for military, intelligence, and Foreign Service personnel who are on qualified official duty and extends the tax credit for an additional year for those on qualified extended duty overseas for 90 days or more since 2008. 

The full $8,000 tax credit will be available to qualified First Time Home Buyers (FTHB), defined as not having owned their “Principal Residence” within the past 36 months. This means that even if you have owned a vacation home or an investment property, you may still qualify for the FTHB Tax Credit. The amount of the Tax Credit is 10% of purchase price up to a $80,000 purchase price and then the total is capped at $8,000.

In the past few months, the Tax Credit has inspired many home buyers to stop waiting for “the bottom” of the housing market and to act now to take advantage of the great home prices in conjunction with near record low interest rates.

For those of you that like to read the details  If you prefer, give Martin Straka a call at 973.598.5006 or email Marty

Still Confused as to whether you qualify?

There are still many opportunities to purchase an affordable home
along the Midtown Direct Train line in New Jersey.

If you want additional information about real estate in
South Orange, Maplewood,Millburn/Short Hills,
Summit, Chatham, Madison, Livingston or West Orange…

Contact Perri K. Feldman @ 973.650.4727
or Perri@MidtownDirectHomes.com

Millburn High School Graduation 2009

IVY LEAGUE SCHOOLS FOR MILLBURN HIGH SCHOOL GRADS 2009

11 Cornell
6   University of Pennsylvania
4  Princeton University
4  Yale University
3  Darmouth College
2  Brown University
2  Columbia University
2  Harvard University

Where are the rest of the graduates going? 99.4 percent of the approximately 330 graduating seniors are going on to college, with 95 percent of those going on to four-year institutions. One is returning to her native country, one to the US Army and one to the US Air Force Academy.

11 Syracuse. 10 University of Michigan. 8 University of Maryland. 7 County College of Morris, George Washington University, NYU, Rutgers, Tufts.  6 Colgate, Muhlenberg, Penn State, Union County College, Vanderbilt. 5 Boston University, Emory, Washington University St Louis. 4 Brandeis, Indiana Univ, John Hopkins, Lafayette, Montclair State, Penn State, SUNY Binghamton, University of Miami, University of Pittsburgh, 3 Bucknell, Carnegie-Mellon, Connecticut College, Duke, Elon, Fordham, Georgetown, Hamilton, Johnson & Wales, Quinnipiac, Skidmore, Temple, Union College, Univ of Chicago, Univ of Delaware, Univ of Rochester. 2 American Univ, Barnard, Case Western, College of NJ, Drew, Drexel, Fairfield, Franklin & Marshall, Kean, Lehigh, Loyola (Maryland), McGill, Pratt, Rensselaer, Rochester Institute of Tech, St Josephs, Tulane, Univ of Arizona, Univ of British Columbia, Univ of Illinois, Univ. of Vermont, Villanova.

Other colleges and universities 2009 Millburn High School Graduates are attending include: Amherst College, Bard College, Bentley College, Bergen Community College, Berkeley College-White Plains, Bishop’s University, Bowdoin College, Brigham Young University, Bryant College, Colby College, College of Charleston, Colorado College, DePauw University, Dickinson College, Eastwich College, Embry-Riddle Aero University, Emory University-Oxford College, Essex County College, Fairleigh Dickinson University, Florida Atlantic University, Furman University, Georgia Institute of Technology, Grinnell College, Hobart-William Smith, Hofstra University, Kenyon College, Kutztown University, La Salle University, Lawrence University, Loyola University (Los Angeles), Lynn University, Marymount Manhattan, Massachusetts Institute of Technology, Miami University of Ohio, Michigan State University, Middlebury College, Middlesex County College, Mitchell College, Monmouth niversity, Oberlin College, Rhode Island School of Design, Rice University, Rutgers-Newark, Savannah College of Art, Southern Methocist University, Stanford University, Stevens Institute of Technology, SUNY Stonybrook, Susquehanna University, Technical University Lisbon, Towson University, Trinity College, University of Central Florida, University of Exeter (UK), University of Hartford, University of Mary Washington, University of Notre Dame, University of Southern California, University of Sciences, University of Toronto, Western New England College, William Paterson University.

Want to learn more about Millburn High School
and the community of Millburn/Short Hills?
Contact Perri @ 973.650.4727

OPEN HOUSE JULY 19TH FROM 1P-4P

For more information please contact Perri @ 973.650.4727

Also check out South Orange at a Glance to learn more about this wonderful town

But ”first-time home buyers” only have until December 1, 2009 to purchase their principal residence to take advantage of the credit.

The National Association of Realtors (NAR) has a very valuable website: http://www.housingmarketfacts.com/ with easy to understand question and answers for first-time New Jersey home buyers.

With historically low interest rates today (yes we are seeing them start to creep up!) and affordable housing prices in the key Midtown Direct communities of South Orange, Maplewood, Millburn/Short Hills, Summit, Chatham, Madison, Montclair, Glen Ridge and Westfield, as well as Livingston, West Orange and Springfield…

NOW IS THE TIME

FOR FIRST TIME HOME BUYERS

 TO TAKE ADVANTAGE OF

NEW JERSEY HOME OWNERSHIP!!!

New Jersey Homes for Sale

Contact Perri K. Feldman for more information
about Homes for Sale Along and Adjacent to the Midtown Direct Train.

Perri@MidtownDirectHomes.com

What are the prices of the homes selling in Summit, NJ?

8   Under $500,000
2   $501,000-$600,000
6   $601,000-$700,000
4   $701,000-$800,000
3   $801,000-$900,000
3   $901,000-$999,999
5   $1,000,000-$1,500,000
3   $1,500,001-$1,999,999
4   $2,000,000+

Why buy a home in Summit, NJ? NJ Magazine ranks Summit High School #20 in the state, the Midtown Direct Train Express puts you at Penn Station in twenty minutes and the vibrant downtown has shops/restaurants for your every need.

Contact Perri K. Feldman to learn more about living in Summit, NJ 973.650.4727 or Perri@MidtownDirectHomes.com.

But the good news is…22 homes are under contract at an average list price of $895,342.

The even better news, is that homes are selling both under $600,000 and over $1,000,000+

6   Under $500,000
5   $501,000-$600,000
2   $601,000-$700,000
2   $701,000-$900,000
2   $901,000-$999,999
5   $1,000,000+

Madison is a beautiful community, rich in history with two Universities and a newly renovated train station that makes the 5o minute train ride into Manhattan via the Midtown Direct even that much more enjoyable.

Want to learn more about buying a home and living in Madison, New Jersey? Contact Perri K. Feldman @ 973.650.4727.

Now is a great time.

There are currently 140 homes for sale in Maplewood, NJ
with an average list price of $526,605.

But what are the prices of the homes that are selling?

Of the 35 homes that went under contract in the last 30 days, the average list price was $449,494.

4   Under $200,000
6   $201,000-$300,000
5   $301,000-$400,000
7   $401,000-$500,000
8   $501,000-$600,000
3   $601,000-$700,000
1   $701,000-$999,999
1   Over $1,000,000+  

However, the average list price of the 11 homes that just went into (3 day) Attorney Review is even lower…$435,900.

First time home buyers are getting the jump at low interest rates, $8000 credit and reasonable home prices. Not to mention the twenty minute commute from Maplewood, NJ into New York City via the Midtown Direct Train.

Contact Perri @ 973.650.4727 to learn more about buying a home in Maplewood, NJ.

Forty homes have gone Under Contract in the past month.
The average list price of these homes is $611,694.
Ten Homes are in Attorney Review
with an average list price of $506,399.

What does this mean for Livingston, NJ home buyers?

With pretty much the same number of homes on the market as last year (158) and the average price of all homes on the market in Livingston at $870,195, this is the time to buy your first home at a Great Price in a terrific community.

Homes under $600,000 are being gobbled up:

7   Under $400,000
10 $401,000-$500,000
9   $501,000-$600,000
3   $601,000-$700,000
3   $701,000-$800,000
5   $800,000-$999,000
3   $1,000,000+

Want to learn more about Livingston, NJ Real Estate? Call Perri @ 973.650.4727 or email at Perri@MidtownDirectHomes.com.

So what priced homes are selling in South Orange, New Jersey?

Twenty-Three homes went Under Contract
in South Orange, New Jersey this past month.

3   Under $300,000
8   $301,000-$400,000
2   $401,000-$500,000
2   $501,000-$600,000
5   $601,000-$700,000
2   $701,000-$999,999
1   $1,000,000+

The average list price of those homes was $506,300 and they were only on the market for 69 days on average.

How does that compare to last year? Pending sales are down about 18% from the same time period in 2008.

What does that mean for home buyers in South Orange? With historically low interest rates and terrific prices, now is a great time to buy a home in South Orange. Call Perri @ 973.650.4727 or email  to learn first hand about South Orange real estate for sale.