New Jersey Real Estate Agent

Tax Credit Amendment Was Approved by the US Senate                  

Princeton real estate is not completely immune from the woes of the housing market and the general economic recession everywhere else in the country. We discussed the effect of President’s Obama, TARP and potential actions by US Senate in my previous article. TARP has already had impact on Princeton real estate having stabilized banking companies and thus preventing further job losses. Many homeowners in Princeton area work in financial and related industries and the relatively low foreclosure rate in the area could have been much higher without TARP.

Last evening, the United States Senate unanimously passed a bipartisan amendment, creating a $15,000 tax credit to individuals who purchase a home in the next year. Senators Johnny Isakson (R-GA) and Joe Lieberman (ID-CT) were the sponsors of the amendment. here are the highlights so far:

• Direct tax credit twill apply o any home-buyer who purchases any home.
• The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less.
• Purchases must be made within one year of the legislation’s enactment, and
• The tax credit would not have to be repaid.
• The amendment would allow taxpayers to claim the credit on their 2008 income tax return.
• Allowes only purchases of a principle residence
• Recaptures the credit if the home is sold within two years of purchase (tp prevent misuse)
• The amendment would sunset the current $7,500 housing tax credit on the date of enactment.

While the final details of the Stimulus Bill are still being debated, these provisions would help stabilize Princeton real estate by making purchasing a home in the Princeton area more affordable for the fist time buyers. It would also encourage the buyers who were waiting on the sidelines to come in the market to take advantage of this credit.

We are getting many requests from home buyers who are looking for homes for sale in the Princeton area and would like to be in the downtown Princeton. The reason Princeton Borough homes for sale are so popular is because of the lifestyle they afford. If you live in most Princeton borough, you would most likely be able to walk to the Princeton Library, Princeton High school, and all the downtown Princeton restaurants and shops.

The commute is also very convenient. There is a train called Dinky, which goes from the Princeton University area to the main train station at Princeton Junction. Of course, Princeton Junction is just a few miles drive.

Princeton Borough is a historic college town, offering the charm of the old and the convenience of the new. With a 55 minute train  commute to New York and Philadelphia it’s a good choice for home buyers looking to combine the urban and suburban life style.

You can see the live feed of the Princeton Borough homes for sale:

Princeton Borough Homes For Sale

Thinking of buying or selling your house In Princeton NJ area -  We can help, in particular with Princeton Borough homes for sale….
If you are considering buying or selling a home in the Princeton NJ Hopewell Princeton Junction Montgomery  area…

Contact us at (609)-553-4175 for a FREE quote and to find Princeton Mortgage options and to search all Princeton Lawrenceville Princeton Junction Montgomery and Princeton homes for sale right now..

Copyright © 2009 Faina Sechzer, Princeton REALTORS and your Princeton Real Estate Consultants specializing in Princeton, Lawrenceville, Hopewell, Princeton Junction and Montgomery Real Estate.

All rights reserved. This information cannot be copied, reproduced, transmitted, distributed, displayed or published.

Princeton is always desirable as a place for home rentals. Princeton homes for rents are sought by the corporate executives relocating for temporary assignments, people moving to Princeton because of job transfer who want to firs know more about the area before buying their home.  As a college town we always have faculty and students looking for Princeton rentals.

Currently there are 26 homes for rent in Princeton. They range form $975 for a studio apartment to $8,500 for a 7 bedroom 5/1 bathroom home on Edgerstone Rd in Princeton.

This is what you could expect to pay:
$1,300 to $1,800 for a 1 bedroom apartment,
$1,600 – $2,600 for a 2 bedroom apartment,
$2,900 – $4,000 for a 3 bedroom townhouse or single family house
$4,000+ for a 4 bedroom single family home

This is the live feed of all the MLS Princeton homes for rent :

Princeton NJ Homes For Rent

NJ Property Real Estate Taxes, Real l Estate Transfer Taxes, and The Economy -Poll Results

New Jersey real estate property taxes are too high – say 95.5% of the people surveyed by the NJAR® Governmental Research Foundation.  If you live in Princeton NJ, or any other town in the state of New Jersey your reaction may be: “Duh…”. You don’t need this study to know the obvious -you have your bank accounts as proof:)

Recently we examined the effects of the proposed initiatives of President Obama, TARP and Senate on the Princeton NJ homes for sale. This study some obvious and some interesting facts.

NJ Real estate property taxes

On the solution to reduce NJ property taxes the study* found:

• 36.3 percent favor consolidation of government services,
• 26.8 percent favor changing the way schools are funded,
• 12.8 percent favor reforming the state pension system, and
• 12.3 percent favor reducing government services.
• 40.2 percent believe reducing taxes and government fees is the most important issue government leaders should work on in the next two years.

Princeton NJ residents know that several attempts to consolidate Princeton Borough and Princeton Township have been defeated. It’s interesting, but not surprising given the traditional NJ political stance,  that there is no overwhelming support for reducing government services.

New Jersey Real Estate Transfer Tax

• 47.4 percent of residents support a proposal to eliminate state realty transfer fees.
• 86 percent oppose the idea of imposing a local realty transfer fee.
• 67 percent oppose the concept of enacting a seasonal rental tax.

It’s interesting that less then half of the surveyed want to eliminate realty transfer fees.  I have not met Princeton home buyers who decide not to buy their home because of the transfer taxes.

Stimulating NJ Economy

• 95.5 percent believe that the real estate industry and housing market are important to New Jersey’s overall economy,
• 52.6 percent of people believe the state is on the wrong track,
• 32.5 percent believe it is headed in the right direction,
• 34 percent believe improving the economy and attracting more jobs to the state is the most important issue facing New Jersey.
• 67.4 percent oppose raising the gas tax to pay for expanding and improving the state’s transportation infrastructure.
• 54 percent prefer creating conditions that give incentives to builders to construct affordable housing rather making polices that require them to do so.
• 76.7 percent opposed eminent domain being used for the purpose of economic development.

Overall, the findings are not surprising. New Jersey believes in the critical importance of the housing market, wants government to reduce real estate taxes and fees, yet not willing to to use eminent domain or reduce governments services.
May be it does come under the category of “duh”:)

*Source: NJAR® Governmental Research Foundation

Want to know know how the sate of New Jersey Housing impacts the value of your home?….

Thinking of buying or selling your house In Princeton NJ area -  We can help
If you are considering buying or selling a home in the Princeton NJ Hopewell Princeton Junction Montgomery  area…

Contact us at (609)-553-4175 for a FREE quote and to find Princeton Mortgage options and to search all Princeton Lawrenceville Princeton Junction Montgomery and Princeton homes for sale right now..

Copyright © 2009 Faina Sechzer, Princeton REALTORS and your Princeton Real Estate Consultants specializing in Princeton, Lawrenceville, Hopewell, Princeton Junction and Montgomery Real Estate.

All rights reserved. This information cannot be copied, reproduced, transmitted, distributed, displayed or published.

Could TARP and the plans proposed by the president Obama and the Congress effect Princeton Homes For Sale?
President Obama’s plans could help Princeton homes for sale; TARP has already had impact on the Princeton real estate including first-time homes buyers, Princeton home sellers and many homeowners.
Princeton real estate homes for sale remained relatively immune to the devastating affects of the economy meltdown with median prices of Princeton homes for sale up and the foreclosures levels are relatively low. This may not continue if further fiscal interventions are not made.

The conditions in Princeton and neighboring towns of Hopewell homes for sale, or for Montgomery Township real estate, where the median prices have already declined.

Even with the median prices of Princeton real estate being up, many homeowners who bought their Princeton homes in the last several years and had to sell now, did so for prices equal or less to what they paid.

This week I discussed with a Princeton economist the impact on the Princeton homes for sale of the President Obama’s plans and the Proposals in the Senate. These ideas would apply to Hopewell real estate and to homes for sale in Montgomery Township. Here are the highlights of this discussion along with my interpretations:

• Many residents of Princeton, Hopewell, West Windsor and Montgomery Township are employed in the financial and related businesses in New York. That’s why Princeton is a great place for people relocating and moving from other areas. It is also why stabilizing financial institutions has critical impact on the Princeton real estate.

• TARP has already helped by infusing money into financial institutions and preventing many local residents from loosing their jobs.

• Had the financial sector on New York been not helped by TARP, Princeton would have not been the relative oasis of housing stability compared to other areas in the country. Employees in the financial sector loosing employment would drive up the foreclosures which so far have been few in the area.

• Various assistance parts of the bailout provisions could help first time Princeton home buyers and as well as many homeowners.

• The Federal program to buy mortgages to drive the mortgage rates to the 4.5% could help first time buyers to be able to afford Princeton homes for sale. It could also help those who’s income has been effected by the pay cuts to refinance and hold on to their homes, preventing rise in foreclosures and further declines in the real estate prices.

• The plan to use TARP to establish a special bank to buy toxic assets would shore up the banks’ balance sheets so they could start lending. Available credit could help both first time Princeton home buyers and those who need to refinance.

• Senate’s idea discussed now to offer 4% fixed 30 year mortgage rates could provide a big boost to Princeton home buyers. As proposed, it would reward those who have good credit history and saved for the down payment on their home in Princeton, Hopewell or Montgomery Township.

• Princeton is not an inexpensive choice for many home buyers. Lowering the mortgage interest rates and the idea of $7500 to $15,000 credit for first time home buyers could make more buyers to come able to afford Princeton homes for sale.

• Assisting first time home buyers could do a lot for the whole spectrum of Princeton homes for sale. When first time home buyers come into the market it has a trickle up affect and triggers more transactions in the higher price ranges.

Thinking of buying or selling your house In Princeton NJ area -  We can help
If you are considering buying or selling a home in the Princeton NJ Hopewell Princeton Junction Montgomery  area…

Contact us at (609)-553-4175 for a FREE quote and to find Princeton Mortgage options and to search all Princeton Lawrenceville Princeton Junction Montgomery and Princeton homes for sale right now..

Copyright © 2009 Faina Sechzer, Princeton REALTORS and your Princeton Real Estate Consultants specializing in Princeton, Lawrenceville, Hopewell, Princeton Junction and Montgomery Real Estate.

All rights reserved. This information cannot be copied, reproduced, transmitted, distributed, displayed or published.