Uncle Sam Giveth. Uncle Sam Taketh

Potential good news for the Hoboken market!

From U.S. News and World Report

An extension of the $8,000 first-time home buyer tax credit appears all but certain after the Obama administration called on Congress to give house hunters more time to claim the popular tax perk. The move comes shortly after Senate lawmakers stuck an agreement to not only push back the measure’s looming deadline but expand it to allow current homeowners and more affluent buyers to claim the credit.

The deadline for first-time home buyers to claim the $8,000 credit would be pushed back to April 30, 2010. But the term “deadline” doesn’t mean the same thing as it does in the current credit. The Senate agreement stipulates that buyers must have a sales contract on a house by April 30 to be eligible, but it gives them an additional 60 days to close the purchase…the effective deadline of the credit under this agreement is actually the end of June.

The agreement would allow current homeowners to claim up to $6,500 as long as the property they are vacating has been their primary residence for at least five years.

Senators moved to increase its annual income limits from $75,000 to $125,000 for single buyers and from $150,000 to $225,000 for married couples. These limits apply to both first-time and move-up buyers, although neither can purchase a home for more than $800,000 and still get the credit.

Only one picture today. It's so good (meaning bad) that it is worth showing twice.

Cost vs. Price

Buyers are always focused on Price. What's the price? How much can I negotiate? The market is going to fall another 2 %, 5%, 7%, 10%..... On and on and on.....No one wants to over pay.

Here is the truth. Focus on the cost to own. It's like when you buy a car. You focus on repair costs, mpg, etc. Not sticker price alone.

IF PRICES FALL 10% and Interest rates rise only 1%, the buyers cost to own will be higher than right now!

Heed these words. You write the check. How big do you want it to be every month?

Funny item of the day: Bank Of America wouldn't give my client a loan because of an appraisal. Client goes to another lender and gets the loan with a lower interest rate to boot. B of A buys loan.

New Home Valuation Service

Trying out a new service that lets you get instant analysis of what's selling anywhere in the country.... Try It Out. Let Me Know.

Three Bedroom Bargain

Sixty Eight three bedrooms are available. Nearly half of those are under $800k . A good thing too. The high end is going nowhere fast.

Big Ticket Items

The Q3 Hoboken Real Estate Report shows the same trends as the national numbers. Of course, the Hoboken Real Estate market is shifted a bit higher...

There is much discussion about how the real estate market is in the middle of its turnaround based on sales increasing on a year-over-year basis. Though the fact that housing is again moving is fabulous news, let's not lose sight of which homes are selling.

Here is a closer look at different price ranges and how they are faring in the current 'boom' NATIONALLY:

0-100,000 sales up 38.8%
100,000 - 250,000 sales up 8.7%
250,000 -5 00,000 sales down 6.2%
500,000 - 750,000 sales down 8.9%
750,000 - 1,000,000 sales down 10.6%
1,000,000 - 2,000,000 sales down 23.3%
2,000,000+ sales down 32.4



I am wondering whether shoppers will have big ticket homes in their carts come Black Friday.

Hoboken Real Estate Condos
Available
priced over $500k 283
Information deemed reliable but not guaranteed

Q3 Hoboken Real Estate Report

Sign up for the whole 15 page color report at http://www.hobokehomefinder.com/

Top three news items from the Quarter:

1) One bedrooms are selling.

2) Two bedrooms are sitting much longer.

3) The market is leveling off.

Tip: I like to save money as much as the next guy. Call me Mr. Sweat equity. But a man has got to know his limitations...If you find yourself drilling into concrete, you have probably gone too far.

Hoboken Condos:

Actives:

562

October numbers

The October numbers indicate a steady market. And since the sold lag about 60 days behind reality this is true. There are 108 condos under contract but not closed since August 1, 2009. This leads me to believe the market will continue to show a steady sales pace for the next few months.

Hoboken Real Estate Condos

October Numbers
67 Sold
Sold Price/ask Price 96%
25-1 br, 33-2br, 9-3+br

Information deemed reliable but not guaranteed