GOOD NEWS REGARDING THE TAX CREDIT EXTENSION

IT'S OFFICIAL - OBAMA HAS SIGNED THE FIRST-TIME HOMEBUYER TAX CREDIT EXTENSION TO APPLY TO ALL HOMES PURCHASED BY APRIL 30TH, 2010 AND CLOSED BY JUNE 30TH, 2010. EXISTING HOMEBUYERS WILL ALSO BENEFIT WITH A $6,500 TAX CREDIT IF THEY HAVE OWNED AND LIVED IN A HOME FOR THE PAST 5 YEARS AND PURCHASE ANOTHER HOME WITHIN THESE TIME LIMITS. INCOME LIMITS HAVE ALSO BEEN INCREASED TO $250,00 A COUPLE ($125,000 SINGLE). NOW IS A GREAT TIME TO THINK ABOUT BUYING A HOME WITH THE LOWEST INTEREST RATES SEEN IN DECADES AND HOME PRICES AT AN ALL-TIME LOW.

Selling Your Home in Today's Market

I went to visit a customer in Montclair, NJ, I sold a home to 8 years ago. The home had a lot of potential back then but money has been tight and her dreams were not realized and now she wants to sell. I gave her a price to really get some interest in the home. She felt the home was worth $75,000 more than I was telling her. She wanted buyers to see the potential that her home has and be willing to pay for it. I had the hard task of telling her that buyers are not looking to pay for potential right now--they are looking for a bargain. Sellers, unfortunately, are about one year behind in the prices they can actually get for their home. Even though Montclair is fairing quite well, only homes that a priced well are selling. If your home is worth more than I tell you it is, buyers will pay it. Sellers--you must think like buyers right now. What would you be willing to pay for your home??