Annette DeCicco

First-Time Homebuyer Tax Credit Expanded & Extended through April 2010

New Credit Includes Qualified Existing Homeowners

The $8,000 tax credit for first-time home buyers, which was due to expire Nov. 30, 2009, has been extended! Now qualified buyers can take advantage of the tax credit for home purchases made through April 30, 2010, provided they close by June 30, 2010. The new legislation increases the income limit for couples to $225,000, an increase of nearly $55,000 over qualifying guidelines in the original law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit is available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner to homes worth $800,000 or less.

The tax credit extension and expansion took effect Dec. 1, 2009, and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties. Details

The alignment of favorable market conditions plus government incentives has resulted in additional unprecedented opportunities for New Jersey’s “first-time” buyers, including:

                        Interest rates at record lows. Rates have hovered around 5% since mid-March and are not expected to rise significantly in coming months. In addition, New Jersey has made available a special loan program for first-time and urban area buyers. Details

·                            The “housing affordability” index, which compares median income with the median housing price, recently shifted in home buyers’ collective favor, according to according to Jeffrey Otteau, president of Otteau Evaluation Group in East Brunswick, who was quoted in an April 5, 2009, article in The New York Times. House prices right now are descending at the rate of about a percentage point a month, according to Mr. Otteau, who also predicted an additional nine point drop in prices by the end of the year, and no likely upturn until 2010. However, buyers who don’t want to miss out on historically low interest rates and the plethora of limited-time incentive programs may not want to wait for housing prices to drop further.

·                            A state "pre-fund" program. The New Jersey Housing and Mortgage Finance Agency has introduced a program whereby eligible first-time buyers can receive a loan of up to $5,000 in anticipation of a federal tax credit. The “pre-fund” is essentially a bridge loan that must be applied to a down payment and/or closing costs and paid back shortly after federal tax returns are filed. Details

·                            The New Jersey "Smart Start" program, which offers qualified buyers purchasing homes in designated areas of the state a grant to cover down payments and closing costs. The grant does not have to be repaid if the home is held for five years. Details

·                            Higher loan limits for mortgages secured by Fannie Mae, Freddie Mac and the Federal Housing administration have been established for properties in high-cost areas. The loan limits vary by county and loan program. Loan limit calculator

What’s more, even if you have owned a home in the past, you may still qualify for one or more of the above federal or state government incentive programs!

FIND OUT WHETHER IT’S TIME TO MAKE YOUR MOVE!

FINANCE . . . BEFORE YOU SEARCH: An offer to buy with pre-approved financing is among the most attractive offers a seller can consider. For a mortgage pre-approval or assistance in determining your financing options, attend above seminar or email Annette.DeCicco@PrudentialNewJersey.com to arrange a confidential consultation by a qualified in-house loan officer at no obligtion to you.

FIND YOUR HOME: Search PrudentialNewJersey.com and leverage the power of our exclusive SmartMap Search Technology to get to know New Jersey’s real estate market. When you’re ready to meet with a real estate professional, contact a Prudential New Jersey Properties Sales Associate, who will put today’s real estate market in perspective, explain your unique options as a first-time homebuyer and show you how to navigate the home search and buying process.

FULFILL YOUR DREAM! We’ll partner with you from Contact to Close in order to help you realize your dream of home ownership.

EVERYTHING you need
EVERY Step of the way.

NOW IS YOUR TIME!

  Debra Ostrowski, Sales Representative, Livingston Office-

"I am a 25-year educator and school administrator.  Four years ago, I pursued a career as a real estate agent to begin preparing for a second career.  After meeting Annette, I knew that her expertise, personality, and mentorship would work well for me.  As a school adminstrator, there are certain qualities that I must possess to be effective to help my teachers, students and other administrators.  Annette possesses all of these qualities ... Within two months of becoming a licensed agent, I received my first commission checks in excess of $30,000, a direct result of Annette’s assistance.  She attended my first listing appointment with me, role-played, and was available 24/7 . . . Now I have two full-time careers as a direct result of Annette DeCicco’s coaching, guidance, and management. 

....Annette focuses on assisting her agents to obtain the skills needed to survive in the 21st century while not forgetting the nuts and bolts that must be incorporated.  She serves as a role model and coach for her agents by her active engagement in social media, blogging, and keeping current with other technological advances....  These efforts make the Livingston Office of Prudential New Jersey Properties a successful presence in the real estate market."

Roger Bediner, Sales Representative, Livingston Office

 "By implementing systems that Annette DeCicco taught me, and holding myself accountable, I was able, through the consistency of her weekly coaching program in early 2009, to get to the next level in my business by year end. By being accountable to myself and to her, I strived to make the extra call, or do the extra activity in order to fill up my worksheet for her weekly call. As a result, I more than doubled my business and have Annette to thank for working with me each week to help me stay the course to get to the goal I had set.  I would recommend Annette's coaching program and systems to anyone who is serious about their business growth, and willing to be accountable to both Annette as coach and to yourself." 

Lynn Desmond, Sales Representative, Livingston Office

"Annette works tirelessly for our office. She makes sure we have the most up-to-date market information and technical know-how to stay ahead of the game.  Before each bi-monthly meeting, she stays up late and gets up early to bombard us with the latest and greatest in the form of stats, slides and news articles.

Because she was one of us for many years, Annette is able to empathize during our ups and downs.  She always has the time to listen and always has helpful advice and/or the answers.  You could not ask for a better person to work for. She is a caring business woman who treats people with respect and wants the best for her agents.  She is a personal coach to us all and we appreciate it more than she knows.  Our office is like a large family with everyone working together and helping each other." 

 Angela D'Aries, Sales Representative

“Annette DeCicco is a very well-versed coach who has coached me one-on-one on a weekly basis for three months.  Annette is totally committed as your coach and asks the same of you...she is very results-oriented.  Her program is very structured with daily and weekly activities. And, for the month of November, 2009, I was the Associate of the Month of the Livingston Office!”

 Lauren Orsini, Sales Representative, West Essex Office-

"Annette really cares about the success of her agents ... when I needed that sounding board or confirmation, Annette would always be there ... she would lead by example ... five words to describe Annette to anyone about to embark into a business relationship with her ... responsive, thorough, available, supportive, informative ... Her meetings were always filled with pertinent information that added value to our wealth of knowledge ... I have Annette to thank for helping me develop my career in a positive, professional way ... I am so lucky to have trained and worked with Annette."