ATTENTION Repeat Home Buyers AND First Time Home Buyers!

Not only has the Worker, Homeownership and Business Assistance Act of 2009 extended the first time home buyer tax credit, but they have also introduced a new tax credit of up to $6,500 for qualified repeat home buyers.

First Time Home Buyers:

• Must purchase home on of after January 1, 2009 and before April 30, 2010.
• A first time home buyer is one who has not owned a residence in 3 years prior to this specific purchase
• Income limits: Single tax payer= $125,000 and married tax payers= $225,000
• Maximum of $8,000 credit

Move-Up/Repeat Home Buyers:

• A move-up/repeat home buyer is a home owner who has owned their home for 5 out of 8 years prior to this specific purchase
• Maximum credit of $6,500
• Income limits: single tax payer=$125,000 and married tax payers=$225,000

Please check out  http://www.federalhousingtaxcredit.com/glance.php for more information

Company Meeting Summary

Terrie O’Connor Realtors recently had their company meeting at the Ramsey Country Club in Ramsey, New Jersey. The company brought in Blaise Coco from CoCo Early & Associates in Massachusetts to speak about short sales.

Pictured above: Allendale Broker/Manager Nicolette “Nickie” Lisella and Terrie O’Connor posing with the prize for “The Price is Right Contest’. The Allendale office was the big winner in which they received a wide screen monitor for the office.

TOCR participates in 4th of July Parade

Terrie O’Connor Sales Associates, friends and family gathered to celebrate the Fourth of July at the annual Ridgewood Parade.

Allendale Office Celebrates Summer!

Terrie O’Connor Realtors’ Allendale Office gathered at the Allendale Lake to celebrate the start of summer and all of their accomplishments in the past year.

TOCR sponsors Allendale Recreation Committee Run*

Terrie O’Connor Realtors sponsored this year’s 5K ARC Run in Allendale, NJ. Terrie O’Connor Realtors participated in the run as well. The run took place at Crestwood Lake mid-May.  Pictured from left to right: Claudia Sanchez, Carol Gates, Broker/Manager Nickie Lisella and Terri Shedler.

Party Time!

Associates from Terrie O’Connor Realtors  joined professionals from Wells Fargo Mortgage Company and Main Street Title for a BBQ at the company’s Ridgewood office. Gary Pierson, a mortgage banker with Wells Fargo, put his culinary talents on display for those in attendance. “We were so delighted to have Gary come to our office and plan this special event,” said Nancy Martin, manager of the Ridgewood office of Terrie O’Connor Realtors. “We work so well together and when we have a chance to socialize, we truly enjoy some good old-fashioned fun.”

Memorial Day Celebrations*

 

Terrie O’Connor Realtors’ Ramsey agents celebrated Memorial Day with the town of Ramsey at the annual parade on Main Street. Pictured from (L to R: Sales Associates Madeline Rapp, Meg Young and son, Sean Farley and Norman Turkington)

Terrie O’Connor Realtors & Taste of the Region*

Nickie Lisella, Broker/Manager of Terrie O’Connor Realtors’ Allendale Office is also Secretary of the Taste of the Region Committee. Taste of the Region is sponsored by Mahwah Chamber of Commerce in which Terrie O’Connor herself is on the Board of Directors. Taste of the Region will be Wednesday, June 10 from 6-9 pm.

Pictured above: Taste of the Region Committee. Nickie Lisella in back row standing fifth from the left.

Allendale Chamber of Commerce Scholarship

 

The Allendale Chamber of Commerce presented their first annual Scholarship this past week at Northern Highlands High School.

The scholarship program was established to recognize and assist outstanding high school students who intend to pursue the study of business and or retail and marketing at an institution of higher education.

Northern Highlands seniors who are involved with DECA may apply for the scholarship. The first ever recipient of the Allendale Chamber of Commerce Scholarship was Gregoroy Griffoul.

Greg is a senior at Northern Highlands High School and an Allendale, NJ resident. Greg has been a member of DECA since his sophomore year in 2006. Since that time he has received 1st, 2nd and 3rd place awards at the various DECA competitions. He also successfully created a small business called “GTech” a computer sales, repair and maintenance business. Over the past two summers he worked as an office assistant for NHRHS. He displays a strong interest in marketing and business and has obviously achieved success.

Greg is a member of Boy Scout troop 59 and has earned his Eagle Scout Rand. He has also earned the silver and bronz Palm. For his Boy Scout Eagle Project he refurbished and donated 65 computers to the less fortunate in Newark, NJ.

He has been on the Honor Roll at Highlands each year since freshman year, he has earned a varsity letter in fencing all four years, he is a member of the National Honor Society, the Stock Market Club and the Computer club.

Greg plans to attend The College of New Jersey in the fall. Congratulations, Greg!

Pictured above from L to R: Chamber members Adrienne Teribekjian, Nickie Lisella (also Broker/Manager of Terrie O’Connor Realtors Allendale) and Joe Staub with Scholarship recipient Greg Griffoul.

How To Sell A Home*

HOW TO SELL YOUR HOME

In today’s market, selling your home can be a more challenging experience than a few years ago. Although New Jersey was slower coming into the downturn of the market, we are now experiencing a larger inventory of homes, fewer buyers, short sales, and foreclosures like many other areas in the country.

A significant positive for Bergen County is that we are not inundated with as many large new construction projects as other areas of the country such as Florida, Las Vegas, and California to cite just a few. Perhaps we can hope that since New Jersey came into this downturn a little slower and a little later, it could be that New Jersey will come out of it a little sooner and a little better.

It is important that homeowners who are thinking of selling their homes engage a professional Realtor. Today’s market requires a very thorough and market sensitive look at pricing, marketing strategy and presentation. Today’s buyers have an abundance of properties from which to select, and unlike years ago all the information is at their fingertips.

The internet has provided both buyers and sellers with the opportunity to preview the large inventory of homes available to them. Long before a buyer shows up to see a particular home, a seller can be assured that they have looked carefully at their home on the various internet websites available to them (i.e. NJ Multiple Listing Service, Realtor.com, Trulia, Zillow, Google, tocr.com, etc.). Currently, 80-90% of prospective purchasers begin their home search on the internet.
 
Again, I cannot emphasize enough how important it is that sellers today pay very serious attention to competitive pricing. It may also be necessary to consider staging their home in preparation for sale, and most definitely outstanding multiple photos should be on the internet to best showcase the property to its many viewers. With the complexities of the current market and the need for skillful negotiations, it is imperative to entrust the marketing to a really top notch Real Estate company.
Sellers Need To Understand Today’s Buyers
 
 Because of the abundance of inventory, today’s buyers have the opportunity to be very selective. Does your home meet their criteria?

* home that represents the best value
* home that requires the least amount of work

* home that is in the best location
* home that most closely meets their individual needs.

We are fortunate in Bergen County that many of our towns have outstanding school systems, some communities have public transportation nearby, and most have many services and recreational activities available. Because of this, buyers often include a number of different towns in their initial searches. As they narrow their search and determine the community they would most like to live in, the field gets even narrower as they zero in on a particular neighborhood. Sellers – Now your home is on stage. Is it the best value and the most desirable?

Today’s buyers are both very well educated consumers and very much sought after by today’s sellers. A buyer pre-approved for a mortgage and armed with this information can generally negotiate a great price. As
they become educated consumers they are more and more discerning about the real value of a house in today’s market. I remember having discussions with five different builders. They all thought they had an English family ready to make an offer. Turns out, it was the same family. There was only one winner.

Many homes sit on the market for a long time and do not sell. These sellers have been reluctant to acknowledge the declining market in their price. Currently in 4th quarter 2008 and 1st quarter 2009, prices are dropping in New Jersey by approximately 1% per month according to Jeff Otteau in the Otteau Report. Therefore, sellers who have not reduced their prices with the market will actually be supporting their neighbors more competitively priced homes with which they are directly competing. This will help those homes sell more quickly. These reluctant sellers have lost both valuable time and money in the process.

Sellers! Price smartly, market aggressively.

Buyers! Buy now. Why?

Between the extremely low interest rates and significant drop in prices, you can purchase homes today at 2003 prices. The average homeowner lives in their home for approximately 10 years. Why then would you be concerned about finding the exact bottom of this particular market?  Waiting for the bottom could cost you your best buying opportunity of lifetime.
 
When our market improves, and it will, interest rates will rise and real estate prices will begin to rebound. With the added tax incentives for first time home buyers combined with outstanding rates and low prices, it only further reinforces this is the time to buy.

I often reflect on the following anomaly.  In a sellers market, buyers buy, often overpaying for a home because of diminished inventories and multiple offers. In a buyers market with attractive prices, low mortgage rates, and lots of inventory, buyers often sit on the fence and don’t buy. It is contrary to what you would think… Interesting isn’t it.

For more information, please contact Terrie O’Connor Realtors. Saddle River

201-934-4900; Allendale 201-825-0500; Ramsey 201-934-0600; Ridgewood 201-445-4554 or visit our website at www.tocr.com

 

-Terrie O’Connor, President/Broker Terrie O’Connor Realtors

Suburban News East, Wednesday April 29 2009