The Real Story on New Jersey Real Estate from NJAR & NAR

About the NJ Market
The first-time home buyer tax credit has been extended from its original November 30, 2009


deadline, and it now provides an incredible incentive for existing owners too.

New and repeat buyers can take advantage, as long as they act before April 30, 2010.

Some more details:

• “First-time home buyers” are defined as buyers who have not owned a principal residence

during the three-year period prior to the purchase. So if you’ve owned before, but don’t now,

you could still be eligible for up to $8,000.

• Existing homeowners who have owned their home for five consecutive years out of the last

eight are eligible for a tax credit of up to $6,500 ($3,200 for those who are filing separately).

• The income limits to qualify for the full credit are $125,000 for a single person and $225,000

for a married couple. Individuals earning up to $145,000 and married couples earning up to

$245,000 are eligible for partial credit.

• In order to qualify, you must have a written, binding contract in place before April 30, 2010,

and close the transaction before June 30, 2010. There is a maximum sale price of $800,000.

• Claiming your credit is easy, but you will need to include documentation of the purchase with

your tax return and the form for claiming the credit.

Let a REALTOR® shed light on today’s housing market and the

extended and expanded home buyer tax credit.

Have a look at  tax credit FAQ flyer, which will clear up any confusion regarding the new tax credit program and the New Jersey Housing and Mortgage Finance Agency’s Pre-fund Loan Program by answering some of prospective buyers’ most frequently asked questions. These helpful materials

The local real estate markets in the Garden State have opportunities for both buyers and sellers. Knowing all the facts about local real estate conditions and about New Jersey’s advantages is crucial to making the most of these opportunities.



Get the Facts

Find out more about the real estate market in New Jersey. Educate yourself and make an informed decision. You might be surprised to see why now is a great time to get into the market in New Jersey.
New Jersey’s Homegrown Advantages

With unique and attractive neighborhoods, great schools, and other benefits, New Jersey is a great fit for the three rules of real estate – location, location, location. See what makes the Garden State such a great place to live and check out our interactive map to see specific county information and local real stories.



Local Conditions

The market varies throughout the Garden State. Find out more about local markets with recent metro area reports from the NATIONAL ASSOCIATION OF REALTORS




Nancy M. Alexander
Stone Harbor and Avalon NJ Real Estate