Saturday, January 30, 2010

90 Days to Cash In On the Opportunity of a Lifetime in Ocean County, NJ

TODAY officially marks "90 days" for Home-buyers to be "in contract", in order to take advantage of the TAX CREDIT!

The recently "extended" and "expanded" Home-Buyer Tax Credit expires on April 30th, 2010, but allows until June 30th, 2010, for qualified home-buyers to actually close on their new home. That means qualified home-buyers ONLY have 90 days to take advantage of what Jim Gillespie, CEO of Coldwell Banker Real Estate Corporation, calls; Triple "I" P!
What does Triple "I" P stand for?
  • The first "I" stands for INVENTORY! Currently, there are 3798 single family homes "For Sale" in Ocean County, NJ. This represents a "saturation factor" of almost 21 months (how long it would take to sell of the existing supply of homes if no other homes were to come on the market)! Translation; there are plenty of homes to choose from!
  • The second "I" stands for Mortgage INTEREST Rates which remain at historically low levels! Some economists are already predicting rising mortgage rates as early as the second quarter of 2010. Translation; waiting may cost you MORE in the form of a monthly payment!
  • The third "I" stands for INCENTIVES! Aside from the standard tax deduction which comes with Home Ownership, Home-Buyers may be eligible for up to an $8,000 Tax Credit this year! Translation; if you buy a home before April 30th, 2010, you could get a check back from Uncle Sam of up to $8,000!
  • And last, but not least, the "P", which stands for PRICES! The average sales price of a single family home in Ocean County, NJ, was $342, 378 in 2009, as compared to $373,775 in 2008. Translation; home ownership has never been more affordable!

In a nutshell; the factors which comprise Triple "I" P will disappear in 90 days! Will you look back at this historic opportunity to buy a home in Ocean County, NJ, as the wisest decision you ever made, or the biggest mistake (not buying now)?

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