DEADLINE NEAR: NJ Senior Tax Freeze - PTR-1

NJ has a program where you can freeze your real estate taxes from future increases.
This is sometimes called the "Senior Freeze", and the form used is PTR-1

You must have

• lived in the State continuously for 10 years,
• lived in your home for the last 3 years,
• be age 65
• OR be receiving Federal Disability Benefits.
• There are income limits too, but they are pretty high ($80,000)

You set a 'baseline' year, and then get reimbursed each year thereafter for any increase.

June 1st (postmark) is the deadline to file;
(the Main Post office in Bellmawr at 421 Benigno Blvd., has a last pickup at 9pm. on Mon-Fri)

Some of the forms are here, or go to your local tax collector for help.

http://www.blogger.com/goog_1791549334


http://www.state.nj.us/treasury/taxation/ptr/claim.shtml

http://www.state.nj.us/treasury/taxation/ptr/printform.shtml

Fannie Mae Survey

this is from Fannie Mae's website, and is published monthly

Click Here  for article on consumer attiudes called  "News Release - Consumer Attitudes Continue Positive Incremental Trend Despite Slow Job Growth"

Housing market shows early signs of healing

Housing market shows early signs of healing

here is a recent article from

ok, median prices are up in some area's... but don't get too cozy yet;

in at least one South Jersey price / style bracket it appeared median prices of solds, went from $160,000 to $180,000.  Median is the mid point where one half sold for less and one half sold for more. This would on the face, appear to be a 12.5% increase! In fact what it was really indicative of, was the fact that buyers were rejecting the less desireable properties and were choosing MORE of the BETTER properties. It did change the median price, but it only changed the MIX of homes being sold. The better homes were NOT selling for any more than they did the previous year, and in fact the not so good properties were selling for LESS.

MORE of the BETTER properties, changed the MIX !

Best High Schools in America

Here is a list of the best 1,000 high schools in America by The Daily Beast and Newsweek.

There are quite a few in NJ.

Here are a few:
Rank           School
283   East Brunswick (my neices and nephew attend)
550   Cherry Hill East
569   Moorestwon
236   Haddonfield Memorial
860   Eastern - Voorhees
780   Ocean City

Click Here to read their methodoly and full article

Neat Tool from the IRS

I found this neat witholding calculator on the IRS website

you can test, or calculate your income tax due.

If you are a 1st time buyer you can see how much you'll SAVE in income taxes by owning a home! (or by getting married)

To take a guess at your itemized deductions for mortgage interest, use about 10% of your gross income at today's low interest rate, and use about 7.5% of your income for NJ Real Estate Taxes

Happy New Year!

As we close out 2011, and welcome 2012 there are things I am grateful for. First, that I am still HERE

    "as we say goodbye to 2011 ... I am glad I am still HERE, and NOT in Heaven..."

I think it is time to get back to exercising, walking more and eating right.

I am also thankful to have my Mom who turned 90 years old in 2011. She can do crytoquotes, balance her checkbook, and read a novel in a day or two. She can discuss world affairs, politics, the Kardashians and Kendra. She can follow Big Brother, and Survivor.

I am grateful too to have my Family. Best brother and sister-in-law you could ask for. Wonderful nieces, nephews, cousins and friends.

And of course thankful for my past clients and customers, many who have become friends.

This year, my hope is to stay in touch more often, and to renew those friendships that have fallen through the cracks.

So, Happy New Year, and I wish everyone a Happy, Healthy and Prosperous 2012, and a reminder that the fundamentals of Real Estate and Home ownership have not changed. The tactics might have changed, there and no "buy and flip" schemes, no artificial appreciation.
But the fundamentals are the same.

• Buy and hold; think long term
• use the home equity for the house, not for other things;
• try to own more than one house for long term investment, payoff and income; 
• live below your means;
• try to pay the house off;
• if you can afford to, consider 20 year or 15 year mortgages.
• make repairs and improvements OTHERS will also want too (not just for YOUR  taste.)
• remember, they keyword anymore is timing, timing timing, not just location, location, location...call and I'll explain that.
• and finally, don't do what everyone else is doing.....  get ahead of a trend. Don't try to "time" the top and bottom of the market, you can't know that until it is already passed.
• don't pay attention to the negative news; real estate is LOCAL and has it's own trends and markets within markets.

If you can't afford to get into the market, find a few partners, relatives or friends and form a 'syndicate' like the big corporations do. A simple 'partnership agreement' is a must but this could be an excellent long term strategy.

A friend of mine is still collecting substantial rental income for a very valuable piece of commercial property that has been paid off for a long time.

Another friend never moved into their 1st home. They rented it, and twenty years later had a very tidy sum to pay for children's college education, with all cash.

Read the front page of the website. You'll see the need for new homes is about 1 million per year just to keep up with new household formations, demand for vacation or 2nd homes, and to replace homes torn down. We are only building a fraction of what is necessary just to keep up with population growth.

Except for some very high earning professionals, or business owners, real estate is STILL the best vehicle for long term wealth and security. Learn how to analyze it, manage it, and fix and repair it, and you won't need social security for your long term care.

In 2011, I earned a an "SFR" designation from the National Association of Realtors. It is a certification in "Short Sales and Foreclosures". This is in addition to a previous designation by the National Association of Homebuilders for the "CSP" designation for "New Home Sales".

2011 marked my 25th year as a member of the "National Association of Realtors", and 2012 will be my 25th year with RE/MAX and RE/MAX of Cherry Hill

Thank you for all your past and continued support!

Good Luck!

Selling Times in Cherry Hill, NJ

More "What's Hot" here:

SELLING TIMES:
Of the 65 homes sold between $200-250,000 (near and just below the median $) within the past 6 months in Cherry Hill that were "detached-single" (no condo / townhomes), 8 (12%) were REO (Bank foreclosures) or "Short Sales" (like pre-foreclosures).

This left 57 "arms length" or typical sales.
Of this 57:
37% sold within 60 days (total days, called "property marketing period")
20% sold within 30 days
70% sold in 6 months or less.
20% took 6 months to a year
10% took a year or more to sell.

the Average was 144 days (PMP = property marketing period)
and the Median was  97 days, "Property Marketing Period" (median is one half sold for more and one half sold for less than the 97 days)

The "Property Marketing Period" is the TOTAL (cumulative) days on the market, mostly uninterrupted. It may have been relisted more than once. This figure is higher (by about 30 days) than typical "Days on the Market" which is for each individual listing period.

This is a "truer" picture of the marketing times.

Alex Jones, Greatest American Hero

Watch "Global Banking Cartel Hijack 'Occupy Wall Street' 1/5" on YouTube

Top of Chinese wealthy's wish list? To leave China

Top of Chinese wealthy's wish list? To leave China



by Loise Watt - Associated Press
from Yahoo News
Sept 7, 2011

Some of the reasons cited are China's one child policy, our healthcare facilities, censorship of writing and speech, no tolerance of criticism against the government.

Here is an interesting comment about housing:

Excerpt from the story:
"In China, nothing belongs to you. Like buying a house. You buy it but it will belong to the country 70 years later," said Su, lamenting the government's land leasing system.


"But abroad, if you buy a house, it belongs to you forever," he said. "Both businessmen and government officials are like this. They worry about the security of their assets."

Read the full story here:
http://news.yahoo.com/top-chinese-wealthys-wish-list-leave-china-065826880.html

A few years ago (around 2005) I asked a Chinese client why they only wanted homes that were
"10 years old or less?"
They replied, "that in China, homes fall down after they are 10 years old". This was shocking to me, but they seemed serious! They said a simple repair to a wall from hanging a heavy mirror could be a disaster.
I told them that here, we have homes still standing strongly that are 100 years old!

Of course, there is a term called "Effective Age", meaning do the major components still have lots of life left. This has more to do with ordinary or periodic replacement items like, roofs, siding, windows, heat, electrical, plumbing, kitchens, and baths...

Libya: A Premature Victory Celebration

This is a report by Stratfor.com

They say it is not oil we went to Libya for, and probably not Human Rights either... so what did we go there for?

Libya: A Premature Victory Celebration