Guide Me Home to North Jersey

While the real estate market is slow, there are three bright spots that are working in a buyer’s favor. Lower prices and lower mortgage rates are two well-known factors. But the tax credit that is available for first-time home buyers is not as well-known or understood. This law is far more advantageous to first-time home buyers than the first law that was passed in 2008 since it doesn’t require the credit to be paid back if you keep the home for three years.

Following is a brief summary and explanation of this positive factor. This writing does not pretend to discuss all qualifications, specifics, and provisions of the law and should not be used as any type of legal or tax advice. (As with all legal and tax related issues, you should consult your tax preparer or lawyer before doing anything).

Congress passed an $8,000 maximum tax credit in February in The American Recovery and Reinvestment Act of 2009. The credit is equal to 10% of the purchase price of the home up to $8,000. If you buy a home over $80,000, you can still qualify, but partially. This Act applies to purchases (transfers of title) of a home (primary residence) from 1/1/09 to 11/30/09 for all first-time home buyers as identified in the law.

Qualified buyers must meet income restrictions. Single buyers can earn up to $75,000 annually and joint tax-return couples can earn up to $150,000 annually. Buyers earning over that may qualify for a partial credit. Your tax preparer can give you specific information.

This is the time to buy!

Posted by: Mary Jane Benedetto

Mendham Office
8 East Main Street
Mendham, NJ 07945

Phone: 973-543-7400 ext. 16
Email: bbarisonek@turpinrealtors.com

View Barbara's Listings

Barbara Barisonek currently serves as the Mendham Office Manager and Director of Turpin's Relocation Department, a position she has held since 1994. She has won numerous awards as Relocation Director for outstanding service and sales in the relocation field.

As the Manager in Mendham, Barbara is eager to help her agents achieve their goals. In her role as Relocation Director, she enjoys the interaction with relocation professionals from across the country. While both these positions require a considerable amount of energy, Barbara is up for the task. Her unflagging good humor and outgoing personality shine through, and she can always be counted on for empathetic support in any situation.

Active on her real estate boards and within her community, Barbara is President of the Board of Directors for the New Jersey Chapter of the American Foundation for Suicide Prevention, a consultant for the University of Medicine and Dentistry of New Jersey and a member of the Mendham Business Association. She is a lifelong resident of New Jersey living in Bedminster.

In her free time, Barbara has many interests including cooking, sailing, travel and the theater. She and her husband, Larry, have a grown son living in New York State and a "fabulous Golden Retriever, Cosmo."

Barbara looks forward to assisting you with all your real estate concerns. She welcomes your call or visit to the Mendham Office.