Edison, NJ – March 30, 2010 – (RealEstateRama) — The spring home buying season is in full swing and so is spring cleaning as REALTORS® across the state prepare to showcase their inventory to prospective buyers during a nationwide Open House Weekend on April 10 and 11, 2010. The New Jersey Association of REALTORS® (NJAR®) is urging those who are considering buying a home to take advantage of this statewide opportunity before the federal tax credit extension expires on April 30, 2010. “REALTORS® are excited and momentum is building as they work with clients to present their home’s best features in preparation for the Open House Weekend,” said 2010 NJAR® President Judy Appleby. “For many people, now is a great time to see what is available in the market and to get serious about purchasing a home. Whether you are a first-time or repeat buyer, there is still time to qualify to receive the extended tax credit before the April 30th deadline.”
Buyers who wish to qualify for the federal home buyer tax credit must enter into a written, binding contract to purchase a home on or before April 30, 2010, but they have until June 30, 2010 to close on the home. A tax credit of up to $8,000 is available to first-time home buyers, while a credit of up to $6,500 ($3,200 for those who are filing separately) is available for existing homeowners who have owned their home and used it as a principal residence for at least five consecutive years of the previous eight years.
The federal tax credit is one of many advantages buyers in today’s market have on their side. Open House Weekend offers buyers a prime opportunity to explore a large inventory of homes for sale.
“Financially secure buyers are in a great position. With low mortgage rates still in effect, housing affordability at a recent high and a wide variety of available homes on the market, this year’s spring buying season is expected to be quite active,” Appleby added.
Contact a local REALTOR® to find out about exciting open house opportunities in your area, and look for the blue REALTOR® balloons donning the iconic REALTOR® “R” outside of participating open houses. You can also contact your local board/association of REALTORS® for more information.
For more details on the tax credit, the home buying process, or New Jersey’s Open House Weekend, visit www.REALstoryNJ.com.
The New Jersey Association of REALTORS®, with approximately 50,000 REALTOR® and REALTOR-ASSOCIATE® members, is one of the largest trade organizations in the state. NJAR®‘s membership is comprised of real estate professionals who subscribe to a strict code of ethics and are members of the national and local REALTOR® organizations. As the leading advocate for the real estate industry and private property rights in New Jersey, NJAR® is committed to protecting the dream of homeownership. For more information, please visit www.njar.com.
