With the backdrop of welcoming Jewish New Year 5785, I am delighted to share with you some good news. As a professional realtor, my pride of service is to go above and beyond by sharing pertinent housing information, hopefully for the benefit of our buyers and sellers. In addition, we are always available to offer suggestions of other expertise needed to help facilitate the journey to achieve our clients goals together. Knowledge is powerful and as the slogan goes, “An educated” consumer is our best customer.
From the get-go, when working with all buyers, the realtor needs to ask pertinent questions for finance affordability to assure no one, including the seller, buyer or realtor, is wasting their precious time. For those of you purchasing a home and doing the diligent search with your trusted realtor, you know by now the gold standard of being prepared from the onset is with a pre-qualification letter. Each buyer must be screened by a professional licensed loan officer to assure that when a buyer falls “in love” they can make an offer for the house of their dreams that fits their family’s needs, with a pre-qualification letter attesting to validity of the “said” offer.
When offers are submitted, time frames are intense since competitive multi-offers could be on the heels of many active properties. Prepared and savvy buyers have already done their due diligence of the prepared letter so as not to delay consideration of a serious offer to the seller. Other buyers need to be guided to procure the necessary document. When the purchase offer is all cash with no mortgage, only the POF, Proof of Funds, either from a bank statement or other forms of liquid cash, proof copy is required along with the offer.
Those who typically do not have the prepared letter usually waffle thinking it is not so necessary. On the contrary, preparation is the spice of life to “win” the home of your dreams in a timely manner. Just like you don’t walk into a job interview without your resume, in the real estate industry you need to have a pre-qual letter within the six-month period to validate the qualification of purchase.
Now that the dust has settled for Teaneck residents who had concerns of last spring’s town re-assessment, the rate has now been established within the town’s budgetary needs. Residents now have full knowledge of their property tax obligation due to the new rate multiplier by the new property assessment which determines the amount due by the homeowner. As an aside, by next spring you can contest the assessment if you choose, but a cautionary note — rates do fluctuate yearly, either higher or lower when towns establish their budget. For now, each resident has received the full property tax amount that is due.
Fortunately, we can celebrate the implementation of the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) benefit program by the New Jersey Department of the Treasury Division of Taxation. Finally, we have the benefit of a discount with the government giving us back money.
Since I am also licensed to sell real estate in New York state, I am well aware that for decades the New York State Department of Taxation has already had the STAR program, enacted in1997 for discount of school property taxes in place for primary New York state homeowners. It started off with no income limitation when first enacted, but currently the exemption limit has been imposed at $250,000 of income. The discount fluctuates in each local depending on the school taxes and there is also an additional discount called the Enhanced Star for seniors with eligibility of age and income as well.
The New Jersey ANCHOR discount benefit program is different from New York’s, yet the bottom line allows for reductions in our monetary property tax obligations. It is a welcome relief that finally New Jersey is offering their residents a discount through ANCHOR. Residents should have received notice in the mail, but I am cautioning those who inadvertently threw out that letter, as they may be missing out. Knowledge is powerful and lucrative as well.
There are eligibility rules and not everyone will qualify. Let’s digest the fine print. Eligibility stipulates that first and foremost you are a New Jersey resident In addition, requirement is primary ownership as your principal residence since Oct. 1, 2021 which excludes filing for a benefit on a second home that is not primary. Property tax status of full payment has to be up to date. The final caveat is income eligibility, which is your 2021 New Jersey gross income to not be more than $250,000.
For those who are eligible and have not filled out the form as of yet, you can apply online and the deadline is glaring by Nov. 30, which is around the corner after the chagim, so don’t miss the opportunity. The website is www.anchor.nj.gov or call the hotline number at (888) 238-1233.
Oh, did I mention a pertinent fact? If eligible, the New Jersey discount stipulated is up to $1,500 for a homeowner with an augmented limit amount of $1,750 for applicants who are 65 or older as of Dec. 31, 2021.
Considering our daily lives are inundated with increasing prices in all walks of life, this is surely a welcome budgetary relief for the consumer.
On the cusp of our Jewish New Year 5785, I am sharing with you some real estate comparative statistics which may be good news or bad news, depending whether you are the buyer or seller. In Teaneck, the comparison from now shows a decrease of homes sold from 154 units to 142 with a median sold price increase of $555,500 to $640,000, a change of 15% higher in 2024 from January 2023 to date. A neighboring town, Englewood, indicators to date show comparisons from January 2023 to January 2024 reveal home sales have increased from 64 to 70 units with an increase from $576,250 to $706,509, a 23% increase in the median sold price category.
Home prices, in general, have maintained their upward trend much across the country. Mortgage rates, home inventory supply and economic conditions are all pivotal factors contributing to market real estate trends. Remember, owning a home is still a piece of the rock while we take the good times and bad and ride the cyclical waves of success and pride of ownership.
Ultimately, home is where your heart is, so go for it!
Hope all this information for the New Year is helpful. Wishing a K’tiva V’chatima Tova to all and praying for ultimate peace and safety for Am Yisrael Chai.
Ruby Kaplan is a realtor licensed in both New Jersey and New York. Visit rubykaplan.kw.com for more information. The Ruby and Bobby Kaplan/Keller William Town Life team will promote your home with the best of social media and create alerts for your criteria of housing needs. Your Housing Needs Are Our Priority! Ruby can be reached at (201) 314-4152, on her cell at (917) 576-4177 or at [email protected].
