Homebuyers: First-time homebuyers who purchase this calendar year get an $8,000 tax credit which does not have to be repaid like a similar measure last year. This phases out for people making more than $75,000 individually or $150,000 jointly. “First-time homebuyer” is defined as someone who has not owned a home for the past three years. Cost: $6.63 billion. 

2/05/09  Wednesday evening the Senate unanimously approved by voice vote to add the Isakson Amendment to the stimulus package.  The Isakson amendment would allow home buyers a tax credit of up to $15,000 on home’s purchased within the next year. From the article:

“We do have a history in this country with housing and it goes back to the crash of 1974, which actually in terms of inventory and price declines was comparable to what’s happening now,” Mr. Isakson said at a news conference.

“Within one year of the inception of that tax credit, two-thirds of the available inventory that was on the market was gone. The market moved back to a balanced inventory, values stabilized and things became very healthy. The only reason I know all of that is I was selling houses in 1974, that’s what I was doing to feed my family and make a living.”

The tax credit would give buyers 10 percent of the price of a primary residence bought within one year, up to $15,000, and is intended to stabilize plummeting home prices, which caused a wave of foreclosures and led to the near collapse of the financial system as Wall Street firms wrote down billions in mortgage-backed assets.

The Senate is hoping for the final vote on the Stimulus package to happen Thursday.  The problem they have to contend with is the cost.  President Obama had set a limit of $900 billion for the total package, and it is believed that with this addition along with others, the package well exceeds that figure.  Now they will be deciding which aspects of the stimulus package will be cut for it to proceed.

Current Inventory (number of homes on the market):  3484
Average Days on Market for sold properties:  125
Average Monthly Sales: 346
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 10 months

Real Estate market statistics by town in Burlington County:

Beverly City: 

Current Inventory (number of homes on the market):  26
Average Days on Market for sold properties over last 12 months:  113
Average Monthly Sales: 2
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 13 months

Bordentown City:

Current Inventory (number of homes on the market):  32
Average Days on Market for sold properties over last 12 months:  82
Average Monthly Sales: 3
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 10 months

Bordentown Township:

Current Inventory (number of homes on the market):  69
Average Days on Market for sold properties over last 12 months:  95
Average Monthly Sales: 8
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 8 months

Burlington City:

Current Inventory (number of homes on the market):  88
Average Days on Market for sold properties over last 12 months:  98
Average Monthly Sales: 8
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 11 months

Burlington Township:

Current Inventory (number of homes on the market):  136
Average Days on Market for sold properties over last 12 months:  90
Average Monthly Sales: 8
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 17 months

Chesterfield Township:

Current Inventory (number of homes on the market):  59
Average Days on Market for sold properties over last 12 months:  61
Average Monthly Sales: 4
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 14 months

Cinnaminson Township:

Current Inventory (number of homes on the market):  103
Average Days on Market for sold properties over last 12 months:  90
Average Monthly Sales: 8
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

Delanco Township:

Chesterfield Township:

Current Inventory (number of homes on the market):  59
Average Days on Market for sold properties over last 12 months:  61
Average Monthly Sales: 4
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 14 months

Delanco Township:

Current Inventory (number of homes on the market):  46
Average Days on Market for sold properties over last 12 months:  61
Average Monthly Sales: 4
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 11 months

Delran Township:

Current Inventory (number of homes on the market):  95
Average Days on Market for sold properties over last 12 months:  93
Average Monthly Sales: 12
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 7 months

Eastampton Township:

Current Inventory (number of homes on the market):  35
Average Days on Market for sold properties over last 12 months:  118
Average Monthly Sales: 3
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 11 months

Evesham Township:

Current Inventory (number of homes on the market):  335
Average Days on Market for sold properties over last 12 months:  79
Average Monthly Sales: 45
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 7 months

Florence Township:

Current Inventory (number of homes on the market):  112
Average Days on Market for sold properties over last 12 months:  98
Average Monthly Sales: 11
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 10 months

Hainesport Township:

Current Inventory (number of homes on the market):  38
Average Days on Market for sold properties over last 12 months:  111
Average Monthly Sales: 4
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 9 months

Lumberton Township:

Current Inventory (number of homes on the market):  85
Average Days on Market for sold properties over last 12 months:  84
Average Monthly Sales: 8
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 10 months

Mansfield Township:

Current Inventory (number of homes on the market):  86
Average Days on Market for sold properties over last 12 months:  119
Average Monthly Sales: 7
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

 Maple Shade Township:

Current Inventory (number of homes on the market):  85
Average Days on Market for sold properties over last 12 months:  86
Average Monthly Sales: 10
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 8 months

Medford Lakes:

Current Inventory (number of homes on the market):  229
Average Days on Market for sold properties over last 12 months:  107
Average Monthly Sales: 18
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

 Medford Township:

Current Inventory (number of homes on the market):  46
Average Days on Market for sold properties over last 12 months:  61
Average Monthly Sales: 4
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 11 months

 Moorestown Township:

Current Inventory (number of homes on the market):  175
Average Days on Market for sold properties over last 12 months:  103
Average Monthly Sales: 15
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 11 months

Mount Holly:

Current Inventory (number of homes on the market):  95
Average Days on Market for sold properties over last 12 months:  91
Average Monthly Sales: 7
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 13 months

Mount Laurel Township:

Current Inventory (number of homes on the market):  366
Average Days on Market for sold properties over last 12 months:  77
Average Monthly Sales: 46
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 7 months

Palmyra:

Current Inventory (number of homes on the market):  73
Average Days on Market for sold properties over last 12 months:  72
Average Monthly Sales: 6
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

Pemberton Boro:

Current Inventory (number of homes on the market):  18
Average Days on Market for sold properties over last 12 months:  72
Average Monthly Sales: 1
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 18 months

Pemberton Township:

Current Inventory (number of homes on the market):  218
Average Days on Market for sold properties over last 12 months:  92
Average Monthly Sales: 22
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 9 months

Riverside Township:

Current Inventory (number of homes on the market):  74
Average Days on Market for sold properties over last 12 months:  83
Average Monthly Sales: 5
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 14 months

Riverton Township:

Current Inventory (number of homes on the market):  20
Average Days on Market for sold properties over last 12 months:  128
Average Monthly Sales: 2
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 10 months

Shamong Township:

Current Inventory (number of homes on the market):  44
Average Days on Market for sold properties over last 12 months:  93
Average Monthly Sales: 3
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 14 months

Southampton Township:

Current Inventory (number of homes on the market):  131
Average Days on Market for sold properties over last 12 months:  106
Average Monthly Sales: 10
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 13 months

Springfield Township:

Current Inventory (number of homes on the market):  25
Average Days on Market for sold properties over last 12 months:  129
Average Monthly Sales: 2
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

Tabernacle Township:

Current Inventory (number of homes on the market):  60
Average Days on Market for sold properties over last 12 months:  114
Average Monthly Sales: 3
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 20 months

Westampton Township:

Current Inventory (number of homes on the market):  88
Average Days on Market for sold properties over last 12 months:  100
Average Monthly Sales: 6
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 14 months

Willingboro Township:

Current Inventory (number of homes on the market):  306
Average Days on Market for sold properties over last 12 months:  89
Average Monthly Sales: 25
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

**Trend Disclaimer: Data may be revised at a later date, and may be subject to errors and omissions

The reason I’m writting this post is because of repeated frustrating experiences home owners have with contractors.  Dealing with the  unprofessional or unethical (or both) contractors is an absolute nightmare for both the home owner and potential home buyer. 

What many home sellers and buyers don’t realize is that contractors they hire can jeapordize the sale of a home. 

When under contract, a home owner is obligated to make all agreed upon repairs prior to settlement, including those required by the township, lenders, etc.  We also operate under a "time of the essence" clause, which obligates the home seller to complete everything within the time frame contractually agreed upon.  If the repairs aren’t completed it could cause the sale to fall through and the buyer to walk from the transaction, the township to fail the c/o, the lender to deny financing, credits given to the buyer, or money held in escrow until the repairs are completed which could affect the seller’s next home purchase.  Regardless of whether you are the home seller who is having to deal with the complications of unprofessional contractors, or the home buyer who has made their plans to move into the home and their plans delayed, it’s a messy and complicated situation for all.

When you are in the middle of a real estate transaction, or even if your are planning to do a few home remodeling projects and improvements, be sure the contractor you hire is reputable,  professional, has other home owners in the area for refrences you can contact, and don’t forget to check up on them at your local Better Business Bureau. 

For those that cannot find contractors that are highly recommended by your friends, neighbors, or family, the Fedral Trade Commission has a full list of tips and advice for hiring a contractor.  Interview potential contractors, keep those tips in mind and make sure they conduct their business professionally. Do they return your calls promptly? Arrive at the appointment on time?  Are competive in pricing? Are they licensed and insured? Will they give you a written estimate and warranty of product AND workmanship? Make sure they do NOT require a large deposit upfront. (Yes, I’ve even had a client that found a contractor – I’m not sure how – and decided to pay for the job in full upfront, never to see the contractor again.)

So protect yourself, your investment, and your real estate transaction by doing the required research to make sure you are hiring a reliable, professional, contractor.

–Roxanne

The settlement was originally scheduled for a Friday, and the seller requested the weekend to move. The buyer was willing to postpone settlement until the following Monday. The buyer did have fish that needed to be relocated to the new house, since the buyer’s house settled Friday morning. The seller agreed to allow the buyer to move the fish tank in on that Friday. The buyer went to the property multiple times over the weekend to feed the fish and had multiple conversations with the seller. The buyer was told the movers were scheduled for first thing Monday morning.

Monday arrives. I called the buyer in the morning to check in and confirm our meeting time at the property for the pre-settlement walk through. The buyer decided that he felt comfortable with everything and since he was over the property multiple times throughout the weekend that he didn’t need to visit the property again before settlement. He said he would meet me at settlement instead. As a rookie agent, I didn’t know to argue the point and agreed to go along with what he wanted.

We arrived at the settlement. The settlement went very smoothly, everyone laughing and joking around. Towards the end, the seller asked the buyer if he minded a few things left on the porch until they could come back to get them with the truck. The buyer said it wasn’t a problem at all, since the seller allowed him to keep his fish in the house until settlement. At the end, they shook hands and everyone left smiling.

I told the buyer I would meet him at the house after settlement. I had wanted to take the buyer to get something to eat once he had his movers (friends and family) situated. We pulled up in front of the property and there was a 3 foot high wall of trash lining the entire length of the property, completely blocking any access from the street to get his furniture through the front door. That of course, was a bit frustrating and disappointing for the buyer, and very inconsiderate of the seller. However, that was the least of our concerns.

Once we walked inside, our jaws dropped. The seller never moved out! Yes, the seller did ask if they could leave a few things on the porch but the seller neglected to include "and every other room in the house". Nothing was moved. Not a thing. As it turned out, the "movers" the seller said were coming first thing in the morning, were the son and a friend. All that they had accomplished was moving what they didn’t want to take, the trash, to the curb. My wonderful first settlement had turned into a nightmare. The buyer was furious, but there was nothing we could do but wait it out.

By the end of the day, the seller and the "movers" had emptied the house. I spent the entire day with him trying to pacify him, and of course hurry the seller. When they were loading their last truck load I ran home and grabbed some sweat clothes, stopped at the liquor store and bought his favorite drink, and came back to help him get the house in order for his things to be moved in. Luckily, he didn’t need my help (I probably wouldn’t have been able to walk the next day if he did because of my back problems.) His family and friends were able to come back that evening and the next day to move his furniture. We did however get to enjoy a few cocktails when it was all over.

The moral of the story… Don’t skip your pre-inspection walk through!!!!! As for me, that was the first and LAST time I allowed that to happen. In the event that you do your walk through and run into the same situation you can do a couple of things a) postpone settlement or b) settle and have the title clerk hold an escrow amount until the property is vacated and to cover you in case of damages. If you incur any debt because of the seller’s breach of contract, you could be entitled to be reimbursed. Speak with your attorney for other possibilities and to decide the best course of action.