There are great incentives for first-time Iselin real estate buyers. Big tax incentives and money put into the banking and financing industries to give buyers more availability to loans makes now the best time to move when looking for a Jersey home. This environment won't last—exactly. Some of the elements put in place are geared toward a strong future for the housing market, but many of the advantages are only good for now.
Tax Relief
First-time Iselin real estate buyers, meaning those who have not owned a home in the past three years, are eligible for a big tax break on income taxes. Next year at tax time all buyers have to do is report the new home purchase to get $8,000 dollars back. That's a big incentive. The drawback is it’s only good for this year. It is retroactive to the beginning of 2009 so even if you have already bought that home you can still claim it, but if you drag your feet hoping for better mortgage financing, or just a better time for your family to get a new home, you will miss out after December 31, 2009.
Affordable Housing
Right now is the time to buy because of prices, too. Thanks to the failings of the housing market, there are tons of homes for sale at prices they would not normally be listed at. If the stimulus plan improves the economy the way it is hoped it will, that won't last. That's great news for home owners, but not great for those who wait to take advantage of the greatly reduced home prices.
Iselin real estate buyers need to take advantages of all that 2009 and the current real estate market have to offer. There are great deals that will never happen again—hopefully.
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