State legislators recently began considering a law that would give buyers an income tax credit worth $15,000 or 5 percent of the home purchase price, whichever is less. The state Assembly approved that measure late last month. If it is passed, the credit would be distributed over a 3 year period on a 1st-come, 1st-serve basis. Under the proposal, $75 million of the credit is reserved for new construction while $25 million is set aside for buyers of existing homes.

Jeffrey Otteau, president of the Otteau Valuation Group, said about a fourth fewer buyers signed contracts for real estate in the state last month compared to a year ago.

“We had a full year of improvement in housing, so that means that today’s buyers, (potential homeowners) can’t get the same deals they could get six months ago,” Otteau said. “What buyers are saying is that the economy isn’t good enough for me to go forward without a tax credit.”

Post By Audeliz Angie Perez (160 Posts)

Angie Perez is a NJ Circle of Excellence award winning real estate agent for Re/Max Select in Westfield NJ. She sells anywhere from 12-25 houses per year on a consistent basis since 2005. Ms. Perez is primarily a buyer's agent on 60% of her real estate sales where she represents rental income investors, first time home buyers & trade up home buyers of 1-4 family homes within specific towns encompassing 4 NJ counties: Union, Essex, Middlesex and Somerset County. Many of Ms. Perez's clients appreciate her ability to negotiate favorable real estate deals for them. Many of her clients commented that her research abilities, her honesty, her knowledge of local market trends and her proficiency to manage multiple real estate transactions from start to close are some of the reasons why she was hired as their agent of choice. Please call, text or email Angie Perez to ask if she lists or sell in your town. If she can not help you, Ms. Perez would be more than happy to help or refer you to someone who can.

Website: → NJ Real Estate For Sale

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