New Jersey's Home Sales Tax

September 14th, 2007 11:00 AM by Manuel Couto, CRS, CRB

ALAS, a new day, a new complaint...

Actually not a complaint but an observation.  I was at a meeting with realtors from around the great state of NJ.  They all say one thing.  Forclosures are up, values are stable or dropping and buyers ... buyers are not buying.   When asked why, all they could agree upon was that it seems that everyone is waiting for the bottom of the market.  They come, they look, they kick the tires, but few are reaching into their pockets to buy the home.  People, this is not going to help the economy.  With less buyers, there are fewer sales and transactions with mortgage companies, title companies, Hardware stores, furniture stores, moving companies, painters, contractors, gas companies, phone companies, lumber yards... these are all real jobs that people have to work in.  (It almost sounds as if it's Un American NOT to buy a house).  Realistically speaking, Values are still good in the NJ/NY metropolitan areas, and interest rates are not high compared to the last 30 year average.  If the house or apartment suites your needs, BUY IT.  STOP paying rent and invest in your own home.

OH, and while you are searching the internet, look up NJAR's sponsored web site,  The State and Municipalities in NJ are trying to figure out a way to raise more money... on the backs of the taxpayers.  Log in and figure out what your penalty could be if this law passes.

Posted in:General
Posted by Manuel Couto, CRS, CRB on September 14th, 2007 11:00 AM

How can you, in good conscience, establish fault with a consumer for not wanting to pay inflated pricing for housing? It is precisely this attitude that put the US in this position to begin with. Return to a relatively stable time - say, 1997 - 2000 - add 3 - 4% appreciation, adjust for lower interest rates and you will see that houses are STILL overvalued. We are talking people's investments - money that translates into retirement income and the like. You can have the money now, but are you willing to cough it back up in the end when these same buyers require social services to sustain themselves later in life? It all comes back around, bud. Do the math and take yourself an ethics course.
Posted by Teresa on March 11th, 2008 7:26 AM



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