By now you probably know about the First Time Homebuyers Tax Credit that has been available to first time homebuyers and homebuyers who have not owned a  home in the past three years and you may have even heard that the first time homebuyers tax credit has been extended until spring of 2010.  But is this tax credit really working?  Well in New Jersey it seems to be.

According to the New Jersey Association of Realtors (NJAR) the number of first time home buyers rose in 2009 to account for 52% of the total real estate purchases that took place in the state of New Jersey.  In 2008 first time homebuyers accounted for 49% and in 2007 they accounted for only 36%.

Many people are saying that now is the perfect time to buy a home especially in the northeast area such as New York or New Jersey.  When compared with other national real estate market statistics the northeast seems to be experiencing an overall better housing market than the rest of America in many aspects such as house value along with the amount of equity earned in from the house.

When the first time homebuyers who bought homes in New Jersey recently what was the biggest reason for the move it was because of the First Time Homebuyers Tax Credit and because of low mortgage rates.

Currently if you are a first time homebuyer purchasing a home in New York, New Jersey or anywhere else in the United States you may be eligible to receive up to $8,000 back for the purchase of your first home.

If you would like to know more about the purchase process and are currently residing or wish to reside in New York or New Jersey you can contact our real estate law office for any questions you may have regarding the legal aspect of purchasing a home.  Steven T. Decker Staten Island real estate lawyer can be reached at 718.979.4300 or 800.976.4909.