Law Offices Jeffrey P. Ferrier

09/22/2025

https://www.realtor.com/advice/buy/homebuyers-cancel-offers/?cid=eml__1946:66e221571a4446d4e6969d41:rm202509221030_Marketing_Consumer_Daily_EditorialRSSDynamic

A recent shift in homebuyer psychology represents a fundamental change in the housing market's power dynamics.

06/30/2025

MANSION TAX UPDATE
It seems a deal has been reached in Trenton to modify/increase the Mansion tax. Once finalized, effective July 10, 2025, a new graduated tax on high-end property sales will go into effect. This tax, will be known as the “Supplemental Fee to the Realty Transfer Fee. This new fee is separate from the existing Realty Transfer Fee which will still apply.
Here’s the breakdown of the new tax, which would now be entirely paid by the SELLER instead off the Buyer, on amounts in excess of:
$1 million: The existing 1% “mansion tax” remains, but the responsibility shifts from the buyer to the seller, amending the 2004 law:
$2 million: 2% tax on the seller.
$2.5 million: 2.5% tax on the seller.
$3 million: 3% tax on the seller.
$3.5 million and above: 3.5% tax on the seller.
The new rates will go into effect July 10, 2025 and will apply to all contracts executed on and after July 10, 2025.
If there is a fully executed contract in place before July 10, 2025 and the deed is recorded before Nov. 15, 2025, the state may issue a refund for the additional tax charged under the new law. This ensures fairness for deals that may be caught in the transition period.
There is no rate increase between $1 million and $2 million—only a shift in responsibility from the buyer to seller.

02/27/2025

This almost happened to one of my clients, so it is a legitimate concern. Especially if you own vacant land, you should sign up for automatic notifications on the officialCounty Clerk website where your property is located. Sign up is free and may held protect you from this situation.

An emerging real estate scam involves "title pirates" who hijack property ownership to make quick, illegal sales—here's what realtors want you to know.

02/13/2025

https://www.realtor.com/news/trends/luxury-home-prices-state-income-needed/?cid=eml__1946:66e221571a4446d4e6969d41:rm202502131130_Marketing_Consumer_Daily_EditorialRSSDynamic

Luxury often comes at a price. New Realtor.com data reveals just how much that price can vary in each state when buying an upscale home.

01/30/2025

https://www.realtor.com/news/trends/mortgage-lock-in-effect-january-housing-report/?cid=eml__1946:66e221571a4446d4e6969d41:rm202501301130_Marketing_Consumer_Daily_EditorialRSSDynamic

Newly listed homes were up nearly 11% in January, signaling the sticky "lock-in effect" keeping homeowners from selling was finally easing.

01/21/2025

Corporate Settlement Solutions released an analysis that highlights a growing gap between appraised home values and sale prices.

01/21/2025

https://www.realtor.com/news/trends/new-york-city-december-2024-rental-report/?cid=eml__1946:66e221571a4446d4e6969d41:rm202501211130_Marketing_Consumer_Daily_EditorialRSSDynamic

You're going to have to pay even more to live in the heart of the Big Apple, as rental prices rise once again.

01/07/2025

https://www.housingwire.com/articles/the-two-big-housing-market-trends-to-watch-in-2025/?cx_testId=1&cx_testVariant=cx_1&cx_artPos=0&cx_experienceId=EX9ABT31BV11&cx_experienceActionId=showRecommendations5ENDRWQDF1JZ6

There are two housing trends to watch in 2025 — affordability and sellers. Prices need to come down; sellers need to enter the market.

04/25/2024

https://www.nytimes.com/2024/04/23/realestate/nar-settlement-realtors-commission.html

Home sellers will no longer be required to offer commission to a buyer’s agent when they sell their property, under an agreement with the National Association of Realtors.

11/08/2023

Interesting article on the recent realtor commission lawsuit.

In the aftermath of the Sitzer/Burnett commission lawsuit, one of the most contentious issues is how the ruling might affect FHA and VA mortgage borrowers.

04/16/2023

Helpful website for first time Buyers in NJ.

The New Jersey Housing and Mortgage Finance Agency provides a variety of programs to assist prospective homebuyers and homeowners. The New Jersey Housing and Mortgage Finance Agency (NJHMFA) is dedicated to increasing the availability of and accessibility to safe, decent and affordable housing to fa...

04/16/2023

https://money.com/current-mortgage-rates/

The average rate on a 30-year fixed-rate mortgage dipped to 6.27%.