The good news for buyers in the greater Lansing real estate market is that now is a great time to buy a 
house if you have a job, if you have a good credit rating (700 or above) and you have the motivation to be a home owner vs. renting. The all American dream is more affordable, more feasible and more realistically priced today. here's why:
1. Interest rates are low - Average 30-year fixed mortgage rate 6.0% - 6.25% 9/25/08
2. Housing affordability index is 117.7 which mean a family earning the median family income has 117.7% of the income necessary to qualify for a conventional loan covering 80 percent of a median-priced existing single-family home.
3. Selection of homes is plentiful according to the latest GLAR statistics there are 4483 residential homes on the market in the greater Lansing area. 2296 homes sold year to date. There have been 119 pending sales in the past 10 days compared to only 70 for the same period last year. This shows signs of positive activity regardless of the banking crisis that is currently taking place.
4. Sellers have reduced prices to new lows - according to the latest CBHB quarterly report the average home price decreased 20.12%. This does not necessarily mean all homes have come down this far in price, however, there are substantial price cuts compared to the past 5 or 6 years overall.
5. Housing and Economic Recovery Act of 2008, passed by Congress earlier this year, provides up to $7,500 in new tax credits to first-time home buyers who purchase before July 1, 2009. This is not a hand out, it has to be paid back, however it's a 0% interest loan, which will help buyers get into their first home.
If you are interested in getting more facts on why is the time to buy, you can visit the NAR site. Mark Twain said "The secret to getting ahead is getting started" you can do that by visiting MikeBowler.com to search all homes available in the greater Lansing real estate market.
"Expect the Best" Mike
Mike Bowler Sr.
Coldwell Banker Hubbell Briarwood
Lansing, MI 48917
517-492-3400 mike@mikebowler.com
www.mikebowler.com
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