Real estate consumers in the greater Lansing area and across the country can now take advantage of a Federal Housing Administration program to allow qualified home buyers to apply the $8,000 tax credit when purchasing a home, reported by NAR in a press release. FHA will now permit its lenders to provide a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger down payment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate.
Lansing has shown an increase in sales of 9.8% over last year compared to Michigan 8.55 % increase YTD compared to last year at this time, according to MAR.
A NAR practitioner survey in April showed first-time buyers declined to 40 percent of transactions, implying more repeat buyers are entering the traditional spring home-buying season. It also showed the number of buyers looking at homes has increased 14 percentage points from a year ago. Lawrence Yun, NAR chief economist said: "This is consistent with our forecast for home sales in the latter part of the year to be 10 to 20 percent higher than the second half of 2008,"
As a home buyer in the greater Lansing area, it's important to start equipping yourself with the tools necessary to make your best purchase. In most businesses, knowledge equals power, and real estate is certainly no exception. Here are 4 free reports I've provided, and I hope you learn a little more about what it takes to make your important purchase a great one.
"Expect the Best" Mike
Mike Bowler Sr. ePRO, CRB, GRI, SRES
Coldwell Banker Hubbell Briarwood
1020 S. Creyts Road, Lansing, MI 48917
Phone: 517-492-3400 Fax: 888-832-6203
email: Mike@MikeBowler.com
Website for Clients: MikeBowler.com
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