Breaking News Less than 50 days, Irish Hills Michigan ,Jackson MI,Onsted,Loch Erin Market Update March 2010 Local Lake's Update 52 Lakes 5 Miles

By
Real Estate Agent with Howard Hanna Real Estate Services

 

BREAKING NEWS

LESS THAN 50 DAYS TO UTILIZE NEW AND EXISTING BUYERS TAX CREDIT

CONGRESS EXTENDS AND EXPANDS THE
$8,000 FIRST-TIME HOMEBUYER TAX CREDIT

Amendment Includes $6,500 Credit for Current Homeowners

  • The current $8,000 federal tax credit for first-time homebuyers is extended to April 30, 2010.
  • A new tax credit for certain existing homeowners has been created. The amount of the new credit is $6,500. To qualify, an individual must have owned and resided in a home for any 5-consecutive-year period during the last 8 years prior to purchase of a new home.
  • To be eligible to claim the $8,000 credit, first-time buyers must enter into a written binding contract for purchase before May 1, 2010 and must close on the purchase before July 1, 2010.
  • To be eligible to claim the $6,500 credit buyers who have owned and resided in a home for any 5-consecutive-year period during the last 8 years, must close after the date of enactment (November 6, 2009), and prior to July 1, 2010.
  • The new law increases the income limitation for homebuyers who want to claim the credit. The income limit for individual taxpayers has been increased from $75,000 to $125,000. The income limit for joint filers increases from $150,000 to $225,000.
  • To qualify for either credit, the price of the home being purchased cannot exceed $800,000.
  • In addition, members of the U.S. Armed Forces who have been deployed overseas will have an additional year to qualify for the credit -until April 30, 2011.

MARKET UPDATE FOR THE IRISH HILLS AREA

As we enter the month of March many exciting things are happening in the Irish Hills and Brooklyn Michigan & Jackson areas . The first is now that it appears the snow is melting people are getting back outside and starting to tour homes in full force again. One new dynamic is that vacant land is starting to pick up full pace . Me personally, I have facilitated two new builds and am working on another within the last two months. One Lakefront on Archwood Circle in Lake Columbia and another a Lake Access home in Lake Somerset in Hillsdale . If all goes well another should be erected in Brooklyn very soon.

I have been out every weekend showing properties to folks from outside of our area. Dreams of owning an affordable Lakefront vacation Cottage or retirement home have not been forgone in this economy. People realize that the value in this market is unsurpassed. I can tell you we have some values coming about this spring and summer that you will never see again.

Our area as far as Realtors has been ever changing. The Re/max Mid Michigan office once again this year is number one in sales in the area. When many other companies around us have moved, changed names,tried to merge to stay afloat or however they would like to portray it. One thing remains the same . Re/max is reliable dependable and has not cut back on services to buyers and sellers. We have continued to outpace our competition.

I look forward to be able to get a little more personal with each and everyone of you this year and share my adventures with you .

 

 

 

 

 

 

 

 

 

 

Comments (1)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Is this something unique to Michigan??

The dates for the tax credit in MD and VA is go to contract by April 30 and close by June 30.

 

Mar 11, 2010 12:10 AM