As most of you has heard by now, in its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible for the tax credit. Here are the basics:

  • The tax credit does not have to be repaid.
  • The tax credit is for first-time home buyers only. *(someone who hasnt owned a home in 3 years)
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Click here for more details regarding credit requirements

With low interest rates, low home prices and now free money from the government that doesnt have to be paid back, there truly is no better time to buy.  Read on for a brief summary of how the Grand Rapids housing market increased 10.2% through May or search for your new home today!

 

MARKET UP IN MAY!

Sellers in the Grand Rapids real estate market had a little extra spring in their step in  May where the sales price of a single family home has seen an increase in the average price of 10.2% to $108,099 compared to April 2009 with an average sales price of $97,073, according to the figures prepared by the Grand Rapids Association of REALTORS. This is a 12.1% increase in the home sale price from the beginning of 2009, where home prices where an average of $95,010 for the month of January.

 

Greg Carlson, President of the Grand Rapids Association of REALTOR, commented on the May average home sales price increase, " In January of this year, over 69% of all home sales transactions were foreclosure/short sale. In May it was down to just over 53%, " said Greg. " When comparing home slae prices, 55% of the January 2009 dollar volume was foreclosure/short sales. In May, only 37.42% of the dollar volume was distressed properties. As we watch both of these numbers decrease we should see the average home sale price increase. This is great news for Kent County and the individual seller."

Josh May's Featured Properties- Click Here!

If you are in the market for buying, I encourage you to search for your new home today!  In addition if you or your friends or family members have any general questions about buying/ selling real estate in Grand Rapids, please contact me as I am more then willing to help.

Sincerely,

Josh May