Grand Rapids Home Prices Up 35% Over Last year

2 11 2009

Grand Rapids real Estate Market Stats for September More great news for the Grand Rapids Real Estate market! As reported by the Grand Rapids Association of Realtors, Grand Rapids area single family home sales continue to improve and are up a whopping 39.2% over the same time period last year. The actual numbers are 1075 homes sold versus 772 in September 2008. The average sales price is also up 2% compared with the year-to-date average of $107,285. Single family year-to-date sales volume is up to 8,657 (14.1%) compared to 7587 YTD in September 2008. Inventory lever rose slightly to 8.7 months.

22% of homes sold in the Grand Rapids area remain in the $100,000 to $140,000 range with less than 50% of residential single family home sales counting as short sales and foreclosures.

The $8000 Tax Credit is one of the main reasons for the increased sale of homes  in the Grand Rapids area. The current Tax credit is set to expire on November 30th, 2009. This means that for home buyers to claim the $8000 credit, they would have to close on November 30th and no later.

Some good news to come out of DC is that there is a bill in play that will extend the First Time Home Buyer Tax credit into next year, April 30th, 2010. The $8000 credit will then reduce by $2000 each quarter until it expires at the end of 2010.

For more information on the Grand Rapids real estate market and to search for homes, visit my website at GRRealEstateInfo.com or contact me any time.





$8000 Tax Credit Extension – Grand Rapids Real Estate Market Update

31 10 2009

The Senate is working on extending the $8000 Tax Credit to April 2010. Many buyers took advantage of this credit this year and many are rushing to make it under the current November 30th deadline. This has been a very nice benefit for first time home buyers and buyers who have not owned a home in the last 3 years. Eligible homebuyers will get the full $8000 dollars if they close before April 2010. The amount of the credit will then decrease by $2000 each quarter until it expires at the end of the year (2010).

In this bill, they are also looking into increasing the income limit. We’ll just have to wait and see the final outcome, we all know how these things seem  to change very rapidly in DC. For more information or to search for homes, visit my website at GRRealEstateInfo.com or contact me anytime.





$8000 Tax Credit Ending Soon – Grand Rapids Real Estate Update

10 09 2009

$8000 Federal Tax Credit is Ending Soon

Grand Rapids Tax credit If you are thinking of purchasing a Grand Rapids home or condo and want to use the First Time Homebuyer’s $8000 Tax credit, time is running out. To qualify, you can’t have owned a home in the last 3 years and you must purchase a home before December 1st 2009. This is a real credit and does not have to be repaid. Many clients have taken advantage of it this year.

In order to close on a home by the end of November, your should be looking right now. My website provides all of the listed homes on the MLS Database and the search is free. Feel free to use it and if you have any questions, let me know. Once you find your home or condo, you will need to have an accepted offer before the end of October, just to be on the safe side.

If you don’t know where to start and would like to talk to a lender, give Scot Veneklase a call at Exchange Financial. Scot can be reached at 616-957-3480.

Click Here for a 2009 Tax Credit Q & A





$15,000 Home Buyer Tax Credit

11 02 2009

UPDATE ON $15000 HOMEBUYER TAX CREDIT: Well no sooner do I post about this excellent incentive for homebuyers than I come to find out that the $15000 Home Buyer Tax Credit is not going to happen. What a shame. They are going to keep it at $8000 and make it for first time home buyers only. I’ll definitely be keeping an eye on this and posting updates here.

I have to say this though. This $15000 tax credit for home buyers would have been an actual stimulus. I’ve had several of my clients calling/emailing me inquiring about this. People want to do something but are sitting on the fence. This home buyer tax credit incentive had the potential to get folks to jump off the fence and start buying some Grand Rapids real estate! Shame on the government. The country is in need of actual stimulus programs, not special interest, pet projects aka: pork.

$15000 Home Buyer Tax Credit

The latest “Stimulus” bill now underway has a $15,000 tax credit for home buyers. ($15,000 or 10% of the sale price). This enhances the recent $7500 First Time Home Buyer Tax Credit in a few different ways and if passed, will make a big difference to homebuyers in Grand Rapids. Yesterday, Feb 10th, the Senate passed this bill however it hasn’t been finalized yet. The next step is for joint members of the Senate and the House to try to arrive at a compromise between their respective bills. Once that has been sorted out, they will vote on it and send it to the President for his signature. The general consensus is that some sort of tax credit will be incorporated into the bill but we will have to wait for the final version to be sure just what it is.

Major changes to the home buyer tax credit are as follows:

  • Maximum tax credit increased from $7500 to $15,000 or 10% of the sale price.
  • Everyone is now eligible for the tax credit where before, you had to have been a first time home buyer and that was defined as someone that had not purchased a home in the last three years.
  • You are no longer required to pay this back.

Keep in mind that it has not been approved yet and it is the government we are talking about here, so expect something to change. :). Here is the amendment  from Sen Jackson’s website.

If you have any questions about the Grand Rapids Real Estate market or would like to research your next move, visit my website to search for homes or contact me any time.