$8000 Tax Credit Extension is Approved

Grand Rapids Real Estate Market Update

The $8000 First Time Home Buyer Tax credit was approved and is now on the President’s desk for signatures. This current extension does have a few changes, for the better in my opinion. For first timers, the $8000 tax credit is extended until April 30th, 2010. The major addition is a $6500 Tax credit for existing home owners. Effective the day of the signing, this gives current homeowners, that have owned their current home for more than 5 years, a credit and incentive to move up or sell their home.This is nice for homeowners to help with their closing costs. Income limits have also been increased to $125,000 single or $225,000 married and you can claim this credit on any home up to $800,000 in price.

Many people have used this tax credit to help with their home purchase and it has helped the market recover, so this latest extension is welcome. Here is a list of Tax Credit Highlights.

For more information about the Grand Rapids real estate market, visit my website at GRRealEstateInfo.com or contact me any time.

17700 Algoma Ave NE – Cedar Springs Home For Sale

 

17700 Algoma Ave NE – Cedar Springs Short Sale $80,000

 This Cedar Springs short sale is an Affordable getaway with excellent hunting opportunity for turkey and deer. Also includes an elevated hunting blind. This cute 3 bed, 2 bath ranch is priced to sell. This great buy features a bright and open great room with a huge kitchen with snack bar and spacious dining area. Take advantage of a great opportunity to own some beautiful, wooded land just minutes from Sand Lake. Don’t forget to take advantage of the first time home buyer tax credit.

Agent Note: Subject to Bank’s approval of short sale and we have already submitted the complete short sale package to the bank.

  

For more information and pictures of this fine home or to set up a showing, visit my website at GRRealEstateInfo.com or contact me any time.

Grand Rapids Real Estate – June Market Update

 

Grand Rapids Home Sales up 26.2% From a Year Ago

 The Grand Rapids housing market continues to show signs of life as home sales were up 26.2% compared to June 2008. For the third consecutive month, single family homes have seen an increase in the average sales price (up to $119,923) from $97,073 in April 2009. This number does show improvement and is encouraging, but it is still down 12.5% from last June. These figures were prepared by the Grand Rapids Association of Realtors. This portrays a 19.9% increase in the home sale price from the beginning of 2009, where home prices were $95,010 for the month of January. The number of active listings in the Grand Rapids real estate market continues to remain steady at slightly over 9000. Sales year-to-date for single family homes was up 10.9% compared to one year ago.

These are good signs for our market. Especially when you take into consideration the amount of distressed homes such as short sales and foreclosures which are hurting and dragging down the overall Grand Rapids housing market.

Other positive indicators which show a good market trends are the average days on market, which is going down while the average selling price, median sales price and the percentage of the listing price compared to sales price, all continue to show improvement.

For more information about the Grand Rapids Real Estate market or to search for homes online, visit my website or contact me any time.