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GOOD NEWS! The United States Congress have passed a new legislation that expands the tax credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010! This gives you, my valued client, more time to prepare to buy a property.

According to REALTOR.org, you qualify for the tax credit if you are current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight years.

CLICK HERE to visit the NAR Website that expands on the extension of the move-up buyer tax credit!

Contact Katie today for more information!

Are we heading back to basics?  You bet and what could be wrong with that?  A whole new set of rules has emerged out of the ashes of the mortgage meltdown.  Stated income, subprime mortgages, drive-by appraisals are out of vogue!    The Greatest Generation, so eloquently authored by Tom Brokaw about the sacrifice of the World War II generation said it all.  The standard for living within your means was set by them. Twenty-percent down, 30 years mortgages, paying it down and living the dream.   The pendulum swings between buyer/seller for leverage of negotiating the best deal. Today, it is in the buyer’s court.   If you want to sell, then you have to not only be on the market but in the market.  And that means being priced at or below the market conditions to create value.  In the absence of value, money will always be an issue!   Create the sense of urgency for those buyers to feel a value proposition and you just might end up with a full price offer and/or a bidding situation.   And what you give up on one end, you will benefit on the other!  Not only from a purchase price but a base for your taxes too!

Katie was featured in a positive real estate story on WZZM 13 news on Tuesday evening. Reporter Steve Patterson highlighted the rising home sales in the Grand Rapids Market for 5 straight months.

Julie Reitberg, Grand Rapids Board of Realtors Chief Executive officer shared the information that June saw 1,081 single homes sold, up from the 740 single homes sold in January. There is hope this is a trend and sales will continue to grow through the year.  Julie Reitberg attributes the positive sales numbers to the incentives and lower priced homes available.

The other side to this story is that the trend with the price of home continues to decline. Home prices this year average at 113,923 versus the average price in 2006 of 163,266.

Still not yet a trend, but the sales number up and foreclosures and inventory are starting to decline.  Good indicators that our housing market is headed in the right direction.

Please follow this link to read the complete story and watch the video clip:
http://www.wzzm13.com/news/local/story.aspx?storyid=111606&catid=48&provider=email

If you are considering selling your home, naturally one of your first questions is “what is my home worth”?   Today the internet is filled with real estate sites that provide you with estimates of your home’s value.  I emphasize ‘estimates’.  Sites such as Zillow.com, Cyberhomes.com, HomeGains.com, and HouseFront.com are excellent for searching for property, but not the most accurate in terms of determining value.  The values provided are based on a variety of sources.  Most use some form of sale, mortgage, ownership records and public data in the area to determine value, yet some others request that you complete a form and submit it for evaluation from a professional who may or may not be familiar with your area.

Most sites clearly state their value is an estimate only—never an actual appraisal—and advises visitors to contact a professional appraiser or real estate professional for accurate pricing information.  We encourage you to do the same.  Please contact our office if we can answer any questions or be of any help in your decision to sell your home.