Real Estate Information Archive

Lots of questions these days is centered around the home tax credit as it has been altered.

Rick Veldman with Met Life Home Loans provided me with the following information:

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.

If you have personal questions regarding mortgage, you can call Rick at 616-285-2100.

And, of course, I'd love to be your real estate consultant!

The activity in the real estate world has started the Spring activity a little early this year.  My phone has started ringing more and showings have increased.  My view is that buyers and sellers are starting to think that waiting is not the right option.  And what were they waiting for anyway?

Prices are not going to magically return to the hayday of 2005-2006.  We need to get back to looking at what is good for each individual situation.

Do you need more room?  Are you moving up?  This is a perfect time for you.  Even if you sell your current home at a reduced amount, you will also purchase your next home at a reduced price.  This means that net value to you will increase.

Please call me for any questions or assessments you might like to discuss.