Saint Clair Shores, MI

Yes, it is official now. Yesterday President Obama signed the tax credit extension and expansion into law! Not only is this great news for first time buyers, but buyers who have lived in their existing homes for 5 out of the last 8 years will also be eligible for up to $6,500 tax credit. Click here for Tax Credit Comparison Chart.

Extension highlights

• The first time buyer tax credit of up to $8,000 is extended to April 30, 2010
• You must have a signed purchase agreement by April 30, 2010
• You must close the transaction by June 30, 2010

Expansion highlights

• Current home owners who purchase a home can qualify for up to $6,500 tax credit
• Current home owners must have lived in their homes for 5 out of the last 8 years
• You must have a signed purchase agreement by April 30, 2010
• You must close the transaction by June 30, 2010

Details on the Tax Credit Extension / Expansion

Even more importantly included in this bill is that unemployment benefits are going to be extended for 20 weeks! With the high rate of unemployment in MI this is good news for many families.

For more info on the St. Clair Shores Real Estate market, contact Mike Mitchell,REALTOR ®

If you'd like to start looking for homes and take advantage of this buyers market in S.E. Michigan sign up for a free Listingbook account and search the mls on your own personal website! Absolutely FREE!

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com/

If you would like to know what your St. Clair Shores home is worth in today's market, give me a call to schedule an appointment for a free market analysis (cma). No pressure, no obligation

ST. CLAIR SHORES REAL ESTATE MARKET REPORT FOR OCTOBER - HOMES

There were 64 single family homes that closed in October. One positive thing that I noticed with the past month was bank owned homes made up only 31% of the sales! That is encouraging considering they made up 50 - 75% of the sales earlier in the year.

The official last day for the first time buyer tax credit is still November 30th. The last I heard, the extension for the tax credit has passed the senate but still had to be voted on by the house and signed by the president. Although it looks promising for an extension, anything could still happen.

Saint Clair Shores Real Estate Market Report ~ September, 2009

Saint Clair Shores Real Estate Market Report ~ August, 2009

Saint Clair Shores Real Estate Market Report ~ July,2009

Saint Clair Shores Real Estate Market Report ~ June,2009

October Statistics

• There were 64 home sales that closed in October
• The average list price was $80,145
• The highest list price was $334,900 & the lowest was $27,900
• The average sale price of those 64 transactions was $75,186
• The average current days on the market was 61
• The average total days on the market was 166
• Number of canal front homes closed 2
• Number of lake front homes closed 1
• Number of bank owned homes closed 20

Selling Price # of homes

• under $50k - 18
• $50k - $100k - 36
• $101k - $150k - 7
• $151k - $200k - 2
• $200k - $300k - 1
• $400k - $500k - 0
• $500k - $600k - 0

ST. CLAIR SHORES MARKET REPORT FOR OCTOBER - CONDOMINIUMS

• There were 7 condos that closed in October, equal to Septembers sales
• Average list price of those 7 condos was $42,471
• The average sale price of those 7 closed condos was $37,000
• Average current days on the market 127
• Of the 7 sales, list prices ranged from $20,000 to $89,900. There were no high end units sold causing the monthly avg. sale price to drop from previous months. In fact, 4 of them sold for under $30,000

The buyers market continues, which makes it a great time to purchase a home or condo in St. Clair Shores. As of November 3rd, there are currently 336 single family homes for sale ranging in price from as low as $18,000 investor specials to lake front homes just over 1 million. Of those homes on the market 09% or 32 of them are bank owned. There are many homes to choose from, no matter what your price range, now is the time to take advantage of this market, prices will not remain this low forever.

Interest rates are at record lows and there are some great FHA loans available for those that need a lower down payment. In addition there is a 2009 tax credit up to $8,000 for First Time Buyers!

For more info on the St. Clair Shores Real Estate market, contact Mike Mitchell,REALTOR ®

If you'd like to start looking for homes and take advantage of this buyers market in S.E. Michigan sign up for a free Listingbook account and search the mls on your own personal website! Absolutely FREE!

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com/

Doesn't that sound good! It's that time of the year again, time to fall back and set your clocks back 1 hour on Sunday, November 1st.

So after a long night of trick or treating, or other Halloween festivities you get to gain an hours sleep the next day when daylight savings time ends.

This is also a great time to change the batteries in all of your smoke detectors!

If you are in the market to buy or sell real estate in St. Clair Shores or the surrounding Macomb County area, give me a call or email and I'd be happy to assist you. To start searching for homes for sale, sign up for a free Listingbook account.

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com

photo credit Free Digital Photos

Have you ever heard:

• My friend knows someone that wants to buy my house -
• My neighbor has a family member that wants to buy my house -
• buyers agent feedback: my client likes your listing and is going to make an offer -

PUT IT IN WRITING!

There's nothing wrong with hearing the above. In fact it's kind of good to hear isn't it? Wouldn't you rather hear positive things about your listing than negative? Sure who wouldn't. My point is I don't want you my seller, my client, getting too excited until I have a purchase agreement in front of me.

Verbal offers mean nothing in real estate. They are just that - verbal.

I've seen the above examples happen many times. Some even had me thinking we were getting an offer but until we have that p.a. in our hands, we do not have an offer. Believe me I want nothing more than to have an offer on your home. That's why you hired me, that's my job as your listing agent - to sell your home!

If you are in the market to buy or sell real estate in St. Clair Shores or the surrounding Macomb County area, give me a call or email and I'd be happy to assist you. To start searching for homes for sale, sign up for a free Listingbook account.

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com

The clock is ticking - 52 days and counting for the first time buyer tax credit. It seems like there's been a surge in activity as many buyers are scrambling to get a home under contract this month.

It can still be done - make sure you have a good buyers agent and a good mortgage representative. Also make sure your Realtor and Mortgage officer are aware that you are trying to close in time for the tax credit. Good communication is going to be the key to success.

In order to claim the first time buyer tax credit, you must close on your home by November 30th, 2009. That means as of today, there is just 52 days left. If you were hoping to take advantage of this tax credit & I'm not trying to panic you, but if you do not have a home under contract right now, you realistically only have 2 - 3 weeks to find a home when you consider it takes 30 to 45 days to close from contract. There is no guarantee that it will close in time, so I would not recommend waiting until the very last minute. Also, Thanksgiving will come into play, where many title company's and lenders will be closed for possibly 2 days.

Do you qualify to receive this credit?

• You must be a first time home buyer. First time buyer defined as not having owned a principal residence in the past 3 years
• Home purchased must be used as your principal residence
• Home must be purchased between Jan. 1, 2009 & Nov. 30, 2009
• Max. income of $75,000 for single person & $150,000 for married couples
• Must own home for 3 years after purchasing

What's the difference between last years first time buyers tax credit and this years? The 2009 tax credit has been raised by $500. from $7,500 to $8,000 and most importantly, the 2009 tax credit does not have to be paid back, as long as you own the home for 3 year after purchasing.

For more info read First time buyer tax credit FAQ's

If you'd like to start looking for homes and take advantage of this tax credit and buyers market in Macomb County sign up for a free Listingbook account and search the mls on your own personal website! Absolutely FREE!

For more info on the Macomb County Real Estate market, contact Mike Mitchell,REALTOR ®

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com/