“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Rob Chubb

Rob Chubb

Blog_tag

The 2008-2009 Home Buyer Tax Credit

12-07-08
Rob Chubb

The 08-09 First Time Homebuyer Tax Credit

In July 2008, the government passed the Housing Recovery Act (H.R. 3221) and part of that act allows some homebuyers to receive a $7,500 tax incentive. So what do you need to know to get it? Here are the details.

  1. If you purchase a home between April 2008 and July 2009, you are eligible. It's worth $7,500 and can be taken in a single tax year. The program ends July 2009.
  1. You don't really need to be a "1st time buyer". The credit is available to anyone who hasn't purchased a home in the past 3 years.
  1. This credit is actually more of a loan. The government requires the tax credit to be paid back over 15 years at a low interest rate. Payments will start in 2011 and will not be more than $500 a year.
  1. There is no application process. Just claim the credit when you have your taxes completed. Your tax consultant can help with that.
  1. New construction homes qualify, however, any home that is not a primary residence will not. This would include rental or vacation homes.

This is a great incentive for home buyers in today's market. With historically low prices, and competitive interest rates, now is a great time to purchase a home.

2 Comments
Blog_tag

Novi, Michigan Real Estate Recap for 2007

02-06-08
Rob Chubb

There was a total of 483 residential homes and condominiums SOLD in Novi in 2007.

The lowest priced being a 2 bedroom/1 bath condo for $69,900. The highest priced was a 6 bedroom, 3 full and 2 half bath home for $1,900,000.

Residential Summary - 2007
Sold Listings: 352Average Sale:$359,835Average Sale $/Sq Ft: 131.26Average Market Time: 139.85
Condo Summary
Sold Listings: 131Average Sale:$177,825Average Sale $/Sq Ft: 117.56Average Market Time: 175.60
All Listings
Total Listings: 483Average Total DOM: 149.55
High ValueLow ValueAverage Value
List Price:$1,900,000$69,900$329,210.87
Sale Price(Sold):$1,900,000$69,900$310,469.83

These numbers show an improvement over 2006. In 2006 there were a total of 417 residential homes and condo SOLD.

What does this mean? Quite simply, things are turning around ... finally. Here is the Summary from 2006.

Residential Summary - 2006
Sold Listings: 259Average Sale:$358,636Average Sale $/Sq Ft: 141.71Average Market Time: 108.80
Condo Summary
Sold Listings: 158Average Sale:$176,002Average Sale $/Sq Ft: 128.22Average Market Time: 135.53
All Listings
Total Listings: 417Average Total DOM: 118.93
High ValueLow ValueAverage Value
List Price:$1,565,468$84,000$301,127.28
Sale Price(Sold):$1,447,000$72,000$289,436.43

You can see that the average sale price for Residential property increased, as did the market time. We see the same patten for condo sales.

Overall this is great news for Novi. Novi is a community that continues to increase in population, and is a popular destination for new business. Novi, MI provides excellent schools, community involvment, youth programs and more. You can read more about Novi at www.cityofnovi.org.

When you're ready to make a purchase, that's when you need a top rated Realtor ... me! I am a Realtor with Real Estate One, Michigan's largest and #1 real estate company. I provide buyer and seller services. Call me at 248-348-6430 ext. 223 or email me at rob@realestateone.com.

0 Comments