Sunday, February 15, 2009
The greater Lansing real estate market will get an incentive and tax break for
first-time homebuyers, however the $15,000.00 approved Senate Bill for all buyers got slashed to zippo. Well, it’s a start. According to the American Recovery and Reinvestment Act of 2009 the Refundable First-time Home Buyer Credit. Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10 percent of the purchase of a home (up to $7,500) by first-time home buyers. The provision applies to homes purchased on or after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit are currently required to repay any amount received under this provision back to the government over 15 years in equal installments, or, if earlier, when the home is sold. The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return). The bill eliminates the repayment obligation for taxpayers that purchase homes after January 1, 2009, increases the maximum value of the credit to $8,000, and removes the prohibition on financing by mortgage revenue bonds, and extends the availability of the credit for homes purchased before December 1, 2009. The provision would retain the credit recapture if the house is sold within three years of purchase. The entire Act Summery can be viewed here.
Now’s the time to make your move, I encourage you to visit my home buyers tool kit page and Buying Services for Greater Lansing Area Home Buyers.You’ll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. Start your dream today, by becoming well prepared. Selling your home also requires well thought out preparation, in addition to hiring someone prepared to employ the latest techniques and services for your benefit, just like you’ve grown to expect from a professional. Real estate transactions are complex, involve large assets and demand competent representation. Marketing properties, home selection and financing are just a few of the skills today’s consumer looks for when they select a real estate professional.
I'm prepared to offer my clients the knowledge and expertise to counsel them in relocating, buying, investing or selling the family home.
Mike Bowler Sr. ePRO, CRB, GRI, SRES
Coldwell Banker Hubbell Briarwood
1020 S. Creyts Road, Lansing, MI 48917
Phone: 517-492-3400 Fax: 888-832-6203