Here's some hot real estate news for the Greater Lansing, Michigan Real Estate market on the proposed new Home buyer Tax Credit. According to an article written by Bloomberg the U.S. Senate leaders moved closer to an agreement replacing an expiring $8,000 tax credit for first- time home buyers with a smaller one that would expand access to so-called step-up purchasers.

The Senate deal would reduce the size of the tax credit to 10 percent of the sale’s price, capped at $6500.00. The credit would be available on home purchases that are under contract by April 30, 2010 and borrowers would have 90 days more to close the sale. The existing credit is due to end Nov. 30.

The new agreement, which is still being negotiated and may change, would grant the credit to borrowers who have lived in their current home for at least five years. Lawmakers want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression. Economists say a recovery in housing is a key to rebuilding the confidence and finances of American consumers, whose spending makes up 70 percent of the world’s largest economy.

The demand for new homes and condominiums may increase by “more than two times because you’re allowing step-up buyers into the equation,” said Andrew Parmentier, a managing partner at Height Analytics, a research firm in Washington. “ You just opened up a whole new pool of people who can buy into those empty homes and empty condos that were built out.”

The Bloomberg article went on to say: 

The income eligibility for first-time home buyers would remain the same at $75,000 for individuals and $150,000 for couples. The income criteria for step-up buyers would be $125,000 for individuals and $250,000 for couples.

This is an opportunity for those sellers who have been sitting on the sidelines in the Greater Lansing real estate market to take advantage of selling their home, and moving up to more space for the growing family. Regardless of values coming down over the past 3 years, sellers who are moving up, should be able to pick up the loss on the new purchase, in addition to a tax credit if qualified. Keep in mind that if you have considered moving, now is the time to plan ahead.

Buying or selling a home in today's real estate market can be complicated without having the proper expertise and guidance throughout the process. Visit MikeBowler.com for additional tips to assist you. 

“Expect the Best” Mike

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
email: Mike@MikeBowler.com 
Website for Clients: MikeBowler.com
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People move to Delta Township, Lansing Michigan because we have so much to offer when it comes to education, homes, and entertainment.

Delta Township has a full schedule of events taking place in 2009 for all ages. I have listed a few of the highlighted events below, however a more detailed and current schedule is always available at the Township site.

Delta Side Business Community Expo
March 7 10 a.m. to 3 p.m. Waverly High School

April 11 for the 4^thAnnual Run for Reading 5k Run Walk
Hayes Middle School Community Garage Sale - April 25

Fishing Derby - June 13

Kid’s to Kid’s Sale - June 13

Delta Rocks! Family Festival - June 27

Pre-School Olympics - August 11

Touch a Truck Day - August 15

Delta offers the best of all worlds to both residents and businesses as it is a central location with easily accessible inter-states, beautiful neighborhoods, shopping areas that provide for a wide range of products, a small town atmosphere that incorporates many services to its residents and businesses and proximity to Michigan State University, Lansing Community College, Cooley Law School and Davenport College of Business. Delta is a great place to live, work and play.

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
email: Mike@MikeBowler.com 
Website for Clients: MikeBowler.com
Search Listings

NAR Hails the Senate for Real Estate Tax Credit. Here's what has been reported today.   “The credit of up to $15,000 for home buyers is a critical provision in the Senate bill that will result in approximately 1 million additional home purchases this year,” McMillan said. The provision also eliminates the repayment feature of the earlier tax credit, makes the credit available for all purchases of primary residences and extends the credit for one full year. These are all provisions NAR has continually called for in any federal stimulus plans. You can read the balance of the article here.

Housing has always lifted our economy out of past economic downturns. Let's get housing moving now so that the economy can recover. This is the time to make your move.

According to NAR, if all home buyers become eligible for a tax credit without a repayment feature, it could result in an additional 555,000 home sales – enough to meaningfully draw down excess housing inventory, according to the National Association of Realtors^.

An evaluation of options for a home buyer tax credit by NAR shows wide ranging implications and benefits. A full credit to all buyers means an additional 2.22 million households would meet the income requirements for purchasing a home, but only one in four of those households would actually make a purchase.

This would be a great shot in the arm for home buyers and sellers in the greater Lansing real estate market.

Want to educate yourself on the finer points of buying or selling a home? NAR and your local REALTOR® can help.

On a side note, the bank bailouts that have dominated the news for months now seem to be getting lost into the back pages of the media, while they spend the monies to pay down their own debt, buy up the competition and doing very little for the consumer, who was suppose to benefit from this. I have avoided this negative subject for months now, so I could focus on the basics of helping clients and customer continue their challenge in today's market. Better days are coming.