Troy Michigan Real Estate Market Gets a Boost with Tax Credit Extension
Posted in Troy Michigan Real Estate by Michigan Real Estate Expert on December 7th, 2009 Real estate aficionados who follow the upswings and dips in the Troy Michigan real estate market were worried that the end of the first-time homebuyer’s credit would mean an end to housing sales. Sales were up, prices were down and the market seemed to be stabilizing – thanks, in large part, to the tax credit. The tax credit motivated potential homebuyers to become actual homebuyers, which kept home sales stable.
Fortunately, those worries were groundless. President Obama signed a five-month extension on the first-time buyer tax credit November 6th. The Worker, Homeownership and Business Assistance Act of 2009 covers quite a few new bits of housing legislation:
- Extends the first-time tax credit until April 30, 2010
- Expands to include those homebuyers that haven’t owned a home in three or more years
- Allows first-time buyers that are overseas military personnel to take advantage of the credit until May 2011
- Requires documented proof that the buyer actually bought a home
- Changes the credit amount from $8,000 to “$8,000 or 10% of the home’s value”, whichever is less
- Sets the qualification guidelines at $125,000 a year or less for individuals and $225,000 or less for couples (credit amount becomes a scaled decrease above these income levels)
- Requires a minimum age of 18 for those applying for the tax credit
- Adds $6,500 tax credit for those that have lived in a home for at least five years, but want to buy a larger house
I think a lot of people want to own a home, and the extension of the tax credit can only help. As a result of the extension, buyers may take a little longer, peruse the Troy Michigan real estate market and make sure they’ll enjoy the home they buy. While I don’t see a long line of buyers standing in line, I do see the potential for long-term market stabilization.
If you want to take advantage of the new tax credit extension, I can help. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.
Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call: 248-514-2640
