The National Association of Home Builders Organization released a new report recently that indicated housing affordability reaching an 18-year high due to low interest rates and pricing. Lansing - East Lansing Michigan was included as one of the most affordable areas topped by Indianapolis. That information comes with local good news that pending and closed sales are also up this week over last year at this time in the greater Lansing real estate market. (See Chart below)
The National Association of Realtors also had a press release last week indicating a strong gain in existing-home sales. These headlines and reports are very welcome and positive signs that there may be a light at the end of the tunnel. "A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales," said Lawrence Yun, NAR chief economist.
The tax credit provides an outstanding opportunity for homebuyers. A tax credit of up to $8,000 is available for qualified first-time homebuyers purchasing a principal residence before December 1, 2009. Time is running out to meet the deadline for buyers on this program, which ends December 1, 2009, (unless extended.)
Buyers and sellers in the greater Lansing, Michigan real estate market have many new tools, programs and other options available to them, provided they seek the proper guidance before buying a home or marketing a home, and throughout the transaction. 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 needs to expect when they select a real estate professional.
"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
Website for Clients: MikeBowler.com