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Archive for February, 2010

Lake Orion Michigan Real Estate Sales a Year in Review

Real Estate sales for Lake Orion and Orion Township in 2009 were abysmal – except for buyers. It’s a strong buyers market right now. There are great deals all over the place. I had one family buy a nice 3 bedroom bath and a half house with a partially finished basement, large fenced yard- for $40 more per month than they had been paying to rent an apartment.

  • There were 19 more solds (units) in 2009 than in 2008- or a 5% increase
  • There were 149 LESS solds (units) in 2009 than there was in 2003- or down 28%
  • The median sale price in 2009 was $150,000- down 20% from 2008 and down 40% from 2005
  • The low sale in 2009 was $15,500- the low sale in 2003 was $92,000
  • Total dollars sold in 2009 was $62,744,360- the total dollars sold in 2003 was $136,725,000

For more detailed analysis please visit my this post on my Lake Orion Michigan blog.

For graphs and charts, please visit my web site.

Jackie Hawley
Keller Williams Realty
Cell: 248-736-6407
Email:
Jackie@JackieHawley.com
Web:
www.MiRelocation.com

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Haven’t owned a home in the past 3 years? You may qualify for the first time home buyer tax credit (up to $8000).

Owned the same home for at least 5 of the last 8 years? You may qualify for up to a $6500 tax credit.

In a nut shell:

1st time home buyer (haven’t owned in the past 3 years) can get a credit of 10% of the sale price (up to $8000)

Current home owner can get up to $6500 if the home they are selling or vacating was used as their principal residence for five consecutive years within the last eight years.

Dead line: So long as a written binding contract to purchase is in effect on April 30, 2010 and closes by July 1, 2010. 

There are income limitations and rules about what exactly a first time home buyer is.

A tax credit is real money. If you owe $2000 that $8000 tax credit would get you a refund of $6000. (disclosure- I’m not an accountant and this is not tax advise)

Something to consider when timing your real estate purchase:

  • A short sale can take up to 6 months (possibly longer)
  • If your lease is up this fall- will it cost you $8K to break the lease or is that double payment for a few months equal to $8K?
  • If you don’t qualify for the tax credit, don’t sweat it- prices are low and interest rates are great. Both reason enough to purchase.

Please contact me for more information about buying or selling real estate in North Oakland or Lapeer Counties.

Jackie Hawley
Keller Williams Realty
cell: (248)736-6407
email:
Jackie@JackieHawley.com
web:
www.MiRelocation.com
lake blog:
http://SoutheastMichiganLakefrontHomes.wordpress.com

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