5090 Goodrick Rd, Traverse City – SOLD

SOLD TRAVERSE CITY HOME

5090 Goodrick Rd, Traverse City, MI
SOLD by Oltersdorf Realty, LLC on 1/11/2013
Asking Price: $119,900

  

Fantastic Grand Traverse County starter home in a desirable Long Lake location only 7 miles west of downtown Traverse City! This ranch home offers an open concept floor plan with hardwood flooring, maple cabinets, and stainless steel appliances! Additional features include 2 bedrooms, 1 bath, a full unfinished basement, and a 16 x 16 storage shed.

Photos courtesy of the Traverse Area Association of Realtors.

Michigan Homebuyer Assistance Grant

$3,000 Michigan Homebuyer Assistance Grant

$3,000 Michigan State Housing Development Authority (MSHDA) Grant is now available for first time home buyers in Leelanau County and Grand Traverse County (Traverse City).

1. Homebuyer Assistance - $15 million has been allocated for the Homebuyer Assistance grant program that will assist first-time homebuyers purchasing a single-family/one-unit, owner occupied, principal residence. Eligible first-time homebuyers are defined as a person who has not owned a home as their principal residence for three years prior to the date of purchase. Non-military homebuyers are eligible for grants up to $3,000. Active military and veterans are eligible for grants up to $5,000. Neither grant can exceed 25% of the purchase price.  Grant funds may be used with any first lien mortgage transaction and can be combined with MSHDA's Down Payment Assistance.  NOTE:  Military is defined as a member of the U.S. Armed Forces or National Guard and Reserves.

Source and additional information can be found here: http://www.michigan.gov/mshda/0,4641,7-141--291018--,00.html or by asking your loan officer!

For more information please contact:

Jonathan Oltersdorf
Oltersdorf Realty, LLC
231-271-7777
E-mail: jonathan@oltersdorf.com

Historic Interest Rates 2003- November 2012 - Leelanau & Traverse City Real Estate

Current fixed-rate mortgage interest rates continue to set new records as indicated in the graph above comparing annual averages from 2003-2012. The monthly average 30-year fixed mortgage rate in October 2012 was 3.38% bringing the total 2012 average this year down to an astonishing 3.72%! Home buyers that Oltersdorf Realty, LLC have working with in Leelanau & Grand Traverse County (Traverse City) have been extremely happy to lock in their historic low interest rates!  

Source of Information with records dating to 1971 : FreddieMac

Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: realestate@oltersdorf.com

Mortgage Rates September 2012

Mortgage Rates Fall Back to Record Lows

Daily Real Estate News

Fixed-rate mortgages are back at all-time record lows or hovering near them, Freddie Mac reports in its weekly mortgage market survey. For those who can qualify for a loan, the ultra-low mortgage rates are pushing housing affordability higher. 

"Following the Federal Reserve's announcement of a new bond purchase plan, yields on mortgage-backed securities fell, bringing average fixed mortgage rates to their all-time record lows, which should aid in the ongoing housing recovery,” says Frank Nothaft, Freddie Mac’s chief economist. 

Here’s a closer look at the national averages with mortgage rates for the week ending Sept. 20:

  • 30-year fixed-rate mortgages: averaged 3.49 percent, with an average 0.6 point, matching its all-time low. A year ago at this time, 30-year rates averaged 4.09 percent. 
  • 15-year fixed-rate mortgages: averaged 2.77 percent, with an average 0.6 point, setting a new record low this week. Last year at this time, 15-year rates averaged 3.29 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.76 percent, with an average 0.6 point, rising from last week’s 2.72 percent average. Last year at this time, 5-year ARMs averaged 3.02 percent. 
  • 1-year ARMs: averaged 2.61 percent this week, with an average 0.4 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.82 percent. 

Source: Freddie Mac
Source: RealtorMag

Copyright National Association of REALTORS®. Reprinted with permission.

Principal Residence Exemption Changes - Senate Bill 349

Principal Residence Exemption Legislation Unanimously Passes Senate

Today, the Michigan Senate voted 38-0 in support of legislation providing a fair process when it comes to their property taxes.

Senate Bill 349, sponsored by Senator Dave Hildenbrand (R-Lowell) creates two Principal Residence Exemption (PRE) filing dates; one on June 1st, and the other on November 1st. Additionally, this legislation allows bank-owned properties to retain their PRE so that buyers can qualify at the lower rate of taxation. This is particularly important since foreclosures have flooded the market in recent years.

Senate Bill 349 now heads over to the House for consideration.

Copyright Michigan Association of REALTORS®. Reprinted with permission.

IF THIS BECOMES LAW WHAT DOES IT MEAN?

Currently, Michigan property owners have to file a principal residence exemption form by May 1 to get lower primary home taxes for the full year. If you miss the May 1 deadline or you purchase a house that wasn't a primary home after May 1 you will pay the higher non homestead taxes until the following year. If this bill becomes law the new deadline for your summer tax bill (the much higher bill) will be June 1 and November 1 for the winter tax bill. In short, it will save the home purchaser money if you buy a non-homestead (vacant or non primary residence) home after May 1 and intend to occupy the home as your primary residence.

Exemptions for bank owned properties.

This also appears to be a major tax break for lending institutions and banks that can file an exemption to receive the homestead property tax rate (primary home rate) for vacant assets that are currently for sale. This also could allow for purchasers to qualify for their mortgage based on the lower tax rate and qualify for a slightly more expensive home.

Here is the most relavent portion of the bill:

An owner of property may claim 1 exemption under this section by filing an affidavit on or before May 1 FOR TAXES LEVIED BEFORE JANUARY 1,2012 OR, FOR TAXES LEVIED AFTER DECEMBER 31, 2011, ON OR BEFORE JUNE 1 FOR THE IMMEDIATELY SUCCEEDING SUMMER TAX LEVY AND ALL SUBSEQUENT TAX LEVIES OR ON OR BEFORE NOVEMBER 1 FOR THE IMMEDIATELY SUCCEEDING WINTER TAX LEVY AND ALL SUBSEQUENT TAX LEVIES

You can read and/or download the full 27 page Senate Bill 349 by clicking here:
http://www.legislature.mi.gov/documents/2011-2012/billengrossed/Senate/pdf/2011-SEBS-0349.pdf

 

UPDATE: APRIL 26, 2012: Yesterday, the Michigan House of Representatives voted 109-1 in support of legislation providing a fair process when it comes to their property taxes. The bill now heads to the Governor, where we expect his signature before May 1st.

UPDATE #2: MAY 1, 2012: PRE Enhancement Legislation Signed by the Governor 5/1/2012 Today, Governor Snyder signed legislation providing homebuyers a fair process when it comes to their property taxes. Senate Bill 349, sponsored by Senator Dave Hildenbrand (R-Lowell) creates two Principal Residence Exemption (PRE) filing dates; one on June 1st, and the other on November 1st. Additionally, this legislation allows bank-owned properties to retain their PRE so that buyers can qualify at the lower rate of taxation. This is particularly important since foreclosures have flooded the market in recent years.

Below are a few FAQ’s regarding the new law:

1. Does the legislation take effect this year?
A. Yes. The new law moves current May 1st PRE filing deadline to June 1st of this year.

2. How does it work?
A. If a homebuyer purchases a Principal Residence and closes on or before June 1st, they can take advantage of a significant tax break by filing for a Principal Residence Exemption.

3. When is the additional filing date?
A. November 1st. This allows for tax relief in those communities that still collect a portion, if not all of their non-homestead mills, on the December tax bill.

4. If my client buys after June 1st this year, what can they expect?
A. If a homebuyer purchases a home after the June 1st filing deadline, and their local tax authority collects all non-homestead mills on the spring tax bill, their property taxes may not reflect the exemption until the next tax bill. If however that local tax authority collects a portion of the non-homestead mills on the winter tax billing cycle, the homebuyer can file for a PRE before the November 1st and exempt themselves from any non-homestead mills collected on the December bill.

5. What about the foreclosure provisions?
A. Banks have the option of maintaining the home’s Principal Residence status by filing a Conditional Rescission. By maintaining this exemption status, it’s the expectation that borrowers will be able to qualify for financing on these foreclosed properties at the PRE rate and begin paying the lower rate of taxation as soon as they move into the home. To make up for the lost school revenue, banks will be assessed a newly defined tax that will keep the 18 mills (which they presently pay on any foreclosed property) when a property can no longer qualify as a principle residence. It is important for those REALTORS® working with bank clients to let lenders know about the change and communicate the benefit of filing a Conditional Rescission.

Copyright Michigan Association of REALTORS®. Reprinted with permission.


If you are planning on buying a home in Leelanau County or Traverse City/Grand Traverse County you should continue to follow this bill as it could potentially become law in the near future.

Jonathan Oltersdorf
Vicky Oltersdorf
Oltersdorf Realty, LLC
Phone: 231-271-7777
E-Mail: realestate@oltersdorf.com

Fed Vows to Keep Rates Low Until 2014

Fed Vows to Keep Rates Low Until 2014

 

Daily Real Estate News | Thursday, January 26, 2012


The Federal Reserve announced that short-term interest rates will likely stay near zero for nearly three more years, a move that is expected to spillover to long-term mortgage rates for home buyers and home owners.

In August, the Fed had made a rare move to say it would keep rates near zero until at least mid-2013. The Fed said Wednesday that the economy still needs more help and it will now extend that period to 2014. 

Fed Chairman Ben Bernanke said in a news conference that the Fed isn’t happy with the modest economic recovery and that the Fed may need to take additional steps to spur recovery. He did not comment further on what those steps might be, though. 

While the economy has improved somewhat in recent weeks, Fed officials say it’s worried about “strains in global financial markets” and the still high unemployment rate. 

Some critics say that the Fed’s vow to keep mortgage rates longer won’t do enough to help the economy and the housing market. They argue that too many Americans are already unable to take advantage of the record low mortgage rates because of the tightening of lending standards. 

Bernanke shared that concern, saying that millions of home owners were unable to refinance because of damaged credit or being from underwater in their homes. 

Source: “Fed Sees Low Rates to 2014,” The Wall Street Journal (Jan. 26, 2012) and “Fed Signals That a Full Recovery Is Years Away,” The New York Times (Jan. 25, 2012)

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Leelanau County Real Estate Sales 2007-2011

Who sells the most real estate in Leelanau County?

Planning on buying or selling Leelanau County real estate in 2012? Experience Counts! Oltersdorf Realty, LLC has sold over $54.7 Million in Sales Volume and 163 Units (homes, vacant parcels, commercial buildings) in Leelanau County from 2007-2011! That’s 35% more volume and 37% more units than the next closest agent!

Our client’s listings are advertised through over 50 syndication partners, displaying listings on over 300 websites. In the spring of 2011 we completely rebuilt and modernized our website www.oltersdorf.com which has resulted in an increase of 55% in total visits, 413% in page views, and 182% in average time on the site compared to 2010!

We are very pleased with the overall effectiveness of our marketing strategy which has resulted in another productive sales year here at Oltersdorf Realty, LLC. 2011 year end totals resulted in a 10.4% increase in sales volume and a 21.4% increase in total units sold over 2010! We are looking forward to a fantastic 2012!

Vicky & Jonathan Oltersdorf
Oltersdorf Realty, LLC
//
Phone: (231)271-7777
Email: RealEstate@Oltersdorf.com

Mortgage Rates - 9/29/11

Mortgage Rates Remain at Record Lows

 

 Daily Real Estate News | Friday, September 23, 2011

The 15-year fixed-rate mortgage reached a new record low of 3.29 percent this week, as 30-year mortgage rates remained at the record low it reached last week, Freddie Mac reports in its weekly mortgage market survey. 

Here’s a closer look at mortgage rates for the week: 

  • 30-year fixed-rate mortgages: averaged 4.09 percent, matching last week’s record-hitting average. Last year at this time, 30-year rates averaged 4.37 percent. 
  • 15-year fixed-rate mortgages: averaged 3.29 percent, marking a new all-time record. Last week, 15-year rates averaged 3.30 percent, and a year ago at this time, it averaged 3.82 percent. 
  • 5-year adjustable-rate mortgages: averaged 3.02 percent this week, up from last week’s 2.99 percent average. Last year at this time, the 5-year ARM averaged 3.54 percent. 
  • 1-year ARMs: averaged 2.82 percent, up slightly from last week’s 2.81 percent. A year ago, the 1-year ARM averaged 3.46 percent. 

"A sluggish economy and investor concerns over the European debt markets left mortgage rates largely unchanged this week,” says Frank Nothaft, Freddie Mac’s chief economist. Housing data remained mixed this week with new-home construction dropping 5 percent in August, while existing-home sales rose 5 percent in August.

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

5 Factors That Decide Your Credit Score

5 Factors That Decide Your Credit Score

If you are considering buying a home within Leelanau County or the Traverse City area in the next couple years you need to start thinking about your credit score! Your credit score will impact the interest rate that you will receive on your loan!

Credit scores range between 300 and 850, with scores above 620 considered desirable for obtaining a mortgage. 723 is the median score in the U.S., but you can expect good mortgage interest rates at the 720 to 760 level and up.The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe.  If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

Michigan Senate Bill 77 - General Property Tax Act

UPDATE 12/27/10: On December 22nd, 2010, Governor Granholm VETOED supported legislation aimed at getting the housing market moving. Senate bill 77, which passed both the House and Senate in the last days of the 2010 session, allowed foreclosed properties to retain their principal residence exemption for a period of up to 3 years.

The Michigan Association of Realtors has recently posted a podcast discussing the potential outcome of Senate Bill 77 known as the “General Property Tax Act”. This bill could potentially extend the homestead exemption deadline from May 1 to a later date in the year. If you are planning on purchasing a primary home in Leelanau County or Grand Traverse County - Traverse City after May 1, 2011 you definitely should keep your eye on the outcome of this bill! I have also touched on this bill in a previous post found HERE and highlighted below.

"Currently, if you purchase a home in Michigan after May 1st and the house is currently not considered a “primary residence” the property taxes for the entire year will be based on the non-homestead tax rate which can be up to 18 mills higher. This would extend the deadline to October 1st which is great news for home buyers who purchase throughout the summer and intend to use the house as their primary residence if the seller is not currently taking advantage of the principal homestead exemption. "

-Jonathan Oltersdorf-
/
231-271-7777

Potential Property Tax Changes - Michigan

You can view an updated post on this topic by clicking HERE!

UPDATE: On December 22nd, 2010, Governor Granholm vetoed MAR-supported legislation aimed at getting the housing market moving. Senate bill 77, which passed both the House and Senate in the last days of the 2010 session, allowed foreclosed properties to retain their principal residence exemption for a period of up to 3 years.

Look for this to be reintroduced sometime in early 2011.


Very interesting news was announced yesterday as new housing legislation unanimously passed in the Michigan Senate and now moves to the house for a vote. The topic – Homestead property taxes and the principal residence exemption deadline could be extended from May 1st to October 1st!

What does this mean to home buyers and sellers in Northern Michigan?

Currently, if you purchase a home in Michigan after May 1st and the house is currently not considered a “primary residence”the property taxes for the entire year will be based on the non-homestead tax rate which can be up to 18 mills higher. This would extend the deadline to October 1st which is great news for home buyers who purchase throughout the summer and intend to use the house as their primary residence if the seller is not currently taking advantage of the principal homestead exemption. This is also very beneficial to some sellers, especially within our Traverse City region (Grand Traverse County & Leelanau County) because of the large amount of second homes on the market. If you are selling a non primary residence home, currently you must sell that home before May 1st to a buyer who will file the principal residence exemption form in order for you to prorate your tax portion at a lower millage rate for the year of the sale. If they extend the date to October or November it could potentially reduce your tax bill significantly for the entire year, even if you sell in late summer/early fall. You can read the full press release below. Please let us know if you have any additional questions!

-Jonathan Oltersdorf
http://www.oltersdor.com/

Senate Bill 77, sponsored by Senator Jud Gilbert (R – Algonac) unanimously passed the Michigan Senate today with a vote of 36-0 and now moves to the House of Representatives for consideration. This legislation would provide for an additional “Principal Residence” filing date of October 1st. It should be noted that an amendment has been added to the legislation to move the deadline from October 1st to November 1st for 2010 only so that homebuyers can take advantage of this taxpayer friendly legislation this year.

Under current law, homeowners may file a principal residence exemption on their primary home in Michigan. This exemption provides significant tax relief to those citizens that choose to call this state “home.” In order to claim this exemption, one must file the principal residence affidavit with their local government by May 1st. Buyers purchasing homes after the May 1st deadline, are hit with up to an additional 18 mills of non-homestead property taxes until the following year. This additional property tax burden is standing in the way of new homeownership and otherwise taxing those people that have declared Michigan their home, though they purchased after the deadline.

This legislation has become particularly important since “non principal residence” properties, specifically foreclosures, have flooded Michigan’s real estate market in recent years. The current situation prices buyers out of homes by forcing them to qualify for a mortgage at the higher tax rate. Those buyers that are able to purchase after May 1st are consequently stuck with a significant tax burden for the remainder of the year despite making that new purchase their principal residence. This bill would alleviate some of that pressure by creating a second filing deadline later in the year.

We remain cautiously optimistic regarding the passage of this legislation as there are a finite number of session days left this legislative session. The MAR Public Policy staff will continue to meet with the members of the Michigan House to express the importance of making this tax payer friendly legislation a priority.

Copyright Michigan Association of REALTORS®. Reprinted with permission.

Rural Development Loan Program Now Available

It was announced last week that USDA Rural Development will begin funding for their very popular RD Loans. This is fantastic news for current prospective home buyers in the Traverse City region and all of Northern Michigan that RD loans are available once again! The Rural Development loans have been very popular for first time home buyers and low-middle income families for financing a home purchase in the Traverse City - Leelanau County area. It allows buyers the ability to buy a home with 100% financing as opposed to other loan programs that require a minimum of a 3.5% down payment. Please contact Oltersdorf Realty with any questions that you might have regarding this financing option!


-Jonathan Oltersdorf


Rural Development Funding/Loans Coming Soon

This is great news for Traverse City -Leelanau home buyers who plan on financing a home purchase through the popular RD loans that are available in our area. These types of loans provide qualified buyers a chance to own a house with little or zero downpayment. Please contact www.oltersdorf.com for additional information!

Washington, July 28, 2010

The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.

The National Association of Realtors® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.

“This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues,” Golder said.

“The rural housing program is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market,” said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. “This change will make the program completely self-sufficient,” she said.

Golder thanked Sen. Michael Bennet (D-Colo.), and Reps. Paul Kanjorski (D-Pa.) and Shelley Moore Capito (R-W.Va.) for moving the bill to passage in both houses.

The legislation was part of H.R. 4899, “The Emergency Supplemental Appropriations Act” that the Senate passed today. The measure increases the Rural Housing Service commitment authority allowing guaranteed loans; previously, RHS has been providing conditional commitments. The RHS is expected to announce new guidelines shortly after the president signs the bill.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Copyright National Association of REALTORS®. Reprinted with permission.

Jonathan Oltersdorf
/

Rural Development Loan Update

Many first time home buyers throughout the Traverse City area (Leelanau & Grand Traverse County) are waiting for RD Loans to become available once again so that they can puchase their first home. RD loans are a great way for home buyers to purchase a home with a 0% downpayment although the national funding for the program is currently depleted. The following is an update as of today:

National Association of Realtors Urges Congress to Restore Rural Housing Funding

"The Section 502 Rural Housing single family loan guarantee program remains unfunded. This program used all their commitment authority back in May, and despite being non-controversial, Congress has been unable to pass legislation to restore the program. Thousands of families with rural housing loans have been left in limbo, and continue to be threatened with the expiration of the tax credit on September 30. Last week, NAR sent a letter to Senate leaders urging them to bring this legislation to the floor. Language has been included in the Emergency Supplemental Appropriations Act (H.R. 4899), which has passed the House and Senate. However, that bill continues to be stalled and is currently awaiting final passage. We are hopeful Congress will act in the next two weeks on either the stand alone bill (S. 3266) or the Supplemental to restore funding for this program and help low-income rural families nationwide."

NAR Letter to Senator Harry Reid (D-NV), Senate Majority Leader
NAR Letter to Senator Mitch McConnell (R-KY), Senate Minority Leader

Copyright National Association of REALTORS®. Reprinted with permission.

For more information please visit http://www.oltersdorf.com

February 2010 Home Sales Data - Traverse City Area

The Traverse City Area Association of Realtors has released the residential home sales figures for February 2010 for the entire 5 County area (Leelanau, Grand Traverse, Antrim, Kalkaska, Benzie)! Traverse City home sales have continued to see great increases due in large part to the First Time Home Buyer Credit and the large amount of sales in the lowest segment of the market. You will find the updated sales statistics below as I have put them together in several graphs for your review. The number of homes sold in the Traverse City region has increased 26% over February 2009. Sales volume has remained within 1% from what we saw in February 2009. Please contact us if you have any questions on the current state of the Traverse City – Leelanau real estate market at /.

Jonathan Oltersdorf
231-271-7777
/

Rural Development Funding - (RD) Loans Running Out?

Are you planning on financing your home purchase through a zero down RD Loan? If so, you better read on!

The Traverse City Area Rural Development Office recently sent out a notice announcing that program funding for the Single Family Housing Guaranteed Loan Program will likely run out by the end of April 2010. This announcement is very important for prospective home purchasers and especially first time home buyers in the Traverse City area. Not only will first time home buyers in Leelanau County and Grand Traverse County see the incentive for the First Time Home Buyer Credit expiring soon but now they might not be able to receive financing through a RD Loan. These RD Loans have become very popular recently due to the fact that many first time home buyers who qualify can purchase a home with zero down-payment. If RD Loans become unavailable in Michigan (even for a short time) the nearest low down payment alternative would be FHA which requires a minimum of 3.5% down payment and reduces the amount of cash back the seller can provide towards closing costs and pre-paids. The last think we would want is for one of our clients to get ¾ of the way through the home buying process just to find out there is no longer a RD loan available to them! If you are thinking about buying a home, now is probably the time to move forward if you are considering a RD Loan! RD Loans are a great zero down option in this market!

Jonathan Oltersdorf
Oltersdorf Realty, LLC
Please visit / if you have any additional questions!

You can find the official notice below:

“This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.

Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available.

Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.

We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202) 720-1452.”

Buying a Home - Leelanau - Grand Traverse - Traverse City - What you need to know

Please take a moment to browse our detailed guide for homebuyers geared especially towards first time home buyers in the Traverse City region (Leelanau and Grand Traverse County). The combination of decreased home values, low interest rates, and federal incentives make this a very attractive time to purchase your first home or to be a move up buyer in Northern Michigan. Topics covered include: The current Traverse City real estate market, the buying process, buy vs. rent, tax incentives, home buyer credit, finding an agent, securing a loan, and protecting your investment. Please visit / for additional information or if you have any questions about buying a home in Traverse City, Leelanau, or Grand Traverse!

Oltersdorf Realty Home Buying Presentation, Leelanau, Grand Traverse, Traverse City

-Jonathan Oltersdorf

http://www.oltersdorf.com/

September 2009 Traverse City Home Sales

I am very delayed in posting but below you will find the sales data for September, 2009 within the Traverse City 5-county area (Grand Traverse, Leelanau, Antrim, Kalkaska, Benzie).





5-County AreaSold HomesDollar VolumeAverage PriceMedian Price

SEPT. 2009197$38,862,024 $197,269$136,000
AUGUST 2009188$34,928,520 $185,790$179,200

SEPT. 2008

150$31,878,540 $212,524

$152,375



Similar to previous months more homes are selling than in the month before (August) and when compared to September 2008 there were 11% more sales. Dollar volume is way up for September, 2009 while median price still lags behind due to a high volume of first time home buyers becoming home owners.


This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from September 2008, August 2009, and September 2009. Undisclosed sales are not included in the data.


-Jonathan Oltersdorf





First Time Home Buyer Credit Extended / New Incentives

First-time home buyers and qualified repeat home buyers in the Traverse City area can breathe a sign of relief as The Worker, Homeownership, and Business Assistance Act of 2009 was passed last week! It has extended or created incentives to home buyers through April 30, 2010! Below is information taken from the official government website which can be found at http://www.federalhousingtaxcredit.com/

$8,000 First-time Home Buyer Tax Credit at a Glance

  • The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The tax credit applies only to homes priced at $800,000 or less.
  • The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
  • For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
  • For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

  • To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
  • The tax credit applies only to homes priced at $800,000 or less.
  • The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
  • Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

    Source: http://www.federalhousingtaxcredit.com/home.html

http://www.oltersdorf.com