Don’t Be Left Behind, Greater Lansing Home Buyers.

Don’t Be Left Behind, Greater Lansing Home Buyers. First time home buyers in the Greater Lansing, Michigan real estate market during 2009 has been around 50 percent. Historically, first-time homebuyers account for approximately 35 percent to 40 percent of purchases. This has increased due to the first time home buyer tax credit that expires December 1st.  There is strong support from real estate agents for the Government to extend the tax credit for buying a home. I would suggest caution to make sure you are in contract no later than October 15th to meet the deadline, in the event this program is not extended. If you’re not,  you’ll probably miss out on the tax credit

Long-term mortgage rates were barely changed this week, remaining historically low, which is helping to sustain a high level of affordability in the home-purchase market, said Frank Nothaft, Freddie Mac vice president and chief economist. Low rates contributed to existing home sales rising for the fourth consecutive month to an annual pace of 5.24 million in July, the most since August 2007, according to the National Association of Realtors.

On a local level you can see by the chart above that the Lansing real estate market has again increased substantially last week compared to last year in both pending and closed sales.

Buying or selling a home in today’s greater Lansing, Michigan real estate market can be complicated without having the proper expertise and guidance throughout the process. Community information – about services, restaurants, parks, things to do, tourist information, local government and issues, buildings, and development projects, are only a few of the many services you should expect from your Realtor, in addition to the availability of financing. You can obtain additional information on buying and selling at my website.