Lee Morof's Real Estate Blog

There are great incentives for first-time Southeast Michigan real estate buyers. Big tax incentives and money put into the banking and financing industries to give buyers more availability to loans makes now the best time to move when looking for a home. This environment won’t last—exactly. Some of the elements put in place are geared toward a strong future for the housing market, but many of the advantages are only good for now.

Tax Relief

First-time Southeast Michigan real estate buyers, meaning those who have not owned a home or condo in the past three years, are eligible for a big tax break on income taxes. Next year at tax time all buyers have to do is report the new home purchase to get $8,000 dollars back. That’s a big incentive. The drawback is it’s only good for this year. It is retroactive to the beginning of 2009 so even if you have already bought that home you can still claim it, but if you drag your feet hoping for better mortgage financing, or just a better time for your family to get a new home, you will miss out after December 31, 2009.

Affordable Housing

Right now is the time to buy because of prices, too. Thanks to the failings of the housing market, there are tons of homes for sale at prices they would not normally be listed at. If the stimulus plan improves the economy the way it is hoped it will, that won’t last. That brings hope and great news for homeowners, but not great for those who wait to take advantage of the greatly reduced home prices.

Southeast Michigan real estate buyers need to take advantages of all that 2009 and the current real estate market have to offer. There are great deals that will never happen again—hopefully. 

If you haven’t owned a home in the past three years and would like to, as not only a licensed broker and an attorney, I am uniquely qualified to help you take advantage of the 2009 stimulus plan.  Call me at 248-514-2640 or send me an email 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

Should you always buy the biggest home that you can afford?  When you’re thinking of purchasing Southeast Michigan real estate you need to decide if you need a larger home that can give you room to entertain and a place for guests to stay.  On the other hand, a larger house will likely have higher property taxes and maintenance costs.  A smaller home may be just what you need to meet your mortgage budget and lifestyle.

Some advantages of buying a smaller home are:

1. Lower sale price.  A smaller home may have a lower sale price, reducing the amount of the down payment you have to make.  The closing costs you have to pay on a smaller mortgage may also be less.  You may even be able to pay for your new home completely out of the proceeds of the sale of your larger previous home.
2. More money in your pocket at the end of each month.  A smaller home can save you a lot of money by reducing utility bills, and you’ll save money on your homeowner’s insurance.  
3. Lower maintenance costs.  Smaller homes usually require you to spend less on maintenance and repairs.  Less square footage can mean fewer places for something to go wrong. 
4. Keep your free time free.  If you buy a smaller Southeast Michigan home, you could save more than just money, you’ll cut the amount of time that you will spend cleaning and maintaining the home.  It’s possible that you’ll enjoy your free time more too, having fewer household chores taking up your time, and more money available to spend on recreation. 
5. You won’t have any room for extended houseguests.  This may be good news or bad news, depending on your personality.  If you like a house full of guests, then you’re likely to have already decided on the larger home.  For the rest of you, it may be a relief not to have the free space to have houseguests. 

You may find the benefits of buying smaller Southeast Michigan real estate far outweigh the implied prestige of owning a larger home.  No matter what size home you prefer, I can help you choose the best home to fit your lifestyle.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com to get started!

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640