Saline Real Estate and Homes for Sale

When you are considering buying a home in Saline, Michigan, you'll want to see many homes before deciding which home is the right one for you.  One of the easiest ways to do so is to visit an open house.  I've written about this before.

I'll be holding an open house at 161 Commons, Saline (in the Austin Commons condos), on this coming Sunday, November 23, from 1-3pm.  You're invited to visit.

If Austin Commons isn't what you're looking for, there are many others to choose from.   Click the link below, or I'd be happy to meet with you!  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

If you are looking for information about open houses in Saline, you can look here.

You can search for homes and condos in Saline here.

Give me more music!

I've written previously about Gruvr, where you can find out what bands are performing in your area.  If you haven't already checked out Gruvr, you should.  I've also written previously about how I use Playlist.com, a service of MySpace, to put together lists of my most recent favorite songs.  Here's my latest favorites.

Since I like music as much as I do, you'd naturally think that I have my own iPod, or even an iPhone for my music.

You'd be wrong.

Think about it.

With today's "smart" phones, including the iPhone, we have nearly full-time internet connectivity.

With the ability to assemble lists of your favorite music on Playlist.com, and listen to them on the internet at any time, for free, why would you continue to buy music on iTunes?

As internet connectivity continues to grow, we can reasonably expect to have full-time connectivity in our cars.  Of course, that connectivity will likely be used for hundreds of uses in, and around, your car.  But one of the more likely uses will be to listen to music of our own choice via the internet in our cars.

So there you have it, my prediction of more music, in our cars, and in many aspects of our lives.  What do you think?

If you like what you're reading here, please subscribe to my blog.  Thanks!

If you're ready to start your search for a Saline home or condo, talk to someone with local knowledge!  I'd be happy to meet with you.  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

You can search for homes and condos in Saline here.

Here's the latest Saline market report for November, 2008.  This is an update to my regular sales report which I reported earlier this month.  If you are interested in a Saline home or condo, here's how our market looks in November, 2008.

Each month, I review all of the homes for sale (column 2) in Saline within defined price ranges (column 1), and those homes where the sellers have accepted a sales offer from a buyer (columns 3 & 4 - Percent Pending).  I also review all of the sales in past 30 days in each price range (column 6).  The results for November 2008 are shown in the table below:

Read more »

If you're looking for a Saline home or condo, here's another reason to buy, NOW!

In one of the most rapidly approved bills in memory, the Housing and Economic Recovery Act was passed into law, and could have significant implications on the housing and mortgage industry. 

Effective January 1, 2009, the FHA minimum cash investment requirements (down payment) are increasing from the current 3.0% to 3.5% of the sale price. 

The other bit of info that was included in this legislation is the $7,500.00 tax credit. Those who have NOT owned a home the last three years will qualify for this credit (some restrictions apply).  Buyers will get a maximum $7,500.00 tax credit if they purchase a home after April 8, 2008 and before July 1, 2009.  The tax credit will be 10% of the purchase price of a home, up to a maximum of the full $7,500 credit.  So, a sale price of $75,000 will qualify a buyer for the entire tax credit, as long as they meet the following requirements (please check with your CPA to see how you can make this first-time homebuyer income tax credit/loan work for you).

Income Limitations

Married couples with incomes less than $150,000.00 qualify for the entire tax credit.  The tax credit phases out for married couples with incomes between $150,000.00 and $170,000.00.  Couples with incomes exceeding $170,000.00 do not qualify for the tax credit.

Singles with an income less than $75,000.00 qualify for the entire tax credit.  The tax credit phases out for singles with incomes between $75,000.00 and $95,000.00.  Singles with incomes exceeding $95,000.00 do not qualify for the tax credit.

The tax credit will have to be paid back over a period of 15 years...but Washington just provided first time homebuyers a 15-year interest free loan to help them buy a home! 

If a buyer is having trouble coming up with the minimum down payment required, they can use this tax credit to their advantage.

With the Federal Housing Administration program (FHA), a gift from a parent or family member is allowed.   A homebuyer can borrow their minimum down payment of 3% (3.5% after January 1, 2009) and pay back the gift with the tax refund.

Another way to make the credit work is to borrow from a 401K or other retirement plan and pay it back with the tax refund.

The tax credit is really an interest-free loan from the government that must be paid back over fifteen years, in increments of $500.00 a year, beginning with the second year after you purchase a home.  So, for buyers who purchase in 2008, the first $500.00 installment will be due 2010 through 2024. The following will also apply....

• If you die, any remaining annual installments are not due. If you filed a joint return and then you die, your surviving spouse would be required to repay his or her half of the remaining repayment amount.
• If you stop using the home as your main home, all remaining annual installments become due on the return for the year that happens. This includes situations where the main home becomes a vacation home or is converted to business or rental property. There are special rules for involuntary conversions.  Taxpayers are urged to consult a professional to determine the tax consequences of an involuntary conversion.
• If you sell your home, all remaining annual installments become due on the return for the year of sale. The repayment is limited to the amount of gain on the sale, if the home is sold to an unrelated taxpayer. If there is no gain or if there is a loss on the sale, the remaining annual installments may be reduced or even eliminated. Taxpayers are urged to consult a professional to determine the tax consequences of a sale.
• If you transfer your home to your spouse, or, as part of a divorce settlement, to your former spouse, that person is responsible for making all subsequent installment payments.

This credit/loan is a unique way for those with limited funds to purchase in a market with prices we may never see again, and rates are still very attractive. It's the PERFECT time to buy.

Consult with your local lender about your $7500 tax credit.

If you like what you're reading here, please subscribe to my blog.  Thanks!

If you're considering  a Saline home or condo, you owe it to yourself to take advantage of my experience in the Saline market.  I'd be happy to meet with you!  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

You can search for homes and condos in Saline here.

The Hope for Homeowners plan went into effect on October 1^st.  Lately, I've been asked about this plan by a number of Saline home or condo owners.  Here are the details.

To qualify:

• The home must be your primary residence.
• You cannot have ownership in any other residential property.
• You began your current mortgage before January 1,2008.
• You must have made at least six payments.
• Your lender must agree to accept 90% of the current market value

The costs:

• 3% upfront mortgage insurance premium.
• Closing costs for the new loan.
• Your equity, in the form of equity share.
• You cannot refinance for five years.

See the full guidelines here. 

Let's take a closer look:

If your Saline home or condo is worth $200,000, and your lender agrees to write off the loan to $180,000, you will have a new FHA loan for $180,000.  And now, the FHA owns your equity.  Depending on when you sell your home, the equity you receive will be 50% or less.

If you sell in the first year, you receive none of the equity.  In year two, you receive 20%.  Year three, you receive 30%; year four, you receive 40%; year five and beyond, you receive 50% of the equity.

This is a great deal for those who owe more than the current appraised value of $200,000, especially if you have the money for the upfront fees, and plan on staying in your home.

If you like what you're reading here, please subscribe to my blog.  Thanks!

If you're looking to buy or sell a Saline home or condo, or have questions about your specific situation, you owe it to yourself to take advantage of my experience in the Saline market.  I'd be happy to meet with you!  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

You can search for homes and condos in Saline here.