Real Estate

There’s wonderful news for people considering purchasing a home! Congress has recently passed further legislation, as a portion of the plan for energizing the U.S. housing market, that makes the Federal tax credit of up to $8,000 now available to even more first-time buyers. Also, selected individuals who now own a home and want to purchase a new one will also be eligible for a Federal tax credit totaling up to $6,500.

The Extended Home Buyer Tax Credit extends and improves the existing law that runs out on November 30. Both new and move-up buyers can now take advantage of the Federal tax credit. Needless to say, this is over and above the current historically low mortgage interest rates.

Here are the important new particulars:

* The first-time buyers’ $8,000 has now been extended through April 30th, 2010. * Current homeowners are now eligible for a $6,500 tax credit, if they have lived in the home they are selling as their principal residence for a minimum of five consecutive years out of the last eight years. * Income limits for eligible buyers were increased to a range of $75,000 to $125,000 (for single buyers) and a range of $150,000 to $225,000 for couples. * Time has been extended to make allowance for closing the home purchase. As long as they have a ratified contract by April 30th, they will then have until June 30th, 2010, to close the purchase. The qualifying purchase price of the new residence has to be no more than $800,000.

Additional details:

* Tax credits provide a dollar-for-dollar reduction of taxes owed with any surplus funds available as a refund. The amount of the credit will be first credited toward any tax liability for the year of purchase. Subsequently the amount remaining will be refunded to the buyer. (For example a first-time buyer who owes $2000 in taxes would receive a check for $6,000). * Any single-family home purchased to be used as a principal residence (including condos, co-ops) will qualify assuming that it is purchased by the 30th of April, 2010 and closed by the 30th of June, 2010. * The full amount of the credit is available for individuals with an adjusted gross income of no more than $125,000 or $225,000 on a joint return. When income is greater than these figures, the amount of the tax credit drops until the maximum limit is reached – $145,000 for an individual or $245,000 of joint income.

Jim Navary has been a freelance writer and researcher for more thirty years covering a broad range of topics. He is also a licensed real estate salesperson in the Commonwealth of Virginia specializing in real estate in the Tri-Cities area of Virginia and, in particular, Petersburg, Virginia, area houses for sale.

What to know about Northville MI homes for sale comes down to understanding that this well-regarded Metropolitan Detroit enclave of very nice homes benefits from a wide variety of educational, shopping and recreational opportunities that combine to make Northville one of the finer communities in which to live. Northville housing opportunities reflect this reality, too.

Recent population figures place over 8000 people living within this unique area that is divided amongst two different counties, Wayne and Oakland. The city is actually divided among two counties, with the Wayne County portion surrounded by Northville Township and the Oakland County portion being surrounded by the larger community of Novi. The Township itself is much larger, at over 23,000 people.

Both municipalities are of good character and both feature a diverse array of housing within their borders. In terms of size, the city itself is less than 2 square miles while the township is about 16. 6 miles in size. There are around 3000 housing units within the city of Northville’s borders while Northville Township itself as over 9000 housing units available at any one time.

The above means that there will be a good selection of high quality, and sometimes expensive, single family and condominium-type homes within either of the two entities. Where one decides to live in Northville depends on which county, for the most part, one prefers to live in. Regardless, many people in the metro region consider Northville as a whole to be very desirable in terms of living.

At any given time the number of homes for sale in Northville ranges from good to excellent and property values generally tend to stay relatively stable even in the current turbulent economic environment. City and township services are excellent and the area is conveniently located next to major freeways and a smorgasbord of shopping, recreational outlets and dining opportunities.

When it comes to locating any Northville homes that may be on the market is usually a matter of using the services of a local real estate broker or combining that with homes that can be found on the Internet. Because the median income levels in Northville are high in comparison to much of the rest of the metro Detroit area, one should expect housing prices to reflect that.

If one has decided to look for Northville MI homes for sale one is making a decision because the area is well-known in the metro Detroit region for the quality of its schools, city services, recreation and shopping and dining opportunities. Take some time to look over all of the listings thoroughly and decide in which county you would prefer to live as each has its own separate character.

Understanding Northville MI Real Estate specifically Northville MI Homes For Sale will reveal a very nice metropolitan Detroit community that is super vibrant and abounds with educational, recreational and shopping opportunities that’s rated one the best communities to reside in.