Traverse City real Estate Company Blog

When negotiating to purchase a home, many buyers focus mostly on the sales price, which is understandable. After all, a home is typically the largest transaction home buyers have been involved with and the price paid is a huge factor in their monthly payment.

However, in addition to negotiating the price of a home, a buyer can also negotiate to have the seller contribute money from the proceeds to allocate towards the buyer's closing costs. This money can be used towards either the reduction of cash required to close and/or a reduction in the interest rate on the mortgage.

It's easy to see the benefits for buyers to have a lower interest rate on their mortgage. However, one aspect of this situation not often considered is that the IRS treats points that are paid up front to lower a mortgage interest rate as pre-paid interest, regardless of who pays the fees. This means that when buyers negotiate to have the seller pay the costs to lower their interest rate, they receive the benefit of deducting them on their income taxes in the year the home is purchased.

By focusing on these terms – and, frankly, opportunities – home buyers can save money both now and over time.

Jason Kudary real estate - Traverse City real estate

Great location across from Northwestern Michigan College and within walking distance to Dennos Museum, Eastern Elementary School, Central High School, Traverse City Civic Center and Bardons Ice Cream – all are within a mile.  Very nice 4-bedroom, 1.5-bath home has numerous updates inside and out. New lighting, interior and entry doors, hardware, updated kitchen and baths, window treatments, cabinetry, faucets, base trim and window casings, York Affinity Series furnace and more. Hardwood and laminate wood floors, ceramic tile, fenced yard with mature trees and nice patio. Clean, usable basement space. Backyard storage building has electric and workshop area. 1628 E Front St, Traverse City, MI.

Traverse City real estate - Jason Kudary real estate

The April 5^th Ticker from the Traverse City Business News references the real estate iPhone app I recently added to my website.  This free app allows anyone to search all Traverse City MLS listings quickly and easily.  Check it out!

Traverse City real estate – Jason Kudary real estate

New listing! Beautifully remodeled in-town home in the very desirable central neighborhood, within walking distance to Traverse City beaches and downtown shopping and restaurants.  This 3-bedroom, 2.75-bath home has been tastefully updated with quality amenities and stylish décor.  The fabulous master suite features a gas fireplace, vaulted ceiling, skylight, walk-in closet and private bath with whirlpool tub.  The bright kitchen is highlighted by granite counters and custom lighting with a mudroom/pantry area just off the kitchen. Also on the main level--a dining room, front/sitting room, living room and laundry. Bay windows let in plenty of natural light. The wiring, plumbing, siding and roof have also been completely updated. Situated on a double, fenced lot with large stamped-concrete patio, detached garage and dog kennel area.  A great find!  For full details and photos visit 210 W Twelfth St, Traverse City, MI. 

Jason Kudary real estate – Traverse City real estate - Century 21 Northland

Now you can search all Traverse City real estate MLS listings from my new iPhone application!  Browse listings, map locations and get listing details for anything and everything in Traverse City and the surrounding area.  Download the app and enter code 4060 to get started!

Traverse City real estate - Jason Kudary real estate

Here is a 2009 year-end sold market analysis from the Traverse Association of Realtors for real estate in Traverse City, Grand Traverse County and the surrounding counties of Leelanau, Benzie, Antrim and Kalkaska.  It offers an interesting look at single-family home sales trends over the past several years.

Although the number of home sales in Grand Traverse County was slightly down from last year, overall total sales increased by 194 units.  The average selling price is down from $200,358 to $174,101 and the number of days on the market is holding fairly steady at nearly 180 days.  The highest number of units sold was in the $120,000 - $139,999 price range, with high totals in the $80,000 - $119,999 price ranges as well.  The tax credit has attracted many first-time homebuyers into the marketplace and has helped to boost sales in these price ranges.

We are experiencing a solid real estate market so far this winter here in Traverse City.  This is encouraging as we begin a new year, and a new decade!

Jason Kudary real estate – Traverse City real estate

Affordable ranch home just listed in desirable Long Lake Township, only 6 miles west of downtown Traverse City and just 2.5 miles to Long Lake public beach and boat launch.  Long Lake Elementary and Traverse City West Senior High Schools are conveniently close by.  Like ice cream?  Popular Moomer’s homemade ice cream store is just 1.5 miles down the road.

This nicely updated 3-bedroom home features teak hardwood floors, natural fireplace, stylish kitchen with stainless appliances and granite-tiled counters, full unfinished basement for plenty of storage, plus a nice-size yard with backyard deck for barbequing.

Attractively priced at $115,000.  Perfect starter home or investment opportunity!  Give me a call if you’d like additional details.

Traverse City real estate – Jason Kudary real estate

If you’re a Michigan resident and have taken advantage of the Conditional Rescission of a Principal Residence Exemption (PRE), remember to file Form 4640 with your city or township assessor on or before December 31^st to receive the exemption for the coming year.

The conditional rescission allows for an owner to have a PRE on a current Michigan property and on a previously exempted property at the same time.  If that property is currently for sale, is not occupied or leased, and is not used for any business or commercial purposes, an owner can retain the exemption on this property simultaneously with their current exempted property for up to three years. 

If you’ve moved, have your previous home for sale and you meet the above criteria, be sure to take advantage of this opportunity.  To initially qualify for the conditional rescission, you must have this same form filed with the city or township by May 1^st of the year of the claim (and then submit it annually before December 31^st as mentioned above for each subsequent year). 

If you’re looking to claim an exemption for a property in the Traverse City area, feel free to contact me and I would be more than happy to answer any questions you may have and help you with the filing process.

Jason Kudary - Traverse City Real Estate

October home sales for Traverse City and our five-county area are up 5% from September sales numbers and have increased more than 8% from October 2008, as reported yesterday by the Traverse City Record Eagle.  The article also reports improved national sales numbers as well. 

We did see a significant increase in buyer activity leading up to the original tax credit deadline of November 30^th which has helped contribute to these improved sales numbers.  We hope that the extension of the tax credit to April 30^th of 2010 will continue to help boost the Traverse City real estate market through the winter months and into spring. 

Great deals, especially in and near downtown Traverse City, are going very fast.  If you’re looking to buy, be sure to sign up for our automatic email service that will send you Traverse City area new listings as soon as they come on the market.  And if there are any questions I can answer about the tax credit or any Traverse City real estate questions in general, please don’t hesitate to contact me.

Hope everyone has a safe and happy Thanksgiving!

Traverse City real estate – Jason Kudary real estate

Looking to take advantage of the $8000 first-time homebuyer tax credit?  Good news!  You now have until April 30, 2010 to do so.  The tax credit has been officially extended for first-time home buyers and it’s also been expanded to include current homeowners that have used the home sold (or being sold) as a principle residence consecutively for five of the past eight years.  Here’s an easy side-by-side comparison from the National Association of Realtors detailing the rules of the original tax credit that expires on November 30, 2009 and the new plan that is in effect until April 30, 2010.

This is great news for our Traverse City real estate market!  We’ve seen a boost of activity from homebuyers already set to close on their home purchases before the end of the month and we’re hopeful that this increase in activity will now continue through the new deadline. 

And there are still many great real estate buys in and around Traverse City.  I just listed a newly remodeled 3-bedroom, 1.5-bath ranch in-town on Hamilton St within walking distance to the Traverse City Civic Center and only a ½ mile to Northwestern Michigan College for $114,900.  Interest rates are still low with great programs available for conventional, RD and FHA financing.

It’s a great time to buy that first house, or new house, you’ve been wanting!  Search all of the Traverse City area MLS listings and find the one that’s right for you.  If you have any questions on the tax credit extension or any real estate questions in general, don’t hesitate to contact me.

Traverse City real estate – Jason Kudary real estate