Real Estate News

Feb. 28, 2018

Michigan Property Taxes and Avoiding "Uncapping"

The Tax Act requires an annual assessment of all taxable property in the state of Michigan. Before the end of the day of the first Monday in March, the assessor must complete the annual assessment roll, setting forth the name and address of every person subject to the tax, along ...

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Feb. 26, 2018

1031 Exchange – Defer Tax to Increase Wealth

When a property is sold, the seller is forced to pay capital gains on the profit realized from this sale. For example, say you buy a rental property in 2010 for $250,000. If you are able to sell that property today for $310,000, you would have a profit ...

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Feb. 25, 2018

Michigan Water Law Basics

Water law is important in Michigan, not just because of the Great Lakes, but also because the state boasts more than 60,000 inland lakes and rivers as well. The terms riparian and littoral are used to refer to the set of rights that a landowner has to use the ...

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Feb. 24, 2018

Architectural Tour of Heritage Hill Neighborhood in Grand Rapids

I spent the chilly morning today exploring the neighborhood of Heritage Hill in Grand Rapids. This gorgeous neighborhood is one of the largest urban historic districts in the country and boasts numerous 19th century homes still standing today. A unique feature of the area is that there are so many ...

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Feb. 22, 2018

State of the Residential Real Estate Economy

State of the Residential Real Estate Economy

First time home buyers represented 29% of the January sales, down from 33% one year ago. Cash sales up only 1% year on year, while distresses sales down  2 points to 5% of sales. (Data courtesy of the National Association of Realtors). Across ...

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Feb. 21, 2018

Holy Shiplap!

Thanks to Chip and Joanna Gaines of HGTV’s “Fixer Upper” fame, shiplap has become a common design element. Chip and Joanna Gaines shiplapped the heck out of half of Waco, Texas. But, just what is shiplap, and how do I know if it right for my home design? Shiplap is ...

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Feb. 21, 2018

House Rich: Americans have $3 trillion (MORE) in equity!

House Rich: Americans have $3 trillion (MORE) in equity!

In the 3rd quarter of 2017, the amount of accessible home equity hit an all-time high. Almost 80% of homeowners now have equity they could draw from in their properties, while only 2.7% are underwater on their loans. Analysts estimate ...

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Posted in Real Estate News
Feb. 20, 2018

How will the 2018 Tax Reform affect Homeowners?

How will the 2018 Tax Reform affect Homeowners?
The Tax Cuts and Jobs Act was officially signed into law on December 22, 2017, and made effective for the 2018 calendar year. Here is what changed, of importance to home owners, and what did not change.
•    Mortgage Interest Deduction: Interest ...

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Feb. 20, 2018

2017 Metro Detroit Sales Metrics

2017 Metro Detroit Sales Metrics

Comparing 2017 to 2016 single family residential metrics (through November of each year), we saw a decrease of listings on the market in southeast Michigan. However, sales price increased, and days on the market decreased. See metrics below:

 

2016 (through November)

2017 (through November ...

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