Month: May 2012

Current market: Prices rise, fall equally

May 29, 2012

The least expensive housing market nationally at the beginning of 2012 was metro Detroit, followed by nearby Toledo, Ohio, according toNAR  The third-cheapest market was Lansing-East Lansing, Mich.

In the first quarter of this year, half of the houses sold in the Detroit area went for less than $52,300 per NAR.

Read more

Top risers
Cape Coral-Fort Myers, Fla. 28.1 percent
Grand Rapids, Mich. 19 percent
Palm Bay-Melbourne-Titusville, Fla. 16.9 percent
Erie, Pa. 16.6 percent
Tampa-St. Petersburg-Clearwater, Fla. 16.1 percent
Fort Wayne, Ind. 14.8 percent
Peoria, Ill. 13.6 percent
Bismarck, N.C. 12.4 percent
Elmira, N.Y. 12 percent
Sarasota-Bradenton-Venice, Fla. 11.1 percent

 

I smell REFUND ! ( for SEV drop or multiple residences )

May 22, 2012

SEV DROP:

Crazy but true. We’ve been filing for refunds when sellers have a:

  • Lower SEV when they sold than when they bought
  • Sell for less than or equal to: Actual Cash Value ( ACV is SEV X 2 in most locations – sell for more and no refund available)
  • Home has always been homestead/main residence/ non rental property

How much will be saved ?

  • the state .075% portion of your .086% at closing transfer tax

Whats needed ?

  • Proof of SEVs on the way in and out

Can I guess ?

  • 20 % penalty if you are wrong ( plus our fee wasted )

There are useful applications to this for buyers/ sellers/ investors.

MULTIPLE PRINCIPLE RESIDENCES:

If you are a seller and have moved into a new home awaiting a sale on the old home, you may qualify for principle residence exemption on BOTH homes whilst you await the sale.

Only makes sense.

Americans brace for next foreclosure wave

May 20, 2012

Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.

“We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010,” said Mark Seifert, executive director of Empowering & Strengthening Ohio’s People (ESOP), a counseling group with 10 offices in Ohio.

“Last year was an anomaly, and not in a good way,” he said.

more

WSJ articles. Ask me why the last 8 months have had price increases in SE MI.

May 10, 2012

Here is a look at real-estate news in Monday’s WSJ:

Wall Street Keys On Landlord Business: Some of the biggest names on Wall Street are lining up to become landlords to cash-strapped Americans by bidding on pools of foreclosed properties being sold by Fannie Mae.

Housing Bulls Aren’t So Far Out on a Limb: Proclaiming a recovery in the housing market isn’t for the faint of heart.