Macomb County Real Estate Blog - Mike Mitchell

Sunday, April 27th is Michigans BIG OPEN HOUSE EVENT                    

Real estate agents in four counties have been invited to participate. There will be a special section advertising these open houses in Fridays Detroit News and Detroit Free Press. Also Sundays Free Press will feature THE BIG OPEN HOUSE planner map. There are currently 434 open houses in Macomb County scheduled for this big event!

This is going to be the biggest open house event in Michigans history! If you're looking for a home, this is a great opportunity for you! I will be at a Roseville Open House from 1 to 4, stop on by.

For information on Macomb County Real Estate contact:

  Mike Mitchell - Realtor®                                                                    
  GMAC The Kee Group
  Direct: (586)291-2652
  http://www.mmhomesearch.com/

clip are courtesy of real estate clip art

 Sellers Eligible for 2 Principal Residence Exemptions

Yes, your read it correctly. House Bill 4215 which is now known as Public Act 96 of 2008 was signed into legislation yesterday by Governer Jennifer Granholm. The bill was sponsored by Representative Ed Gaffney.

This is great news! This should give sellers that have already sold their house and bought another one a big break in taxes, as previously in Michigan you were only allowed 1 principal residence exemption.  There are some stipulations that have to be met.

     1.  The property cannot be occupied

    2.   The property cannot be rented out, or available for rent

    3.   The proerty cannot be used for business or commercial use

    4.   The property has to be up for sale

This additional exemption is good for up to 3 years.

Between this and the news of the transfer tax act , (if you haven't heard of that one, click on the link to read Missy Caulk's post) These are both positive things to help our struggling real estate market make a rebound.

Thank you to MAR, RPAC, Representative Gaffney & Governer Granholm. I believe our market is correcting itself and these items will help to make a quicker recovery.

Mike Mitchell - Realtor®                                                                    
GMAC The Kee Group
Direct: (586)291-2652
http://www.mmhomesearch.com/

                               My Daddy's a REALTOR®

It's funny when you think about some of the things kids pick up on after watching you work in real estate. My children have been watching me sell real estate for years, and recently my daughter really made me laugh.      

 The other day, we're driving to the store and she sees a stack of feature sheets neatly piled on the back seat. She picks one up and reviews it, is this your new listing dad? She asks.  Yeah, I reply. EEEW, that's it. It's blue, she says. I replied, yeah I know, you don't like it. No! she replies. A few moments go by and she says: It's only 2 bedrooms!

That was the part that really made me laugh! I thought how many 9 year olds would notice these things when looking at a real estate flyer. The way she commented on it, you would have thought she was the one looking for a home. Now, just so everyone knows, including my sellers if they're reading this post, this listing is a very nice little 2 bedroom starter home, vinyl sided with blue trim, actually a cute house and at a great price.

But unfortunately, I know for sure this particular buyer isn't interested in it. I'm sure I'll have my work cut out for me when she's an adult and wants to buy her first home. That is if she's not a licensed REALTOR®

Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com

clipart courtesy of realestateclipart.com

ST. CLAIR SHORES REAL ESTATE MARKET REPORT - March 2008

If you would like to know what your St. Clair Shores home is worth in today's market, give me a call to schedule an appointment for a free market analysis (cma). No pressure, no obligation.

The weather is finally breaking, the St. Clair Shores real estate market has been holding steady for the last few months. Total number of sales for March was down only 1 from February. I'm optimistic that April and May should be picking up.

 ST. CLAIR SHORES MARKET REPORT FOR MARCH - HOMES                                                       

• There were 34 home sales that closed in March                                                            
• The average list price was $105,542
• The highest list price was $204,900 & the lowest was $37,900
• The average sale price of those 34 transactions was $100,790
• The average total days on the market was 200
• 47 homes went under contract and are marked pending for the month of March.

 Of those 34 closed transactions, 17 were bank owned & 1 was newer construction (built in 2006). While it is tuff to see some of the bank owned homes selling real cheap and bringing values down, I am glad to see them to continue to sell. The sooner the inventory goes down, the sooner the market can start to recover.

          ST. CLAIR SHORES MARKET REPORT FOR MARCH - CONDOMINIUMS 

• There were NO condos that closed in March. I was surprised at first, but looking back at my St. Clair Shores market report for February, there were no condos that went under contract in February. There were 6 condos that went under contract in March though!

This current buyers market makes it a great time to purchase a home or condo in St. Clair Shores. As of April 1st there are currently 632 single family homes for sale (no this isn't an April Fools joke) ranging in price from as low as $39,900 investor specials to waterfront homes over $1 million. There are many homes to choose from, no matter what your price range, now is the time to take advantage of this market, prices will not remain this low forever. Interest rates are still low and there are some great FHA loans for those that want to put little or nothing down.

For more info on the St. Clair Shores Real Estate market, contact Mike Mitchell,REALTOR ®

PRICES HAVE NOT BEEN THIS LOW IN YEARS, GREAT OPPORTUNITIES,

CALL MIKE @ 586-291-2652

 Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com/

Information deemed to be reliable but not guaranteed. Information taken from MiRealSource multiple listing service. Above sales were sold by agents and/or brokers. These statistics do not include for sale by owners.