Thursday, April 17, 2008

Homeowners Catch A Break, Part 1

Although the Sunday, April 13th edition of the Detroit Free Press highlighted the high levels of home inventories in the area, the rates of foreclosures have decreased. We've definitely noticed an increase in activity over last year and there continues to be lots of good deals for both first time buyers and move-up buyers, so we're looking forward to a strong Spring selling season.

A couple of pieces of important legislation have been passed by the Michigan State Legislature recently to ease the homeowner burden during this challenging market. These include:
  1. A 33-month 'pop-up' tax moratorium making it more economical to make a move, and a
  2. Conditional recission of homestead exemption for those sellers who own and are living in a second property who still haven't sold their original property
Additionally Attorney General Mike Cox clarified an exemption to the state transfer tax enabling home sellers to request a refund of state transfer taxes paid during a sale if certain requirements are met.

Be sure to take advantage of any of these changes if they apply to you!

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