A significant part of any move, relocation, addition of 2nd home, or estate plan involves taxes; income taxes & property taxes for starters. Hence, below is a primer how to not accidentally double your property tax bill, or conversely, overpay if not need be. Definitions: Principle residence: Plan to return after ‘short absences’. Assessor will … More Michigan Principal Residence Exemption
I try to take a curriculum most useful to my clientele. So what kind of classes do I take? To keep a license active, continuing education is a requirement, both for Michigan and Florida real estate brokers (and agents). Most folks may not realize but we may choose from many different ‘approved’ classes. Here is … More My Continuing Education, your benefit.
Isn’t everything done best via the MLS? Lets look. Meet & Discuss Further <|> Share Your Buy Wish List Loves `em: Often seller(s) who want a highly controlled, minimally invasive, & best outcome approach to the selling process… a “rifle style”. The agent/broker who wants to take the time, target the marketing, minimize interference without … More ‘Pocket Listings’ Who loves `em/ who hates `em & why?
I recommend this lab to test for heavy metals & other water contaminants. … More Water Test in Michigan
Good article on selling the `ol family home. Other houses are selling, yours isn’t – but why ? At this point I’ll switch to a quote from the MI Assoc of Realtors magazine article: “….“See, it’s like this,” he says. “The house looks as if the Brady Bunch still lives here.” What he means is, … More Selling: Does the Brady Bunch still live there ?
You’ve heard about “disclosure”… well, I believe that any Guest at an Open House disclose if: They are only being nosy – looking for decorating ideas They’re hungry and looking for a cookie They need to use the bathroom They’re casing the joint for goodies They have ever been, or intend to be, rapists, murderers … More Why I’m against Open House Marketing:
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Homeowners who are selling their homes, but moved into another home elsewhere in the State, get to have two principal resident exemptions. …the St of MI Act provides that an owner may retain an exemption for up to 3 tax years on property previously exempt as principal residence if that property: • is not occupied; … More Two Simultaneous Principal Residence Exemptions
Four piles ! – that’s the bottom line. Toss it. Donate it. Sell it. Keep, organize and store it. If a seller wants to get the same prince the neighbors got for their property, then I have expectations for them too ! Read the entire list with a caveat, e.g., I’d put kitchen bath rehab … More DIY’s for profit ( but not necessarily fun )
I have my own pre-listing checklist I provide as part of your marketing package to use before putting you’re home live on the MLS or a sign in the yard. But here is a good related article from the “again, curb appeal brings intrigue, but people like clean homes, especially in eating and grooming areas”. … More Big Turnoffs When Touring a Home
I tend to look at properties from a “multi-use” perspective. I might say to a prospective buyer client “will you ever work from home ?…have customers stop by ?…. want rent out part for future/retirement income stream ?… have retired parent(s) live with you ?… have a business & residence at the same location ? … More Adaptive reuse / flexible use
Oh yeah ? Not so fast. I hear it over and over – “lets bandwagon, let the bank have it, let it go, walk away”…after all, Mr Fix It is in the white house and America cares for the little guy, not those ding nab fat rich bankers ! Try on a dose of reality: … More “I’ll just Short Sell it 😉 “
Today I learned something no so surprising. CEO of ForSalebyOwner.com, Colby Sambrotto sold his home using a Realtor! said the article title. He’d used his FSBO site for 6 months, then listed the property and sold it in weeks, …. for thousands more than he’d been asking no less. Why is this NOT surprising to … More For Sale By Owner com Founder used an agent
In case you wondered. I’m thinking I’ve counted well over 100 on most. more ps: 33 Steps REALTORs® do to complete a Purchase .
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 … More I smell REFUND ! ( for SEV drop or multiple residences )
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 … More Americans brace for next foreclosure wave
When discussing list price adjustments I often get this question. My admirably successful broker-father oft said “when you overprice a property you take it off the market”. I give more value to the saying now that I’ve logged near 3 decades of experience and consider his economics Masters and PhD work. If I drive by … More If my home is overpriced, why did I get so many showings ?
1. We want to test the market. For how long ? Whats the exact plan, 90 days ? And the 91st day? Price reduction– 90 days worth of potential buyers gone. 2. It costs too much. Staging costs virtually always less than the first price reduction…and carrying costs. ? 3. We can’t, we’re living in … More WHY STAGE YOUR HOME
Long-term capital gains (held more than 12 months) are taxed at a maximum rate of 15 % ( 5% for persons in the 15% tax bracket). CAUTION: When investment property is sold, depreciation taken during the holding period is “recaptured” & taxed at 25 %. Assume an apartment bldg. purchased nine years ago for $300,000. … More FED INCOME TAXES / Capital Gains Tax on Investment Property
An offer is a sale, you sold it as you wanted to. As soon as you counter, you have rejected the deal, it is legally dead with no obligation from the prospective buyer that made the offer. In essence, you’ve just bought it back at the price and terms it was sold for. If you … More 5 Reasons Not Counter