Tuesday, April 29, 2008

HGTV's 25 Real Estate Blunders

I was doing a little channel surfing the other night, and "25 Real Estate Blunders" caught my eye. When I clicked over to HGTV to watch it, I was impressed. HGTV did a nice job of being constructive. Among my favorites:

#24- Not providing easy access for showings- This is way frustrating for an agent. Especially if showings are scarce to start with.

#19- Treating real estate like the stock market: Boy, we all should have learned this lesson by now... but some haven't. Real estate is, by nature, a long term investment.

#14 Choosing the wrong agent: This really is a relationship, and we're going to be working together on something that I think is really important to you. You want to be comfortable with your agent, and build mutual trust and respect. Besides, do you want to ride around in a car and tour houses with someone you don't like?

#13- What, you're suprised?

#11- Not setting a realistic budget. Bingo. Don't spend it all! Save is a four letter word, but it's OK to do it... Really!

Here's a link to 25 Real Estate Blunders on HGTV's website. I'd like to hear which ones are your favorites.

Friday, April 25, 2008

Property Tax relief for Michigan Homeowners

Governor Signs Important REALTOR® Legislation
Public Act 96 Provides Significant Tax Relief for Sellers

Governor Granholm signed 3 significant pieces of REALTOR® supported legislation. First, legislation enabling home sellers to retain 2 principal resident exemptions for property still on the market after the seller has moved elsewhere in the state. The signing of this legislation is a huge step in aiding struggling sellers who have had homes on the market for over a year and have lost their principal residence status on that property.

House Bill 4215, now Public Act 96 of 2008 sponsored by Representative Ed Gaffney (R-Grosse Pointe Farms) enacts that the seller can retain an additional exemption for up to three years on property previously exempt as the owner’s principal residence if the following circumstances are met:
the property is not occupied,
the property is for sale
the property is not leased or available for lease
the property is not used for any business or commercial purpose
The Michigan Association of REALTORS® (MAR) was active in pointing out to lawmakers that the struggling economy in Michigan has forced several home sellers to relocate to other areas of the state, in some instances continuing to market a home that they have not lived in for over a year. As a result, the home was no longer treated as a principle residence and the homeowner lost the principal residence exemption. Retention of an existing homestead credit for an unoccupied home that is currently for sale would offer relief to sellers who have had to relocate for whatever reason. The MAR is grateful to Representative Gaffney for being receptive and following through on this very important piece of property tax relief.

Source: Michigan Association of Realtors