MARK Z's Blog: Michigan Real Estate

Governor Granholm signed legislation allowing Michigan property homeowners to keep 2 prinicipal 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 prinicipal residence status on that property. 

Prior to this legislation, if a homeowner still owned two homes and May 1 rolled around, the homeowner would lose their homestead credit and property taxes would go up nearly 1 1/2 times what it was as their principal residence.  Now homeowners in Michigan can keep two properties homesteaded at the same time, getting a tax break on both properties.

House Bill 4215,…

It's nothing new among self made millionaires, and independently wealthy individuals who have accumulated wealth through their own means, to go against the common trend in society.  As a matter of fact most millionaires are made during a recession.

Our current Michigan real estate market provides such opportunities that are being overlooked by many due to the emotional and financial pain associated with the decrease in value of their own homes.  For the past 20 years when home values were consistently appreciating every year, we all felt good about the market and homeowners wouldn't think twice about selling their home for a gain and buy a larger more expensive home.

But consider this example.  Lets turn back the clock five years and look at an…