News from the State Level

  • If You're Looking to Buy a Home, Michigan Might Be a Good Place to Start

    Apr 1, 2014 - If you're looking to buy a home, Michigan might be a good place to start-and California might be a place to avoid. The Midwestern state boasts three metro areas in the top 10 for highest homeownership rates in the nation, according to a...

  • New Mortgage Program Aims to Spur Home Sales

    Feb 24, 2014 - GRAND RAPIDS, Mich. (Feb 24, 2014)-It's a new initiative to help spur home sales. Monday morning, realtors joined state and local officials to launch a Michigan's first-ever MI Next Home program. Repeat home-buyers, including singles,...

  • State offers up to $7,500 for cash-strapped homeowners who want to buy new home

    Feb 24, 2014 - GRAND RAPIDS, MI - Cash-strapped homeowners who want to move into another home can qualify for up to $7,500 toward the purchase of a new or existing home through a program unveiled on Monday, Feb. 24 by the Michigan State Housing...

  • Statewide mortgage program expands service

    Feb 24, 2014 - GRAND RAPIDS, Mich. (WOOD) - A statewide mortgage program is expanding its service to help spur home sales. Details of the Michigan State Housing Development Authority (MSHDA) MI Next Home program were discussed Monday morning at Grand...

  • Low housing inventory in many Michigan markets - good for sellers, frustrating for buyers

    Nov 29, 2013 - If you're having a hard time finding a home to buy right now, you are not alone. The supply of houses for sale in many markets across the state are hitting near all-time lows. Interest rates remain low, but there are not enough homes...

  • Legislature on Summer Break, but work continues on foreclosure language

    Aug 13, 2013 - Aug 13, 2014 - Last month, Senate Bill 383, now Public Act 104 of 2013, was signed into law by Governor Snyder. As you may recall, the initial legislative proposal was to shorten Michigan's 6 month redemption period down to 2 months. With the signing of...

  • Average Selling Prices Increase Hits 5-year High

    Jul 23, 2013 - Jul 23, 2014 - June housing sales reflected an increase in average selling price at its highest level in five years, according to the MLS reports compiled by the Michigan Association of REALTORS®. Over 70% of Local units reported an increase in average...

  • Update on Transfer Tax Debate: Refund for Buyers Paying the Transfer Tax

    Jul 11, 2013 - Jul 11, 2014 - The 6th Circuit Court of Appeals provided an answer last month to a lingering tax question impacting Michigan REALTORS® and their clients: Fannie Mae and Freddie Mac are federal agencies exempt from state and county real estate transfer...

  • Legislation Preserving the Foreclosure Redemption Period Signed by Governor

    Jul 8, 2013 - Jul 8, 2014 - This week, Senate Bill 383, now Public Act 104 of 2013, was signed into law by Governor Snyder. As you may recall, the initial legislative proposal was to shorten Michigan's 6 month redemption period down to 2 months. With the signing of...

  • May Average Selling Price Jumps to Highest Since 2007 as Inventory Remains Tight

    Jun 25, 2013 - Jun 25, 2014 - Michigan's housing market continued its upward swing in May, according to the MLS reports compiled by the Michigan Association of REALTORS®. Over 88% of reporting units reported an increase in average selling price from May 2013 compared to...

  • March Average Selling Price Reported at Over 20%

    May 1, 2013 - May 1, 2014 - According to the MLS reports compiled by the Michigan Association of REALTORS®, 95% of reporting units reported an increase in average selling price from Mar 2013 to Mar 2012; with 17 locals reporting an increase at/near 20+%. Statewide the...

  • Ann Arbor, Traverse City buck trends with rising real estate values

    Apr 2, 2013 - Apr 2, 2014 - In parts of Michigan, a "For Sale" sign in front of a house is quickly followed by another: "Sold." Realtors from Grand Rapids to Ann Arbor to Traverse City are reporting trends notably absent in Michigan for years. Home values are rising....

  • February Average Selling Price Increases Nearly 20%

    Mar 19, 2013 - Mar 19, 2014 - According to the MLS reports compiled by the Michigan Association of REALTORS®, 85% of reporting units reported an increase in average selling price from Feb 2013 to Feb 2012; statewide the average selling price increased by a whopping 19...

  • New Year Brings Nearly 10% Jump in Home Sales and Average Sales Price

    Mar 6, 2013 - Mar 6, 2014 - According to the MLS reports compiled by the Michigan Association of REALTORS®, January total sales volume increased, while the average selling price of single-family homes in Michigan rose compared to the same time last year. According to...

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