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April 2008

Found 2 blog entries for April 2008.

Governor Granholm signed legislation enabling home sellers in Michigan 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. Click Here To Download The Form.

House Bill 4215, now Public Act 96 of 2008 sponsored by Representative Ed Gaffney 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:

        1. The property is not occupied
        2. The property is for sale

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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 real estate market in Michigan 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

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