The Macomb County Michigan Real Estate Blog

Macomb County Michigan Home Sales are Up in October 2011

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Mon, 21 Nov 2011 12:58:39 -0500

Macomb County October 2011 real estate sales

Macomb County Michigan Home Sales are Up in October 2011

According to data just released from REALCOMP MLS listings are down but sales are up in Macomb County Michigan

Area # of On Market Listings % Change # of Foreclosure Sales % Change # of Non Foreclosures % Change # of Total Sales % Change Month/Yr Oct‐11 Oct‐10 Oct‐11 Oct‐10 Oct‐11 Oct‐10 Oct‐11 Oct‐10 ALL MLS 30,147 36,351 ‐17.1% 2,021 1,935 4.40% 3,178 2,967 7.10% 5,199 4,902 6.10% Macomb 3,939 4,887 ‐19.4% 324 319 1.60% 523 416 25.70% 847 735 15.20% Metro Detroit 21,939 27,339 ‐19.8% 1,600 1,702 ‐6.0% 2,576 2,281 12.90% 4,176 3,983 4.80%

"This statistical information has been obtained from Realcomp, the REALTOR'S^® MLS. Realcomp is Michigan's largest Multiple Listing Service. Although not guaranteed, these statistics are from data Realcomp believes to be reliable. This information is not to be reproduced, redistributed, or combined with data from other sources without expressed permission from Realcomp."

If you would like more detailed information about current sales in Metro Detroit Michigan, feel free to call or contact David Elya

BROOKVIEW REALTY

586-991-1222

LED Holiday Lights: 6 Need-to-Know Tips from David Elya

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Thu, 10 Nov 2011 16:35:42 -0500

LED Holiday Lights: 6 Need-to-Know Tips

LED holiday lights vs. old-fashioned bulbs: 6 tips to help you decide which is right for you. Read

Visit houselogic.com for more articles like this.

Average sales prices are up 43% in Macomb County over September 2010

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Sun, 06 Nov 2011 10:09:27 -0500

Average sales prices are up 43% in Macomb County over 2010

Fresh data provided by MiRealsource MLS, reports that the average sales price is up over 43% from September 2010 levels.

Bank owned real estate sales in Macomb County dropped to 29% from 38% in 2010.

Trend Analysis For Macomb County Residential Homes Period # Sold Private Private # Sold Bank/Gov Bank/Gov # Sold Lease Lease AVG Sale Price Private Avg Sale Price Bank/Gov AVG Sale Price All Q3 2010 1,063 51% 795 38% 218 11 $110,276 $64,480 $92,427 Q3 2011 1,568 62% 719 29% 229 9% $109,875 $63,522 $94,662 YTD Summary Totals 2009 3,378 38% 4,614 52% 842 10% 2010 4,270 58% 3,283 31% 834 11%

So are we at "the bottom"? I believe that if we aren't, we are pretty close. Now is a great time to buy in Macomb County. Property values on average are what they were back in 1995-1996. It is a great time to move into a larger, newer home. Or if your current home is too large, I can assist you in finding a smaller less costly property.

If you would like more detailed information in regards to the market value of your home in Macomb County Michigan please don't hesitate to contact me either via phone or email.

www.LookForHomes.com

View the entire report

Michigan Transfer Tax To Be Assessed Against Fannie Mae And Freddie Mac sales

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Tue, 01 Nov 2011 20:34:26 -0400

In case you missed this news this week, I found this posted on the Michigan Association of REALTORS website.

Transfer Tax To Be Assessed Against Fannie Mae And Freddie Mac

10/25/2011
The Michigan Department of Treasury was asked by certain registers of deeds whether particular entities, such as Fannie Mae, were subject to the county and state real estate transfer tax. On October 4, 2011, Treasury advised the Emmet County Register of Deeds that the answer was yes – Fannie Mae and Freddie Mac, as sellers of real estate in Michigan, must pay county and state transfer tax.

Apparently, Fannie Mae and Freddie Mac had previously avoided paying both county and state transfer tax relying on an exemption in both those statutes for “written instruments which this state is prohibited from taxing under the constitution or statutes of the United States.” In its letter, Treasury indicated that federal law generally prohibits the taxation of these entities by state and local governments. However, Treasury has concluded that the real estate transfer tax is not a tax on real property, but instead is an excise tax on the instrument that is being recorded. Thus, Treasury concludes that government sponsored entities, such as Fannie Mae and Freddie Mac are not exempt from real estate transfer tax.

The law provides that a seller is responsible for payment of county and state transfer taxes. However, a seller can contractually agree to have a buyer assume that obligation. Generally, Fannie Mae and Freddie Mac use addendums which impose all liability for transfer tax on buyers. Thus, in pending purchases for Fannie Mae and Freddie Mac, buyers will now need to deal with a new obligation, i.e., payment of county and state transfer tax as reflected on the HUD-1.

Presently, there does not appear to be any viable theory for imposing liability on REALTORS® involved in the transaction where either there was a failure to pay the transfer tax or there is now transfer tax which must be paid by a buyer.

Treasury’s October 4, 2011 letter is silent as to potential payment of transfer tax on properties sold by HUD. However, there is a separate exemption to both state and county transfer tax for “a written instrument in which the grantor is the United States, this state, political subdivision or municipality of this state . . .” HUD is obviously a part of the United States Government. It is difficult to see how this exemption would not apply to it.

Shelby Township Michigan real estate residential market report for April 2009

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Sun, 10 May 2009 09:19:07 -0400

Shelby Township Michigan real estate residential market report for April 2009

I have prepared a report of the home sales data in Shelby Township Michigan for the month of April 2009.

The information below is gathered from Mirealsource Multiple Listing Service and represents those homes sold by participating real estate brokers and agents and does not include data from private sources.

For the period of April 1, 2009 through April 30, 2009:

Total houses sold: 42

Total condos sold: 12

Average sales price for houses: $169,009

Average sales price for condos: $78,642

If you would like more detailed information in regards to the market value of your home in Shelby Township Michigan please don't hesitate to contact me either via phone or email.

www.LookForHomes.com

Macomb Township Michigan real estate residential market report for April 2009

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Sun, 10 May 2009 09:14:25 -0400

Macomb Township Michigan real estate residential market report for April 2009

I have prepared a report of the home sales data in Macomb Township Michigan for the month of April 2009.

Total homes sold: 78

Total condos sold: 17

Average sales price for homes: $152,532

Average sales price for condos: $69,678

If you would like more detailed information in regards to the market value of your home in Macomb Township Michigan please don't hesitate to contact me either via phone or email.

www.LookForHomes.com

Macomb County Michigan real estate residential market report for April 2009

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Sun, 10 May 2009 09:08:55 -0400

Macomb County Michigan real estate residential market report for April 2009

I have prepared a report of the home sales data in Macomb County Michigan for the month of April 2009.

Total homes sold: 733

Total condos sold: 173

Average sales price for homes: $81,510

Average sales price for condos: $49,766

If you would like more detailed information in regards to the market value of your home in Macomb County Michigan please don't hesitate to contact me either via phone or email.

www.LookForHomes.com

Macomb County Michigan foreclosures for sale, HUD properties, bank owned homes

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Tue, 30 Sep 2008 15:29:03 -0400

Visit www.MacombForeclosures.com

Macomb County Michigan foreclosure HUD listings

Search over 13,763 foreclosures and HUD properties for sale in Macomb County Michigan!

Let David Elya sell your property! David Elya can help keep your property from foreclosure!

Complete foreclosure property information with addresses, photos and more!

Click to Search for foreclosures In Macomb County

Click to Search for foreclosures In Oakland County

Macomb County REALTORS®

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Fri, 01 Dec 2006 18:32:10 -0500

Macomb County Michigan is a great place to live, work and play! Macomb County Michigan offers 4 seasons of beauty. The housing is affordable and the quality of life is good! Now is a good time for home buyers to move up or into Macomb County Michigan. The sellers are motivated and the REALTORS® are eager to assist! Macomb County Michigan is located northeast of Detroit and offers quality schools, shopping and jobs. I am a lifelong Macomb County resident. Proud to be a property owner, business owner and taxpayer! Let's talk about all the good things happening in and around Macomb ....

Shelby Township Michigan real estate residential market report for July 2008

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Wed, 13 Aug 2008 20:34:10 -0400

Shelby Township Michigan real estate residential market report for July 2008

I have prepared a report of the home sales data in Shelby Township Michigan for the month of July 2008.

Total houses sold: 53

Total condos sold: 16

Average sales price for houses: $205,120

Average sales price for condos: $75,681

If you would like more detailed information in regards to the market value of your home in Shelby Township Michigan please don't hesitate to contact me either via phone or email.

www.LookForHomes.com

Bank sales make up 45% of Macomb County sales in 2008

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Wed, 14 Jan 2009 07:34:55 -0500

Fresh data provided by MiRealsource MLS, reports that bank owned real estate sales accounted for a whopping 45% of all real estate sold in Macomb County Michigan in 2008. This compares to only 27% in 2007.

Bank sales in December 2008, accounted for 55% of all sales compared to 37% in 2007. Not surprising is the fact that leases are increasing as well. They make up 11% of all transactions. As owners struggle to make ends meet, many are resorting to leasing their property. Some are successful, some still end up losing their property to foreclosure.

In 2008 the average sales price declined in Macomb County. The average sales price in December 2008 was $159,295, Compare that to December 2007 when the average sales price was $179,397.

To put these numbers into perspective, in April of 2005, the average sales price was $189,457. Bank sales only accounted for 8% of all sales. Leases were only 3% of all transactions.

If you would like more detailed information in regards to the market value of your home in Macomb County Michigan please don't hesitate to contact me either via phone or email.

www.LookForHomes.com

View the entire report

Macomb Township Michigan real estate residential market report for December 2008

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Tue, 13 Jan 2009 20:51:46 -0500

Macomb Township Michigan real estate residential market report for December 2008

I have prepared a report of the home sales data in Macomb Township Michigan for the month of December 2008.

Total homes sold: 41

Total condos sold: 17

Average sales price for homes: $162,331

Average sales price for condos: $73,712

If you would like more detailed information in regards to the market value of your home in Macomb Township Michigan please don't hesitate to contact me either via phone or email.

www.LookForHomes.com

Shelby Township Michigan real estate residential market report for December 2008

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Tue, 13 Jan 2009 20:46:30 -0500

Shelby Township Michigan real estate residential market report for December 2008

I have prepared a report of the home sales data in Shelby Township Michigan for the month of December 2008.

Total houses sold: 42

Total condos sold: 15

Average sales price for houses: $205,676

Average sales price for condos: $65,883

If you would like more detailed information in regards to the market value of your home in Shelby Township Michigan please don't hesitate to contact me either via phone or email.

www.LookForHomes.com

Ditching "days on market"

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Sun, 13 May 2007 20:00:31 -0400

Ditching "days on market"

Should the MLS remove this field from all listings?

As a listing broker, I don't think the days on market (DOM) field should be captured, published and available on each active listing. In fact, the field should be immediately removed from all types of active listings posted on the multiple listing services (MLS).

After all, shouldn't the MLS work in the best interest of you and your listing broker's client, the seller? Before buyer agency arrived, the DOM field wasn't as valuable to MLS users. All brokers and agents worked for the seller.

To some, this might seem like an alarming suggestion, but I have a couple questions for you if that seems the case:

• Would there be a MLS as we know it, if there weren't any sellers (listings)?

• If potential buyers feel this data is important, why limit it to MLS displays? Why isn't the MLS displaying this field on the public IDX display?

• Listings are routinely forwarded to many Web sites. If DOM is such an important number, why isn't the active/cumulative DOM forwarded to Google, Homeseekers, REALTOR.com etc.?

Promoting the DOM figure borders on breaching our fiduciary duty to our seller clients. Here's why: publishing the DOM figure merely gives the prospective buyer a reason to offer a lower price to the seller. The information puts the seller at a disadvantage in negotiations, something he or she would probably never agree to if given an option.

Offices that offer agent floor time are more at risk, since an agent reading the listing display may quickly disclose the seller's DOM position when asked by the caller.

Many MLSs offer a choice to the broker whether to display their listings on other websites (such as Google, Realtor.com, etc.). A MLS, especially a broker-owned MLS, should allow the broker the choice to publish this confidential information or not. The DOM should not be displayed if the listing broker so chooses. Default off, unless requested by the listing broker.

I believe in providing a history report for all properties. Listing brokers and buyer brokers can determine the value of a property based on the number of current active listings, the DOM of recent sales, sales prices and expired prices. This is basic supply and demand economics.

Removing the DOM field on each listing would reduce the number of agents deleting and re-listing their property. No reason to keep doing this if there was no clock to re-set.

We all know that a property sells because of one reason: price. If there is an abundance of similar properties for sale, the seller must reduce their price.

Perhaps removing the DOM field would lead to buyers making an offer if they like the property, regardless of what the DOM is. If the seller gets an offer, perhaps it will sell. If it sells, perhaps prices in Metro Detroit will become stronger. Even in a sellers market, removing DOM is a good thing for the listing broker's client, the seller.

Active DOM data does not have to be one of the fields collected and distributed. This field serves little purpose or value for the seller, your client.

Let me know what you think.

Macomb Township Michigan real estate residential market report for November 2007

David Elya ABR, e-PRO, GRI, SFR - Broker Owner (BROOKVIEW REALTY) — Sun, 02 Dec 2007 08:51:02 -0500

Macomb Township Michigan real estate residential market report for November 2007

I have prepared a report of the home sales data in Macomb Township Michigan for the month of November 2007.

Total homes sold: 41

Total condos sold: 12

Average sales price for homes: $216,180

Average sales price for condos: $116,225

If you would like more detailed information in regards to the market value of your home in Macomb Township Michigan please don't hesitate to contact me either via phone or email.