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Make sure the Land Contract specifies payment terms – including repayment amount, interest rate, and any late fees charged. Payment terms may involve a down payment or a balloon payment. Pay attention to default provisions or prepayment clauses. The interest rate for a Land Contract cannot exceed 11%. The Land Contract should specify the date […]
March Sales figures for homes sold continued the increase in value and pricing despite a significant drop in the number of homes sold and a lower total volume of sales. Total sales for March 2022 were 187 versus 240 in March 2021. Average days on the market dropped from 92 in March 2021 to 73 […]
Title companies are responsible for reporting the sale of real estate transactions to the IRS. The form used is a 1099-S and is signed by the Seller at closing. The 1099-S form notifies the IRS of the sale and states the seller’s gross proceeds. A taxpayer is allowed to exclude from gain up to $250,000.00 […]
There’s been no slow down in real estate pricing during February 2022 for the five county area of Michigan. There were fewer sales, fewer days on market, and higher average, median, and total sales when comparing February 2022 to February 2021. The good news is inventory has not dropped too much to meet the demand. […]
The rising interest rates for mortgages are slowing potential home buyers and individuals interested in refinancing their homes. Nationwide, applications for refinancing a home dropped 56% from one year ago. Total mortgage applications decreased 13 %. The average contract interest rate for a 30-year fixed rate mortgage was up slightly from 4.05% to 4.06%. Higher […]
There’s been no slow down in real estate sales for the five county area of Michigan. There were more sales, fewer days on market, and higher average, median, and total sales when comparing January 2022 to January 2021. The good news is inventory is remaining fairly steady, but slightly down with 176 listings in 2022 […]