Welcome to your daily briefing on real estate developments in Michigan. Today we're covering 8 key stories including updates on michigan real estate headlines, background & context. Let's dive in.
Listen to today's briefing(4:15 min)
5 stories
Bankrate explains that real estate agents are compensated via a percentage-based commission of the home's sale price and clarifies who is responsible for paying these fees.
Michigan real estate professionals can use this breakdown to better understand standard compensation models and manage client expectations regarding fee structures.
The Michigan Assessors Association has unveiled its new online presence at maa-usa.org.
MI real estate professionals rely on accurate property assessments for valuation, tax appeals, and transaction pricing, making the assessors' primary state organization a key industry resource.
Access Michigan property records to find owner information, search for permits and purchase history, and lookup deed, tax, loan, and lien records.
This tool provides Michigan real estate professionals with direct access to essential property data, including ownership, legal encumbrances, and permitting status, facilitating accurate due diligence.
Explore the newly launched open data offerings via the Macomb County Open Data Portal.
Real estate professionals in MI can access this data to support market analysis and property research within Macomb County.
A new guide breaks down what sellers can expect to pay in real estate commission when listing a home in Michigan and how they can reduce those costs.
Understanding commission expectations helps MI real estate professionals competitively position their services and articulate their value in a cost-conscious market.
Reach real estate professionals in this market
3 stories
Most MI jurisdictions allow appeals in a narrow annual window after assessments mail. The strongest appeals lead with three comparable sales from within 6 months and a half-mile radius, and explicitly address why the subject differs from the assessor's comp set — typically condition, location, or improvements that were over-counted.
Successful appeals reduce the assessed value for the appeal year and often reset the baseline for future years. Even a 10% reduction compounds over a decade of ownership.
A 1031 like-kind exchange has three hard clocks: the 45-day identification window, the 180-day close window, and the same-taxpayer rule (the entity selling and buying must match). Missing any one of these collapses the deferral, exposing the full gain to tax. The most-missed is the same-taxpayer rule when LLCs change membership mid-exchange.
The tax exposure on a busted exchange is the full long-term capital gain plus depreciation recapture — often 25-30% of the basis difference. Process discipline is the only protection.
Even after a clean title commitment, four issues commonly surface post-close: undisclosed easements (often utility), boundary discrepancies between deed and survey, unreleased mortgages from prior owners, and mechanic's liens filed within the lookback window. Owner's title insurance covers most of these; lender's policy alone does not.
The cost difference between owner's and lender's title insurance is one-time and small; the cost of resolving a title defect without owner's coverage is often five figures.
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