Michigan Real Estate News

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Inflation Impacts Property Taxes With Highest Increase Since 2007

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Michigan homeowners can expect to see bigger than normal increases in their summer property tax bills. Thanks to this year’s inflation, many need to prepare for even bigger hikes next year. The inflation rate adjustment for this year’s property taxes is 3.3%, the highest it has been in 15 years. The rate is the maximum increase in taxable value that can apply this year to Michigan homes that haven’t changed ownership or seen additions to the property. The multiplier hasn’t been over 3% since 2007. Inflation’s impact on food and gas prices are obvious to consumers, but its impact on property taxes can be unexpected and somewhat hidden.

 

 

Rising Mortgage Rates Cool Detroit’s Housing Market

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Rising mortgage rats have calmed metro Detroit’s housing market this summer. Inventory continues to be tight and is inhibiting a more “normal” market. According to agents, many sellers are still getting multiple offers and selling above asking price, buyers have a bit more leverage can sometimes knock a listing’s price down a bit. There has been a slight increase in the number of listings, but the number is still lower than what is needed. Bidding wars still occur, but are happening at somewhat lower prices than before.  Increasing mortgage rates are impacting buyer’s budgets. Last year, a 30-year, fixed mortgage was 2.9%. Last week the average was 5.7%. That adds more than $300 to monthly mortgage payments.

Michigan-Based Development Firm Acquires Affordable Housing Portfolio

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The Michigan minority- and woman-owned development firm, Ginosko Development Company, along with New York-based L+M Development Partners, has secured a nine-property portfolio in Michigan that includes 1,640 units.  One of the portfolio’s properties includes Coventry Woods, a West Michigan senior apartment complex. The rest of the portfolio properties are in Detroit, Saginaw, Pontiac, Canton, Center Line and Monroe. Over half the units are for seniors. Seven of the nine properties have Department of Housing and Urban Development Section 8 contracts, and two are restricted to households at or below 60% area median income.