Michigan Real Estate News

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The Demand for Single-Story Home Construction Increases

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New single-family housing construction in the Great Lakes region is following a nationwide trend. For the last 4 years, the number of single-story homes being built has gradually increased. The number of two or more storied homes has been decreasing. Although single-story homes are more expensive to build, they appeal to older home buyers who have more money to spend as they downsize their homes. That makes single-story sites very lucrative.

Justice Department Sends Antitrust Signals

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The Justice Department backed out of a proposed settlement with the National Association of Realtors in regards to real-estate agents’ high commissions. Although in the past, the government has brought antitrust cases and then decided to dismiss them, they have never agreed to a proposed settlement and then backed out. There’s speculation that this is a signal from Washington that antitrust enforcers are ready to address the exorbitant brokerage costs that American homeowners pay, often 2 to 3 times higher than the rest of the developed world.

 

Tenants Terrorize Landlord: No Eviction In Sight

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Queens, New York landlord, Vanie Mangal, spends her days supporting Covid 19 patients and her nights facing harrassment from her tenants.  Some of her tenants haven’t paid rent in over 15 months, and she has lost over $36,000 in rent. They’ve also destroyed or damaged her personal property. The federal government and the state of New York imposed eviction moratoriums. The moratoriums have hit small landlords especially hard. An estimated 28 percent of New York’s 2.3 million rental units are owned by landlords who have fewer than five properties. Landlords can seek pandemic financial assistance, but the aid is too slow, and it comes with certain strings attached that limit the actions the landlord can take against unruly tenants.