Ann Arbor
Lansing
Closing Conducted by: | Title Companies, Lenders, Real Estate Agents, Attorneys |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Non-Judicial |
Process Period: | 2 - 3 months |
Notice of Sale: | Sheriff |
Redemption Period: | Up to 12 Months |
Income Tax: | 4.25% |
Corporate Tax: | 6.00% |
Sales Tax: | 6.00% |
Estate Tax: | No |
Inheritance Tax: | No |
Median Property Tax: | 1.62% |
Property Taxes by County: | http://www.tax-rates.org/michigan/property-tax#Counties |
Closing Cost: | $2,435.00 |
Transfer Fee: | Transfer fee: State 0.75%; County 0.11% - 0.15% |
Origination Fee: | $1,835.00 |
Median Home Value: $153,900
1-Year Appreciation Rate: +5.0%
Median Home Value (1-Year Forecast): +2.7%
Median Rent Price: $1,200
Price-To-Rent Ratio: 10.68
Average Days On Market: 62
Unemployment Rate: 4.2% (latest estimate by the Bureau Of Labor Statistics)
Population: 9,995,915 (latest estimate by the U.S. Census Bureau)
Median Household Income: $52,668 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 15.14%
Foreclosure Rate: 1 in every 3,318
Arenac (1 in every 1,405)
Bay (1 in every 2,193)
Shiawassee (1 in every 2,326)
Jackson (1 in every 2,572)
Muskegon (1 in every 2,636)
Tax Lien or Deed: Tax Deed State (used to be Tax lien State)
Interest Rate: Now no interest anymore because of switch to Tax Deed State)
Redemption Period:2 years up to sale (no Excess proceeds are being paid)
Continued optimism: Few state-wide markets across the country have made an impression with investors like Michigan. Few markets, for that matter, are more promising than Michigan at the moment. While the state’s economy still has a long way to go, recent improvements are encouraging, which bodes well for local housing.
Appreciation will outpace national averages: Not unlike the majority of markets in the United States, Michigan has limited inventory; there simply aren’t enough listings to keep up with demand. The same lack of inventory that has driven prices up everywhere else, however, looks like it will increase the prices of Michigan homes at a faster pace than the rest of the country.
Now is a good time to build a rental portfolio: Michigan has seen its rental listing rates increase at a fast pace. Not only that, but home values are historically high. This combination makes the prospect of rental property investing all the more attractive. Michigan real estate investors could potentially buy now and collect years of cash flow, all while benefiting from appreciation.