|Closing Conducted by:||Title Companies, Lenders, Real Estate Agents, Attorneys|
|Primary Foreclosure Method:||Non-Judicial|
|Process Period:||2 - 3 months|
|Notice of Sale:||Sheriff|
|Redemption Period:||Up to 12 Months|
|Median Property Tax:||1.62%|
|Property Taxes by County:||http://www.tax-rates.org/michigan/property-tax#Counties|
|Transfer Fee:||Transfer fee: State 0.75%; County 0.11% - 0.15%|
Median Home Value: $225,774 (+16.1% year over year)
Total Sales Year-To-Date: 14,826 (-9.4% year over year)
Average Sales Price Year-To-Date: $238,518 (+12.9% year over year)
Median Rent Price: $1,093 (+10.2% year over year)
Price-To-Rent Ratio: 17.21
Average Days On Market: 78
Months Of Inventory: 1 (-61% year over year)
Unemployment Rate: 4.7% (latest estimate by the Bureau Of Labor Statistics)
Population: 10,050,811 (latest estimate by the U.S. Census Bureau)
Median Household Income: $59,234 (latest estimate by the U.S. Census Bureau)
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)
Foreclosures Will Increase: Few states are seeing foreclosure filings increase at a faster pace than Michigan. The expiration of government aid and the state's relatively high unemployment rate suggest the trend will continue. It is too soon to tell just how high foreclosures will go, but there's a good chance they will increase incrementally over the course of 2022.
Prices Will Increase: The same indicators which have increased prices for a decade are still in play. Supply and demand constraints will push prices higher, but at a slower rate than Michigan residents have grown accustomed to. Higher borrowing costs will eventually decrease demand, but prices will continue rising throughout the year.
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 while benefiting from appreciation.