What Is the State Real Estate Transfer Tax Refund?

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Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (616) 447-7025 for a FREE home buying or selling consultation

Today, I’ll talk about the State Real Estate Transfer Tax Refund. If you haven’t heard about this new legislation, this information is invaluable to you.

Last July, the Michigan Supreme Court passed a bill that affects anyone that has sold their home within the last four years. It provides Michigan homeowners the right to claim an exemption of $7.50 for every $1,000 in value that was sold. 

You’re entitled to this benefit if you sold your home anytime after June 24th, 2011 with the SEV value lower in the year of sale than the year of purchase. For example, if you bought a home with an SEV value of $60,000, but sold it for an SVE value of $50,000, you’re qualified for this new refund to meet the difference. Additionally, the property must be claimed as the seller’s principal residence.

With this refund, you’d qualify for funds previously collected by the title company at closing. It must be an arm's-length transaction, not a family member or a friend; it needs to be a typical, traditional transaction.

Click here for a SRETT refund application form. There are only a few boxes to fill out, so it’s relatively painless paperwork. This is serious money that shouldn’t be ignored! If you have any questions about this refund, don’t hesitate to contact my office by phone or email. I’m happy to answer any questions you might have!

What Does the Grand Rapids Market Look Like?

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (616) 447-7025 for a FREE home buying or selling consultation

Today, I wanted to fill you all in on a quick market update. I want to make sure you know about the latest market data and trends going on in the Grand Rapids housing market.

According to numbers we compiled, we have approximately 1.62 months of inventory as of this past March. This means the market favors sellers. It’s an opportune time to list if you’ve been on the fence about it.

However, that’s the market overall, and I have more specific numbers broken down into particular neighborhoods. I can let you know what it looks like exactly for you, whether you’re buying or selling. Additionally, I can let you know how much power you have as a consumer in a specific neighborhood within the Grand Rapids region.

If you’re considering buying or selling a home in the surrounding area, please reach out by phone or email! I’d be happy to answer any questions you might have.