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Buying and Selling Homes

We sold our house...in Michigan!!

16 years ago

Here's good news for people who have homes for sale in tough markets like Michigan. We finally sold our lake house after 10 months on the market. Inspection is done, no issues, we close next Friday. We're pretty pleased considering the market, and, it's the middle of winter!

I think they key was switching to an aggressive realtor who continued to market the property and keep tabs on what was realistic in this market.

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Comments (14)

fairygirl43
16 years ago
Congratulations denise! That is fantastic news!
jenanla
16 years ago
Congrats!!!!
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Hi pkguy, Being here in Canada about a stones throw from Nancy in Mich's house almost literally I was trying to read up on what/why this is happening in the US and not in Canada. It is a good comparison because both the US & Canada have about the same percentage of home ownership by population along with being the highest world percentages. From what I've read so far the stark difference is that in Canada mortage payments are not tax deductible but capital gains on the sale of your principle residence are not taxed. Whereas in the US, mortgage payments are tax deductible but you pay capital gains tax unless you buy another house of equal or greater value? So how does this make a difference, well in Canada since you are not gaining a yearly tax deduction on your mortage payments there is more of an incentive to pay your mortage off as quickly as possible while in the US a lender may prod a purchaser into taking out a larger mortage, buy a bigger house or de-incentive people to pay of their mortage quickly because they'll lose the deductions. Does that make sense? As quip pointed out, your assumptions are a bit out of date (OK, quite a bit... but big credit to you for strategic thinking!!!!) Today, in the U.S., you get a cap gains tax exemption for $250,000 single, $500,000 married... as often as every two years (which means if you are a magician and can buy a primary or second home and re-sell it every two years you can take up to a halg Mill tax free each round... can't beat that with a stick!) The U.S. government's subsidy of mortgage leverage certainly DOES muddy the water from financial simplicity. It can be a very powerful advantage to those who understand it (and how to marry it with tax-subsidized investment strategies,) but when misunderstood people can, and do, hang themselves by it. Do you think if people living in the high value areas of the US were able to sell their overpriced $800k 3 bedroom ranch they paid $50k for 25 years ago could walk away with $750k tax free and move to a much nicer $300k house in Michigan and stand to pocket $400k or so of cash they'd move? Yup... In fact, you have just described an often-maligned migration tendency of Californians to Washington, Oregon, Arizona & Nevada. Believe it or not, oldtimer native Washingtonians birtch & gripe about how "unaffordable" and "tax inflated" their neighborhoods have become because of "the damn Californians" who sell their 3 bed, 2 bath starter in Sacramento for a cool Mill, and bought (at full retail) a 4,000 square foot mini-mansion in Bellevue for half their proceeds. As always... the knife cuts both ways. Cheers, Dave Donhoff Strategic Equity & Mortgage Planner
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cearbhaill (zone 6b Eastern Kentucky)
16 years ago
Feels good, doesn't it?
marys1000
16 years ago
Michigan my home state! Where I want to retire! Congratulations!
Do you might saying about where in Michigan?
Nancy in Mich
16 years ago
Yes! Michigan!
Congratulations on a great achievement and good decision-making. May all go well for closing.
Denise Evans
Original Author
16 years ago
Marys1000 - the house was on Lake Charlevoix
kathyg_in_mi
16 years ago
Big congrats! Michigan is a tough market. Keeping my fingers crossed for you til Friday night.
Kathy G in MI
stir_fryi SE Mich
16 years ago
A house on Lake Charlevoix -- why would you want to sell it? Beautiful, I am sure.

I am in metro Detroit - my neighbor bought her home 2 1/2 years ago and is now being transferred. One realtor told her to list for $15,000 less than she paid, the other realtor said $45,000 less if don't want it sitting for years.\

Average days on market in my neighborhood is over 800 days!!!
Denise Evans
Original Author
16 years ago
We loved our little house on the lake...but it was so small and difficult to expand. So we sold our "main" house in Houston and bought a bigger lot in Northern Michigan and built our "dream" house. We feel fortunate to get out from this house in this economy!
kathyg_in_mi
16 years ago
Hey Denise, where in northern Michigan? We're near Oscoda.
Kathy G in MI
marys1000
16 years ago
Denise - did it seem to sell well? I would think that a Lake Charlevoix property would go pretty well even in Michigan's abysmal market. The only make so much lake property, it can be hard to find.

Kathy, Denise, Michiganders - I'm still in an apt after my move and totally depressed by the idea of buying here. I hope to retire in 9 years. I have toyed with the idea of just buying my retirement place now but I'm not sure how that would work. Not sure exactly where to settle either. Just Michigan. Somewhere where were the birding and gardening are good. I'm pretty tired of trying (and failing) to make these really big decisions. Any ideas on Michigan retirement areas?
aixia
16 years ago
Kathy- No way! I grew up in Oscoda! Military brat of course.

Denise- Congratulations on your sale! It's so tough right now, you must have really done it right!
onlygirlsmom
16 years ago
Congrats Denise!!!
I look forward to the day when we can say that!! Our house has been on the market since mid August. We had 2 showings rather quickly and then nothing. We had 2 showings last weekend but nothing. We are going to lower our price another $5k and have ordered a new SS DW, oven, over the range microwave. We currently have one of those ancient one piece double oven things that is dark brown and looks horrid. Hopefully the new price and updated kitchen will help move the house!
You really have to live in MI to appreciate the excitement that comes from selling your house here! The market is sooo horrible!!
livvysmom
16 years ago
marys1000 -- Oscoda is a very nice area. There are many, many, cottages for sale there now. If you think a primary home is difficult to sell, try selling a second, vacation home in Michigan.

The Western side of Michigan is very beautiful but much more expensive.

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