As a Realtor in the Tri County area of Michigan, I will say that there are areas that are experiencing an upswing in sold properties, good homes don't seem to be sitting on the market very long. I have seen multiple offers on many homes within their first two or three weeks listed. Of course location is key and the Grosse Pointes have been a sought after community for many years. My company currently has offices in Grosse Pointe, Rochester, Clinton Twp, Washington and Plymouth Michigan so we do cover a large area in lower Michigan.
If I can be of assistance feel freel to contact me.
Grosse Pointe Shores is small community without much history of rentals. Due to the slow economy, the city council is afraid people unable to sell will turn to renting. They fear too many rentals will cause problems and lower values even more. Minimum rental period is 1 year.
One recent candidate stated: "I have supported and passed the strictest rental/lease ordinance in the Grosse Pointes making sure Grosse Pointe Shores never becomes a transient community."
Rental properties have proliferated in the Pointes recently due to the dismal housing market.
In December, responding to complaints over transient renters who produce a high turnover rate in rental properties, the Grosse Pointe Shores council extended the minimum rental period from one month to 12 months.
The planning commission recommended a six month period, but the council felt a stronger message needed to be sent to landlords and tenants and approved the 12 month minimum.
Linda Walton, Grosse Pointe Shores council member, voted against the Shores ordinance because she feared that property owners would be stuck with two homes because they could not sell their old house.
Hartmann cited a number of rentals that have occurred recently. In a letter she circulated, she said short-term rentals "will most certainly bring down property values.
"What we don't want is a neighborhood of motels."... more
True in that it's not up to date (the state estimator site) but it's close enough to estimate, per the question above.
While it is true that the Homestead Exemption date is May 1st for homestead v. non-homestead, the state did revise its rules for vacant homes being kept as homestead during the sales process.
Also, each city has a different time that it calculates it's SEV revisions. Canton, for example, does it in March per the assessor when I called to ask last week.
One more note -- If you're curious as to what amount to repay for your pro-rations due at closing...you can get creative if you're tight on cash due at closing.
If you're unable to use concessions, or are maxed out with them and still have remaining due...try this:
1. Ask the seller to credit you some pro-rations
2. If it's non-homestead, use the calculator to calculate based on homesteaded rates and ask the seller/bank to base on this, as you shouldn't necessarily be penalized the higher rates because they chose or were forced to leave.