Governor Granholm has signed legislation enabling home sellers to retain two principal resident exemptions for property still on the market after the seller has moved elsewhere in the state. The signing of this legislation is a huge step in aiding struggling sellers who have had homes on the market for over a year and have lost their principal residence status on that property.

House Bill 4215, now Public Act 96 of 2008 sponsored by Representative Ed Gaffney (R-Grosse Pointe Farms) enacts that the seller can retain an additional exemption for up to three years on property previously exempt as the owner’s principal residence if the following circumstances are met:

• the property is not occupied,
• the property is for sale
• the property is not leased or available for lease
• the property is not used for any business or commercial purpose

I would highly encourage any buyer to drive by homes you want to look at first. My reason for suggesting this is over my years of selling homes, a home could be a "10" but if it is not in the right location, is on a busy road, sides to a really distressed neighbors house, sides to a railroad track, or backs to a 7-11, it could be the nicest house in the interior but the location kills it. I have always said "location, location, location". You can change paint colors and amenities but you cannot change the location. So by driving by the locations of these homes that match your criteria, you will accomplish not only familiarizing yourself with the neighborhood and surroundings but you will also save your valuable time and eliminate a few homes based on just the location?

With the mortgage requirements for home buyers today becoming more in depth, fewer buyers are able to approved for mortgages. With this being the case, especially here in Michigan and the Metro Detroit housing marker, more buyers are being forced to lease now. These buyers that cannot get approved need another home and this demand will make the leasing options become more in favor for home sellers who cannot sell their home. For these potential leases, once they live in your home for 1-3 years, and build their credit and home purchasing ability, they may be a perfect home buyer for your home and give you the opportunity to purchase your next home. Time on the market for leasing versus selling your home is usually much less in time. Don't turn your shoulder on this option today.

NO! There are various degrees of the condition of foreclosed homes in this market. Pending on who the previous home owner was and how they left the home, there may be a lot of underlying issues with the home that were neglected. It is very important to have the home inspected, have the title work reviewed by an attorney, verify that all liens will be removed at closing, and have an appraisal done on the home to protect you. Only at that time, can you truly make an educated decision on if this home is a good buy and investment and that the risks have been minimized. Being a professional real estate consultant, I am able to recommend these services providers or point you in the right direction and help you analyze this data.

First and foremost, keeping a positive attitude. You don't have to look to deep to read all the negative press about Metro Detroit's real estate market. You MUST keep a positive attitude and know that regardless of the time of the year you sell, what is happening with the local and state economy, people will always have to buy and sell. People are always up sizing and down sizing, people are always getting promotions or retiring or getting buyouts, people are always getting married or getting a divorce, families are growing or are getting smaller, etc... The bottom line is this, keep a positive attitude that there is a buyer looking to buy a home like yours. You must remember to price your home competitive and do necessary updates to give your home an advantage amongst the crowd and keep a great attitude that it may take longer to sell but that you will eventually.