FinCEN Michigan Realtors® Publishes New Client Notice.

Effective March 1, 2026, closing agents are required to file a report with the federal government for any residential real estate transaction that does not involve a traditional mortgage loan from an institutional lender, and the buyer is a legal entity or trust. This will include all-cash deals and sales that are privately financed or seller financed. The following form is intended to alert your client to additional closing and reporting requirements that may arise based on the nature of a particular transaction.

This new Client Notice provides a brief overview of the FinCEN filing requirements and is not intended as legal advice. Utilization of the Client Notice provides brokerages with an opportunity to introduce clients to the possible impact of FinCEN, while also asking the client to acknowledge the information. For a more detailed discussion on the FinCEN requirements, please visit FinCEN’s Frequently Asked Questions and/or consult with an attorney.

Source: Michigan REALTORS® (MR)

2026 Letter of the Law

Seller Disclosure Q&A

Source: Michigan REALTORS® (MR)

PROPERTY TAX DISCUSSIONS BEGIN IN LANSING

This week Governor Whitmer proposed her 2026 state budget to the legislature. As part of her budget proposal Whitmer is looking to expand Michigan’s current Homestead Property Tax Credit for eligible seniors 65 and over. The budget would increase the amount of the credit for seniors up to 10% of their property tax bill. The expanded credit would apply to 355,000 seniors in Michigan at an average savings of $345 per year.

Property taxes have also been on the mind of Speaker of the House Matt Hall since announcing his interest las August on Michigan Public Television’s “Off the Record”. He has since doubled down on his desire for property tax relief, possibly through a ballot initiative, in multiple interviews and public appearances.

The Senate also has a pair of bills aimed at expanding the Homestead Property Tax Credit. Senate Bills 344-345 are a bipartisan effort between Senator Sarah Anthony and Senator Michelle Hoitenga to increase the

income threshold on the current credit, increase the amount available to renters, and double the credit for joint income tax filers.

Michigan Realtors® has been in conversation with the House, Senate, and the Governor’s office to lend input on these proposals and others. The association has supported past efforts to expand the Homestead Property Tax Credit to stabilize housing and provide a path to homeownership for renters. The Michigan Realtors® is also advocating for property tax relief to address the steep tax bills resulting from the uncapping once a property is transferred, otherwise known as the Pop-up Tax. Pop-up Tax relief would have the benefit of creating immediate housing inventory through incentives to both sell and purchase property.

With a divided legislature, or a property tax change that goes to the ballot, bipartisan cooperation will be needed to deliver for Michigan. Your state association will remain in these conversations and keep you updated as they progress.

Source: Brad Ward, Esq. Michigan REALTORS® (MR)

News & Events

Home Sales Slip—But an Icier Market May Help Some Buyers

Why Home Buyers Should Pay Attention

For home buyers, however, the housing market may be presenting opportunities. First-time buyers may be starting to take notice: Thirty-one percent of existing-home sales in January were to first-time buyers, up from 28% a year ago, NAR’s research shows.

“Affordability conditions are improving,” Learn more....

Source: National Association of REALTORS® (NAR)

Law and Ethics

NAR Continues to Pursue All Legal Options in Batton Case

Decision by Keller Williams to settle “does not directly affect NAR’s position” in buyer commission lawsuit.

The National Association of REALTORS® released a statement on Feb. 2 that it would continue to pursue all legal options in pursuit of an “outcome that best serves members, the industry and consumers” in the Batton v. NAR et. al. home buyer commission lawsuit.

NAR’s statement followed an announcement by Keller Williams Realty International that it had reached a settlement in the case, Read more....

Source: National Association of REALTORS® (NAR)

Exclusive Poll: What Voters Are Saying About Housing

Explore the latest findings on housing affordability from an NAR poll of voters. Learn how REALTORS® can influence bipartisan action on Capitol Hill!

Source: National Association of REALTORS® (NAR)

Real Estate News

Real estate news and top headlines from major news sources into a real estate context each weekday, alongside breaking news from NAR, business tips, and industry trends.

A documentary that weaves stories of Black resilience into this Kentucky city’s history offers important fair housing lessons for local real estate pros and the public—and it’s part of the lasting impact that the not-for-profit Black Yarn aims to achieve, says REALTOR® Kristen LaRue Bond, the film’s producer and Black Yarn co-founder. And the REALTOR® organization helped make it possible. Read more...

Source: National Association of REALTORS® (NAR)

Is the Starter Home Making a Comeback?

Detroit sees resurgence of starter homes

Starter homes are making a comeback in Detroit, driven by Greatwater Opportunity Capital, which has developed a community of smaller homes that start at about $330,000. The trend reflects a broader shift, with the median size of new builds decreasing. "The free market is absolutely capable of meeting demand for starter homes if price signals indicate that it exists," says Joel Berner, a senior economist at Realtor.com. "Supply-side solutions, meaning building homes of all types and prices, are the only long-term solution to the housing shortage in the country."

Source: Realtor.Com

You’ve Tried AI, But Can You Trust It?

Most real estate pros are using AI, but they have questions about accuracy, compliance and client-facing use, an RPR survey shows.

A new survey of 225 real estate agents who are members of the National Association of REALTORS® shows AI has “moved firmly into day-to-day real estate workflows,” according to Realtors Property Resource®, a wholly owned subsidiary of NAR. Read more...

Source: RPR