Metropolitan Detroit Real Estate Blog 
Sell Now or Forever Hold Your Home!
Sunday, January 24th, 2010 at 2:43pm. 73 Views, 0 Comments.
Number of Homes For Sale Each Month In Metro Detroit
| |
Jan | Feb |
Mar | Apr |
May | June | July |
Aug |
Sept |
Oct | Nov |
Dec |
| 2009 | 53,815 | 52,361 | 51,492 | 50,685 | 50,181 | 49,503 | 48,831 | 47,753 | 45,706 | 42,785 | 41,304 | 37,608 |
| 2008 | 68,174 | 67,405 | 65,091 | 65,509 | 66,811 | 67,888 | 67,270 | 65,566 | 63,453 | 61,342 | 59,056 | 42,159 |
Get off the fence and sell now!
This is data that nobody is talking about. As you can see from the chart above there are currently only 37,608 homes for sale in Metropolitan Detroit, compared to over 68,000 homes for sale back in January of 2008!
If I was looking to sell my own home sometime within the next 1-10 years, even if the…
$$ INVESTORS ONLY NEED APPLY $$
Monday, December 7th, 2009 at 1:57pm. 311 Views, 0 Comments.
Right now your money in the bank in a best case scenario could bring you 2% in returns and thats only if you lock it up for a year or more. If your money is liquid just floating you might see a return close to 1%. If you're a risk taker, you might decide to play the stock market a little, but again no guarantee on the return there.
Every once in a while I come across a real estate deal that just makes sense any way you look at it. Well this is one of those deals. I have the specifics together and this is what it's looking like.
The Deal...
Here is an opportunity to earn 30% on your investment over a two year period or 15% annually. I have a client of mine who is currently renting a house in West Bloomfield, and he is currently paying $2,200/month. The…
Should I List During The Holidays Or Wait Till Spring?
Wednesday, December 2nd, 2009 at 11:17am. 84 Views, 0 Comments.
This time of the year this is the number one question I get asked on almost every listing appointment, "Should I list now or wait until the spring time?" Without a doubt in my mind, I advise every seller to list now. In fact if I were to list my own home for sale I would do it in October or November for one reason, there is very minimal competition.
What I mean by that is, the reason most homeowners have such a hard time selling their home is because of the quantity of homes for sale on the market. In the months of November, December, January, and February, most homeowners take their house off the market if it had not sold by then, or if they were thinking about selling they wait until March.
Statistically home sales only drop by 20%-25% in the winter…
FAQ's To First Time Homebuyers & Existing Homeowners Credit
Sunday, November 8th, 2009 at 7:29pm. 302 Views, 6 Comments.
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to…
Senate Plans to Extend and Expand Tax Credit To Existing Homeowners
Friday, October 30th, 2009 at 10:04am. 462 Views, 1 Comments.
The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers, a boost the housing industry believes will help it pull out of its two-year-old downturn.
While no vote has occured here are the highlights:
1.)Extend the existing credit for first-time homebuyers, worth up to $8,000
2.)Offering a new credit of up to $6,500 for some existing homeowners. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years.
3.) Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry…
Commerce MI Lakefront Home JUST LISTED!
Wednesday, October 14th, 2009 at 1:47pm. 390 Views, 0 Comments.
Welcome to 8266 Lake Pine, Commerce MI 48382
Walk into one of the most magnificent lakefront homes ever listed in Metropolitan Detroit. Boasting 3 stories and over 7,000 square feet which includes 4 bedrooms, 5 full baths and 2 half baths, professionally finished lower level, walkout and 2 full kitchens just to start.
Before you get to the entrance, you'll notice the oversized circular driveway that houses over 16 cars. All your friends and family will admire the unique architecture and grand entrance including 2 solid cherry 8' entrance doors to a 2-story grand entrance, above is a Swarovski "old time" chandelier valued at over $15,000. Below is granite floors throughout the entire 1st floor and surrounded by imported hand carved solid cherry…
Just Released Demographic & School Info on All Listings
Tuesday, October 6th, 2009 at 2:56pm. 119 Views, 0 Comments.
Neighborhood information for all listings!
I don't know of another real estate website here in Metropolitan Detroit that has anything like this! This is probably the most useful information I have ever added to my website. From any listings details page there will be a tab called "Get Local." When you click on it, a google map will come up witih a neighborhood information tab that when clicked provides detailed statistics and other demographic information about the area directly surrounding the listing in question.
The "neighborhood information" tab details community characteristics, population statistics, financial statistics (average household net worth, median income etc), crime rates, weather & climate and much much more!
Not enough? Try the next…
11 Tips To Close In Time For $8,000 Home Buyers Tax Credit
Sunday, October 4th, 2009 at 4:41pm. 232 Views, 0 Comments.
Never before has the United States government offered such an incentive to buy a home. Time is ticking and the deadline to qualify for the $8,000 first time home buyers tax credit is quickly approaching. Unless you are paying cash, you literally have 10-25 days to even have a chance at closing on time. You must close on or before November 30, 2009 to qualify. Here are 11 critical tips that could make your brake your ability to qualify for the $8,000 tax credit.
1. Avoid short sales. Have your agent exclude short sale listings. The average short sale takes 3-6 months to complete, you have 30 days to get an offer accepted in order to close by November 30, 2009. A lot of home searching websites have the ability to "Exclude Short Sales." Utilize this…
Appraisal Before Inspection Might Be A New Market Trend
Thursday, October 1st, 2009 at 3:03am. 324 Views, 0 Comments.
Traditionally when times were good, within seven days of your offer being accepted you would conduct your private home inspection. After a successful private home inspection, your lender would order the appraisal and two weeksl later you were sitting at the closing table.
In a great market nobody thought twice about an appraisal coming in below the value the purchaser and the seller agreed upon. In the last three weeks, I have had over ONE MILLION DOLLARS worth of real estate transactions go sour because the appraisals didn't come in at value.
Meanwhile the buyer already spent $300-$400 on a private home inspection, the seller is packing their boxes, arranging moving trucks, and all parties involved are two to three weeks in the deal. Nobody is…
Mortgage Market Update for September 3rd 2009
Friday, September 4th, 2009 at 4:44am. 93 Views, 0 Comments.
Mortgage Bonds have opened a little lower this morning, even after a slightly worse than expected Initial Jobless Claims report.
Since August 7th, Mortgage Bonds have gained 281bp…so ahead of today’s Treasury Auction annoucement and tomorrow’s Jobs Report, it’s not unusual to see a little profit taking as Traders exercise a bit of caution.
At 11:00am ET, the Treasury will announce the size of next week’s auction of 3 and 10-year Notes and 30-year Bonds. This will be an important auction, as the longer term maturities compete against Mortgage Bonds for investor dollars. Therefore, the announcement at 11:00am ET on the size of next week’s supply could shake things up. Some of the previous Treasury announcements have caused significant…
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