For those in the process buying a home in Metro Detroit there’s a bit of good news coming down the wire.  Mortgage rates continued to fall again this week, reaching record lows for 30-year and 15-year fixed rate loans.  For 30-year fixed rate loans we saw a decrease of 0.04 to 3.49% according to data submitted by Freddie Mac.  15-year fixed rates came in at 2.80%, a drop from 2.83% the previous week.  This has been a consistent drop in mortgage rates for nearly 13 weeks running.

Frank Nothaft, chief economist for Freddie Mac, stated “Market concerns over the strength of the economic recover brought long-term Treasury yields to new lows this week, allowing fixed mortgage rates to reach record levels.”

What Lower Mortgage Rates Mean to You

When

A More Honorable Exit Of A Home

When a foreclosure occurs, an official will come to the property and ask the owner to vacate the property immediately. Contrary to a foreclosure, in the event of a short sale the owner will know a closing date and is able to prepare to move. The homeowners family, friends, and neighbors may not even know of the financial difficulties.

Avoiding A Deficiency Judgement

The difference between the loan amount and the selling price of a home is known as a deficiency judgement. Banks very often will legally seek the difference when they take possession of the foreclosed home. In many case banks will release the seller of this responsibility when a short sale is completed.

Less Damaging To A Credit Report

Rebuilding

A short sale can be an attractive opportunity for a first-time home buyer interested in buying a home in Metro-Detroit.  In most cases you're dealing with a motivated seller that wants to get out from under a mortgage that is burying them.

When home values take a tumble, and a seller can't get enough money for a home to cover the debt owed to their lender, it's possible to negotiate with the original lender to take less than the amount owed in order to pay off the debt.

This often gives the appearance that the buyer is getting a great deal on a home for sale, especially if it's in an area like Northville or Novi - even Royal Oak.  There are occasions where a short sale in Michigan can be profitable, however in many cases a buyer is better off

METRO DETROIT HOME SALES END 2Q JUST AS IT ENDED 1Q: ON THE RISE

MEDIAN SALES PRICE ALSO ON THE RISE IN SOUTHEAST MICHIGAN

MIDYEAR UNIT SALES Summary by Area/County based on Res. & Condo Sales

MIDYEAR MEDIAN PRICE Summary by Area/County based on Res. & Condo Sales

Ask just about anyone who owns a boat how they like it, and they'll tell you that the best days to own it are the day you bought it, and the day you sell it.  Thankfully, owning a home in the Metro Detroit area isn't quite as dark -at least until it comes time to sell it. 

I've heard horror stories from homeowners who took major hits on property they held for years once they sold it.  Eyes well with tears when they sign property over.  Sometimes it's due to financial loss, other times it has to do with the emotion and memories tied to a home.

For some homeowners however, grief comes from a different source - such as when a home can't get sold at all.  When you're stuck sitting on a property, especially when you need to sell your home in Michigan,

A common-ground for all homeowners who are considering selling their house would be to receive the highest possible price. Yielding the most money from selling your home, possibly the largest investment an individual will own, can be achieved by the realtor following a few procedures. These simple but important variables will make a large impact on the amount returned from your home.

Knowledge Of The Supply And Demand Theory

Every tangible or intangible, product or service, abides by the supply and demand theory; a home is no exception. The theory states that the price is determined of such item by the relationship of its supply to its demand. A guideline on how this applies to homes in the market would be:

1-4 months of available inventory on

Regardless of the type of market we're in, whether it's a buyer's or a seller's market, employing good marketing strategies can help you sell a home in Metro-Detroit much faster.  Effective marketing commands higher prices and could mean the difference a long wait or a fast turnaround.

If you're interested in selling your home in the Metro-Detroit area, here are some of the most important elements to consider from a marketing standpoint, and these are some of the tried and true tactics we use to help homes get sold.

1. Photographing the front of the home

With the growing use of digital technology and the web, potential buyers searching out homes for sale in the Metro Detroit area typically start their search online.  Because of this, high quality

The housing market has shown some promising signs of late, but a fresh batch of foreclosure data offers a reminder that any recovery from the housing bust will likely be slow, spotty and painful. RealtyTrac, which publishes the largest database of foreclosure, auction and bank owned homes, recently reported that foreclosure filings rose by 9 percent in May from a month earlier to a nationwide total of 205,990 properties that were subject to default notices, scheduled auctions or bank repossessions.

The reasoning behind this spike, according to insiders in the industry appears to be because lenders are finally getting around to foreclosing on the backlog of homes which were halted as a result of criticism and audits by the several Attorney Generals