Buyer Tips, News & Opinions

As of today Friday February 8th, 2013 below is the 5 most searched properties in Metro Detroit. If the link doesn't work, it's because the house already sold. These are the hottest homes in Metro Detroit. If you want more information on any of these homes below feel free to contact me or email me at markz@soldbymarkz.com

1. http://www.markzproperties.com/listing/212105489-2690-elizabeth-ln-west-bloomfield-twp-mi-48324/

2. http://www.markzproperties.com/listing/212125734-49450-deer-run-northville-mi-48167/

3. http://www.markzproperties.com/listing/213007344-1884-magnolia-dr-commerce-twp-mi-48390/

4. http://www.markzproperties.com/listing/213009244-4925-lockhart-st-west-bloomfield-twp-mi-48323/

5.

5 Reasons You Should Buy A Home Now!

Many potential buyers are waiting until they can be 100% sure the real estate market has fully recovered before making the move to purchase a home. Here are five reasons why waiting might not make sense any longer:

1.) Prices Are on the Rise

The latest Case Shiller Home Price Index revealed that home prices have appreciated 5.5% over the last year. This is occurring across the nation as increases were reported in 19 of 20 metros. The Home Price Expectation Survey, which polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts, calls for continued appreciation over the next five years.

2.) Mortgage Interest Rates Are Expected to Increase

The Mortgage Bankers

Price Increases On The Horizon

This winter home prices were expected to remain considerably low, but that will not be the case for long. Many reputable sources (CoreLogic, FHFA, LPS, Case Shiller) have projected prices to continue rising though the spring and beyond. 

Shrinking Market Of Available Homes

Many people entering the buyers market today are unaware of the significant decrease in available homes. The ideal family homes in preferred neighborhoods are being sold quick. There is no better time than now to buy your dream home.

Projected Rise Of Interest Rates

The 30-year mortgage interest rate is expected to be at 4.4% by the end of 2013, reported the Mortgage Bankers Association. This is an increase of approximately 1 full point from

Just because you're buying a home in Royal Oak doesn't mean the home is going to be completely sound.  It's easy for a seller to doctor up a home to make it look good.  On closer inspection you could find issues that increase your expenses once the home is yours.

Likewise, if you buy a new home in Royal Oak or similar communities where housing quality is typically higher you could still face the same issues.  Not all builders are cut from the same cloth.

You should never let a community or the new build date of a home guide your purchase decision - those Royal Oak homes for sale could have just as many problems as a 70+ year old home for sale in Canton or Farmington Hills.

You'll want a home inspector, but you also want to pay attention to the

Buying a home in metro-Detroit is a smart investment, but it's an investment with a sizable up front cost depending on where you purchase your home.  Neighborhoods within areas of Royal Oak, Northville, Novi, Birmingham and Ann Arbor are significantly more expensive.  With the greater expense comes a larger down payment.

If you're unable to make at least a 20% down payment your lender will require private mortgage insurance (PMI) which will add thousands of dollars each year to your mortgage payments.  The best way to avoid having mortgage insurance tacked on to your monthly mortgage payment for real estate in Oakland and Wayne county properties is to make a down payment of at least 20%

That PMI is necessary as it helps lenders recover money if the

First-time buyers want to get the most out of their new home, and tend to think big when it comes to amenities.  When picking through Metro-Detroit real estate, it's tempting to flag homes that have those "little extras" like a swimming pool.

Before taking the dive and making a purchase of Northville real estate or nicer properties in Oakland County to the north east, think about a few points with pool ownership that can alter the nature of your new investment.

Could a Swimming Pool Sink The Equity of Your New Home?

Most people love to swim, and pools are as beautiful as they are functional.  They can bring a lot of enjoyment but they can also be a liability and create headaches where maintenance is concerned.

On the up side of buying a home

Buying a home in Metro-Detroit is a great long-term investment, and leaves you potentially sitting on a cash cow as the market begins to recover and home values rise throughout Michigan.  Still, when you take out a mortgage to buy that first home, you also have to factor in the cost of protecting your new investment with homeowners insurance.

The premiums for a good homeowners insurance policy can cost you thousands of dollars per year depending on your coverage, and it’s not something you can do without.  Insurance doesn’t have to be so pricey that it scrapes the bottom of your savings.

When insurers look at Metro-Detroit housing, they base premiums on things like square-footage, estimate rebuild costs, neighborhood data, localized dangers and

Metro Detroit Home Sales, Prices Spike Over May 2011

Reduced Inventory Results in Higher Overall Median Sales Price

Analysis:

• Average Days on Market (DOM) for the entire MLS decreased from last year by 13 days from 97 days to 84 days.
• Of the 6,325 sales closed in May of this year, 11.6% (735) were identified as short sales
• 46% of all sales this month were identified as CASH SALES
• The median sales price for All MLS rose by 21% as compared to last year

Synopsis of Inventory May 2011 vs. May 2012

• All MLS on-market inventory declined by 17.6% from 33,029 in May 2011 to 27,227 in May 2012
• Approximately 13.41% of the on-market inventory (3,652) is comprised of properties identified as

There's a huge swell of pride when you purchase that first Northville home or other Metro-Detroit home for sale.  It's yours, you worked hard for it, and you finally get to enjoy the fruits of your labors.  All the emotions can cloud your thoughts and make you lose focus on that investment.  You might already be thinking about upgrades and renovation, but your attention should really be on safe-guarding that new home.

A good Oakland County or Wayne County real estate agent will walk you through the entire process - and that includes helping you understand the best way to settle in and protect your home with insurance and other important items.  When you purchase your new home, there are some critical tools and items to have on hand, and action to take,

The Wall Street Journal wants to tell us that the housing market has bottomed out, so it’s only up from here.  Funny thing is, the media has been selling people on that for the last 4 years.  What’s changing now?  As it turns out, home buyers are starting to get into bid wars as housing values drop on Metro-Detroit real estate as well as other areas around the country.

That means bidding wars are back on homes.

Aggression and competition among buyers is climbing as people lock onto favored homes and Metro-Detroit real estate that they don’t want to let go of.  Unlike all the bidding wars we saw years ago that really were just a reflection of an increased interest in Metro-Detroit real estate and a surge in nationwide sales, these bidding wars are