The Perna Team Blog - Blog Archive: January, 2023

Attention all first-time home buyers! Are you ready to take the leap into homeownership but feeling a bit apprehensive about the process? Don't worry, we've got you covered. In this blog post, we're going to share with you the top warnings every first-time home buyer should know before signing on the dotted line. So, buckle up and get ready to arm yourself with the knowledge you need to make smart and informed decisions during your home purchase. Let's get started!

Interest Rates Are Not Going Down

Not to be the bearer of bad news, but the days of 2.5 and 3% interest rates are gone and more than likely will not be seen again anytime in the next decade. Interest rates for home loans climbed relentlessly in 2022, with the Fed hiking rates 7…

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Have you ever visited or moved to a new state and felt like an outsider? Welcome to the Great Lakes state, where the locals are as unique as the weather patterns. From our famous Coney dogs to the ever-changing weather, Michigan is a melting pot of culture and personality. But don't let that intimidate you, because as you'll soon find out, fitting in here is all about embracing the diversity and embracing the quirks that make Michigan, well, Michigan!

Michigan Consists of Two Peninsulas

Michigan is the only state in the United States that is made up of two separate peninsulas - the Upper Peninsula and the Lower Peninsula. But don't let that fool you, these two peninsulas are vastly different in terms of geography, culture, and personality.…

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Move to Michigan and experience the magic of four seasons in one day! Ok, so this one may only be mostly true. Just like moving to any other state, there are pros and cons of moving to or living in Michigan, and while we may be partial, we believe the Great Lakes State has plenty more positives to outweigh the negatives.

Facts & History

Michigan, located in the upper midwestern region of the United States, is home to two distinct peninsulas and boasts an impressive 3,200 miles of freshwater coastline. Surrounded by the Great Lakes, which account for roughly 21% of the world's freshwater, Michigan has the longest freshwater coastline in the country. With a population of just over 10 million, it is the 10th most populous state in the United…

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Winter in Michigan may be cold, but it's also a time of year that offers a wide variety of fun and exciting activities for everyone. Whether you're a thrill-seeker looking for an adrenaline rush or someone who prefers a more relaxed pace, living in Michigan during the winter provides ample opportunities to get outside and enjoy mother nature. So, grab your warmest coat, hat & gloves, and let's explore all the fun things Michigan has to offer in the winter!


Bowers School Farm 

The Bowers School Farm, owned and operated by Bloomfield Hills Schools (BHS) since 1967, serves as a place for schools and the community to gather and celebrate agriculture. With a focus on the importance of food, farming, and the outdoors for healthy living and…

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Mortgage buydowns are nothing new, but have recently been making a big comeback with interest rates in 2022 into 2023. You may or may not have heard of them before, but you’ll definitely want to be familiar with the pros and cons of using a mortgage buydown before purchasing your next home.


History of Mortgage Buydowns

With homebuyers searching for ways to lower their mortgage rates, a previously popular home-selling strategy is making a comeback. Known as a temporary buydown and commonly referred to as 3-2-1 or  2-1 loans, this tactic was frequently used during the late 1970s and early 1980s when mortgage rates were as high as a staggering 18%.

The resurgence of temporary buydowns is well-timed as mortgage rates are currently at a…

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One year ago Michael Perna made eight predictions regarding what would be seen in the 2022 real estate and financial markets. Six of them turned out to be right on the money, one started out on the right foot before taking a turn, and one - well he was completely off. Now Mike is back with eleven more predictions for 2023! Will he keep up his winning streak or will 2023 throw us all a curveball? For that answer, only time will tell.

2022 brought a lot of change to the markets with real estate cooling off significantly in comparison to the previous year and many stock values taking a hit. 2023 is also shaping up to hold quite a bit of change in store - some for the better, some not so much. Read on for our top predictions of the year.


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In December of 2021, Michael Perna released a video giving his predictions on what we would see take place in the real estate and financial markets of 2022, but how close was he after all was said and done? In this article we’ll take a look back at 8 predictions versus what the actual outcome was.

Rent Prices
Prediction: Rent costs will continue to rise in 2022.
Actual: True. Rent costs increased dramatically across Metro Detroit and the United States as a whole throughout 2022 before beginning to slightly decrease in Q4 in some areas. 

There are several factors that can cause rent prices to increase with the largest contributors to increasing rent prices seen in 2022 being skyrocketing home values, high inflation and low inventory…

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