Detroit Real Estate News

Real Estate news in and around Detroit. 

2-1 Buydowns

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 want to be familiar with the pros and cons of using a mortgage buydown before purchasing your next home.

Jump to a Section:

  • History of 2/1 Mortgage Buydowns
  • What is a 2-1 Buydown and How Does it Save You Money
  • Upfront Cost
  • Not a Permanent Solution
  • Consumer Behavior
  • No Guarantees on Interest Rates

     

History of 2/1 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…

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You wouldn't know it judging by the roar of the crowds with the U of M Wolverines winning a National College Football Championship this year, but Ann Arbor, Michigan was just ranked as the number 3 most peaceful place to live in all of America. This distinction comes from an analysis conducted by the finance website Insider Monkey, which assessed cities nationwide based on their average noise levels and the accessibility of parks to their inhabitants, culminating in a ranking of the 25 Most Peaceful Places to Live in the US. The only two cities to beat Ann Arbor in this ranking were the smaller communities of Fort Collins and Boulder, Colorado. This accolade is not merely a reflection of the city's tranquil ambiance but also its commitment to…

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Northville Downs' Final Stretch: The End of an Era and Redevelopment Plans

Northville Downs, a cherished landmark in Northville, Michigan, is slated to close its doors following its final race set to take place on February 3, 2024, marking the end of an era for Michigan's last horse racing track. This closure is not just the conclusion of a sports venue but a significant change for the local community, especially for those living in Northville, Michigan.

The track, located at 301 S Center Street, has been a staple of Northville since its inception in 1944. It's not just a racing track; for 80 years it has been part of the social and cultural fabric of the area. The closure of Northville Downs reflects a shift in entertainment preferences and the…

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Navigating the 2024 housing market while living in Metro Detroit presents unique challenges and opportunities, especially for those considering moving to Metro Detroit. With a landscape marked by stable yet high home prices and interest rates hovering around 6 to 6.5%, understanding the dynamics of supply and demand becomes crucial for both buyers and sellers. Despite predictions of modest appreciation and a slight increase in housing inventory, the market remains resilient, making it an intriguing time for real estate decisions in this vibrant region. This comprehensive analysis delves into what prospective homeowners and current residents can expect in the ever-evolving Metro Detroit housing market.

To begin, 2024 is shaping up to be a year of…

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At the bottom is a chart and map of the fastest appreciating cities over one and five year timeframes.

The numbers are out and Metro Detroit continues to surprise.  First the Lions who could never make it to the playoffs.  Then U of M who went 15 and 0 with the expected win over Washington State.  The Pistons created their own record this year with their 28 losses in a row, but let's not get into that.

Now, it's real estate and for a couple surprising reasons. Zillow just released it's home value report, data verified by Stacker, a New Jersey Company with surprising results.


  


For the last 16 months in a row Miami has been reigning champion with home value increases and this month Detroit is the top Metro in the Nation with a 9.2% year over year…

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As we step into 2024, the real estate and finance landscape in Metro Detroit is poised for a year of significant developments and shifts. For those living in Metro Detroit or considering moving to Metro Detroit, understanding these changes is crucial for making informed decisions. This article delves into a comprehensive analysis of my 2024 predictions for the real estate and finance markets, offering insights into trends that will shape the experiences of homeowners, renters, and investors alike. From the stabilization of the rental market to the evolving dynamics of the luxury home sector, and the potential impact of legislative changes on the housing market, these predictions provide a valuable roadmap for navigating the year ahead. Whether…

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In the ever-evolving landscape of real estate, living in Metro Detroit in 2023 has offered a unique perspective on market trends and economic shifts, providing invaluable insights for both residents and those considering moving to Metro Detroit. From the unexpected resilience in home values, despite soaring interest rates, to the nuanced dynamics in the luxury home market and the significant role of FHA and VA loans, the year has been a testament to the region's adaptability and the importance of understanding local market nuances. This comprehensive analysis of the 11 predictions made for the real estate and financial markets of 2023 versus realities not only sheds light on the current state of the Metro Detroit real estate market but also offers a…

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The real estate and financial landscape of Metro Detroit this July 2023 presented a dynamic and multifaceted arena, ripe with opportunities and intricacies. With interest rates officially hitting 7%, and property values on a subtle upward trend, the market is pulsating with possibilities for both buyers and sellers. The ebbs and flows of the stock market, along with significant movements like the merging of industry giants, add to the complexity of the economic panorama. 

Navigating this intricate market requires courage, caution, and strategic insight, as opportunities abound for those willing to engage with both conviction and foresight. Whether it's homeowners considering a bold move, or first-time buyers stepping onto the property ladder, the…

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New Home Walkthrough Checklist

In the thrilling journey of crafting your dream abode from scratch, there comes an all-important final step that stands between you and the joy of moving in: the final walkthrough. This phase is far more than just a formality; it's your last chance to ensure that your investment is perfect down to the smallest details. Maybe you are wondering, "What important things do I need to be on the lookout for during a final home inspection walkthrough?" For a final new construction home inspection, we created a new home inspection checklist. Drawing from our wealth of final walkthrough experience, we've created an essential Final Inspection Walkthrough Checklist for New Construction Home Buyers. This comprehensive Final…

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As February draws to a close, the real estate industry is abuzz with news of the second largest home price correction in the post World War Two era. The Case Shiller home price index data and a decline in mortgage applications have left investors and homebuyers alike wondering what their next move should be, as well as what impact the Fed's next moves will make on the stock market, jobs report, and the real estate industry as a whole.

JOBS REPORT

The latest job report has brought an unexpected surprise, with the addition of 517,000 jobs, more than doubling the expected number of 187,000. This has resulted in the unemployment rate dropping to a record 3.4%, which is the lowest seen since 1969. According to the report, the top-gaining…

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