Detroit Real Estate News

Real Estate news in and around Detroit. 

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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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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Novi, Michigan is a foodie paradise with diverse dining options for all tastes. From upscale restaurants to casual eateries, there's something for everyone. Whether you're seeking a romantic dinner, family gathering, or night out with friends, Novi boasts an abundance of excellent dining options, including contemporary American cuisine and international flavors. Here are our top picks when it comes to heading out for a delicious dinner.

     

Maisano’s Italian Restaurant 

Maziano’s is a premier Italian restaurant in Novi, known for its rich history and exceptional dining experience. Founded over 40 years ago by Frank Maziano, the restaurant started as a Town Club pop store reminiscent of classic soda shops from the past. In 1979, Frank’s…

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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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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.

Home…

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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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Moving into December 2022 we continue to see shifts taking place in the Real Estate Market and Financial Markets, but are the latest updates pointing towards disaster or are we finally starting to see a silver lining as 2023 approaches?

JOBS REPORT

Despite the looming recession and recent layoffs, the latest Jobs Report added 261,000 jobs this October, yet again beating the estimated amount of 205,000. While the actual number exceeded expectations, it is safe to say that we’re likely finished seeing months of 400k up to as many as 700k jobs added. The unemployment ticked up from 3.6% to 3.7%, however the recent big tech layoffs were not included in these numbers, so it will be interesting to see how that data reflects in the findings of the…

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In a recent article, we covered Everything You Need to Know About Moving to Novi, Michigan, in which we gave a lot of info and stats on demographics, the low crime rates, employment, schools, etc. All of that info is important to consider when moving to a new city, however, it doesn’t quite explain what it’s like to LIVE there.

 

In this article, we’re going to take a deeper look into Novi itself, along with some of the places to go and fun things to do. We’ll cover some of the local parks and share some info on what makes living in Novi, well… Novi!

 

LOCATION (Heading downtown)

Although we already touched on Novi’s location as far as proximity to downtown Detroit, DTW Airport, and Pine Knob, we wanted to dive a bit deeper into this. To do…

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Halloween is just a couple of days away, but the real estate & financial market update isn’t as scary as some portray. Yes, shifts are continuing to take place in both markets, but where does that lead us heading into November 2022? Let’s take a look at what’s happening and how that affects us here in Metro Detroit and beyond.

Gas Prices

We had previously seen a 99 day decline on gas prices moving through the summer into September, but couldn’t quite make it past the 100 day mark. A group of countries including Russia and the OPEC Nations who control 50% of the oil supply decided to ship 2 Million LESS barrels of oil per day to countries that rely on the supply such as Europe and the United States. Why? It’s all about the Benjamins. They feel…

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