Detroit Real Estate News

Real Estate news in and around Detroit. 

As we continue into the 2nd half of 2024, prospective home buyers are keenly observing the evolving housing market trends to determine if affordable home prices are on the horizon. The spring home-buying season, anticipated to be promising, ended up being a thorny challenge for many, with elevated mortgage rates and high home prices stalling sales. However, a silver lining emerged as more resale inventory entered the market, putting some downward pressure on the pace of home price growth. Additionally, the median price for a new home has dipped below that of resale homes, with builders offering incentives to attract buyers. For those living in Metro Detroit or considering moving to Metro Detroit, these trends provide a glimmer of hope. Yet, experts agree…

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If you're living in Michigan or considering moving to Michigan, you're in for a treat with the state's eclectic mix of amusement parks that offer something for everyone. From the giant dinosaur sculptures at Dinosaur Gardens in Ossineke to the Netherlands-themed adventures at Nelis' Dutch Village in Holland, Michigan's amusement parks are as varied and vibrant as the state itself. Whether you're in the mood for the thrilling coasters at Michigan's Adventure in Muskegon or the immersive night walks at Glenlore Trails in Commerce Township, these 10 fun and unique destinations promise unforgettable experiences. So buckle up and get ready to explore the quirkiest, most entertaining spots the Great Lakes State has to offer!

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Embarking on the journey to purchase a home can be both an exhilarating and daunting endeavor. Many prospective homebuyers are plagued by anxiety and frustration due to a lack of clarity on the necessary steps involved. A common mistake made by many is the reliance solely on internet based home-search applications. These platforms often lead to endless scrolling, witnessing ideal homes being swiftly taken off the market, and the painful experience of missed opportunities. The key to success in home buying lies in preparedness. Being well-prepared ensures that when you do find that perfect property, you are ready to swiftly make an offer and proceed to closing. For those planning to secure a home in the near future, understanding the correct sequence…

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Embarking on the journey of finding and purchasing your dream home is an exhilarating experience, especially when it involves the vibrant and diverse neighborhoods of Metro Detroit. Whether you're already enjoying the unique charm of living in Metro Detroit or are contemplating the exciting prospect of moving to Metro Detroit, the path to homeownership here is filled with discovery, opportunity, and the joy of envisioning your future in a community that resonates with your lifestyle. With a landscape as rich and varied as Metro Detroit's, from the historic elegance of its suburbs to the bustling energy of its urban centers, the process of buying a home becomes not just a transaction, but a significant milestone in your life's journey, guided by insightful…

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As the allure of luxury living in Metro Detroit continues to captivate both longtime residents and those considering moving to Metro Detroit, the real estate market within this vibrant region has witnessed unprecedented growth and sophistication. In a year that saw the luxury real estate sector shatter previous records, Metro Detroit emerged as a beacon of opulence, with architectural marvels and estates of unparalleled grandeur. With 810 homes sold above the million-dollar mark—a significant increase from the previous year—it's clear that the appetite for luxury is not just enduring but thriving. This year, the exclusivity bar was raised even higher, with all top 10 sales nestled within the prestigious bounds of Oakland County and surpassing the $4…

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Detroit is the largest city in Michigan, and with a population of over 670,000, it also has the highest number of people. The greater metro Detroit area is home to 4.3 million people, making it the second largest metro area in the United States behind Chicago.

Although synonymous with the automobile industry, Detroit is also regarded as a cultural center and a repository for architecture. Since the 2000s, the city has focused on the restoration of several historic theaters and other venues, improving the region's restaurants, as well as high-rise buildings and riverfront revitalization. In recent years, the populations of Downtown Detroit, Midtown Detroit, and several other great Detroit neighborhoods have experienced growth. Take a look at the…

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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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