Detroit Real Estate News

Real Estate news in and around Detroit. 

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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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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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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The real estate market has been quite the ride over the past two years. Yet as many know, some changes have been taking place in recent months. At its peak, people were flocking to buy homes due to record low interest rates. Now however, rates have increased in combination with the pullback in stocks and bitcoin causing many buyers to disappear from the market entirely.

 

Let’s discuss some of the facts and why people may not be interested in purchasing a home at this time, and some valuable info for those still seeking to buy or sell a house.

Interest Rates

Back in January the market was still very hot, with interest rates for a 30 year fixed mortgage available as low as 3.5%. Today, those rates have nearly doubled to 6.5% or more, as the…

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When it comes time to sell your home, you likely want it to go for the highest possible price. On Local4News, Michael Perna spoke about easy ways to increase your home's value. Read below for steps that could increase your home's value by two to five percent.

Declutter to Make the Home Seem Larger and Welcoming

Increase Your Home's Value With Easy Home ImprovementsThe first step in helping to maximize your home's value is to declutter. A good start is going through all the closets and organizing or removing 30 to 50 percent of the items. A half-full closet looks much bigger and will allow buyers to imagine their own clothes in the space. Decluttering is also an important piece of your own moving process.

Removing clutter from the rest of the home should come next. Doing so throughout the home…

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Things to Do With Kids in Detroit

For years, Detroit's two main claims to fame were for being the birthplace of the automotive industry and the classic Motown sound. But today, this city is going through a major transformation. It's burnishing its image and striving to become known as a city where families want to live and play. And all of Detroit's hard work is really starting to pay off. New restaurants and businesses are popping up in Detroit, and Travel & Leisure recently recognized it as being one of America's most underrated cities. Families who are thinking about moving to Detroit can rest assured they'll always have family-friendly activities to do, and these six things are just the tip of the iceberg.

Detroit Zoo

Detroit Zoo Exhibits

  • Outback
  • Asian Forest

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Best Places to Live Near Detroit Metro Airport

Known by the nickname "Motor City," Detroit and its many suburbs combine for a sprawling metro area of about 4.3 million residents. Detroit itself has a population of 3,548,000, making it Michigan's largest city. In addition to being the hub of the automotive industry, the city is known as the birthplace of the Motown record label.

The Detroit Metropolitan Wayne County Airport, typically referred to as the Detroit Metro Airport, covers about 4,850 acres and is considered a major international airport for the U.S. The airport serves over 140 destinations and has been recognized as the best large U.S. airport for customer satisfaction. Finding a home near the airport is essential for those who travel often, either for pleasure or business reasons.…

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Detroit Most Walkable Neighborhoods

Nicknamed "Motor City," Detroit and its suburbs are part of an expansive metro area that is home to a population of 4.3 million people. Detroit is Michigan's largest city, with a population of 3,548,000. Recognized as the birthplace of the Motown label, the city also serves as the region's cultural and music center.

Over the past few decades, the city's oldest neighborhoods have gone through major revitalization, while at the same time, new developments are cropping up throughout the city. Other areas that have undergone renovation in recent years include neighborhood community centers, historic entertainment venues and the city's riverfront district. Now, many Detroit neighborhoods have become walkable, with central locations and architecture to…

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