Real Estate Information

 Statistics for Livonia for 2006, 2007 and currently in 2008!

According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, Detroit-Livonia-Dearborn, Michigan is one of the top 10 most affordable large metro areas. With that being said, the graph below shows the Listing Price Statistics for the years 2006, 2007 and current for 2008. The additional graph below shows the Listing Price Statistics for REO's (Bank Foreclosures) in 2006, 2007 and current for 2008. Below is the inventory history for all three years.

Even though the real estate market has slowed down in most parts of the Detroit area, a down market does not have to mean that you cannot sell your home or buy a new one if you are facing a situation such as a job relocation.  You just have to re-think the way you play the game!

This article from CNNMoney.com offers advice on how you can still make a smart move in this unpredictable real estate market.  I wanted to share some of the top tips:

• Sell smart – if you are trying to sell your home, make sure you set a realistic price based on the current market.  You will also want to discuss with your Realtor the current average “days on market” that most properties are taking to sell.  This will help you better plan for your move.  If you are not willing to list for the current market value, and you are not comfortable with the current market times consider waiting out this down market, as real estate tends to work in cycles.
• Spend wisely – try to follow the rule of thumb of spending no more than 20% of your home’s value on renovations.  At a time when your home may be worth less than it was this time last year, this is not the time to be sinking money into it.
• Foreclosures are still your problem – remember that, even though you are not facing foreclosure, the other properties in your neighborhood that are foreclosed upon will decrease your home’s value.  As a general rule, for every home that goes into foreclosure in your neighborhood, your property value drops about 1%.  That value will stay depressed for about two years.  To find out where the foreclosures are in your area, go to realtytrak.com or foreclosurenet.net and type in your zip code.
• Recheck your mortgage – many homeowners do not know what kind of mortgage they have.  If you are one of them, pull out your old closing documents and find out how often you're rate will increase and what caps there are to how much that increase can be.  This information should be on the Adjustable Rate Rider, among the first few pages in your documents.

Remember, the Detroit MI real estate market is always changing from month to month and neighborhood to neighborhood.  To find out what your home is worth, visit MetroDetroitPropertyValues.com for a complimentary market analysis.  You may also visit TheMarkerTeam.com to learn more about Detroit MI real estate, or call me at 248-348-1500.

May your Thanksgiving be blessed with the bounty of the season and the love of family and friends!

We’ll be back next week with more of the latest Detroit MI real estate news and information!  In the meantime, please feel free to contact me at 248-348-1500 or visit TheMarkerTeam.com.

With the recent coverage of the devastating fires in California, home fire safety is a most timely topic.  Although we may not be at great risk for wildfires here in Michigan, winter is peak season for home fires due to the use of various heating sources.  An important part of responsible home ownership is having a plan for keeping you and your family safe in the event of a fire.

This printable Fire Safety Checklist, provided by FireSafety.gov, is a great resource for determining what fire hazards may lurk in your home, how to make them less hazardous, and what to do in the event of a fire.  The Today Show also provided some useful tips to ensure you would know what to do if you had to evacuate your home in the event of fire.  These tips include:

Make copies of your documents.  Either put them in a waterproof and fire-proof safe, or give the copies to a trusted friend or relative.  Make electronic copies, as well.  Remember that valuables left in a safe deposit box at a bank could also be destroyed in the case of a widespread natural disaster.

Get your insurance information in order.  If disaster strikes, make your claim right away, and be sure to take pictures of the damage.

Prepare an emergency kit.  Don’t wait until it’s too late.  Gather essential items such as a battery operated radio, bottled water, food, medication, blanket, first-aid kit, etc.

Come up with a family plan.  Again, do it now!  Make sure everyone knows where the important documents are, and agree on a meeting place in case you become separated.

Many of these items are tips we hear over and over again, but they never really seem useful until a disaster strikes close to home.  By the time that happens, of course, it is generally too late to put the tips to use.  Preparedness now can save time and, possibly, lives later.

If you are thinking of becoming a homeowner in Detroit MI, please call me today at 248-348-1500 or visit TheMarkerTeam.com.  You may also begin searching Detroit MI real estate here!

Did you know that if you are moving because of your job, most moving expenses are tax deductible?  This is why it is so important to keep detailed records of all moving expenses, including house-hunting trips. 

If you are moving 35 miles or more from your current home, you can deduct your family’s travel expenses, including meals and lodging; the cost of transporting furniture, other household goods, and personal belongings; food and hotel bills for up to 30 days in the new city if you have to wait to move into your new home; and the costs associated with selling your old home or leasing your new home.

Of course, there is a ceiling on deductions and guidelines which must be followed.  Everything you need to know is outlined in detail in the IRS’s Publication 521, “Tax Information on Moving Expenses,” which you can download at the link provided or you can pick up at any IRS office.

Are you thinking about moving to Detroit MI?  Search the MLS here!  Or, for more personalized service, visit TheMarkerTeam.com or call me at 248-348-1500 for all of your Detroit MI real estate needs!

Thanks to increasingly tightening credit standards and rising interest rates, there has been a lot of buzz about the startling increase in foreclosure rates across America.

Many homeowners think it can or will not happen to them, but what would you do if you were actually faced with the prospect of foreclosure?  It is important to know the “lingo” of lenders and understand what the options are so that you can make an informed decision on the best way to move forward in a stressful situation such as foreclosure.

This article from FreddieMac.com is a good resource that defines the terms associated with foreclosure and walks through the steps to take if you think you may soon be unable to pay your mortgage.  Among the topics covered in this helpful article:

• What to do if you can not pay your mortgage
• What if you can no longer afford to keep your home
• Beware of scam artists

I would like to add to the list of steps to take when facing foreclosure – contact an experienced Realtor!  Along with a reputable lender, an experienced Realtor can help explain your options and guide you through whichever choice you decide to make.

For more information about Detroit MI real estate, please call me today at 248-348-1500 or visit TheMarkerTeam.com, I would be happy to help you.  To receive automated emails of new listings that match your criteria, please visit MetroDetroitHousesForSale.com!