Real Estate Information

We have all seen the recent coverage of Hurricane Dean and all of the weather-related issues around the midwest. If you are not familiar with your homeowners insurance policy coverage, now is a great time for homeowners everywhere to review their policies.  Homeowners should take a good look at their policies before a natural disaster strikes so that they can know what to expect if and when you need to file a claim.  Here are 5 tips for understanding your Homeowners Insurance:

 

1. Look for exclusions to coverage.  For example, most policies do not cover flood or earthquake damage as a standard item – these coverages must be purchased separately.
2. Look for dollar limitations on claims.  Even if you are covered for a risk, there may be a limit on how much the insurer will pay.  For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.
3. Understand replacement cost.  If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient.  This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.
4. Understand actual cash value.  If you choose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. 
5. Understand liability.  Generally your homeowners insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court.  However, there is usually an upper limit to the amount of coverage provided.  Be sure that it’s sufficient if you have significant assets.

For more information about owning a home and Detroit MI real estate, please visit my website or call me at 248-348-1500. 

If you’ve turned on the news or read a newspaper lately, you have certainly seen all of the buzz around the national housing market crisis.  Some news media is even referring to it as “Mortgage Meltdown 2007.”   In the wake of recent changes in interest rates and credit standards, Realty Trac (an online marketer of foreclosure properties) has announced that the recent influx of foreclosure filings showed now signs of easing as of July 2007.

 

Foreclosure filings in July 2007 showed a 9 percent rise over those filed in June 206 and a startling 93 percent increase compared with July 2006.

 

Read the full article here, and please remember that an experienced Realtor is always your best resource if you think you may be facing foreclosure in the future.  We can lay out your options for you and give you a realistic view of the current housing market.

 

To learn more about the latest in the housing market and Detroit MI real estate, please visit my website or call me today at 248-348-1500.

Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR senior economist, said a good buyers’ market has evolved.  “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets,” he said.  “But with profit margins coming under pressure, homebuilders will limit new construction well into 2008.  This should help the overall inventory level to move steadily into a more balanced state.”   Will these trends continue into Wayne County and Oakland County?  Let's look at the June 2007 statistics to get a better idea.

In Wayne County, the average sale price has dropped from the June 2006 price of $136,141 by 20 percent to $107,972. The median sale price decreased by 32 percent to $79,900 and the average market time has increased by 9 percent, increasing from 94 days to 103 days.

Wayne County	Average Sale Price	Median Sale Price	Highest Sale Price	Average Days On Market
June 2007	$107,972	$79,900	$1,012,500	103
June 2006	$136,141	$117,900	$825,000	94

Oakland County numbers are following the same trend. The average sale price in Oakland County was $211,959 in June, 8 percent lower than June 2006. The median sale price has dropped by10 percent to $174,950 and market times have increased from 106 days to 127 days...a 17 percent increase.

Oakland County	Average Sale Price	Median Sale Price	Highest Sale Price	Average Days On Market
June 2007	$211,959	$174,950	$3,650,000	127
June 2006	$229,556	$194,000	$3,100,000	106

Now is a perfect time to be buying a home in Wayne and Oakland counties. Soft prices make sellers negotiable and interest rates are still at all time lows. Buyers do need to keep in mind that real estate is a long-term investment that will build a nest egg over time and not a quick money making venture.

Interested in what homes are for sale? You can "Search the Realtor Database" by visiting GotHomeListings.com. It is fast,easy and FREE!

Statistics provided by 2006 Realcomp II Ltd. and are deemed reliable but not guaranteed.

So what does the fire station ahve to do with my MI homeowners insurance?

Most insurance companies will ask the proximity of your home to the nearest fire station or fire hydrant. The closer together they are the cheaper the insurance.

The theory behind this is, if there were to be a fire, the closer the house is to the fire station, the faster the response time and the less damage done to the house.

Often, your insurance agent will ask you how far the house is from the fire station and if you are like most new home buyers, you don't have any idea. This link shows the name and address of all Oakland County fire departments. After locating the fire department for your town, you can map the distance from your house to the fire station.

For more information about homeowners insurance or Detroit MI real estate visit TheMarkerTeam.com or give us a call at 248-348-1500. We're glad to help!

Summer is in full swing and as the novelty of being out of school begins to wear off, most parents are bracing themselves for the inevitable "I'm booooored" that is just bound to come out of their children's mouths soon.

Below are links to several fun things to do with your children this summer to get them outside and enjoying this beautiful time of year in San Diego:

• Fishing    
• Boating
• Hiking
• Museums
• Parks
• Beaches
• Kid Stuff
• And more...

For more information about living in the Detroit area and Detroit real estate, please call me at 248-348-1500 or visit my website at http://www.themarkerteam.com/. Here's to an exciting second half of the summer!