Many major cities have a tradition of spring home tours of notable area residences. Being a part of a home tour can help homes that are for sale get better visibility and can help bring notoriety to the neighborhood.
In Detroit this spring, homeowners associations from all around the city are organizing home tours to encourage purchases and display the beauty of many of the historic properties in the city. Last weekend the Grandmont Rosedale neighborhood hosted its seventh annual tour, displaying about 20 homes in total.
Organizers of the Grandmont event say that the goal of helping stimulate sales has worked. About a dozen residences in the neighborhood sold since last year’s tour. That neighborhood, likes others around the country, has the benefit of a nonprofit organization that helps support home ownership. The Grandmont Rosedale Development Corp. uses donations and grants to help fund payment assistance for interested buyers.
The Detroit area has relatively inexpensive larger homes, which can be attractive to younger couples and families looking for more space. There are also a variety of government programs available for first time owners, making buying a house much easier for young people.
Last year home tours attracted about 300 people, almost half of whom came in from the suburbs. Vendors also attend the home tours. Banks, mortgage companies, and title companies all typically set up shop at a centrally located home to provide estimates and answer questions for interested buyers. People who are considering a home purchase may also want to contact a real estate law attorney to aid in the transaction.
Source: Detroit Free Press, “It’s tour time,” Greta Guest, May 6, 2012.