In our last post we discussed new incentives that states are giving to home buyers to stimulate the housing market. Those efforts seem to be helping aid the recovery of home prices and have the added benefit of filling up homes that have gone unoccupied since a foreclosure. As a result, the construction industry has started to gear up for increased activity over the next few years, which may be a good sign for Detroit and the rest of Michigan.
State grants help prospective homeowners make the leap
Deciding to buy a home is an exciting and daunting prospect, whether it's your first purchase or you're a seasoned residential real estate investor. Low home prices have contributed to a favorable real estate market for buyers, but many families are still suffering from other symptoms of the recession and buying a home remains slightly out of reach.
Estate planning: joint tenancy and asset ownership
When establishing an estate plan it is important to determine how you own something, such as an investment account, real estate property or even a checking account. Consider the example of a couple who brings not only separate property to a second marriage, but children as well, like many blended families in Michigan. The couple went about classifying all of their assets as joint tenancy. Joint tenancy or joint tenants is a term that deals with the rights of survivorship.
Single-family home rentals on the rise
Single-family homes have been a hallmark of the American Dream and ownership has been an important life accomplishment for many people. However, the housing bubble and foreclosure crisis has turned the industry on its head in many ways and owning a single-family home is becoming less and less common.
Mortgage preapproval gives buyers an advantage
As the housing market continues its slow but steady recovery, many Michigan investors and residents are considering purchasing properties while prices are still low. At the same time, the market has gotten more competitive than it was over the past few years, and desirable properties are now getting multiple offers at competitive prices, giving sellers an advantage in choosing the most desirable buyer.
Why Michiganders should mix estate and retirement planning
You don't need to have a massive fortune on the scale of Bill Gates or Warren Buffet to benefit your retirement while planning for the future of your estate. For Michiganders thinking about retirement, most likely the kids have grown and you are decades away from end of life issues and using a few smart estate planning strategies at retirement can not only solidify your retirement plans but also help your loved ones well into the future.
Michigan home repossession rates drop 42 percent
We talk about local home prices and how the housing market is doing in general a lot on this blog. The housing market in Detroit affects a lot of other segments of the economy and is often used as a bellwether for Michigan's progress towards economic recovery. Foreclosure rates have been fluctuating slightly nationwide over the last year, with delays from litigation causing decline, followed by an increased rate when banks tackled backlogged accounts.
Reese Witherspoon's father placed in conservatorship by family
With Father's Day just around the corner we thought our Michigan readers might be interested in a story about the need to protect our elderly loved ones from a variety of threats, including dementia. The story involves the elderly father of Academy Award-winning actress Reese Witherspoon and her brother who have requested their father, John Witherspoon be placed into a conservatorship.
Low home prices affect all market segments
Amidst all of the news about lower foreclosure rates and an improving economy, low housing prices linger as one of the primary signs of a recent recession. While this is good news for investors and buyers looking to get a good deal on a property that will increase in value, it makes selling a home more difficult and sometimes financially painful for people who bought when the market was better.
Real estate industry keeps an eye towards new workspace trends
In our last post we discussed the revitalization of the downtown Detroit area and new development that is happening there. In addition to the introduction of national retail chains, many local and national businesses are moving into office spaces in Detroit. While space is plentiful now, many businesses are looking towards their long term interests and making sure that their office space can accommodate growth.
Whole Foods market holds promise for Detroit property development
Detroit residents are only about one year away from the grand opening of the first location of a national grocery chain in the downtown area. Building began last month on a Whole Foods location, which has many market watchers excited about other real estate development opportunities in Midtown Detroit.
Caution Michigan readers, cliché filled estate story ahead!
A Chihuahua named Conchita has proven the old adage that every dog does indeed have his day or her day in this case, after a home that was bequeathed to the pooch and two others was recently sold for $8.4 million. Many Michigan residents can probably relate to pampering their pets in a variety of ways, perhaps not on such a grand scale as this story depicts, but have you considered what would happen to your pets if you were to suddenly be unable to care for them?
Lower inventory means housing market favors sellers
We've written a lot on this blog about the improving real estate market, because its our business and because it's an exciting sign of a recovering economy. One major favor that has been driving down home prices over the last few years has been the high number of properties available for sale in a given area. High foreclosure and vacancy rates meant that a buyer had many options and could demand a lower price.
