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Residential Real Estate Archives

Buying vacation homes: getting your best investment

Though real estate law often deals more in disputes than in vacations, purchasing a vacation home can be a great investment for you and your family, and by using the law, you can work to protect your new asset. Negotiating for the best purchase agreement is a great move with the help of an attorney, and can ensure the fairest price is reached. Creating a limited liability company (LLC) of your family for the ownership of a property can help to protect from personal liability and ensure that the property stays in the family through the future.

More parents investing in housing for college students

Moving a child into their first college dorm has been a right-of-passage for many families as an offspring moves onto the next phase of their life. However, the dorm system is losing its popularity and more and more students are choosing to live off campus.

High-end home prices dropping

We've written in the past about the difficulty faced by owners who invested in a larger, more luxurious home during better economic times. Many owners who bought in the early 2000s have continued to hang onto their homes even as the mortgages may be underwater, in hopes that the prices will recover. In our last post we discussed the generally positive effect this has had on the market in Detroit, where homes these days are selling quickly and at asking price because of lower inventory.

Supply dwindles, prices rise in metro Detroit housing market

Housing data from July has many market watchers optimistic about the recovery in Detroit. Last month, home sales rose by about 11 percent and the median sale price rose 12.2 percent after months of decline.

Home price index improves in many major cities

The home price index published by the S&P and Case-Shiller is one of the central economic indicators that many experts use to evaluate the recovery. While single months of data are not definitive indicators of how the economy or the housing market is doing overall, the numbers that come out each month do help track general trends. For property owners and investors, the home price index can help predict when to buy and sell.

Are "green" homes worth more?

We've written before about the trend in the housing market favoring energy efficient homes. Here in Michigan, some discerning buyers have sought out homes with specific features that make it more environmentally and less expensive to maintain. These features include sky lighting, geothermal heating systems, solar panels, improved insulation and roofing, and many other add-ons. So why is it that these residential properties have an advantage on the market?

Detroit home sales increase in June

More homes sold in the Detroit metro area last month compared with the same time last year, according to recently released data. This improvement is one of several signs of a slowly healing housing market for the Detroit area, which suffered significantly during the recession. Home prices are still 30 percent below pre-bubble levels, which makes it an appealing buying climate for investors who anticipate ongoing recovery in the real estate market.

Builders optimistic about future of Michigan real estate development

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.

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.

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