Galloway and Collens, PLLC
248-284-1990
248-284-1990

Residential Real Estate Archives

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.

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.

FTC warns timeshare owners of fraud risks

The Bureau of Consumer Protection at the FTC is warning anyone who owns a timeshare to expect a call from phony companies perpetrating a fraud. The scheme has become so widespread that the FTC says timeshare owners all over the country can expect to be approached and offered phony deals. These scams can have serious financial repercussions for owners of vacation properties who were relying on the profits from the sale to cover other expenses.

Important factors to consider before investing in real estate

With housing prices and interest rates at historically low levels, many Detroit residents consider this to be a good time to invest in real estate. However, just because a price seems low doesn't mean that the property will be a worthwhile investment, so prudent potential buyers should consider some of the following factors carefully before making a decision.

Green features help attract Michigan home buyers

Even in the tough economy, Michigan families looking for a new home can still be quite choosey. One of the important features for many home buyers is how environmentally friendly a home is. Energy efficiency can save families large amounts of money over the course of owning a home.

Factors to consider before buying a second home

While the economy is certainly not totally recovered, this might still be a good time for some Michigan residents to consider buying a second property. With low mortgage rates and plenty on the market to choose from, many people who can afford it are choosing to purchase a second home or vacation property.

Renting on the rise

Analysts estimate that over the next few years, about 6 million more homes will fall into foreclosure. While this is certainly not good news for the properties themselves, it also means that many of those homeowners will become renters. The rental market has been favorable for landlords recently, setting records for low vacancy rates in many major U.S. cities.

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