Home affordability ticked up again as rock bottom real estate prices continue to create tremendous opportunity for would be buyers. Just like the rest of the data out there, affordability is another means in which a potential consumer can determine whether its a great time to buy and the probability of future price increases. Tight lending continues to place downward pressure on real estate but as the economy continues to improve and a rebound of real estate prices continues to gain solid traction you will see lenders begin to open up their lending standards to allow more individuals to qualify. We may never see the likes of lending standards pre-recession but credit is bound to open up eventually. As I tell clients, it makes no sense in any universe when you can walk in to a car dealership and buy a $30,000 dollar car with zero down on a signature but buying a $30,000 house is challenging. There are programs out there now that will allow credit scores down to 580 with a compelling story and down payment assistance for low to moderate income families of $7,500 which can help the market. Have you thought of buying a home? Real estate has never been cheaper. Check out the article below!
Another promising sign for real estate in general on the Wall Street Journal. April showed another month of listing increases by sellers due to strengthening demand from buyers and the lack of inventory available to sell. Have you thought of selling your home to move up or trade down? We have active buyers looking for good quality homes to move in to. The typical listing in Michigan becomes a pending sale within 30 days when priced appropriately. Home asking prices have increased 4.7% from last year as signs of a strong spring and summer selling season are under way. This bodes well for our national economy as employer confidence continues to rise increasing availability of jobs and the employed further pushing pricing pressure up as the buyer pool continues to grow. Take advantage of the market today, call for a free consultation!
Great continued statistics for our metro market. We are seeing a shortage of homes for sale in the region causing prices to continue to climb. As foreclosures have declined and their total numbers continue to dwindle, this has fared very well for our overall market. Only 36% of homes are now distressed, a welcome relief from only a year ago where more than 50% of homes were considered distressed sales.
Have you thought of selling your house? We need homes to sell! We have buyers actively looking and having a hard time finding a home! The typical home in this region is now selling in less than 30 days. The market has clearly shifted from a buyers market to a sellers market. Its still a great time to move up and buy a larger home.
Check out the article below!
Sale prices up, inventory down in April for metro Detroit housing market
Article after article we are seeing great news of the economic recovery in the state of Michigan. At the core, the rise in manufacturing in America is helping fuel our own recovery. This in turn is helping lift our ship which for so long had been trailing the national market. Now Michigan and our economic recovery is seen as the forefront of what America is capable of. While Europe continues to struggle with their own problems, things are already looking up in the good old US of A. Its a true testament to our might and position in the world that we led this global recession and we will be the first to come out. As the US climbs out so will the world follow and usher in another decade of prosperity. Michigan and Detroit will be touted as models of economic change as our resilience as a state is proving. Real Estate and investment has returned, job growth has accelerated and finally values are starting to increase. Is the worst over? for now it certainly appears so and considering how bad things have been Ill take it!
The latest Unemployment numbers are out and again our job growth continues to amaze. Michigan dropped .3% from 8.8% to 8.5% from February. Did you know that normal unemployment is considered to be less than 6%? We are getting real close. The lowest point in unemployment for the state of Michigan was 3.3% in February of 2000. This is when our economy was roaring before the automotive collapse. We now have the big three struggling to keep up with demand and a well diversified economy particularly in health care helping push the job growth in our region. Is it possible we will see low unemployment figures in the not so distant future? Everywhere you look every company is hiring. Even we are hiring! There is tremendous demand for skilled labor and educated labor in this state. Its no surprise our real estate market is roaring! Check out the article below!
Wow! another spectacular showing for our real estate market! The news just keeps getting better and better. All of a sudden not only is there a light at the end of our real estate tunnel but there is a whole new paradise starting to form! As I have been writing, it is safe to assume the worst of our market is definitely behind us. As our unemployment rate continues to fall and the demand for highly skilled labor continues to rise, pay increases should begin to occur in the region more readily further driving our economic growth and thus our market. Dan Gilbert and the quicken folks are doing some pretty amazing things in the Downtown Detroit market that will continue to drive this region. There are over 80,000 jobs in downtown Detroits central business district and more are coming as technology, automotive and bio-medicine continue to drive solid footholds in the region expanding our markets job diversification. Wayne State University just announced yesterday the expansion of a new $98 million bio-tech incubator, couple that with Vanguard and Henry Ford Hospital systems nearly $1.4 billion reinvestment in the city of Detroit, you can bank on the fact this will be a tremendous job driver in the region as our market pushes into more critical hard to replace fields. A strong Detroit is critical for the success of this area and its starting to happen!
Check out our the latest home price report below!
Amazing and somewhat surprising news for the area. RealtyTrac, a company which publishes the largest database of foreclosure, auction and bank-owned homes in the country for investors and home buyers and tracts this data released a fantastic report showing our metro market has seen foreclosure rates decline by 38%! This is terrific news for our region as the strong jobs rebound in a short time period has continued to aid the real estate recovery in this part of the country. On a national level, foreclosures declined 17.1% yer our market trounced those results. Analysts are finally beginning to realize this market is on solid footing and should expect a strong real estate recovery going into 2012 and on. We have a ton of buyers we are actively looking at buying homes and for the first time we are seeing inventory shortages in real estate! People are buying and not enough people are selling! Have you been thinking of upgrading your home or downsizing? Now is the time to do it. The spring selling season is upon us and the market is HOT! Check out the article below for further details!
Now is the year to make a decision. Finally! After a long hibernation reports are coming out left and right about real estates rebound. Its been over four years now that real estate prices began their downward decent. The stock market is growing, jobs nationally are growing as more employers look to grow their operations. In south east Michigan we are experiencing a shortage of engineers, skilled labor, technology experts and the list goes on and on. Dan Gilbert from quicken loans recently made a push to try and hire some of the laid off Yahoo worker from silicon valley. In a day he got over 7000 hits on his request. Twitter is moving an office to Detroit, office space absorption is growing in the region. All of these are positive economic indicators for this area. We already know real estate has been on the rebound for almost nine months in the area but things are really starting to get interesting now. The most important indicator has shifted now: consumer confidence. Once consumers think the market has returned its just a matter of time…
Take a look at the article:
Consumers may prowl for homes in 2012: Fannie Mae
Ever thought of owning investment property? Residential or Commercial real estate. We can help you individually or help form a group to invest. Don’t let wall street be the only savings you rely on, we can teach you how to invest with your IRA tax free in real estate to help diversify your portfolio. Learn why so many millionaires have been minted through real estate and capture what is left of the best real estate investment climate we have seen in decades.
Everyone always wants a piece of the action; the problem always lies when the other persons piece takes precedence over your piece. How can you ever be sure your financial adviser is truly looking out for your own best interest? If you really ask yourself this question the honest to goodness answer is you cant. All you can do is hope. This may come to no surprise to some of you but most financial advisers work on commission! Take the latest wall street journal article below. A study conducted by the National Bureau of Economic Research found, “Financial advisers not only fail to curb investors’ worst habits, they actually tend to reinforce them — especially when those habits generate fees for the advisers.” So how can a small investor take matters into their own hands? Build for a plan helps buy investments with predictable flows of income tied to actual assets instead of paper money like securities which tie interests to the fate and whims of your adviser. More millionaires are minted through Real Estate because Real Estate is a tangible asset that over the long run appreciates and has steady predictable cash flows!
Below is a real interesting article about the growth of Self Directed IRA money and alternative investments. It helps to highlight in the article that individuals often times turn to this strategy in their portfolio in an attempt to diversify away from big money management and try to put back some semblance of control into investing. We have successfully helped individuals invest in real estate and private lien placements through a Self Directed IRA account. Just like normal IRA, of 401K investing; a self directed Traditional IRA has the unique advantage of profiting tax free until the money is withdrawn. If you have a Roth IRA, these can be converted into self directed Roth IRA account as well and since taxes were paid initially, any income coming into the IRA will never be taxed! Imagine this simple scenario: Say you have a Self Directed Roth IRA with $50,000 in it. You use your new IRA to buy a home cash for $50,000 all in cost. Your rent payments after expenses could be in the vicinity of 500 a month or about $6,000 a year giving you a constant rate of return of about 12%. Its pretty good, but unlike the stock market or any fund you may be investing in, real estate appreciates in value over time and rents because of inflation appreciate over time. In a fixed fund your money becomes worth less because of inflation! Think about the value of $100,000 in 1970 versus today. Think about the value of property today versus 1970… rents…
Take a look at the article and compare. Are you diversified outside wall street?