Metro Detroit Home Prices Rise while National Prices Fall

Home prices in Detroit saw a 13 percent increase in February over the same month last year, which marks the 8th consecutive month of rising Detroit home prices relative to last year. While home prices around the country fell for the fourth straight month in December 2011, housing prices in Detroit actually increased. Detroit has often been known to set itself apart from other major U.S. cities; however, it is a rare event to see the city coming in on the positive end of the financial spectrum. According to the Standard & Poor's Case-Shiller index, as prices around the country fell, Detroit saw an increase of .5 percent during December and has now seen a considerable jump of 13 percent for February 2012.

Robert Dye, a Chief Economist at Dallas-based Comerica Inc., reported the data to be encouraging; however, he warned that "it is still too early to say that residential real estate markets in the Detroit area have definitely turned the corner," (Detroit News). Dye believes that housing affordability combined with low mortgage rates is attracting a lot of buyers to the market. The most notable increases took place in Livingston and Macomb Counties, both of which saw jumps of more than 23 percent over last year's figures (Detroit News).

Ultimately this is good news for Michigan. Perhaps the housing market is beginning to turn around. If you're in the market for a home, buying now before prices rise further makes sound financial sense. As a realtor in East Lansing and the Greater Lansing areas of Michigan, I can attest to an improvement in the market as buyers find more appealing finance options and sellers continue to be flexible with prices. If you would like more information about real estate in the Lansing area please visit MyRealtorRob.

Detroit, Michigan

Remodelling Your Home on a Budget

You might be thinking of remodeling your home for a variety of reasons. In some instances, you merely want to improve it for your own quality of life. One more bathroom leads to less early morning shower battles and that updated kitchen means your family actually wants to enjoy dinner together. Others decide to remodel when it's time to sell their home. Buyer feedback can cue sellers in on some major areas of improvement or just a few ways to maximize their sale price.
Fortunately, remodeling is becoming easier as sellers learn some important DIY (do it yourself) techniques, which help them to improve their house while keeping costs low.

A recent article in the Detroit Free Press highlights Habitat for Humanity Restores as one avenue for bargain remodelling. As a realtor in the East Lansing area, I know a variety of homeowners and contractors who visit restores when it's time to update their houses. You can find a plethora of building and remodelling treasures from nearly-new appliances to marble counter tops.

Of course, before you start loading up on home improvement materials, you will want to know what you're doing. In the technology age, this is becoming easier every day. Hop on Youtube.com and you can find thousands of video tutorials on pretty much every home remodel project know to man (or woman). Visit your local library and check out books (for free) on unique painting techniques, bathroom plumbing and much much more. You can also attend free how-to workshops at Home Depot and several other home improvement stores.

I've seen first hand how updates can make or break the sale of a home. Unless you're selling a fixer-upper, your buyers want a home that's ready to be lived-in. For instance one seller that I represented, who sold their home in East Lansing, needed only to repair an ailing roof and add new paint to the interior to find a happy buyer. The recommendations vary when it comes to getting the most bang for your buck on remodel projects. Bathrooms and kitchens are nearly always a good idea. However, you know your home best. What does it need to great? Do that.