michigan real estate: Purchase & Renovate Your Dream Home, only 3% down, including improvements - 05/14/07 02:47 AM
Are you in the market to purchase a home?  Only finding properties that are in rough condition?  Are you finding possible good deals but don't have the money to renovate/improve the home?
You have options.  In today's Real Estate market, especially in Michigan with all the foreclosures, there are many opportunities for buyers to purchase a home that needs some TLC for a great value, including foreclosed homes.
A large number of first time homebuyers don't have the resources to renovate a home when they first purchase.  The solution?  FHA 203k Renovation loan. 
This type of loan allows you to purchase a property … (3 comments)

michigan real estate: Housing Market Hits GDP, Inflation an Issue - 04/27/07 04:03 AM
The Government reported a slow down in GDP growth with the housing market taking a big bite, almost 1%, out of the GDP number. 
The most current reading shows a growth rate of 1.3%, down sharply from 4th quarter 2006 of 2.5% growth rate. 
The article on CNN, http://money.cnn.com/2007/04/27/news/economy/gdp/index.htm?postversion=2007042711.
Normally these types of numbers would translate into lower mortgage rates.  However, in these numbers there is a real increase in inflation, the core PCE deflator rose 4%, as opposed to 1.7% in the previous quarter.  This means that everyday items, excluding volatile energy and food prices, have increase 4% in the quarter, … (1 comments)

michigan real estate: Home Builder's Facing Difficult Times - Now is the time to Establish Relationships - 04/26/07 04:06 AM
As most people have already read, homebuilders accross the nation are struggling.  Inventories have increased, prices have dropped and new home sales are down.  Almost every national and local homebuilder has been adversly impacted during this down turn.
As CNN reports today, http://money.cnn.com/2007/04/26/news/companies/beazer/index.htm?postversion=2007042609, the news does not seem to be getting any brighter for this year with a possible upturn next year in 2008.
I attended a sales training yesterday and the speaker from my company made a very good point.  Now is the time to establish builder relationships.  As business is down, builders are looking to get more creative to get rid … (0 comments)

michigan real estate: Homes Sales Slide - 04/24/07 02:49 AM
Looks like our figures are finally showing what we have all seen over that last 6-12 months.  According to CNN.com, http://money.cnn.com/2007/04/24/news/economy/home_sales/index.htm?postversion=2007042410, home sales and prices have dropped.
I'm sure there are a number of reasons for the drop such as sub-prime fallout, an over supply of new and existing homes on the market, and a tightening of credit for new borrowers.
Regardless, where there are challenges there are opportunites.  What a great time to be in the market for a new home.  Never in my career have I seen buyer's have so much power in the market.
If you're in the market for a … (2 comments)

michigan real estate: LaSalle & ABN being sold - 04/23/07 03:07 AM
Another mega banking merger is in the works.  ABN AMRO is selling out to Barclay's, a British Bank, to create the Fifth larges banking institution in the world.  As part of the deal, ABN is going to sell it's LaSalle Bank to Bank of America.
While usually a merger is a good sign for the industry and show's some potential in the market, this move could cost Ann Arbor more jobs.  The ABN AMRO jobs that are still here are likely to not be here after Barclay's purchases them.
As far as LaSalle, probably more of the same as Bank of America, a … (4 comments)

michigan real estate: 1031 Exchanges, Great time for Investors - 04/18/07 04:08 AM
In our challenged market it is always important to realize that there are opportunities when there are challenges.  I have heard, from various Realtors, that investors are back in Michigan looking to take advantage of Real Estate oppotrunities.  This is a good sign for our market and may indicate reaching the bottom; of course only time will tell.
1031 exchanges for our investment clients are great tools to take advantage of a down market.  Below is a quick summary of how exchanges work.
1031 tax deferred exchanges allow investors to sell an investment property and then re-invest the gains from that sale to invest … (4 comments)

 

Jim Hood

Ann Arbor, MI

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