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HomeDebra Drummond, The MichiganMoves.com Team at RE/MAX on the trail

Debra Drummond, The MichiganMoves.com Team at RE/MAX on the trail

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MichiganMoves Me

09-07-08
Debra Drummond, The MichiganMoves.com Team at RE/MAX on the trail
I love taking pictures and after I got a new Blackberry Curve, I decided to give photo blogging a shot.

I've followed St. Paul, Minnesota real estate agent Theresa Boardman and her All T All Day blog, especially enjoying her "on the street" perspective.

I'm not a native Michigander. Although I cherish my Dakota roots and love my California past, today I enjoy a nice life in Michigan. Even with our battered economy, it's a great place to live (ok, I could do with a few less months of Winter).

Some of the things I hope to do is document my real estate travels throughout Southeast Michigan highlighting property, communities, events, and the unusual, unique and sometimes downright bizarre things I come across.

Blogging and digital photography is familiar to me. Learning a new smartphone, taking photos on it, uploading to Flickr, and posting to Twitter and my new blog has been a lesson in patience and persistence (and if that wasn't enough, I just added a new Tablet PC).

It's definitely a work in progress. The pictures and resolution aren't the best, but hey, it's a camera phone!

Image courtesy of Marvin Kuo
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Plymouth Fall Festivities Include Killer Chicken BBQ

09-03-08
Debra Drummond, The MichiganMoves.com Team at RE/MAX on the trail
Now that September has arrived, Plymouth's Fall Festival is just around the corner.

Celebrating its 53rd year, this weekend's Fall Festival kicks off Friday night with Bingo in the Gathering and a TasteFest. With over 20 local restaurants participating, the TasteFest festivities at Station 885 will have lots of great food and entertainment.

From Friday through Sunday, the streets will be lined with community and business booths, plus a variety of food booths sponsored by local organizations. There's something for everyone with antique and classic cars on Saturday and Sunday, a Sunday morning 5K Fun Run, and Carnival rides and games.

Special events include the Saturday morning Kiwanis Pancake Breakfast, Rotary Club's Spaghetti dinner on Saturday evening and their signature Chicken BBQ from 11 AM Sunday until 5 PM (or until they run out).

So when making your weekend plans, be sure to include this special community event.
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Get Decked Out For Upcoming Victorian Festival

09-02-08
Debra Drummond, The MichiganMoves.com Team at RE/MAX on the trail
In preparation for the upcoming Victorian celebration, the Northville Historical Society is hosting a Victorian Festival Clothing Sale this Thursday, September 4th from 12 Noon to 7 PM and Friday, September 5th from 12 Noon to 5 PM at Mill Race Village.

Mill Race Village is located at 215 Griswold in Downtown Northville. All proceeds from the sale are used to maintain and support the Village.

This is the perfect opportunity to line up your attire for the festival held the following weekend of September 13th and 14th.
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1st Time Buyer Alert, Part 2

08-25-08
Debra Drummond, The MichiganMoves.com Team at RE/MAX on the trail

Key and LockAs I wrote in the July Market Report, Congress passed the new American Housing Rescure and Foreclosure Prevention Act to help spur activity and encourage buyers, and particularly first time buyers, to take the homeownership leap. Besides providing a tax credit of up to a $7,500 (10% of the purchase price) for home buyers, what are some of the other considerations to keep in mind?

According to the Wall Street Journal:

  • The full credit is available for those taxpayers making less than $75,000 ($150,000 if filing joint)
  • Buyers cannot have owned a home as their principle residence in the past three years before buying a home
  • Income is limited to $75,000, phasing out at $95,000 ($150,000 phasing out to $170,00 for joint filers).

Effectively, it's a 15-year no interest loan with payments of $500 per year for 15 years.

If you claim the credit, you'll start paying it back beginning the second year after you purchase the home at a rate of $500 per year. So if you buy a home this year, claim the credit in 2009 on the 2008 tax return, you'll start paying it off in 2011 on your 2010 return.

There are plenty of caveats according to CNNMoney.com. Buyers don't get the money up front, only after filing their return the following year, and they may spend the nest egg instead of socking it away. Plus it must be paid back in full when the home is sold, unless it's sold at a loss.

So there is a lot to consider when contemplating whether to take advantage of this tax credit. Weigh the options, consult your accountant, and make the best decision for your particular situation.

Read First Time Buyer Alert, Part 1

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July Market Report

08-25-08
Debra Drummond, The MichiganMoves.com Team at RE/MAX on the trail
According to RealComp, our local MLS, the market activity trend reflected a 15% increase in activity over the same period last year for the seventh straight month in 2008. Additionally, Pending sales were up significantly over the same period in 2007.

While interest rates have remained low, values have continued to trend downward. The good news is there were more private owner sales in July than foreclosure sales. Also fewer homes are on the market this year than in 2007 reflecting the fact that many people are sitting tight if they don't need to sell.

While the news has been dominated by Olympic coverage, reports about legislation affecting real estate have also commanded a lot of attention. In summary, The American Housing Rescure and Foreclosure Prevention Act includes provisions to help homeowners keep their homes.

Additionally, it provides a tax credit of up to a $7,500 (10% of the purchase price) for first time home buyers. Effectively, it's a 15-year no interest loan with payments of $500 per year. 

Bottom line...it's a great market for buyers!
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