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Home Debra Drummond | MichiganMoves Real Estate in SE Michigan

Debra Drummond | MichiganMoves Real Estate in SE Michigan

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From Motor City to Motown...Detroit is in the News

01-11-09
Debra Drummond | MichiganMoves Real Estate in SE Michigan
This is a big news month for Detroit, and no, I'm not talking about the 'auto bailout'.

With Motown's 50th Anniversary celebration and the North American International Auto Show coming to town, the City of Detroit will be front and center.

Beginning Monday, January 12th and continuing for the next year, Motown records will celebrate their 50th anniversary. The Motown Historical Museum is a blast from the past and a must see for any music lover. When we visited back in 2000, it was hard to imagine that all the musical talent and hits could come from such a small space!

But before Motown, there was the Motor City. Ever since Henry Ford invented the Model A in the early 1900s, Detroit and the automobile has been synonymous.

This week the North American International Auto Show at Cobo Center will debut nearly 60 new vehicles and host more than 700,000 attendees, including nearly 7,000 from the international media.

The Show opens to the public from January 17-25th so check it out if you want to get a glimpse of what is the latest and greatest in auto transportation.
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January is National Radon Prevention Month

01-07-09
Debra Drummond | MichiganMoves Real Estate in SE Michigan
The Environmental Protection Agency (EPA) designates January as "National Radon Prevention Month".Radon is an odorless, colorless gas that is naturally occurring in the earth's crust and sometimes seeps into homes through openings in foundations or walls. It is the leading cause of lung cancer among non-smokers, and the second leading cause among smokers.

In August I wrote a blog post on the importance of testing for Radon because of a recent experience with a crazy high radon reading in a Northville MI home.

According to a proclamation signed by Governor Granholm last year, one in eight homes in Michigan (EPA's map of Michigan radon zones) have elevated levels of radon. Homes with 4 picoCuries per liter (pCi/L) or higher should be remediated. Consider purchasing a radon detection kit if it wasn't part of the home inspection process when you bought your home.

For more information about radon, check out these sources:

Reducing Radon Risks, Michigan Department of Environmental Quality
A Citizen's Guide to Radon: The Guide to Protecting Yourself and Your Family from Radon,
U.S. Environmental Protection Agency
EPA Radon Video Discussion

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To Sell or To Lease...That is the Question

01-06-09
Debra Drummond | MichiganMoves Real Estate in SE Michigan
The good thing about making a move in this real estate market is that there are lots of good deals out there. The question is, what do you do with your home?

When faced with that situation, many Northville MI owners are opting to lease. Before you consider leasing, you should first check with your lender to get preapproved to make sure you can afford your next home. Also, check your existing mortgage because leasing may invalidate the terms.

I've heard homeowners with good and bad leasing experiences. Many would simply prefer not to become landlords. If you do opt to lease your home, be sure you request a credit report as well as personal and landlord references.

Then, read through the State of Michigan Tenant/Landlord Handbook to research and become familar with your responsibilities as a landlord should you go that route.

Whatever you decide to do, Good luck!
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A Grain of Sale

01-05-09
Debra Drummond | MichiganMoves Real Estate in SE Michigan
This morning I answered a question on a popular real estate site about how a Livonia MI home could sell so cheaply ($90K) in an area of expensive homes without being listed for sale.

Turns out the home in question was in a new subdivision of about 70 homes so it was purchased through the builder. Upon further investigation, I discovered that after the transaction closed, only the sale of the parcel of land was recorded as the real estate 'sale' on public records. Also recorded was mortgage for over $300K. That doesn't account for how much the Buyer might have paid as a down payment.

It's become so easy to do home value research online through sites like Zillow and Trulia. However, until each municipality standardizes how new construction transactions are to be recorded, data will continue to be skewed and deceptive.

Your best resource for local home values is still a local professional real estate agent who can fill in the full picture for you.
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Hurry...$7,500 Home Credit Ends July 1st!

01-04-09
Debra Drummond | MichiganMoves Real Estate in SE Michigan
In my July Market Report, I mentioned that The American Housing Rescue and Foreclosure Prevention Act includes provisions to help homeowners keep their homes.

Another provision 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 amounting around $500 per year, depending on the amount of credit you claimed.

This important credit applies to homes purchased by July 1, 2009 so if you or someone you know is thinking of making the move, now is the perfect time to start looking.

Remember, a mortgage payment may well be cheaper than paying rent...and you pocket the tax benefits instead of your landlord!
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