Welcome to The Wickland Group Real Estate Blog!

Our mission is to provide our readers with relevant and interesting information regarding all things real estate. Look for future articles covering tips on buying and selling real estate, home improvement tips, new construction information and ways to maximize your homes value. 

We'll also cover tax related items, home equity questions, real estate investing and even buying vacation properties. We'll cover geographical areas such as the Metro Ann Arbor and the Metro Detroit Suburbs(e.g., Royal Oak, Birmingham, West Bloomfield, Novi, Northville, Plymouth and Canton, Saline, Dexter and Chelsea)

July 17, 2018

Home prices soar in Detroit and the Metro Area

Good news for home sellers but aggravating news for buyers in the Metro Detroit area as home prices rise, inventory decreases, and multiple offers become commonplace.

Fast Facts:

  • Median sales price up 5% from one year ago
  • Total listings are down a staggering 22% from a year ago
  • The City of Detroit is seeing the largest price increases with the median sales price up 41% year over year
  • The Median home price in Detroit is 275% higher than it was five years ago
  • Not only are most homes receiving multiple offers, sometimes within a matter of hours, 90%+ of listings are selling for above-asking price

Because home prices are rising so rapidly and there is so much competition, coupled with the fact in many areas buyers are competing with investors making all-cash offers, it is making it much more difficult for conventional buyers to compete.  Many times the bank appraisal values are not keeping up with the home value increases. Sellers know this and may be more worried about accepting an offer with conventional financing, especially if the buyers are unwilling to make up any discrepancy with the bank's appraisal. 

Whether your buying or selling in this fast-paced market, it's more critical than ever to partner with the right Real Estate Resource to make sure you have a successful transaction.

Sellers; see how our average client saves over $10k in commission and sells their home for more

Buyers; find out how we make your offer stand out from the crown and help you find your dream home

 

Data provided by Realcomp, see more on the Detroit Free Press.
July 3, 2018

Ford Depot Purchase Boosts Corktown Further

The Corktown neighborhood of Detroit has been experiencing rapid growth over the past few years. With the recent Depot purchase by Ford this economic growth is expected to explode in the area.

Savvy investors who have speculated in the areas real estate stand to make strong returns, and more investors from around the globe are being drawn to the area since the announcement by Ford.

Fast Facts:

  • Prior to the Ford acquisition, retail rents fluctuated around $20 per square foot.
  • After the Depot purchase, announcement rents have already jumped to almost $30 per square foot.
  • Ford plans to officially open the campus in 2022, with an influx of 5,000 workers.
  • Residential rents in Corktown have steadily increased by up to $200 per year over the past 5 years.

See if the growing Detroit Economy is impacting your home value- find out here!

Check what home are currently for sale- The Most Advanced Metro Detroit Home Search

Read more about the growth in Corktown- Detroitnews.com

 

 

July 2, 2018

Hotel Boom In Detroit

Good news for Detroit! The city is fast becoming known as a tourist destination and is spurring a growth in the Hotel and Hospitality industry Downtown.

Fast Facts:

  • 2,000 new rooms expected to be added
  • Average occupancy rates are now in the low 70%, up from under 50% a decade ago.
  • Yearly Detroit Visitors have jumped from 11-12M ten years ago to more than 19M in 2017.
  • Many of these new rooms are being provided by 'boutique' hotels offering 100-200 rooms, as compared to massive 800+ room offerings.
  • The uptick in hotel offerings will make Detroit more enticing for conventions, further driving occupancy rates up and boosting the entire Metro Area economy.

See if the growing Detroit Economy is impacting your home value- find out here!

Check what home are currently for sale- The Most Advanced Metro Detroit Home Search

Read more about the Detroit Hotel Boom- Crainsdetroit.com

Jan. 12, 2018

$15,000 Rebate on Your New Birmingham or Royal Oak Condo?

Have you been eying a new luxury unit in Downtown Birmingham? Or perhaps a modern loft in downtown Royal Oak is more your style?  Either way (or anywhere in between) The Wickland Group has you covered! As an extension of our revolutionary 1+1 Advantage, most luxury condos, lofts, and townhomes are now eligible for a 1% purchase price rebate towards your closing costs. That could mean $15,000, or more, staying in your pocket!

Many potential buyers underestimate or forget to include closing costs in their final calculations. Every purchase is unique, but a good rule of thumb is to calculate closing costs at 1.5-2% of the purchase price. With our exclusive program, our clients are able to cut these unexpected costs by over half in most cases.

 

 

Check out these awesome lofts on the market right now!

Birmingham MI Condos

 

 

Royal Oak MI Condos

 

 

Posted in Buying a Home
Dec. 14, 2017

Millennials Guide To Homeownership

The millennial generation is the largest generation in United States history, and we're just seeing them begin to assert their buying power when it comes to Real Estate.

There is, of course, the old trope that most millennials are in some form of arrested development and are resigned to live in their parent's basement for the next decade. While its impossible to generalize the largest generation in US history, the idea that most millennials aren't interested in home ownership is NOT TRUE. Buyers aged 18-34 years have comprised the largest share of first-time homebuyers at roughly 50-60 percent for the last few years.

It is certainly not to say there aren't some headwinds & myths that are holding millennials back from becoming homeowners.  

Read The Full Guide!

 

The good news is that it's never been easy for millennials to become homeowners than it is now.  With a strong real estate market, competitive mortgage rates, and some conventional downpayment options as low as 3%, home buying millennials have a lot of advantages. 

The home buying process can be daunting, especially for first-time buyers.  We're here to make the process as stress-free as possible.  So take advantage of the advanced search feature of this site, find some interesting homes, and when you're ready we'll be here to answer any questions. 

Oct. 24, 2017

Woodward Corners Shopping Center Gets a Celebrity Tenant

Construction is underway at the future site of the Woodward Corners Shopping Center located at 13 Mile road and Woodward Ave. in Royal Oak. Beaumont Health, the owners of the new development, just announced the first two official tenants of the new shopping center.  The first is the Detroit based coffee chain New Order Coffee, and the second is none other than Mark Wahlberg with his family owned burger restaurant, Wahlburgers. Wahlberg is continuing his interest in Metro Detroit after the success of the first Wahlburgers location in Greektown, Detroit.

The redevelopment plan includes six new buildings on the site, including a luxury hotel, upscale grocery store, and multiple restaurants and retail shops in a beautiful open-air setting. The grounds will include open space that will be used as a venue for festivals and fairs. Woodward Corners by Beaumont is expected to open to the public late in 2018.

With all the commercial development and investment in the area look out for a positive impact on local home values!

See what's listed in the area right now! 

Posted in Community News
Oct. 12, 2017

Millionaire to Millennials

Millionaire to Millennials: Buy a Home Now! | MyKCM

In a CNBC article, self-made millionaire David Bach explained that “the single biggest mistake millennials are making” is not purchasing a home because buying real estate is “an escalator to wealth.”

Bach went on to explain:

“If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.”

In his bestselling book, “The Automatic Millionaire,” Bach does the math:

“As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!”

Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers. His book, “The Automatic Millionaire,” spent 31 weeks on the New York Times bestseller list. He is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.

Bottom Line

Simple advice – if you don’t own your own home, it might be smart to start looking. With a strong real estate market in South East Michigan, it's a great time to be a homebuyer, start your search here and see if your dream home is on the market now! From Ann Arbor to Birmingham, The Wickland Group is here to help with all of your Metro Detroit Real Estate Needs!

Oct. 9, 2017

Which Homes Have Increased in Value?

Which Homes Have Increased in Value the Most?

Which Homes Have Increased in Value the Most? | MyKCM

Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.

CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.

The chart below shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available).

Which Homes Have Increased in Value the Most? | MyKCM

Lower priced homes have appreciated at greater rates than homes at the upper ends of the spectrum, due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning on listing your home for sale in today’s market, let’s get together to go over exactly what’s going on in SE Michigan and your price range.

Posted in Real Estate News