Home Prices: The Difference 5 Years Makes
Home Prices: The Difference 5 Years Makes Tuesday September 18th, 2018 First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers, Pricing CoreLogic recently released their Home Price Index Report. One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from July 2013 to July 2018 to show how prices over the last five years have fared. The graph below was created to show the 5-year change in price from July 2013 to July 2018 by price range. As you can see in the graph, the highest price appreciation occurred in the lowest price range with 48% growth, while the highest priced homes appreciated by 25%. This has been greatly fueled by the lack of inventory of homes available at the lower price ranges and high demand from first-time buyers looking to enter the market. Where were prices expected to go? Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES). According to the Q3 2014 survey results, national homes prices were projected to increase cumulatively by 19.5% by December 2018. The bulls of the group predicted home prices to rise by 27.8%, while the more cautious bears predicted an appreciation of 11.2%. Where are prices headed in the next 5 years? Data from the most recent HPES shows that home prices are expected to increase by 20.0% over the next 5 years. The bulls of the group predict home prices to rise by 31.2%, while the more cautious bears predict an appreciation of 9.3%. Bottom Line Every day, thousands of homeowners regain positive equity in their homes. Some homeowners are now experiencing values even greater than those before the Great Recession. If you’re wondering if you have enough equity to sell your house and move on to your dream home, let’s get together to discuss conditions in our neighborhood!
The Palmer Log Cabin - Oldest Buildings in Detroit
The Oldest Buildings in Detroit Next in our Oldest Buildings in Detroit series is the Palmer Log Cabin at Palmer Park The Palmer Log Cabin in 1905 In 1885, Senator Thomas Witherell Palmer had architecture firm Mason & Rice design a log cabin-style vacation home for his wife, Lizzie Merrill Palmer, who wanted a frontier-style getaway. It was originally known as the Font Hill Log House. The Palmer Log Cabin in 2018 The 296 acres of land that the cabin sits on was donated to the city of Detroit by Senator Palmer about a decade later. It is now known as Palmer Park. The Palmer Log Cabin and nearby pond at Palmer Park in Detroit, MI Blog Home
The Sibley House and Christ Church Detroit - Oldest Buildings in Detroit
The Oldest Buildings in Detroit Next in our Oldest Buildings in Detroit series are the Sibley House and Christ Church Detroit The Sibley House The Sibley House, built in 1848, is one of the oldest houses in Detroit After the death of her husband Judge Solomon Sibley, Sarah Whipple Sproat Sibley had the Sibley House built in 1848 for herself and their two daughters in the Greek Revival style. The Sibley House as it appeared in 1934 The home was occupied by descendants of Solomon Sibley from its construction until 1925, when it was sold to the next-door church Christ Church Detroit.[3] Christ Church used the home for a variety of purposes until 1946, when it became the parish rectory.[3] Read more at sibleyhousedetroit.com Christ Church Detroit Christ Church Detroit was built in 1864 Brothers Robert (Jr.) and William Stead ran a wholesale grocery business at the present site of Christ Church until the year 1844.[4] Christ Church Detroit was founded by a group of Episcopalians in 1845, who decided that St. Paul’s Church (now St. Paul’s Cathedral) was too crowded.[5] The founders built a small wooden church, designed by Lieutenant Montgomery C. Meigs, as its first place of worship. Fifteen years later, plans were laid for a new building on the same site.[6] In 1861, a chapel was constructed near the original structure for use while a larger church was constructed.[6] The present church, designed by Gordon W. Lloyd, was completed in 1864. From Wikipedia
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