Residents of metropolitan Detroit say that when buying an existing home, they are most interested in its potential to appreciate in value, according to a new study from RE/MAX of Southeastern Michigan.

The study asked Oakland, Wayne, Macomb and Monroe County residents in Michigan about the top characteristics they consider when buying a home.

According to the findings, the top 10 characteristics Metro Detroit buyers assess when buying an existing home include: home appreciation potential, property taxes, square footage, roof age, school district, storage space, furnace age, home warranty, location or placement of home within subdivision, and garage size.

According to the National Association of Realtors, the median U.S. home price jumped to $206,000 in April 2005, up 15 percent over the past year and 55 percent over the past five years.

“Even if you’re not contemplating buying or selling anytime soon, today’s home values are changing the way we think about the roof over our head,” said Jeanette Schneider, vice president and co-regional director of RE/MAX of Southeastern Michigan. “Real estate is becoming less about longevity and more about value.”

“Past generations thought of their house as an investment, but a passive one,” Schneider added. “Burning the mortgage after 30 years promised a debt-free retirement and a little legacy for the next generation. But now people track their home values almost daily. And thanks to home-equity loans and refinancing, the home is an easily tapped source of cash.”

***

Send tips or a Letter to the Editor to jessica@inman.com or call (510) 658-9252, ext. 133.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×