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2007 RE/MAX Housing Study: Home Owners Continue to Invest in Their Homes Despite Economy

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RISMEDIA, September 5, 2007–Metro Detroit homeowners remain vigilant in improving their homes despite the slow economy. According to the 2007 RE/MAX Housing Study, 60 percent of metro Detroit homeowners made improvements to their homes in the past two years, down only slightly from 66 percent in 2006. The study included Oakland, Wayne, Macomb and Monroe county residents. For the second consecutive year, painting ranked as the No. 1 interior improvement according to the study, while improved landscaping surpassed roof replacement this year as the leading exterior improvement compared with data captured in 2006.

According to the RE/MAX study, the top five interior improvements are:

1. Painting
2. Replacing flooring
3. Finishing Basement
4. Major bathroom remodel
5. Major kitchen remodel

The top five exterior improvements are:
1. Improving landscaping
2. Roof replacement
3. Adding patio or deck
4. Window replacement
5. Painting

“Home improvement continues to be a priority among homeowners not only to increase property value, but also to enhance quality of life by creating desirable surroundings,” said Jeanette Schneider, vice president and regional director of RE/MAX of Southeastern Michigan. “Typically when you purchase a home, you want to ‘make your mark,’ putting your own stamp on the property with personal touches that reflect you and your personality.”

Forty-one percent of respondents made improvements solely to increase their home enjoyment. More than half (51 percent) of respondents cited both enjoyment and salability as reasons for home improvements. Only two percent made improvements for salability reasons only.

“Similar to the need for people to see a doctor regularly to maintain good health and cars to receive routine maintenance to continue to run properly, so does a home need periodic care to maintain its appeal, comfort and value,” said Schneider. “Regular maintenance and upgrades will help homes operate in peak condition and possibly avoid major repairs in the future.”

Study Background

The 2007 RE/MAX Housing Study, conducted by W.K. Greene and Associates of Royal Oak, Mich., was designed to establish a baseline understanding of RE/MAX of Southeastern Michigan’s service area, which includes residents in Oakland, Wayne, Macomb and Monroe counties.

About RE/MAX of Southeastern Michigan
A leader in the metro Detroit real estate market, RE/MAX of Southeastern Michigan has more than 1,000 sales associates in 56 offices serving the region. RE/MAX of Southeastern Michigan has been helping thousands of Michigan families with their home buying and selling needs. For more information, visit www.remax.com.

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