Author Archive | JOHN RICE ASSOCIATE BROKER | REALTOR

East Hills – 2 Story 4 Bedroom – 234 Warren

OPEN SUNDAY 4-6PM

East Hills – Exceptional move-in ready American Four-Square in the hottest neighborhood in Grand Rapids. With 4 bedrooms 2 baths, 2 stall garage, finished walk-up attic and full basement this home has the floor plan and location you are looking for. Features to love: beautiful hardwood floors, restored original trim, large addition adding family room and full bath, updated kitchen, newer roof, updated landscaping, private driveway, large 2 stall garage, newly painted exterior, fenced in backyard with terraced garden area, easy walk to top local restaurants, breweries, Cherry Street shopping district and more.

Details for 234 Warren

Top 4 Home Renovations for Max ROI [INFOGRAPHIC]

 

Top 4 Home Renovations for Max ROI [INFOGRAPHIC]

Top 4 Home Renovations for Max ROI [INFOGRAPHIC] | Simplifying The Market

Top 4 Home Renovations for Max ROI [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Whether you are selling your home, just purchased your first home or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most Return On Investment (ROI).
  • Minor bathroom renovations can go a long way toward improving the quality of your everyday life and/or impressing potential buyers.
  • Upgrading your landscaping or curb appeal helps get buyers in the door. These upgrades rank as the 2nd and 4th renovations for returns on investment.

Source: Michigan Real Estate Updates

4850 Cannon Woods Ct Belmont MI – Just Listed

Nested on 2+ acres in the beautiful development of Cannon Highlands this gorgeous 2 story offers a peaceful oasis surrounded by nature. With 5 bedrooms 4 full baths, large windows and vaulted ceilings this home offers an abundance of natural light and exceptional nature views. The main floor master suite features walk-in closet, jacuzzi tub and custom walk-in shower, vaulted ceilings and more. Additionally the main floor offers a 2nd bedroom suite with accessible bath and shower with no-step access, office, large living room with vaulted ceilings, fireplace, & remodeled kitchen. Upstairs features 2 large bedrooms a 3rd full bath and superb reading nook overlooking the trees. The walkout lower level features built-in cedar sauna, ample storage, additional bedroom, living room and 4th bath With easy access to major highways, approximately 20 minutes to downtown Grand Rapids, close to Cannonsburg ski hill and several wonderful parks for year ’round fun.

DETAILS

207 Pickett St SW, Wyoming MI – Just Listed

Move-in ready 3 bedroom, 1 bath home with many nice updates! Located on a quiet cul-de-sac street in Kelloggsville schools this home has what you’ve been looking for. You will love the fenced in backyard setup for BBQs, relaxing and entertaining with the covered patio extending the length of the oversized 1.5 stall garage. The lower level is partially finished with tons of room for storage. All appliances included. Book your time today to see this great home, close to shopping, entertainment, major highways and more.

DETAILS

Millennials Are Skipping Starter Homes for Their Dream Homes

Millennials Are Skipping Starter Homes for Their Dream Homes

Millennials Are Skipping Starter Homes for Their Dream Homes | Simplifying The Market

A new trend has begun to emerge. With home prices skyrocketing in the starter home category, many first-time homebuyers are skipping the traditional starter homes and moving right into their dream homes.

What’s a Starter Home?

According to the National Association of Realtors (NAR), simply put, a starter home is a one or two-bedroom home (sometimes even a small, three bedroom).Prices vary widely by market but starters on average cost $150,000 to $250,000 while trade-up and premium homes cost upwards of $300,000.”

Finding Their Forever Homes Now

A recent CNBC article revealed that there are many factors that delayed older millennials (ages 25-35) from buying a home earlier in their lives. The aftereffects of the Great Recession teaming up with larger education costs forced many to either remain living in their parent’s homes or to rent.

With the economy continuing to improve, many millennials have been able to break into better-paying jobs which has helped spur down payment savings. As the dream of homeownership comes closer to reality, many millennials are saving for their forever homes.

According to the latest statistics from NAR, 30% of millennials bought homes for $300,000 or more this year (up from 14% in 2013). Diane Swonk, Chief Economist at Grant Thornton weighed in saying, “They rented for longer. Now they’re going to where they want to stay.”

More and more millennials are settling down, getting married, and starting families, which is a huge factor driving them to look for larger homes.

Increased competition in the starter home market has also been a driving force in waiting to afford their dream homes. Inventory in the starter home market is down 14.2% from last year, according to research from Trulia. This has driven prices up and has led to bidding wars.

Many first-time buyers who were originally looking for starter homes are realizing that for just a little bit more of an investment, they could afford trade-up or premium homes instead.

Bottom Line

If you plan on purchasing your first home this year, let’s get together to determine how much house you can afford. You may be pleasantly surprised.

MESSAGE JOHN

Source: Michigan Real Estate Updates

5 Reasons Why to Sell This Summer!

 

5 Reasons Why to Sell This Summer!

5 Reasons Why to Sell This Summer! | Simplifying The Market

Here are five reasons listing your home for sale this summer makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory has declined year-over-year for the last 35 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 41 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own!

Prices are projected to appreciate by 5.2% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

MESSAGE JOHN

Source: Michigan Real Estate Updates

49525 – 4670 Shear Wood Ct NE – 10 Acres, 5 Bedrooms, 3 Stalls, Pool


4670 Shear Wood Court NE
This is the location and setting you’ve been looking for. Nestled in 10 wooded, rolling, peaceful acres, this home offers 5 large bedrooms, 2.5 baths, over sized garage with pole barn/additional garage, pool and so much more. Relax in your own ”tree house” enjoying the serenity overlooking your own retreat. Master suite features private deck, walk-in shower, walk-in closet, cedar closet, main level is plumbed for laundry and more. The quality of this home is immediately apparent with such features as: solid wood doors, solid surface counter tops (granite and others), hardwood floors, and tile floors. Amenities close by include: shopping, entertainment, dining, hiking and walking trails and parks, golfing, easy highway access and only 15 minutes from downtown Grand Rapids.

3794 Steeple Ridge Ct – Beautifully Crafted 2 Story

Property Description
PRICED BELOW 2018 APPRAISAL. This home offers incredible value and is offered at 45% BELOW the price per square foot of other area homes…If this home was priced the same as others in the area it would be listed at $971,000. Incredible value, beautiful custom built 2 story features the quality, location, and floor plan you have been looking for. The fine craftsmanship in the tray ceilings, mouldings, and millwork bring timeless quality into every room. Every attention to detail has come together to create a beautiful, meticulously maintained, place to call home. With over 6100 sqft, this 4 bedroom 3.5 bath home features additional den, gym/multi-purpose room, living room, wet bar, billiards room, family room, gorgeous master suite, heated oversized 3+ stall garage and more…

DETAILS

Beautiful Log Cabin on 9.6 Acres 11770 Linda Lane, Gowen MI

WOW! This is the ”real deal” whole log cabin. Move-in-ready with incredible updates including brand new metal roof, new electric, new furnace, new water heater,new kitchen and bathrooms and more. Set on nearly 10 acres with a lush mix of hardwoods and pines this a wonderful setting to call home. With granite counter tops, beautifully finished hardwood floors, large windows that let the natural light pour in, multiple amazing porches – this is a must see! Enjoy being away from it all while only a short drive for everyday amenities such as groceries, shopping, dining, entertainment, golfing, several area lakes for terrific fishing and more.

DETAILS

Why Have Interest Rates Jumped to a 7-Year High?

Why Have Interest Rates Jumped to a 7-Year High?

Why Have Interest Rates Jumped to a 7-Year High? | Simplifying The Market

Interest rates for a 30-year fixed rate mortgage have climbed from 3.95% in the first week of January up to 4.61% last week, which marks a 7-year high according to Freddie Mac. The current pace of acceleration has been fueled by many factors.

Sam Khater, Freddie Mac’s Chief Economist, had this to say:

“Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week.

Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season.”

But what do gas prices have to do with interest rates?

Investopedia explains the relationship like this:

“The price of oil and inflation are often seen as being connected in a cause-and-effect relationship. As oil prices move up or down, inflation follows in the same direction.”

You may have noticed that filling your gas tank has become substantially more expensive in recent months. The average national gas price has climbed nearly $0.50 from the beginning of the year, leading to the highest price for Memorial Day weekend since 2014.

As rates go up, your purchasing power goes down, but don’t worry; rates are still well below the averages we’ve seen over the last four decades.

“Freddie Mac said this year’s higher rates have not yet caused much of a ripple in the strong demand levels for buying a home seen in most markets, but inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.”

Buying sooner rather than later will help lock in a lower rate than waiting, as the experts believe rates will continue to climb. Even a small increase in interest rates can have a big impact on your monthly housing cost.

Bottom Line

If you are planning on buying a home this year, keep an eye on gas prices the next time you’re at the pump. If you start to feel a big jump in price, know that rates are probably on their way up too.

Source: Michigan Real Estate Updates