Author Archive | JOHN RICE ASSOCIATE BROKER | REALTOR

Mid-Century Modern Impressive Waterfront Residence

Private lake frontage, mid-century modern – minutes from downtown…This is a rare opportunity to own an impressive all-brick home of approximately 4,800 square feet on one of the most desirable streets in Grand Rapids. This home features a large frontage on Middleboro Lake (210 feet) and sits on 1.123 landscaped acres (3 lots)on a quiet-street with a cul-de-sac. There are 4 bedrooms and 3 full bathrooms, each of which has been remade and modernized during the past eight years. This home is just minutes to downtown, the Medical Mile, shopping, restaurants, and major highways. See attached supplement for the full list of recent improvements and amenities or reach out to listing agent. This is a rare opportunity to own an impressive all-brick ranch-style home of approximately 4,800 square feet on one of the most desirable streets in Grand Rapids, Middleboro Drive, Northeast. This home features a large frontage on Middleboro Lake (210 feet) and sits on 1.123 landscaped acres (3 lots) in the middle of the block on quiet-street with a cul-de-sac. The front door opens to a foyer which leads to rooms on the main floor with large double-pane windows looking out to the magnificent vistas of Middleboro Lake. The open floor plan makes entertaining both enjoyable for guests and hosts alike. The high-paneled ceilings (with over four-inches in thickness of high-quality insulation) give the house an airiness that is refreshing and full of natural light. There are four bedrooms and 3 full bathrooms, each of which has been remade and modernized during the past eight years. The main floor bathrooms have marble and other premium stone countertops and one-handle water controls using Grohe faucets. This home includes three built-in gas-fired fireplaces in the Living Room, Family Room, and Master Suite. The main kitchen has many built-in cabinets and a walk-in pantry, a hooded gas cooktop, built-in microwave and wine storage, and features a large stainless steel sink, with one-handle water controls, a hot-water dispenser (190 degrees F), that is built into an island with breathtaking views of the lake to the north. A hardwood floor covers the kitchen and the adjoining dining room. There is a second kitchen on the lower level with a stainless steel sink, microwave, new (2017) refrigerator, and granite-countertops, and attractive work cabinets that adjoins the large Family Room which is paneled and carpeted from wall-to-wall. Appliances have been replaced with two new (2017) energy-efficient refrigerators and two new (2016 and 2017) air conditioning systems and air handlers, a new (2016) washer drier set, a new (2010) gasfired boiler and associated piping for both circulating hot water heat and domestic hot water supply, and a new (2018) ultra-quiet dishwasher. The newly remodeled laundry room adjoins the master suite and second bedroom on the main floor of the house. The Master Suite including an ensuite bathroom is spacious with many windows, built-in bookcases, a sitting area, a large walk-in closet, and its own private screened porch, which sits right up overlooking Middleboro Lake. Large windows are also featured in a second bedroom, which may be used as a study or den. There are also large windows in the Family Room on the lower level. The main-floor laundry room has an efficient washer-dryer set. The house features a large deck made of pretreated wood off the Living Room and a spacious patio of some 850 square feet off the Family Room. A new roof was installed eight years ago. The home has a three-vehicle garage with substantial adjoining room for storing gear. The driveway was repaved in 2017. Wildlife are abundant on and around the lake, including resident family of swans, ducks, a great many song birds, a red fox, several nests of squirrels, an otter, numerous Canadian geese (in season), and Sandhill Cranes who come up from Florida each summer and fall. Lake Middleboro limits water craft to no more power than an electric motor, is of some 21 acres, has a depth of 42 feet, is swimmable, has great fishing, and, in winter, freezes over to form wonderful venues for ice skating, hockey, and ice-fishing; it is accessible from this home’s private dock. One unique feature of the house is that it is paneled with decorative, solid cedar planks as a veneer to the all-brick structure, and the large cedar garage doors were custom made for this house. In addition, the house has a 750-square foot, heated storage room at ground level where water equipment and vehicles may be stored when not in use. The lawns are provided with an in-ground sprinkling system with a complete, automatic control system.
This home is just minutes to downtown, the Medical Mile, shopping, restaurants, and major highways.

111 Middleboro Details

Incredible Waterfront Contemporary

Property Description

Experience the best waterfront living in Grand Rapids. This gorgeous contemporary has been masterfully remodeled down to the studs to showcase majestic views of Thornapple River, unparalleled by any other stretch of the river. Located in the award winning Forest Hills Schools, this 4 bedroom, 4.5 bath home features all of the latest luxuries you desire in your new home. Custom gourmet kitchen with open floor plan and views into the dining area, large kitchen bar, living room with fireplace, large deck, and beyond over the water. This home is built to enjoy and entertain, featuring surround sound throughout, multiple built-in wet-bars, 3 private suites, and a 4th lower level bedroom and full bath combination.

Tour this home in 3D now:

6577 Burger Details

 

4 Reasons Why Fall Is A Great Time to Buy A Home!

4 Reasons Why Fall Is A Great Time to Buy A Home!

Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insights report reveals that home prices have appreciated by 6.2% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.1% over the next year.

Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have already increased by half of a percentage point, to around 4.5% in 2018. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by half a percentage point to around 5.1% by this time next year.

An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home which you can then tap into later in life. As a renter, you guarantee your landlord is the person building that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

How will these factors benefit your next move? Reach out and let’s discuss

MESSAGE JOHN

Source: Michigan Real Estate Updates

Are Homebuyers Starting to Hit the ‘Pause’ Button?

Are Homebuyers Starting to Hit the ‘Pause’ Button?

Are Homebuyers Starting to Hit the ‘Pause’ Button? | Simplifying The Market

For the last several years, buyer demand has far exceeded the housing supply available for sale. This low supply and high demand have led to home prices appreciating by an average of 6.2% annually since 2012.

With this being said, three of the four major reports used to measure buyer activity have revealed that purchasing demand may be softening. Here are the four indices, how they measure demand (methodology), what their latest reports said, and a quick synopsis of the report.

The Foot Traffic Report
by the National Association of Realtors

Methodology: Every month SentriLock, LLC provides NAR Research with data on the number of properties shown by a REALTOR®. Lockboxes made by SentriLock, LLC are used in roughly a third of home showings across the nation. Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.

Latest Report: “Foot Traffic climbed 3.2 points to 55.8 mid-summer in July. Additionally, the diffusion index is higher than last year by 13.5 points. Despite a healthy economy and labor market, supply and new construction remains unable to keep up with buyer demand.”

Synopsis: Buyer demand remains strong.

The Showing Index
by ShowingTime

Methodology: The ShowingTime Showing Index® tracks the average number of buyer showings on active residential properties on a monthly basis, a highly reliable leading indicator of current and future demand trends.

Latest Report: “Showing activity throughout the country increased by 0.3 percent year over year in July, the third consecutive month that the U.S. ShowingTime Showing Index recorded buyer interest deceleration compared to the previous year. The June 2018 figures revealed a 0.0 percent change in showing traffic from 2017, while May showed a 1.2 percent year-over-year increase. The 12-month average year-over-year increase was 4.6 percent.”

Synopsis: Buyer demand is softening

Realtors Confidence Index
by the National Association of Realtors

Methodology: The REALTORS Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.

Latest Report: “REALTORS reported slower homebuying activity in July 2018…The REALTORS® Buyer Traffic Index registered at 62, down from the same month one year ago (69). This is the fifth straight month (since March 2018) that Realtors reported a decline in buyer activity compared to conditions one year ago.”

Synopsis: Buyer demand is softening

The Real Estate Broker Survey
in the ‘Z’ Report by Zelman and Associates (subscription needed)

Methodology: Proprietary survey results of real estate executives.

Latest Report: “While we continue to expect a resumption of growth in resale transactions on the back of easing inventory in 2019 and 2020, our real-time view into the market through our Real Estate Broker Survey does suggest that buyers have grown more discerning of late and a level of “pause” has taken hold in many large housing markets. Indicative of this, our broker contacts rated buyer demand at 69 on a 0-100 scale, still above average but down from 74 last year and representing the largest year-over-year decline in the two-year history of our survey.”

Synopsis: Buyer demand is softening

Bottom Line

Again, three of the four most reliable measures of buyer activity are reporting that demand is softening. We had a strong buyers’ market directly after the housing crash which was immediately followed by a strong sellers’ market over the last six years.

If demand continues to soften and supply begins to grow (as is projected to happen), we will return to a more neutral market which will favor neither buyers nor sellers. This “more normal” market will be better for real estate in the long term.

Currently each price range has a different level of inventory and there are some seasonal norms that also come into play.  The best approach for you, largely depends on what you are trying to achieve and the price range and area you are considering.

To better understand the best approach, reach out for your FREE STRATEGY SESSION:

MESSAGE JOHN

Source: Michigan Real Estate Updates

Home Prices Have Appreciated 6.9% in 2018

Home Prices Have Appreciated 6.9% in 2018

Home Prices Have Appreciated 6.9% in 2018 | Simplifying The Market

Between 1987 and 1999, which is often referred to as the ‘Pre-Bubble Period,’ home prices grew at an average of 3.6% according to the Home Price Expectation Survey.

Every month, the economists at CoreLogic release the results of their Home Price Insights Report, which includes the actual year-over-year change in prices across the country and their predictions for the following year.

The chart below shows the forecasted year-over-year prices for 2018 (predictions made in 2017). According to their predictions, the average appreciation over the course of 2018 should be 4.8%, which is still greater than the ‘normal’ appreciation of 3.6%.

Home Prices Have Appreciated 6.9% in 2018 | Simplifying The Market

If we layer in the actual price appreciation that has occurred this year, we can see that over the course of 2018, home prices have appreciated by an average of 6.9% and have outpaced projections all year!

Home Prices Have Appreciated 6.9% in 2018 | Simplifying The Market

What does this mean?

The tale of today’s real estate market is one of low inventory, high demand, and rising prices. The forces at work can be simply explained with the theory of supply and demand. That being said, if a large supply of inventory were to come to the market, prices may start to appreciate closer to the forecasted rate which would STILL be greater than the historic norm!

Bottom Line

If you are a homeowner whose house no longer meets your needs, now may be a great time to list your home and capitalize on the equity you have gained over the last year to make a significant down payment on your next home!

For more information on how best to your approach your goals:

MESSAGE JOHN

Source: Michigan Real Estate Updates

4807 Firefly Grand Rapids MI 49525 – Stunning 4 Bed 3.5 Bath

Welcome home, this stunning 4 Bedroom (plus an office) 3.5 bath home is the perfect of example of taking a great home and making it the ”best in class.” Quality construction by White Birch Builders shows throughout with rounded bull-nose corners, impeccable hardwood floors, quality materials, and superior floor plan – this house is a must see. From the master bathroom custom walk-in tile shower, jet tub, walk-in closet, to the lower level wet-bar guest suite, and entertainment area this house is sure to please. Outside features new 10×14 storage shed for all the extras and beautiful paverstone backyard oasis. This location offers easy access to shopping dining, entertainment, major highways, and is walking distance to Versluis Lake a 50 Acre Lake and the adjoining park.

 

4807 FIREFLY DETAILS

Home Prices Up Here and Across the Country! [INFOGRAPHIC]

Home Prices Up Here and Across the Country! [INFOGRAPHIC]

The Grand Rapids and Surrounding area is currently UP 8% over last year…

Home Prices Up 6.49% Across the Country! [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • The Federal Housing Finance Agency (FHFA) recently released their latest quarterly Home Price Index report.
  • In the report, home prices are compared both regionally and by state.
  • Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!

What about your own home or the area you are moving to? Use this great tool for amazing information on a specific address:

BEYOND HOUSE VALUATION

Source: Michigan Real Estate Updates

What Does the Future Hold for Home Prices?

What Does the Future Hold for Home Prices?

What Does the Future Hold for Home Prices? | Simplifying The Market

Home prices are at the top of everyone’s minds. Can they maintain their current pace of appreciation? Will rising mortgage rates negatively impact home values? Will the next economic slowdown cause prices to crash?

Let’s try to answer these questions based on what has happened in the past as well as what we know about the current real estate market.

The Impact of Rising Interest Rates

We explained earlier this year that rising mortgage rates have not negatively impacted home prices in the past and probably wouldn’t this time either. Freddie Mac’s comments were very direct:

“In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”

They were correct. So far this year, home values have continued to appreciate above normal historic percentages and it appears the gradual increase in rates has had little impact on prices.

The Impact of an Economic Slowdown

Many people fear that when the economy turns, we may see the same depreciation in home values as we did a decade ago.

However, we recently reported that the same group of economists, real estate experts, and investment & market strategists who predicted the next recession will occur in the next 18-24 months have also projected that house prices will continue to appreciate for the next five years, albeit at smaller percentages.

It Comes Down to Supply and Demand

As always, home prices will be determined by the demand to purchase compared to the available inventory of homes for sale. For the last six years, demand has far exceeded the available supply which has resulted in the average annual appreciation to top 6% since 2012. That is far greater than the historic norm of 3.6% annual appreciation that we saw prior to the housing boom.

There are currently small signs that housing inventory is slowly beginning to increase. Months supply of houses for sale matched last year’s numbers for the last two months after 37 consecutive months of decreasing inventory. New construction data has also shown positive signs that inventory will be increasing.

As inventory begins to meet demand, we will see appreciation return to more normal levels. We are already seeing projections coming in lower than the 6.2% annual average we have seen more recently.

CoreLogic is predicting that home values will appreciate by 5.1% over the next twelve months and the Home Price Expectation Survey calls for values to increase by 4.2% in 2019.

Bottom Line

Mark Fleming, Chief Economist at First American, explained it best:

“We’re seeing the first indications that price appreciation may be slowing, but the underlying fundamental housing market conditions support a natural moderation of house prices rather than a sharp decline.”

Where is your house headed? How about the area you are interested in moving too? Message John to find out:

MESSAGE JOHN

Source: Michigan Real Estate Updates

Move-in Ready Home – 4175 Norman

Wow! You are going to love this completely renovated, move-in ready home. BRAND NEW: All new kitchen with new kitchen cabinets, ceramic tiles (kitchen, dining, bathroom, tub, hallway), back splash, all new stainless appliances, professionally refinished hardwood floors, exterior and interior new paint, new carpet in the lower level, new driveway concrete, new landscaping/mulch, updated lighting, all new bathroom cabinets. Additionally within the last 2 years: installed new Trane furnace, new roof, and new deck. The wonderful backyard is fenced in and offers a large shed – perfect for storage or convert it into a outside entertainment area. Excellent location with easy access to shopping, dining, entertainment, and highways.

4175 NORMAN DETAILS