Fall Update for Michigan Real Estate. What is the next 60-90 days expected to be like for the West Michigan Real Estate Market? Tips for buyers and sellers. Brought to you by John Rice Realtor Berkshire Hathaway HomeServices Michigan Real Estate.
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Working from Home May Spark Your Next Move
If you’ve been working from home this year, chances are you’ve been at it a little longer than you initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond.
While the changes to life continue, Americans are re-evaluating their homes, floorplans, locations, needs, and more. Some need more space, while others need less. Whether you’re renting or own your home, if remote work is part of your future, you may be thinking about moving, especially while today’s mortgage rates are so low.
A recent study from Upwork notes:
“Anywhere from 14 to 23 million Americans are planning to move as a result of remote work.”
To put this into perspective, last year, 6 million homes were sold in the U.S. This means roughly 2 – 4X as many people are considering moving now, and there’s a direct connection to their ability to work from home.
The same study also notes while 45.3% of people are planning to stay within a 2-hour drive from their current location, 41.5% of the people who are citing working from home as their primary reason for making a move are willing to look for a home more than 4 hours away from where they live now (See graph below):
In some cases, moving a little further away from your current location might mean you can get more home for your money. If you have the opportunity to work remotely, you may have more options available by expanding your search. Upwork also indicates, of those surveyed:
“People are seeking less expensive housing: Altogether, more than half (52.5%) are planning to move to a house that is significantly more affordable than their current home.”
Whether you can eliminate your daily commute to the office, or you simply need more space to work from home, your plans may be changing. If that’s the case, it’s time to connect to assess your evolving needs and determine your path together.
2020 has been a year of change, and what you need in a home is no exception. Let’s connect today to make sure you have expert guidance on your side to help you find a home that fits your remote work needs.
Source: Michigan Real Estate Updates
Forest Hill Schools – Private Thornapple River frontage. This gorgeous Town & Country cedar home is surrounded by the natural beauty of hardwoods. Located on the open 6 mile stretch of the Thornapple River (all sports.) This home offers the best of rustic-lux. With soaring vaulted plank ceilings, stone fireplace, majestic views out every window, and quality finishes throughout – every inch breathes the essence of home. The main floor master with luxuriously appointed on-suite, the additional bedrooms, finished garage loft space, and walk-out lower level each offer custom touches combining form, function and fun. Experience the peace of this location while appreciating its close proximity to everyday amenities such as shopping, dining, entertainment, and more.
Perched on the highest elevation of this beautiful 33 acre parcel, this 3800+ sqft home features main floor master, soaring vaulted ceilings, 3 stall garage, and finished walkout lower level. As you enter the property you view the modern 56 x 56 pole barn and attached 3 story historical barn, a separate office with additional garage, and continue on the private driveway deep into the acreage to the main home. With space for the office, heated pole barn, loads and loads of storage (over 5100 sqft just storage,) multiple work out areas, this home is the perfect place to create your private retreat. Have your own business? Want a family retreat? Have a ton of toys? This place offers so much it is truly a must see property.
Exquisite one of a kind contemporary home on 10 acres. Featuring soaring cathedral ceilings, showcase granite faced fireplace, main floor master, main floor laundry, 6 garage stalls, theater room, hot tub, huge 48′ x 40′ pole barn with 60′ x 16′ RV stall with 14′ door. Remodeled by award winning builder Mike Schaap this home features timeless quality, all brick exterior, metal roof, and full automation (provided by local home automation experts Bekins.) The gourmet kitchen features all granite counter tops, Miele appliances, quality custom cabinets offering every built-in and storage option needed to masterfully entertain. The dedicated office space and 2 gym areas – both a TRX area and a workout room – show this house has what is needed to thrive in today’s world. The sound proofed theater room, featured in Audio Video Interiors magazine, is equipped with 1 touch fully automated movie mode, tiered seating and incredible surround sound. Roughly 1/3 of the acreage is wooded, offering a beautiful mix of hardwood and evergreen on the grounds. This home is a must see!
Home Values Projected to Keep Rising
As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come.
Due to the undersupply of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in bidding wars, which will also drive price points higher in the home sale process.
There’s no evidence that buyer demand will wane. As a result, experts project price appreciation will continue over the next twelve months. Here’s a graph of the major forecasts released in the last 60 days:
Originally, many thought home prices would depreciate in 2020 due to the economic slowdown from the coronavirus. Instead, prices appreciated substantially. Over the next year, we will likely see home values rise even higher given the continued lack of inventory of homes for sale.
Source: Michigan Real Estate Updates
The ultimate get away – 8.4 Acres on Marquette Island with over 896 feet of private waterfront on Duck Bay in the Les Cheneaux Islands of Lake Huron. Accessible by boat, this incredible land offers the ability to have true solitude. Here you have everything you need: fish the waters, shelter with the cabins, on-site electric and running water. This one-of-a-kind site has kept its natural beauty while offering on-site electric, water, 2 log cabins, cook shelter and more.
This Nantucket inspired cape cod residence designed by Jeff Visser, built by Andy Vandermale, and landscaped by Tom Rooks, features serene scape, timeless design, and quality craftsmanship. With the perfect combination of floor plan and location, this cul-de-sac setting includes 2 lots and offers privacy perfect for both quiet enjoyment and entertainment. From the brick patio, or one of the many decks, enjoy peaceful views of the wetlands. Tour the links for the walk through video and virtual tour to appreciate this amazing home offering main floor living, 3 stall garage, with superb layout offering plenty of room for everyone. Located in the award winning Forest Hills Eastern school district, walking distance to Grand Rapids Township Park, Forest Hills Trails and more. …walking distance to Grand Rapids Township Park, Forest Hills Trails and right around the corner from Knapp Corners for easy shopping, dining and entertainment. Only minutes from downtown with easy access to major highways.
Welcome to 694 Carpenter and the popular Westside Connection! Nestled on the quite treelined side street of Carpenter, this all brick ranch offers 3 bedrooms 1.5 baths, finished basement with rec room, wet bar, loads of storage and workshop area, large attached 2 stall garage, fenced in backyard with storage shed and garden area! Enjoy warm nights by the living room fireplace and fun year ’round with the lower level rec room and wet bar. The breezeway serves as an excellent entrance to the fenced backyard – perfect place to enjoy the season and appreciate the privacy and quiet this location offers. The 8 x 12 shed, tall garage ceilings, and large basement offer several areas for keeping all your items well organized. Book your tour today – great all brick homes like this one are rare!
Buyers Are Finding More Space in the Luxury Home Market
A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.
The Institute for Luxury Home Marketing (ILHM) explains:
“With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.
For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.”
This was not the case at this time last year, as the most recent Luxury Market Report from ILHM emphasizes:
“Exactly one year ago, we reported that demand for large properties, mega mansions, private estates, and luxury ranches had reduced significantly over the previous few years; especially from the younger generation of luxury property buyers.”
For today’s buyers looking for larger homes, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a luxury home, and current low interest rates are making mortgage payments more affordable than they have been in years. The report from ILHM also notes:
“Luxury real estate prices may continue to strengthen further into the third quarter, as the affluent continue to see large investment returns from the currently strong stock market.
Coupled with the low interest rates, the policies granting (and insisting) on working from home implemented by many employers, and the concerns of the pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.”
Clearly, today’s strong gains in home equity paired with record-low interest rates make fall a great time to move up into the luxury market to meet those changing needs.
If you’re ready to gain some breathing room in a larger home, let’s connect so you have the guidance you need to find more space in the luxury home market.
Source: Michigan Real Estate Updates