Author Archive | JOHN RICE ASSOCIATE BROKER | REALTOR

The Path To A Better Home: Video Tutorial and Free PDF Guide


Our on-site review has been a VERY popular feature among our clients. During our review we cover a tailored program to fit your needs including:

  • What needs to be done: Review the current house/property and anything that needs to be done before selling.
  • Transitioning: Suggestions on how to handle the transitioning into a new space.
  • The new space: what are you looking for in your new space and how can you obtain that goal.
  • Timing: what timing is best to fit your life and make the most of market.
  • Numbers: How will the market respond to your current space and what do the numbers look like both for selling your current space and for the new space?

SEE FOR YOURSELF

Having assisted hundreds of clients throughout the years, one thing has remained front and center for every single transaction
– the client’s needs – YOUR NEEDS – are #1 !
What’s next? Let’s connect so we can work together on your real estate goals.


Download our FREE Guide to help you navigate today’s market. Filled with information on today’s complex market, handy checklist for selling your home and more! Simply fill out the quick form below and we will have it ready for you!

Tips for Today's Market: Seller's Guide Downloadable PDF



WHAT OUR CLIENTS HAVE TO SAY

We have worked with John multiple times now, both buying and selling homes. We 100% recommend him and he’ll always be our go-to realtor for any future real estate needs. John is experienced in the industry and well-known and respected. He is extremely professional and knowledgeable, on top of being an all-around nice guy. He is responsive and answered all of our questions along the way. We asked John for several referrals for other services (lender, cleaner, etc.) and we were very happy with all his suggestions. John is honest and will listen to your concerns/opinions. He is never pushy, but gives great advice based on his years of experience. We are so thankful for the guidance we received from John to make our recent home buying and selling experience successful and quick! If you need a realtor, call John.
G&E Webb
John Rice is hands down one of the best realtors in the Grand Rapids and surrounding areas. We have utilized him as our realtor on two separate occasions, once over 10 years ago, and again over the last several months to buy/sell. He is incredibly knowledgeable and uses his expertise to help guide you in your choices throughout the realty process. He is professional, kind, has impeccable attention to detail, responsive, and clearly loves what he does. Choose John for your realty needs…he is the best of the best!
Amanda W
We moved to the Grand Rapids area 11 years ago and John was very patient as we found our first home and made the experience absolutely seamless! When we were ready to sell and buy again we knew to reach out to John. As we remembered and appreciated, John is an absolute professional and was and advocate for our best interests at all times during this wild market. We found great value in our new home and he helped us get top dollar for our sale. Grateful to have him on our side though the whole process. You won’t be disappointed!
Lance W
We have worked with John to sell 1 home and buy 2 homes and he is an incredible realtor! He is professional, prompt with communication, honest and patient. We had quite the list for what we were looking for and John was always available to answer questions and get us in to look at a home. His knowledge and connections in the industry made both the buying and selling process go smoothly. We simply cannot recommend John enough!
Chase and Nicole O
We just want you to know how much we appreciated your competent service in listing and selling our home, much loved for the last 26 years. Your quiet confidence and patience were most helpful in getting to "SOLD." Doing so during the pandemic panic, at a time when you were obeying the governor's "stay at home" orders, amazed us. You may look like the mild mannered Clark Kent, but during the pandemic, you performed like Superman! Thank you,
John and Lydia T
We can’t say enough good things about John. He is an awesome realtor! We bought our home with his help and just recently sold it with his help. He is highly knowledgeable about the Grand Rapids area market and his expertise and professionalism has shown through both times we worked with him...John is a wonderful communicator and a genuine person. His sincerity has been evident in his commitment to making the purchase and sale experience as seamless and informed as possible. We consider ourselves incredibly fortunate to have worked with John and strongly recommend him without reservation!
E&T VanBuskirk
It was a wonderful experience working with John. His professionalism, honesty, experience, and knowledge of the Grand Rapids market, helped us in multiple ways. John sold our home in one day, was honest about what we could expect from offers, and was spot on. As we progressed toward finding our new home, again, he was extremely knowledgeable about the neighborhoods, home values, and history of the homes. We are more than happy to say, that he helped us find our dream home within our budget! Anything I needed, he was there through emails, texts, or phone calls. He definitely put in a lot of work for us. Without a doubt, I will ask for his assistance again when the time comes. Thank you John!
T&A Lascari
John helped us sell our house when we moved out of Grand Rapids 3 years ago and recently helped us purchase a new house when we moved back. He is very professional and knowledgeable of the area and market. I would recommend him to anyone looking to buy or sell.
S&K Weber
I honestly can't say enough good things about John. He has helped my family buy two homes and sell one home, and each time he has been knowledgeable, responsive, respectful, and has taken care of everything that we needed. I would recommend John - and only John - to anyone looking for a realtor and I know that he will give them the same service that he gave to me
T&A Osburn
Purchased and sold with John, he is: Professional, an extremely good communicator, precise, and acted on our behalf 24/7. He kept us up to date on listings for purchase and preparation advice for selling our home. He was knowledgeable about neighborhoods. Photography for sale of our house was impressive. We were appreciative of the guidance regarding making offers, inspections, when to list our home, writing contracts, detailed review and presentation of offers on our home and being realistic about our purchase of new home. Great experience, Great Realtor.
J&G Junod
John is an excellent realtor! He was very kind, honest, professional and thorough throughout the entire process. My house sold within 24 hours. I highly recommend John Rice if you are considering selling your home!
Rebecca P
John is a very professional and thoughtful realtor! He has quickly become our family realtor and we have done several transactions with him. As a industry professional he always brings his "A" game whether it's helping me with showings, consulting on potential projects, or the phenomenal value he brings as a listing agent. I strongly recommend John Rice and his team.
Eric and Sarah C
We have worked with John in the past to sell a home and recently to purchase a new home. John is extremely professional, knowledgable and willing to answer any question you have during the buying or selling process. He is a great advocate on your behalf and John has exceeded our expectations both times we've worked with him. I would recommend John to anyone looking to buy or sell a home.
Jenna & Adam D
John has great knowledge of the West Michigan Real Estate market. He is sincere and professional. I would recommend John for all your real estate needs
Mike G
John Rice is the professional realtor you want in your corner when it comes to real estate investing. His experience, extensive contacts, and resources to get you into profitable deals makes him one of the best to work with in the real estate industry. We always use John Rice.
Rob D
."For a first time real estate investor, not only did John spend the time to educate me on the process of investing in real estate, he introduced me to a team of professionals to help me finance and manage the properties. With my busy schedule, I did not want to be hands on, but did want to be satisfied with a great return on my investment. John helped me accomplish all the above."
Matt C
"John is a true professional when it comes to the real estate market. He will work with you and guide you down the right path to home you desire. He works in a very understanding way and only goes at your pace. I would highly recommend john to anyone."
M DeVries
"John really went to work for me. He SOLD my old home in 2 weeks and was patient with me as we looked for a new home. He really seems to understand the market and how to execute the whole deal. I would list with John in a heartbeat. If your considering buying or selling, John will make you very happy."
Jack & Stacey N
The Rice team covered every angle to assure that the sale of our home took place in a timely and efficient manner, making this a pleasant experience.They were easily accessible and able to answer any questions that arose throughout the entire process. It was a great pleasure working with them and we will work with them again.
Justin & Jaime Beckstrom
John is awesome, he takes the time to help you with everything and answer all your questions. He made the process of finding a home enjoyable
Nelson & Christen S
John was a pleasure to work with. We were only in town for a long weekend to find a home and he was extremely accommodating of out tight schedule. We finally found our new home on the last day of our visit. John was very helpful through the entire negotiation process and helped us get our dream house and keep it within our budget.
Nick A, MD
John was very professional and a pleasure to work with. He is very knowledgeable about the real estate business. All of our questions were answered that arose during our buying experience and he kept us well informed of the next steps in the process. I would recommend him to all of my friends and family as the realtor to use for any real estate transaction whether it is buying, selling or even renting a home.
Vera & Jeremy D
I can’t thank you enough for helping me over the last 5 years. I began Grand Rapids with you and ended it with you. Seems fitting!... I will continue to send anyone I know to get the great service I received. I certainly am not your only promoter in Grand Rapids! Best,
Andrew B, M.D.

How much did remote work impact the demand for second and luxury homes?

During the pandemic, second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind, a luxury home isn’t only defined by price. In a recent article, Investopedia shares additional factors that push a home into this category: location, such as a home on the water or in a desirable city, and features, the things that make the home itself feel luxurious. Continue Reading →

Market Trends: January 2023 Update

The latest market numbers have been tabulated and we can now view how 2022 wrapped and look at what insight this might provide.

December Data Full Report

4th Quarter Data Full Report

Overall what we see is that the market still APPRECIATED over last year. The median sales price is UP 5.89% over that of last year (Dec 21 vs Dec 22.)

  • Additionally we see less number of sales – December 21 had 33% more closed sales than December 2022
  • Less new listings – roughly 75% of the number of listings vs last year
  • The average number of days of market has gone up VERY slightly from 18 days on the market in 2021 to 21 days on the market in 2022.

This makes for an interesting market that points towards a potential trend for:

  • A return to a market being a bit more seasonal. 2021 was a running at a very fast pace so fast the most seasonality was stripped out of it. We are now potentially going to see winter be a bit slower, with peak sale seasons being in the Spring and early Summer. But that is emphasized by POTENTIALLY! – We shall see what the market has in store.
  • Longer days on market is not too surprising given the nature of the market has shifted a bit. This still adds up to a seller’s market – after all an average time on market of 21 days is still incredibly fast – that’s just longer than last year.
  • Less new listings also is a potential reflection of the time of year, 2 blizzards and 3 holidays can also enter into things.

Additional stats of note are played out inside the transaction. Right now a few trends are:

  • On Average, homes are selling within 2% of list price.
  • Buyers and sellers are working out “concessions” such as money toward closing costs or repairs. Those are typically within 1-1.5% of the sale price.
  • Inspections and other “typical” contingencies are become normal again. Buyers asking for 5-7 days to have a home inspected is now more common.

Looking ahead, January may see some spike in activity, and then things start to really take off in March/early April depending on the weather. However there are some GREAT strategies to know about that can really help you take advantage of the market. Depending on your goals, the area you are looking in, the price range, the property lifestyle type – etc- there are some seasonal strategies we can discuss that can give you an edge. Some of them are best employed over the winter time – while others shine at other times throughout the year.

Opportunity Knocks! Cash flow + Location!!!!

613-615 Hawthorne Grand Rapids MI 49503 Midtown Duplex 2 Unit

Midtown: Just steps outside Heritage Hill – this Midtown 2 unit duplex offers a turn-key addition to your portfolio. $21,900 yearly gross rents. Large amounts of onsite storage with 3 stall ”garage” with 3 separate storage units. Washer and dryer onsite. Split utilities. Currently tenants pay: gas, electricity; landlord pays: trash, water/sewer. This area is sought after and continues to offer popular amenities such as high walkability, easy access to highways, walking distance to Medical Mile and several downtown sites. Take action to make this one yours today!

What To Expect From the Housing Market in 2023

 

What To Expect From the Housing Market in 2023

The 2022 housing market has been defined by two key things: inflation and rapidly rising mortgage rates. It’s put the market into a time of working through these changes and helping buyers and sellers understand how this impacts their plans. 

As the Federal Reserve (the Fed) made moves this year to try to lower inflation, mortgage rates more than doubled – something that’s never happened before in a calendar year. This had a cascading impact on buyer activity, the balance between supply and demand, and ultimately home prices. And as all those things changed, some buyers and sellers put their plans on hold and decided to wait until the market felt a bit more predictable.

But what does that mean for next year? What everyone really wants is more stability in the market in 2023. Here’s what housing market experts say we can expect next year.

What’s Ahead for Mortgage Rates in 2023?

Right now, experts are factoring all of this into their mortgage rate forecasts for next year. And if we average those forecasts together, experts say we can expect rates to stabilize a bit more in 2023. Whether that’s between 5.5% and 6.5%, it’s hard for experts to say exactly where they’ll land. But based on the average of their projections, a more predictable rate is likely ahead (see chart below):

That means, we’ll start the year out about where we are right now. But we could see rates tick down if things continue to align positively. As Greg McBride, Chief Financial Analyst at Bankrate, explains:

“. . . mortgage rates could pull back meaningfully next year if inflation pressures ease.

In the meantime, expect some volatility as rates will likely fluctuate in the weeks ahead. If we see inflation come back under control, that would be good news for the housing market.

What Will Happen to Home Prices Next Year?

Homes prices will continue to be defined by supply and demand in 2023. The more buyers and fewer homes there are on the market, the more home prices will rise. And that’s exactly what we saw during the pandemic.

But this year, things changed. We’ve seen home prices moderate and housing supply grow as buyer demand pulled back due to higher mortgage rates. The level of moderation has varied by local area – with the biggest changes happening in overheated markets. But do experts think that will continue?

The graph below shows the latest home price forecasts for 2023. As the different colored bars indicate, some experts are saying home prices will appreciate next year, and others are saying home prices will come down. But again, if we take the average of all the forecasts (shown in green), we can get a feel for what 2023 may hold.

Seriously? With a chart like this – how could anyone be wrong?….. The truth is probably somewhere in the middle. That means nationally, we’ll likely see relatively flat or neutral appreciation in 2023. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

Bottom Line

The 2023 housing market is going to be a time of changes and here in West Michigan we may see the market react differently than the rest of the nation. Real estate is HYPERLOCAL. With that in mind, let’s talk about your plans and how the trends of your area may impact your plans. 

In short 2023 is going to be about being VERY specific. Each price range, each area, each housing feature WILL make the greatest impact on how the market will react. 

The next best step? Let’s talk through your plans and help you achieve them!!! 

 

Source: Michigan Real Estate Updates

What Every Seller Should Know About Home Prices

 

What Every Seller Should Know About Home Prices

If you’re trying to decide whether or not to sell your house, recent headlines about home prices may be top of mind. And if those stories have you wondering what that means for your home’s value, here’s what you really need to know.

What’s Really Happening with Home Prices?

It’s possible you’ve seen news stories mentioning a drop in home values or home price depreciation, but it’s important to remember those headlines are designed to make a big impression in just a few words. But what headlines aren’t always great at is painting the full picture.

While home prices are down slightly month-over-month in some markets, it’s also true that home values are up nationally on a year-over-year basis. The graph below uses the latest data from S&P Case-Shiller to help tell the story of what’s actually happening in the housing market today:

As the graph shows, it’s true home price growth has moderated in recent months (shown in green) as buyer demand has pulled back in response to higher mortgage rates. This is what the headlines are drawing attention to today. This is true on a NATIONAL level – as shown above and also a local level – as featured in the November numbers detailed here: https://johnricerealtor.com/year-to-date-how-is-the-market/

Keep in mind we are focusing on the LONG TERM…..While short term home price growth is moderating month-over-month, the percent of appreciation year-over-year is still well above the home price change we saw during more “normal” years in the market.

The bars for January 2019 through mid-2020 show home price appreciation around 3-4% a year was more typical (see bars for January 2019 through mid-2020). But even the latest data for this year shows prices have still climbed by roughly 10% over last year.

What Does This Mean for Your Home’s Equity?

While you may not be able to capitalize on the 20% 12 MONTH appreciation we saw in early 2022, in most markets your home’s value, on average, is up 10% over last year – and a 10% gain is still dramatic compared to a more normal level of appreciation (3-4%).

The big takeaway? Don’t let the headlines get in the way of your plans. Over the past two years alone, you’ve likely gained a substantial amount of equity in your home as home prices climbed. Even though home price moderation will vary by market moving forward, you can still use the boost your equity got to help power your move.

As Mark Fleming, Chief Economist at First American, says:

Potential home sellers gained significant amounts of equity over the pandemic, so even as affordability-constrained buyer demand spurs price declines in some markets, potential sellers are unlikely to lose all that they have gained.”

Bottom Line

If you have questions about home prices or how much equity you have in your current home, let’s connect so you have an expert’s advice.


Source: Michigan Real Estate Updates

 

Reasons To Sell Your House This Season [INFOGRAPHIC]

Reasons To Sell Your House This Season [INFOGRAPHIC]

 

Some Highlights

  • If you’re planning to make a move but aren’t sure if now’s the right time, here are a few reasons why you shouldn’t wait to sell your house.
  • The supply of homes for sale, while growing, is still low today. Plus, serious buyers are out looking right now, and many are hoping to avoid falling into the rental trap for another year.
  • Let’s connect to determine if selling your house before the new year is the right move for you.


Source: Michigan Real Estate Updates

 

Year to date: How is the market?

November sales numbers have been compiled and the average home price is up 12.08% over that of last year. Houses are taking a bit longer to sell (19 days on the market vs 15 days on the market last year) Remember for a lot of stats – these are AVERAGES – so each area, each development, each property will have its own trends. However, these numbers help us read into the market trends on a more macro level. What we see is that we are still in a seller’s market. 19 days on the market is still a FAST selling time. Inventory overall is still down – in fact there are almost 10% less houses on the market than this time last year….We have seen the interest rate affect some of the sales and yet the vast majority of deals continue to push through to closing. How will this affect your plans? Let’s talk!

You can view the report by clicking here.