Welcome to 8282 Rockledge Way in the highly desirable Ridge Stone Place Condominiums. Looking for incredible main floor living with room for guests, storage, 2 stall garage, – all within walking distance to miles of trails and wonderful downtown Byron Center, with excellent shops, dining, ice cream, gym, library, and more? This is it! Experience the perfect combination of superb floor plan and phenomenal location. This end unit features amazing open design with 2 main floor bedrooms, one being the primary bedroom with ensuite private bath, attached laundry, living room with cathedral ceilings and fireplace, sunroom, another excellent bedroom (office, Tv room, craft room, reading room), ½ bath, wonderful deck and more. The walkout lower-level features additional living room, 3rd bedroom, 2nd full bath, and an ample amount of space for storage. There is space for the home gym, hobby area, workshop and more! Be close to it all! Set up your showing today!
Author Archive | JOHN RICE ASSOCIATE BROKER | REALTOR
What’s Causing Ongoing Home Price Appreciation?
If you’re thinking about making a move, you probably want to know what’s going to happen to home prices for the rest of the year. While experts say price growth will moderate due to the shifting market, ongoing appreciation is expected. That means home prices won’t fall. Here’s a look at two key reasons experts forecast continued price growth: supply and demand.
While Growing, Housing Supply Is Still Low
Even though inventory is increasing this year as the market moderates, supply is still low. The graph below helps tell the story of why there still aren’t enough homes on the market today. It uses data from the Census to show the number of single-family homes that were built in this country going all the way back to the 1970s.
The blue bars represent the years leading up to the housing crisis in 2008. As the graph shows, right before the crash, homebuilding increased significantly. That’s because buyer demand was so high due to loose lending standards that enabled more people to qualify for a home loan.
The resulting oversupply of homes for sale led to prices dropping during the crash and some builders leaving the industry or closing their businesses – and that led to a long period of underbuilding of new homes. And even as more new homes are constructed this year and in the years ahead, this isn’t something that can be resolved overnight. It’ll take time to build enough homes to meet the deficit of underbuilding that took place over the past 14 years.
Millennials Will Create Sustained Buyer Demand Moving Forward
The frenzy the market saw during the pandemic is because there was more demand than homes for sale. That drove home prices up as buyers competed with one another for available homes. And while buyer demand has moderated today in response to higher mortgage rates, data tells us demand will continue to be driven by the large generation of millennials aging into their peak homebuying years (see graph below):
Odeta Kushi, Deputy Chief Economist at First American, explains:
“. . . millennials continue to transition to their prime home-buying age and will remain the driving force in potential homeownership demand in the years ahead.”
That combination of millennial demand and low housing supply continues to put upward pressure on home prices. As Bankrate says:
“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”
What This Means for Home Prices
If you’re worried home values will fall, rest assured that experts forecast ongoing home price appreciation thanks to the lingering imbalance of supply and demand. That means that overall home prices won’t decline.
Based on today’s factors driving supply and demand, experts project home price appreciation will continue. It’ll just happen at a more moderate pace as the housing market continues its shift back toward pre-pandemic levels.
Source: Michigan Real Estate Updates
How does this impact your real estate plans? Let’s talk! Click below:
WOW! You are going to love the completely remodeled – move-in ready – gorgeous condo. Main floor living at its best with everything updated you care about: new kitchen, new bathrooms, newer central air, new windows, new furnace and more! Today’s most popular colors through. Enjoy this incredibly convenient location with ample storage space, room for guests, an excellent deck and patio overlooking serene woods – this is it! Schedule your tour today!
The past 90 has shown a bit of a shift in the market. Yet sales continue to outpace last year. Take a look at the numbers for the last 90 days and you can see the trends. Some of the trends are seasonal and some are a reflection of the ever changing real estate world. How do these affect your real estate plans? These are averages, which are helpful in understand broad trends, but real estate is VERY hyper local so let’s talk about how your specific plans would be affect by these trends 🙂
As a sample, this charts illustrates that slight rise in the number of homes for sale and the continued trend for increased sales price….
Click the button below for the whole report and to review numbers:
MIDTOWN 2 UNIT: Incredible opportunity to own a VERY RARE side-by-side 2 story 2 unit with ample off-street parking. This is an absolutely GEM! With each side having 3 bedrooms, 1+ Baths, individual basements with laundry, separate utilities and more! Low maintenance exterior and grounds. Tenants pay GAS, ELEC, TRASH – incredible cash flow opportunity! Just a step OUTSIDE Heritage Hill = you get all the charm without the extra headaches of complying with the demands that accompany a property in a historical district. Walking distance to some of the best places in town – easy to get to Downtown, Midtown, Uptown, Eastown, Medical Mile and more! Excellent opportunity for an owner occupant or as a nice addition to your rental portfolio. Unit 59 rent = long term tenant at $1325/ Unit 61 = $1800 estimated market rent.
Below are the floor plans for north unit – Unit 61. The South unit – Unit 59, has a similar layout but is a bit larger.
Unit 59 – the SOUTH UNIT – is a bit larger
East Hills Gem! This incredible 3 Bedroom 2.5 bath, built in 2018 offers a rare opportunity to have all the amazing amenities this area provides – yet new construction! From the minute you walk in – you will love the design, the finishes, the up-to-date colors – MOVE IN READY! Walk to all of the amazing shops, restaurants and more! Even enjoy the neighborhood community garden right across the street! The main floor offers an open floor plan with phenomenal kitchen, designer appointments including solid surface countertops, hardwood floors, open to the dining area and living room – great for entertaining! The upper level offers 2 large bedrooms with ample closet space. The lower level offers 3rd bedroom, 2nd full bath, 2nd living room, storage and more. This one is a MUST SEE!
Forest Hills – Incredible oasis in sought after Beard Farm. This beautiful contemporary offers the rare floorplan and location combination you have been for. Fenced in backyard, with brand new gorgeous composite decks, hot tub, and completely serene setting – yet just around the corner from everything! Experience for yourself why Beard Farm continues to be one of the most highly desired locations in Forest Hills. This cul-de-sac location offers easy access to the Forest Hills Trails, Burton Park and only minutes to downtown Ada and Cascade Business area. The level of care this home has experience is unlike any you have ever seen. Featuring main floor master, main floor laundry, 3 stall garage, 4 bedrooms – plus an office that could be a 5th bedroom, full baths on every level plus a main floor ½ bath, large storage areas, and everything you could possibly ask for in updates: whole house generator 2022, new decks 2022, newly painted 2022, new entry door 2022, gas line for grill 2022, new hot water heater 2021, fenced in backyard 2021, new driveway 2016/2019, New Central Air unit 2017, several new high quality windows 2016/2014, – the list goes on! To experience this magnificent opportunity in-person – schedule your tour today!
The May 2022 numbers are now and and the trend continues – May 2022 sale prices are higher than 2021. 16.77% higher average sales price in 2022 over 2021 – to be exact. But wait – the news keeps saying the market is slowing down….why? 2 reasons: 1.) As we look at these numbers- this data is from May not yesterday – that is how trend reporting works. That said the market continues to show good strong numbers – however time on the market has lengthened since Jan 2022. Instead of 5 days on market, the trend has been more like 15 days on market. That still places the market in a solid seller’s market, but it is bit more price and amenity specific than it has been in the past. For instance a waterfront property may attract multiple – over list bids, while a more “typical” house that is in a similar price range but not on water, might see their marketing days before the offer(s) come in would be longer than their neighbors who sold last year. Yet the house will most likely still sell higher than their neighbors – see how that works? Bottomline: numbers continue to trend up and buyers continue to want to buy houses. 2.) So the second reason the numbers are not 100% lining up with the news: we don’t sell online ads 😉 Let’s face it the news has to keep you interested 🙂
Selling prices, continue to be ABOVE list prices:
Check out the full report here:
MARKET TRENDS REPORT
April brought in significant gains over April 2021. April 2022 Year-Over-Year SOLD price averaged 18.11% increase over 2021. The chart on page 4 is an excellent quick glance of how many new properties tend to list per month. Should the trend follow that of past years, we are headed into the time when we see the most number of listings on the market (April – June/July.) With the lower inventory, the market continues to have more buyer than sellers which continues to have the market trend toward a “seller’s” market. That is expected to continue however, the amount of choices for buyers is expected to increase. Daily we are seeing new houses hit the market (new inventory) and daily we see many new listings go under contract (pending.)
If you like numbers – this is a great report 🙂 If you want to hear more about how this impacts your house and your future plans to move – let’s go beyond what’s here and talk specifics!
View the PDF report on this link to the right here: APRIL 2022 MARKET TRENDS REPORT