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.
Home Equity Gives Sellers Options in Today’s Market
Homeownership is one of the best ways to invest in your financial future, especially as your home equity grows. Home equity is a form of forced savings that can work to your advantage as the value of your home appreciates. Across the country, home equity was increasing before the health crisis swept our nation, and it continues to grow throughout the year, giving sellers powerful options in this market.
According to the just-released Q2 Homeowner Equity Insights Report by CoreLogic:
“U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $620 billion since the second quarter of 2019, an increase of 6.6%, year over year.”
Dr. Frank Nothaft, Chief Economist for CoreLogic, attributes much of the equity growth to rising home prices:
“The CoreLogic Home Price Index registered a 4.3% annual rise in prices through June, which supported an increase in home equity.”
As the map below shows, CoreLogic also indicates that home equity is increasing in every state:
“In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity during the past year.”
What Does This Mean for Sellers?
When equity is rising, as it is today, you may have more invested in your home than you realize. Mark Fleming, Chief Economist at First American, notes:
“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”
If you’ve been considering making a move – whether that’s to get into a bigger home or to downsize to a smaller one – it’s a great time to reach out to learn how to put your equity to work for you. You may be in a position to pay that equity forward toward your next home purchase and afford it sooner rather than later.
If you’re thinking that a change would be good – that it is time for a new place with more amenities that better suit your lifestyle- then let’s connect so you can take advantage of what the current market has to offer today.
Source: Michigan Real Estate Updates
Fall 2020 Real Estate Trends
Real estate continues to be called the ‘bright spot’ in the current economy, but there’s one thing that may hold the housing market back from achieving its full potential this year: the lack of homes for sale.
Buyers are actively searching for and purchasing homes, looking to capitalize on today’s historically low interest rates, but there just aren’t enough houses for sale to meet that growing need. Sam Khater, Chief Economist at Freddie Mac, explains:
“Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity…However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.”
According to the National Association of Realtors (NAR), right now, unsold inventory sits at a 3.1-month supply at the current sales pace. To have a balanced market where there are enough homes for sale to meet buyer demand, the market needs inventory for 6 months. Today, we’re nowhere near where that number needs to be. If the trend continues, it will get even harder to find homes to purchase this fall, and that may slow down potential buyers. Danielle Hale, Chief Economist at realtor.com, notes:
“The overall lack of sustained new listings growth could put a dent in fall home sales despite high interest from home shoppers, because new listings are key to home sales.”
The realtor.com Weekly Recovery Report keeps an eye on the number of listings coming into the market (houses available for sale) and the total number of listings staying in the market compared to the previous year (See graph below):Buyers are clearly scooping up homes faster than they’re being put up for sale. The number of total listings (the orange line) continues to decline even as new listings (the blue line) are coming to the market. Why? Javier Vivas, Director of Economic Research at realtor.com, notes:
“The post-pandemic period has brought a record number of homebuyers back into the market, but it’s also failed to bring a consistent number of sellers back. Homes are selling faster, and sales are still on an upward trend, but rapidly disappearing inventory also means more home shoppers are being priced out. If we don’t see material improvement to supply in the next few weeks, we could see the number of transactions begin to dwindle again even as the lineup of buyers continues to grow.”
Does this mean it’s a good time to sell?
Yes. If you’re thinking about selling your house, this fall is a great time to make it happen. There are plenty of buyers looking for homes to purchase because they want to take advantage of low interest rates. In some price ranges, Realtors are reporting an average of 3 offers per house and an increase in bidding wars, meaning the demand is there and the opportunity to sell for the most favorable terms is in your favor as a seller.
If you’re considering selling your house, this is the perfect time to connect so we can talk about how you can benefit from the market trends.
Source: Michigan Real Estate Updates
New, new, new! Looking for a perfect home with practically all new everything? This is it! From the stamped concrete patio with koi pond/ waterfall to the large master suite, with walk-in closet, and gorgeous bathroom this home is a must see! With home office space, home gym, peaceful, ”park like” backyard, and a huge park (Pinewood Park) right around the corner- this is an excellent ”stay-cation” home! Appreciate pride of ownership, top of this line amenities in the former parade home. Schedule your time to see it today!
About the Home:
- Storage shed
- Underground sprinkling
- Poured concrete patio (colored & stamped)
- Underground gutter drainage
- Water feature – koi pond / waterfall
- Garage and front porch sealed
- Trex decking
- Freshly painted outside
- New roof April 2019
- New sump pump 6 months
- New hot water heater 1 year
- New electrical box (220 service)
- Marble countertops on all the bathroom vanities
- Master closet features installed “Closet Concepts”
- Polar Seal windows and slider
- Gas fireplace
- Luxury plank vinyl: “LifeProof” flooring on main level
- LED ceiling lighting throughout
- Kitchen under cabinet lighting
- All new appliances: microwave, dishwasher, washer, dryer, garbage disposal, beverage fridge (basement), stove (flex double oven), refrigerator (French doors with flex middle drawer + lower drawer freezer)
- New kitchen with solid surface counters
- Wet bar downstairs with solid surface counter and beverage refrigerator
- New “Stain Master” carpet upstairs and downstairs
- Crown moldings in master bedroom, dining room and den/office
- Freshly painted inside with today’s most popular colors
- Additional storage features:
- Lower level work bench area
- Attic steps (above garage) with flooring and lighting for additional storage
- Additional downstairs storage both behind main living space and under stairs
2020 Fall Michigan Real Estate Update brought to you by JOHN RICE REALTOR Berkshire Hathaway HomeServices
Land, Land, Land! This rare almost 10 acre parcel offers the perfect combination of location, quality construction and land! Nestled on a cul-de-sac drive this 3 Bed 2.5 bath home offers 2 stall attached garage, a huge heated pole barn (roughly 60 x 24), and additional storage shed. The open floor plan and walkout lower level offers a lot of options of how you can make this home ”your own.” Think of it: nearly 10 acres combined with quality construction and energy efficient 6” panel walls. Comstock Park is just minutes from downtown Grand Rapids, and offers easy access to major highways, shopping, dining, entertaining and more. This nearly 10 acre property is truly one of a kind – you won’t find another one like it this close to town!
The Housing Market Is Showing a ‘V’ Type Recovery
One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.
ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:
“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”
That means there are 60% more buyers setting appointments to see homes than there were at this same time last year. The number of potential purchasers was also up dramatically in every region of the country:
- The Northeast was up 76.6%
- The West was up 56.7%
- The Midwest was up 52.1%
- The South was up 46.7%
The Housing Market Is Showing a ‘V’ Type Recovery
ShowingTime also indicates the real estate market has already come back from the downturn earlier this year that was caused by shelter-in-place orders. Here are the year-over-year numbers for each region on a monthly basis (See graph below):
We’re way ahead of where we were at this time last year. This data validates the thoughts of Frank Martell, President and CEO of CoreLogic, who recently noted:
“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”
If you’re thinking about selling your house, this may be a great time to get the best price and the most favorable terms.
Source: Michigan Real Estate Updates
What’s it like to live on an island? Do thoughts of peace, tranquility, and quiet come to mind? How about distance from others and a sense of truly having your own space? When considering island living one of the most important factors to consider is the WHY – Why are you purchasing land, home or cottage on an island?
Why are you purchasing land, home or cottage on an island?
The Great Lakes that surround Michigan are home to more than 35,000 islands. Some large and some small. Larger islands like Drummond, Bois Blanc and Beaver Island offer roads and ferries. Making them convenient yet also allows for more people to easily access the space. As you consider what you are looking to enjoy about your new island sanctuary give this careful thought….Are you looking to surround yourself with people, roads, cars, etc or looking to escape those daily items.
Next consider the HOW
How will you be accessing the island?
Michigan is not Alaska – making accessing the island a lot easier than our great state friend to the north. Can you access Michigan islands by plane? In many cases a pontoon float plane – yes. However almost every Michigan island can be accessed by an easy boat ride, right from a nearby launch or marina. A key factor in what you choose for your island living would be HOW you want to access the island. Many times an easily tow-able personal craft is all that is necessary. Can you go bigger? Absolutely. Most of the islands in Michigan are positioned close to marina’s that offer on-site dry storage, and everything you need to ensure your boat is ready when you want it.
On such set of islands are the Les Cheneaux Islands. Located just east of where Lake Michigan and Lake Huron meet in the Straits of Mackinac are these majestic islands. A short distance off the shores of the Eastern Upper Peninsula and just minutes from the Mackinac Bridge, they are easily accessible by boat, and a few even islands offer land-bridge access. Plentiful marinas and boat launches dot the shoreline and water ways.
Could the Les Cheneaux Islands be the cure for your island lure? Knowing what options are available in the area is a great first step. Discovering what properties are for sale near where you want to be is an excellent step 1. Below is a link to a curated collection of island properties that showcases both vacant land and houses with land.
Have questions? Reach out anytime! You can message me anytime.
Have You Ever Seen a Housing Market Like This?
The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.
Housing Market Recovery
The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.
The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From pending home sales to purchase applications, buyers are back in business and homes are selling – fast.
According to the Housing Market Recovery Index by realtor.com, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year (See graph below):
Record-Breaking Mortgage Rates
Historically low mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.
When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time than expected at home this year, and likely beyond.
Continued Home Price Appreciation
One of the key drivers of home price appreciation this year is historically low inventory. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.
This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the optimal time to make your move. As Bill Banfield, EVP of Capital Markets at Quicken Loans, notes:
“The pandemic has not stopped the consistent home price growth we have witnessed in recent years.”
Even as home prices continue to rise, affordability is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house.
According to Mortgage News Daily:
“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.”
With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities.
Source: Michigan Real Estate Updates
This Ottawa Hills all brick colonial 2 story features everything you need with space for a home office, extra space for the home gym, a superb location, excellent backyard, 4 bedrooms 2.5 baths, 2 stall garage, finished basement with a ton of extra room for storage. Colonial homes are rated as one of the most popular floor plans in America and this one is no exception! Enjoy the warm fireplace as the nights get cooler, after a refreshing walk through this incredible community. Enjoy the morning on the private covered balcony off the master bedroom dressing room. With hardwood floors, granite counter tops, walls freshly painted in today’s most popular colors – this home is sure to please! Close to downtown Grand Rapids, Midtown, Uptown, Eastown, and East Grand Rapids.