The Impact Staging Your Home Has On Your Sale Price [INFOGRAPHIC]

    The Impact Staging Your Home Has On Your Sale Price [INFOGRAPHIC]

    The Impact Staging Your Home Has On Your Sale Price [INFOGRAPHIC] | Simplifying The Market

    The Impact Staging Your Home Has On Your Sale Price [INFOGRAPHIC] | Simplifying The Market

    Some Highlights:

    • The National Association of Realtors surveyed their members & released the findings of their Profile of Home Staging.
    • 62% of seller’s agents say that staging a home decreases the amount of time a home spends on the market.
    • 50% of staged homes saw a 1-10% increase in dollar-value offers from buyers.
    • 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.
    • The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room.

    Source: Michigan Real Estate Updates

    Are Boomers Really Not Ready to Sell Their Homes?

    Are Older Generations Really Not Selling Their Homes?

    Are Older Generations Really Not Selling their Homes? | Simplifying The Market

    Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving.

    The 2019 Home Buyers & Sellers Generational Trend Report by NAR clarifies this point!

    NAR’s findings show that Baby Boomers (43%) and the Silent Generation (12%) made up 56% of sellers in 2018! This means the majority of sellers last year were over the age of 54. This also shows these generations ARE moving!

    The report also shared the reasons why they chose to move. According to the research, the top reason was a desire to be closer to friends and family. Below is a full breakdown:

    Are Older Generations Really Not Selling their Homes? | Simplifying The Market

    As we can see, they have plenty of reasons to sell their current home! But what type of homes are they trading in?Are Older Generations Really Not Selling their Homes? | Simplifying The Market

    Once again, the report demonstrated that older generations are not keeping that 3-bedroom, 2-bath colonial home. Instead, they are putting it on the market and moving on with their lives!

    Bottom Line

    If you are living in a house that no longer fits your needs, let’s get together to help you find a home that will.

    Message John

    Source: Michigan Real Estate Updates

    What is Really Happening with Home Prices?

    What is Really Happening with Home Prices?

    What is Really Happening with Home Prices? | Simplifying The Market

    Toward the end of 2018 and early 2019, many news articles spoke of home values softening a bit.  However, a stronger-than-expected economy and a good spring housing market have changed some opinions. Some analysts are now predicting that home value appreciation may begin to increase as we move forward.

    Here are three examples:

    Mark Fleming, Chief Economist of First American

    “Data on the movement of unadjusted house prices during the early spring home-buying season won’t be available for a few more months, but it’s quite likely that price appreciation will accelerate again.”

    CoreLogic’s April “Home Price Insights

    “Home prices nationwide, including distressed sales, increased year over year by 3.7% in March 2019 compared with March 2018…The CoreLogic HPI Forecast indicates that home prices will increase by 4.8% on a year-over-year basis from March 2019 to March 2020.”

    Pulsenomics’ Quarterly “Home Price Expectation Survey”

    • The 2018 4th Quarter survey called for 3.8% appreciation for 2019.
    • The 2019 1st Quarter survey raised the appreciation projection for this year to 4.3%.

    Bottom Line

    The greater Grand Rapids and surrounding  West Michigan area housing markets are stronger than the averages found in the rest of the nation. And  a strong economy and a good housing market post data that shows we will continue to have a thriving real estate market.

    Make this market work for you! Let’s talk!

    Message John

    Source: Michigan Real Estate Updates

    West Michigan Area Housing Stats

    Statistics….there are those who will not proceed in anything without knowing the numbers….For those individuals here are some interesting west Michigan real estate stats to share pulled from the
    Greater Regional Alliance of REALTORS (grar.com) that covers a large portion of Western Michigan.

    The below charts are interactive and will live update as time goes on and new data is entered.

    To review how these area stats may have an impact on your plans – reach out and let’s talk.

    Inventory Levels Impact the Housing Market

     

    Inventory Levels Impact the Housing Market

    A Lack of Inventory Continues to Impact the Housing Market | Simplifying The Market

    The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up and distressed sales (foreclosures and short sales) have fallen to their lowest point in years. The market will continue to strengthen in 2019.

    However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory! Buyer demand naturally increases during the summer months, but supply has not kept up.

    Here are the thoughts of a few industry experts on the subject:

    Lawrence Yun, Chief Economist at National Association of Realtors

    “Further increases in inventory are highly desirable to keep home prices in check, the sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.”

    Jessica Lautz, Vice President of NAR

    “There’s a supply-demand mismatch… More inventory is needed at the lower end and a price reduction may be needed at the upper end.”

    Danielle Hale, Chief Economist of Realtor.com

    “Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we’ve seen the last few months as fewer sellers want to contend with this year’s more challenging conditions… A buyer’s experience will vary notably depending on the market and price point they’re targeting.”

    Bottom Line

    If you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. 

    What is the best first step? Let’s talk.

     


    Source: Michigan Real Estate Updates

    Experts Update Their Thoughts On The Economy

    Mainstream Concerns about an Economic Slowdown Revisited

    Mainstream Concerns about an Economic Slowdown Revisited | Simplifying The Market

    Recently, we reported that many experts believe a recession could happen within the next two years. We explained that 70% of economists and market analysts surveyed last year believe that a recession will occur in 2019 or 2020 and that 42% of consumers currently looking to purchase a home also agree that a recession will occur this year or next.

    However, the U.S. economy has performed well in the first quarter of 2019 and that has caused some experts to change their thinking on an impending economic slowdown.

    Here are a few notable examples:

    Anthony Chan, Chief Economist at JPMorgan Chase

    “I feel really comfortable that the economy is slowing down this year, but not going into a recession… It doesn’t look, to me, like the odds of a recession in 2020 are there.”

    Dean Baker, Senior Economist at the Center for Economic & Policy Research

     “To sum up the general picture, the U.S. economy is definitely weakening… However, with wages growing at a respectable pace, and job growth remaining healthy, we should see enough consumption demand to keep the economy moving forward. That means slower growth, but no recession.”

    Lisa Shalett, Chief Investment Officer, Wealth Management at Morgan Stanley

    “I’m not convinced a recession is coming soon… I see an improving housing market (low rates help), a rebound in bank lending, a tight labor market, higher oil prices and well-behaved credit markets. All these point to a stable U.S. economic outlook.”

    Bottom Line

    We are seeing a stronger economy than many had predicted. That has caused some experts to push off the possibility of a recession further into the horizon.

    Source: Michigan Real Estate Updates

    2343 Union Ave Se Alger Heights Open Sunday 2-4PM

    Located in the top ranked Alger Heights neighborhood, this wonderful 4 bedroom well maintained tudor offers loads of character nestled on the beautiful tree lined boulevard. A few of the many charming characteristics include: hardwood floors, ample closet spaces, sunroom, fireplace, updated kitchen featuring: incredible Thermador range, Quartz counter tops, stainless appliances, 2.5 stall over sized garage, fenced in yard, and sidewalk lined streets. Be within walking distance to some of the area top ranked restaurants, plus the library, local hardware store and more. Excellent location for easy access to shopping, dining, entertainment and everything Grand Rapids has to offer. Open Sunday May 5, 2-4PM. Offers due Monday May 6 by 5PM.

    Your Fabulous New Dream Home is Now Available

    Your Fabulous New Dream Home is Now Available

    Your Fabulous New Dream Home is Now Available |Simplifying The Market

    Over the last several years, many “baby boomers” have undergone a metamorphosis. Their children have finally moved out and they can now dream about their own future. For many, a change in lifestyle might necessitate a change in the type of home they live in.

    That two-story, four-bedroom colonial with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. When they decide to travel to be with friends and family, locking up the house is too time-consuming and worrisome.

    Instead, a nice ranch home with 2-3 bedrooms and two baths might better fulfill their new needs and lifestyle. The challenge many “boomers” have faced when trying to downsize to the perfect new home has been a lack of inventory.

    The average number of years a family stays in their home has increased by fifty percent since 2008, causing fewer houses to come to the market. During the same time, new home builders were concentrating most of their efforts on large, luxury, expensive houses.

    However, that is starting to change.

    According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes rose to a seasonally adjusted annual rate of 692,000 units in March. The great news is that more of those homes were sold at the lower end of the price range.

    In a press release last week, the National Association of Home Builders (NAHB) explained that:

    “The median sales price was $302,700, with strong gains in homes sold at lower price points. The median price of a new home sale a year earlier was $335,400.”

    NAHB Chief Economist Robert Dietz offered further detail:

    “We saw a large gain at lower price points where demand is strong. In March of 2019, 50% of new home sales were priced below $300,000, compared to 39% in March of 2018.”

    Bottom Line

    If you are a “boomer” thinking of selling your old house in order to buy a new home that better fits your current lifestyle, now may be the perfect time!

    Source: Michigan Real Estate Updates

    New Study Reveals One Surprising Reason for the Inventory Shortage

    New Study Reveals One Surprising Reason for the Inventory Shortage

    New Study Reveals One Surprising Reason for the Inventory Shortage | Simplifying The Market

    There has been a great amount written on millennials and their impact on the housing market. However, the headlines often contradict each other. Some claim this generation is becoming the largest share of first-time home buyers, while others claim millennials don’t want to own a home, blaming them for the dip in homeownership rate.

    While it is true that millennials have achieved milestones like getting married, having kids, and buying homes later in life than their parents and grandparents did, they are not solely to blame for today’s housing market trends.

    Freddie Mac’s Insight Report explored the impact of the Silent and Baby Boomer Generations on the housing market.

    If millennials are unable to find a home to buy at a young age like their predecessors, then who is living in those homes?

    The answer: Seniors born after 1931 are staying in their homes longer than previous generations, instead choosing to “age in place.”

    Freddie Mac found that,

    “this trend accounts for about 1.6 million houses held back from the market through 2018, representing about one year’s typical supply of new construction, or more than half of the current shortfall of 2.5 million housing units estimated in December’s Insight.

    Older Americans prefer to age in place because they are satisfied with their communities, their homes, and their quality of life.”

    According to the National Association of Realtors, inventory of homes for sale is currently at a 3.5-month supply, which means that nationally we are in a seller’s market. A ‘normal’ housing market requires 6-7 months inventory, a level we have not achieved since August 2012.

    “The most important fundamental in today’s housing market is the lack of houses for sale. This shortage has been identified as an important barrier to young adults buying their first homes.”

    Bottom Line

    If you are one of the many seniors who desires to retire in the same area you’ve always lived, you’re not alone. Will your current house fit your needs throughout retirement? If you have any questions about demand for your house, let’s get together to discuss the opportunities available today!

    Source: Michigan Real Estate Updates

    Are Low Interest Rates Here to Stay?

    Are Low Interest Rates Here to Stay?

    Are Low Interest Rates Here to Stay? | Simplifying The Market

    Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week!

    This is great news for anyone who is planning on buying a home this spring! Freddie Mac had this to say,

    “Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year.”

    To put the low rates in perspective, the average for 2018 was 4.6%! The chart below shows the recent drop, and also shows where the experts at Freddie Mac believe rates will be by the end of 2019.

    Are Low Interest Rates Here to Stay? | Simplifying The Market

    Bottom Line

    If you plan on buying a home this year, let’s get together to start your home search to ensure you can lock in these historically low rates today!

    Source: Michigan Real Estate Updates