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Fall 2020 Real Estate Trends

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.

Bottom Line

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

For Sale: Nantucket Inspired Cape Cod – Forest Hills

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.

For Sale: 5 Beds 3.5 Baths Kentwood 2 Story Princeton Estates

1815 Pembroke Street SE, Kentwood, MI 49508

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:

  • Exterior
    • 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
    • Interior:
      • 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
Sidewalk leading right to Pinewood Park around the corner

The Housing Market Is Showing a ‘V’ Type Recovery

 

The Housing Market Is Showing a ‘V’ Type Recovery

Homebuyer Traffic Is on the Rise | Simplifying The Market

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.”

Bottom Line

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

Michigan Island Living

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.

Looking to the Future: What the Experts Are Saying

Looking to the Future: What the Experts Are Saying

Looking to the Future: What the Experts Are Saying | Simplifying The Market

As our lives, our businesses, and the world we live in change day by day, we’re all left wondering how long this will last. How long will we feel the effects of the coronavirus? How deep will the impact go? The human toll may forever change families, but the economic impact will rebound with a cycle of downturn followed by economic expansion like we’ve seen play out in the U.S. economy many times over.

Here’s a look at what leading experts and current research indicate about the economic impact we’ll likely see as a result of the coronavirus. It starts with a forecast of U.S. Gross Domestic Product (GDP).

According to Investopedia:

“Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country’s economic health.”

When looking at GDP (the measure of our country’s economic health), a survey of three leading financial institutions shows a projected sharp decline followed by a steep rebound in the second half of this year:A recent study from John Burns Consulting also notes that past pandemics have also created V-Shaped Economic Recoveries like the ones noted above, and they had minimal impact on housing prices. This certainly gives hope and optimism for what is to come as the crisis passes.

With this historical analysis in mind, many business owners are also optimistic for a bright economic return. A recent PricewaterhouseCoopers survey shows this confidence, noting 66% of surveyed business owners feel their companies will return to normal business rhythms within a month of the pandemic passing, and 90% feel they should be back to normal operation 1 to 3 months after:From expert financial institutions to business leaders across the country, we can clearly see that the anticipation of a quick return to normal once the current crisis subsides is not too far away. In essence, this won’t last forever, and we will get back to growth-mode. We’ve got this.

Bottom Line

Lives and businesses are being impacted by the coronavirus, but experts do see a light at the end of the tunnel. As the economy slows down due to the health crisis, we can take guidance and advice from experts that this too will pass.


Source: Michigan Real Estate Updates

East Grand Rapids Tudor For Sale 5 Bedrooms 4++ Baths 3 stall

East Grand Rapids at its finest. This timeless Tudor presents the pinnacle of custom quality, beauty and craftsmanship. Rare custom features such as the slate roof, solid walnut doors and the hand-cut herringbone end-cut block floor showcase the attention to detail throughout this incredible floor plan. Updated with inviting warm colors that showcase the plaster relief ceilings and highlight special details such as the hand carved stone fireplace, cast cornices, and crown moulding.  Modern luxuries can be found throughout the home.  The master suite features a spacious walk-in master closet, heated tile floors, custom tile shower and jet tub. The well-appointed kitchen lets the light shine with ample cabinets and pull out drawers finished in warm satin white, tile floor with complementing granite countertops, double ovens, cook top, Sub-Zero refrigerator, pantry and additional storage spaces.  The 3 stall garage features epoxy floor and finished walls maximizing the space for best use and organization. True Tudor touches define every inch such as the Four-centred archways and cantilevered second story, exquisite details in the brick and stone, copper gutters, slate patio and decorative garden parapet.  Notice the upper level diamond brick pattern and the complementing diamond window mullions, positioned perfectly to soak in the rising sun.  The half acre lot offers the perfect mix of sun and shade, with outdoor sitting areas offering a relaxing and private backyard experience. Impeccably maintained this home offers the smooth transition of ownership you desire.  

7486 Alaska Ridge – Private Thornapple River – Forest Hills Schools

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 easy proximity to everyday amenities such as shopping, dining, entertainment, and more.