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Thinking of Selling? 5 Reasons You Shouldn’t For Sale By Owner

Thinking of Selling? 5 Reasons You Shouldn’t For Sale By Owner

In today’s market, with homes selling quickly and prices rising some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers.

Here are five reasons:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies, which work for the buyer and will almost always find some problems with the house.
  • The appraiser if there is a question of value

 2. Exposure to Prospective Purchasers

Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

3. Results Come from the Internet

Where do buyers find the home they actually purchased?

  • 43% on the internet
  • 9% from a yard sign
  • 1% from newspaper

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

5. You Net More Money when Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

Studies have shown that the typical house sold by the homeowner sells for $208,000 while the typical house sold by an agent sells for $235,000. This doesn’t mean that an agent can get $27,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, let’s get together and discuss your options.


Source: Michigan Real Estate News, John Rice Realtor Latest Real Estate News

Existing Home Sales Slow Amongst Tight Inventory [INFOGRAPHIC]

Existing Home Sales Slow Amongst Tight Inventory [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Existing Home Sales slowed down slightly in August but remained 6.2% higher than August 2014.
  • Inventory levels remain below the 6 months necessary for a normal market at a 5.2-month supply.
  • First Time Buyers rebounded in August to make up 32% of sales, matching a 2015 high.


Source: KCM – John Rice Realtor Latest Real Estate News

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How Much Must You Trust Your Listing Agent?

You and your family have decided to sell your house. It is now time to choose a real estate professional to help with the process. One of the major attributes this agent must possess is trustworthiness. To what degree do you need to trust them?

You must have enough trust in them that you feel comfortable they will accomplish all four things below:

1. Sell possibly the largest asset your family owns

In many cases, a home is the largest asset a family has. Studies have shown that the equity many families have in their home is the largest percentage of that family’s overall wealth.

2. Set the correct market value on that asset

Pricing is crucial even in the best of markets. You want to get the best price for your home without putting your house at a value that buyers will have little interest.

3. Set the time schedule for the liquidation of that asset

Your family probably has a certain timetable for the sale of your house and the move into your next home. Coordinating the home selling process to meet certain schedules can be tricky.

4. Set a fair fee for the services required to liquidate that asset

You will need to pay a commission to an agent for selling the home and coordinating all elements of the selling transaction including possible future negotiations (ex. with a home inspector or appraiser).

That’s a lot of trust. Make sure you pick a true professional to help with the sale of your home.


Source: KCM – John Rice Realtor Latest Real Estate News

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Is Qualifying for a Mortgage Getting Easier?

There has been a lot of talk about how difficult it is to get a home mortgage in today’s lending environment. However, three recent reports have revealed that lending standards are beginning to ease. This is great news for both first time buyers and current homeowners looking to move or buy a second vacation/retirement home. Let’s look at the three reports:

The MBA’s Mortgage Credit Availability Index

This index, issued by the Mortgage Bankers’ Association, measures the availability of credit available in the home mortgage market. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of a loosening of credit. We can see that the index has been increasing nicely this year:

Mortgage Credit Availability Index | Simplifying The Market

Fannie Mae’s latest Mortgage Lender Sentiment Survey

This survey revealed that more lenders report that mortgage lending standards across all loan types are easing. The survey asked senior mortgage executives whether their company’s credit standards have eased, tightened, or remained essentially unchanged during the prior three months. The gap between lenders reporting easing as opposed to tightening over the prior three months jumped to approximately 20%. This represented a new survey high of “net easing.” In addition, the share of lenders who expect their organizations to ease credit standards over the next three months also ticked up this quarter.

Doug Duncan, senior vice president and chief economist at Fannie Mae, addressed this easing of standards:

“For the first time in seven quarters, we see a pronounced increase in the share of lenders, particularly medium- and larger-sized lenders, reporting on net an easing of credit standards … This is a significant result in light of public discourse on credit availability and standards … Overall, we expect that lenders’ tendency toward easing credit standards, together with relatively low mortgage rates and a strengthening labor market, will continue to support the housing market expansion.”

Ellie Mae’s latest Origination Insights Report

The easing of credit standards is also confirmed in this report which showed that the average FICO score on a closed loan fell to its lowest point in well over a year. Here is a chart of average FICO scores on closed loans so far in 2015:

Ellie Mae Credit Scores | Simplifying The Market

Just keep an eye on interest rates…

Although this is all great news, there was one challenge in the recently released data. Ellie Mae reported that the average interest rate on closed loans is beginning to inch upward:

Ellie Mae Interest Rates | Simplifying The Market

What this means to you…

If you are a first-time buyer or a current homeowner thinking of moving up to a bigger home or buying a vacation home, now may be the time to act. Mortgage lending standards are beginning to ease and interest rates are beginning to inch up.


Source: KCM – John Rice Realtor Latest Real Estate News

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Gorgeous 98.6 Acres – Wooded, with Pond, Amazing!

For more information on this property, contact John Rice at 616-951-4663 or john@johnricerealtor.com


7598 E 84TH Street,
Reed City, MI 49677
Price: $175,000
Est. Monthly Payment: $939.42 See Details
Listing ID 15050744
Status Active
Square Feet 4,296,758
Acres 98.640

Property Description:

WOW! Nearly 100 acres of private wooded beauty. Like to hunt? This property is for you! Want wooded acreage away from it all – yet close enough to everyday amenities – this is perfect. This heavily wooded lot, offers a great mix of mature hardwoods, towering evergreens, rolling hills, small pond, open grassy areas and more. It’s the right mix of land for just about any game, plus several available spots for building. Several trails have been cut-in – offering access to all points of the property – without taking away from its amazing beauty. This is a must see!
John Rice
John Rice
Title: PRINCIPAL AGENT | REALTOR
Address: 1679 68th St SE Suite B
City: Calendonia
State/Province: Michigan
Zipcode: 49316
Office Phone: 616-951-4663
Office Fax: 866-927-5346
Cell Phone: 616-951-4663

Primary Features

Area: West Central – W
County: Lake
IDX Property Type: Land
Lot Description: Buildable, Rolling Hills, Tillable, Wooded
Municipality: Chase Twp
Property Type: B
School District: Reed City
Sub-Area: W31 – Chase Twp
Water Features/Amenities: Private Frontage, View
Water Type: Pond
Body of Water: Pond
Zoning: not known

Additional

Exclusive Agency: No
Possession: AC
Property Group ID: 19990816212131825981000000
Property Sub Type: Acreage
Reserved Prospect: No
Terms Available: Cash Only, Cash/Conventional
Utilities Attached: None

Financial Details

Annual Property Tax: 1527.00
Auction Details: Auction Date: 0000-00-00
For Tax Year: 2015.00
List Price/Acre: 1774.13
Specific Assessment and Type: none known
Tax ID Number: 43-16-029-010-00
Tax Year: 2015
Taxable Value: 31573.0000

Location Information

Cross Streets: 84th
Street Type: Unpaved
Utilities Available at Street: Electric, Telephone

External Features

Lot Dimensions: IRR
Lot Measurement: Acres
Road Frontage: 1364.00
Water Access: Yes
Water Frontage: 120.00
Waterfront: yes

Listing courtesy of John P Rice – Berkshire Hathaway HomeServices Michigan Real Estate (South)
The content relating to real estate for sale on this web site comes in part from the IDX program of the Michigan Regional Information Center, LLC. © 2015 MichRIC, LLC. All rights reserved. All information provided is deemed reliable but is not guaranteed and should be independently verified. The information provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties for purchasing. This information was last updated as of date specified below. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available. Please contact Berkshire Hathaway Home Service Michigan Real Estate directly for additional information pertaining to the status and availability of properties displayed on this website. Data last updated Monday, September 21st, 2015.

Data services provided by IDX Broker

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Buying A Home Is Better Way to Produce Wealth Than Renting

According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index homeownership is a better way to produce greater wealth, on average, than renting.

The BH&J Index is a quarterly report that attempts to answer the question:

Is it better to rent or buy a home in today’s housing market?

The index examines that entire US housing market and then isolates 23 major markets for comparison. The researchers at use a “’horse race’ comparison between an individual that is buying a home and an individual that rents a similar quality home and reinvests all monies otherwise invested in homeownership.”

Ken Johnson, Real Estate Economist & Professor at Florida Atlantic University, and one of the index’s authors states: “The U.S. as a whole is still in clear buy territory. The cities of Cincinnati, Chicago, Cleveland, and New York City are deep into buy territory.”

Miami and Portland had been inching closer toward renting being the better option but have “pulled back from the edge.” Johnson goes on to say, “that’s a good sign for home pricing as it suggests prices are going to level off in these metro areas.”

Bottom Line

Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year, so lock in your housing cost with a mortgage payment now.


Source: KCM – John Rice Realtor Latest Real Estate News

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Wonderful Home on North Side of Holland – Quiet Setting

For more information on this property, contact John Rice at 616-951-4663 or john@johnricerealtor.com


951 Shadybrook Drive,
Holland, MI 49424
Price: $168,900
Est. Monthly Payment: $906.68 See Details
Listing ID 15048454
Status Active
Bedrooms 3
Full Baths 2
Square Feet 2,016
Acres 0.320
Year Built 1991

Property Description:

What a gem! Nestled on a wooded lot with frontage on Pine Creek, this 3 bedroom 2 full bath home features an oversized 2 stall garage, an open floor plan with large bedrooms, great living room with vaulted ceilings, kitchen with open dining area and sliders overlooking your private backyard. The lower level features large master suite with double vanity, walk-in shower, large rec room and more. Outside you will love the quiet, tree lined street, easy-to-care-for landscaping and the wonderful Pine Creek bubbling past you. Enjoy being close to everyday amenities: grocery stores, shopping, highways, while enjoying walkways to amazing parks and more!
John Rice
John Rice
Title: PRINCIPAL AGENT | REALTOR
Address: 1679 68th St SE Suite B
City: Calendonia
State/Province: Michigan
Zipcode: 49316
Office Phone: 616-951-4663
Office Fax: 866-927-5346
Cell Phone: 616-951-4663

Primary Features

Air Conditioning: Central
Area: Holland/Saugatuck – H
Auction or For Sale: For Sale
County: Ottawa
Design: Bi-Level
Exterior Features: Deck(s), Patio
Garage Type: 2, Attached
Heat Type: Forced Air
IDX Property Type: Residential
Municipality: Holland Twp
Property Type: A
School District: West Ottawa
Specific Assessment and Type: None known
Sub-Area: H11 – US 31 West
Year Built: 1991
Zoning: RES

Additional

Additional Items: All Window Treatments, Garage Door Opener, Laminate Floor
Homestead Percent: 100.00
Landscape: Ground Cover, Shrubs/Hedges
Manufactured: no
New Construction: no
Possession: 30 DAC
Property Group ID: 19990816212109142258000000
Property Sub Type: Single Family
Sewer: Public
Substructure: Walk Out
Terms Available: Cash Only, Cash/Conventional, FHA, VA
Water: Public

Interior Features

Appliances: Dishwasher, Garbage Disposal, Oven, Range, Refrigerator
Basement: yes
Bedroom 2 Length: 13
Bedroom 2 Room Level: M
Bedroom 2 Width: 11
Bedroom 3 Length: 10
Bedroom 3 Room Level: M
Bedroom 3 Width: 16
Family Room Length: 19
Family Room Room Level: L
Family Room Width: 12
Fireplace: no
Heat Source: Natural Gas
Kitchen Features: Eating Area
Kitchen Length: 10
Kitchen Room Level: M
Kitchen Width: 10
Laundry Room Level: L
Living Room Length: 13
Living Room Room Level: M
Living Room Width: 9
Lower Rooms: Lower Bedrooms: 1
Lower Rooms: Lower Finished SqFt: 950.00
Lower Rooms: Lower Full Baths: 1
Main Rooms: Main Bedrooms: 2
Main Rooms: Main Full Baths: 1
Main Rooms: Main Level SqFt: 1066.00
Master Bedroom Length: 11
Master Bedroom Room Level: L
Master Bedroom Width: 8
SqFt Above Grade: 1066.00
Stories: 1
Total Beds Above Grade: 2.00
Total Rooms Above Ground: 7

Financial Details

Annual Property Tax: 1586.00
Auction Details: Auction Date: 0000-00-00
For Tax Year: 2015.00
Income Property: no
List Price/SqFt: 158.44
Tax ID Number: 701618125002
Tax Year: 2015
Taxable Value: 52110.0000

Location Information

Cross Streets: Butternut
Street Type: Paved
Utilities Available at Street: Cable

External Features

Driveway: Paved
Exterior Material: Brick, Vinyl
Garage: yes
Lot Description: Wooded
Lot Dimensions: 100 x 122
Lot Measurement: Acres
Lot SqFt Range: 13939.00
Road Frontage: 100.00
Water Features/Amenities: View
Water Type: Stream/Creek
Body of Water: Pine Creek
Water Access: no
Water Frontage: 100.00
Waterfront: yes

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New Construction – Still Time To Pick Your Colors!

For more information on this property, contact John Rice at 616-951-4663 or john@johnricerealtor.com


13616 92ND Street B,
Alto, MI 49302
Price: $467,750
Est. Monthly Payment: $2,510.97 See Details
Listing ID 15029907
Status Active
Bedrooms 3
Full Baths 2
Partial Baths 1
Square Feet 1,753
Acres 4
Year Built 2015

Property Description:

WOW! You will love this to be built beautiful 2 story! With fit and finish beyond its price range, this home offers it all! Everything you are looking for: 3 spacious bedrooms with an optional 4th bedroom, open floor plan, a large living room with fireplace, a great patio and over sized garage and more! This is a must see 4 acre lot! This is the perfect combination of wooded and private and yet easy access to daily amenities. The crushed gravel drive takes you in 960 ft deep into the heart of an impressive square lot offering great tree cover with several build site options. Stop by and see – as you place yourself in the middle of the deep tree cover – you will know – this is a real gem.
John Rice
John Rice
Title: PRINCIPAL AGENT | REALTOR
Address: 1679 68th St SE Suite B
City: Calendonia
State/Province: Michigan
Zipcode: 49316
Office Phone: 616-951-4663
Office Fax: 866-927-5346
Cell Phone: 616-951-4663

Primary Features

Air Conditioning: Central
Area: Grand Rapids – G
Auction or For Sale: For Sale
County: Kent
Design: Traditional
Garage Type: 2, Attached
Heat Type: Forced Air
IDX Property Type: Residential
Municipality: Bowne Twp
Property Type: A
School District: Lowell
Specific Assessment and Type: NA
Sub-Area: G41 – Kent County
Year Built: 2015
Zoning: Res

Additional

Construction Status: Proposed
Manufactured: no
New Construction: yes
Possession: AC
Post Direction: SE
Property Group ID: 19990816212109142258000000
Property Sub Type: Single Family
Sewer: Septic System
Substructure: Daylight
Terms Available: Cash Only, Cash/Conventional
Water: Well

Interior Features

Additional Room Room Level: U
Basement: yes
Bedroom 2 Room Level: U
Bedroom 3 Room Level: U
Half Baths: 1
Heat Source: Propane
Kitchen Room Level: M
Living Room Room Level: M
Main Rooms: Main Half Baths: 1
Main Rooms: Main Level SqFt: 879.00
Master Bath Room Level: U
Master Bedroom Room Level: U
SqFt Above Grade: 1753.00
Stories: 2
Total Beds Above Grade: 3.00
Total Rooms Above Ground: 9
Upper Rooms: Upper Bedrooms: 3
Upper Rooms: Upper Full Baths: 2
Upper Rooms: Upper Level SqFt: 874.00

Financial Details

Annual Property Tax: 1016.00
Auction Details: Auction Date: 0000-00-00
For Tax Year: 2015.00
Income Property: no
List Price/SqFt: 266.83
Tax ID Number: 41-24-25-100-013
Tax Year: 2015
Taxable Value: 21708.0000

Location Information

Cross Streets: Freeport Ave
Street Type: Paved
Utilities Available at Street: Electric

External Features

Exterior Material: Stone, Vinyl
Garage: yes
Lot Description: Wooded
Lot Dimensions: 66x1320x325x334x260
Lot Measurement: Acres
Lot SqFt Range: 174240.00
Road Frontage: 66.00
Waterfront: no
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Forest Hills Beautiful 2 Story

For more information on this property, contact John Rice at 616-951-4663 or john@johnricerealtor.com


2524 Shears Crossing Court,
Grand Rapids, MI 49525
Price: $634,750
Est. Monthly Payment: $3,407.46 See Details
Listing ID 15048679
Status Active
Bedrooms 5
Full Baths 4
Partial Baths 1
Square Feet 4,200
Acres 0.400
Year Built 2007

Property Description:

Forest Hills Schools: Amazing opportunity to be in the sought after Blackberry development. Take advantage of this move-in ready executive level two-story with fit and finish beyond its price range. Located on the quiet cul-de-sac, this home features one of the largest lots in Blackberry with beautiful landscaping featuring a gorgeous mix of hardwoods and evergreens, wonderful brick patio, underground sprinkling and completely fenced in backyard. This wonderful Englesma built 2 story features 5 bedrooms, 4.5 baths, 3 stall garage and host of numerous amenities you will love! . Located close to the Forest Hills Trails system with easy access to highways and daily amenities, this home truly has it all!
John Rice
John Rice
Title: PRINCIPAL AGENT | REALTOR
Address: 1679 68th St SE Suite B
City: Calendonia
State/Province: Michigan
Zipcode: 49316
Office Phone: 616-951-4663
Office Fax: 866-927-5346
Cell Phone: 616-951-4663

Primary Features

Air Conditioning: Central
Area: Grand Rapids – G
Auction or For Sale: For Sale
County: Kent
Design: Traditional
Exterior Features: Deck(s), Fenced Back, Patio, Porch(es)
Fireplace Type: Gas Log, Living
Garage Type: 3, Attached
Heat Type: Forced Air
High School: Forest Hills Eastern
IDX Property Type: Residential
Municipality: Grand Rapids Twp
Property Type: A
School District: Forest Hills
Specific Assessment and Type: none
Sub-Area: G41 – Kent County
Year Built: 2007
Zoning: RES

Additional

Additional Items: All Window Treatments, Ceiling Fans, Garage Door Opener, Guest Quarters, Humidifier, Security System, Wood Floor
Homestead Percent: 100.00
Landscape: Underground Sprinkler
Manufactured: no
Mineral Rights: Unknown
Possession: 14 DAC
Post Direction: NE
Property Group ID: 19990816212109142258000000
Property Sub Type: Single Family
Sewer: Public
Substructure: Walk Out
Terms Available: Cash Only, Cash/Conventional
Utilities Attached: Natural Gas
Water: Public

Interior Features

Appliances: Dishwasher, Microwave, Oven, Refrigerator
Basement: yes
Bedroom 2 Room Level: U
Bedroom 3 Room Level: U
Bedroom 4 Room Level: U
Bedroom 5 Room Level: L
Den/Study Room Level: M
Dining Area Room Level: M
Family Room Room Level: L
Fireplace: yes
Formal Dining Room Room Level: M
Half Baths: 1
Heat Source: Natural Gas
Kitchen Features: Breakfast Nook, Center Island, Snack Bar
Kitchen Room Level: M
Laundry Room Level: M
Living Room Room Level: M
Lower Rooms: Lower Bedrooms: 1
Lower Rooms: Lower Finished SqFt: 1100.00
Lower Rooms: Lower Full Baths: 1
Lower Rooms: Total Lower SqFt: 1500.00
Main Rooms: Main Half Baths: 1
Main Rooms: Main Level SqFt: 1600.00
Master Bath Room Level: U
Master Bedroom Room Level: U
Recreation Room Level: L
SqFt Above Grade: 3100.00
Stories: 2
Total Beds Above Grade: 4.00
Total Number of Buildings: 1.00
Total Rooms Above Ground: 14
Upper Rooms: Upper Bedrooms: 4
Upper Rooms: Upper Full Baths: 3
Upper Rooms: Upper Level SqFt: 1500.00
Water Heater: Natural Gas

Financial Details

Annual Property Tax: 7767.00
Association Fee Includes: Other, Sewer, Trash
Association Info.: Approximate Association Fee: 134.00
Association Info.: Association Fee Payable: Monthly
Auction Details: Auction Date: 0000-00-00
For Tax Year: 2015.00
Income Property: no
List Price/SqFt: 204.76
Tax ID Number: 411412276043
Tax Year: 2015
Taxable Value: 260807.0000

Location Information

Cross Streets: Blackberry
Street Type: Paved

External Features

Driveway: Paved
Exterior Material: Hard/Plank/Cement Board
Garage: yes
Lot Description: Cul-De-Sac, Sidewalk
Lot Dimensions: IRR
Lot Measurement: Acres
Lot SqFt Range: 17424.00
Road Frontage: 65.00

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