Tag Archives | Michigan Real Estate

    Michigan Real Estate news. Keeping you up to date on the latest in Michigan Real Estate including the Grand Rapids Real Estate Market and surrounding West Michigan Area. New listings, relocation information, homes, condos, land, new construction and more. Berkshire Hathaway HomeServices, brought to you by the John Rice Real Estate Team.

    3888 Goodwood Dr Se, Thornapple River Forest Hills Schools

    140 Ft of private Thornapple River frontage. Nestled in the cove this 4 bedroom 3.5 bath home gives you all the enjoyment of being on the wide open stretch of the Thornapple River ranked top in the area for water sports, yet the location provide tranquility not found anywhere else on the river. With quality fit and finish throughout this masterfully crafted walkout ranch provides vaulted cathedral ceiling featuring beautiful wood beams, parquet floor, solid wood cabinetry, over 700sqft of Trex composite decking, 2 fireplaces, 2 docks, gorgeous river views, multi-zone heating and cooling, updated mechanicals, gorgeous landscaping, main floor master, main floor laundry, a brilliant floor plan with large spacious rooms, ample storage space, 2 wet bars, attached 3 stall garage and more. 

    Top 4 Renovations for the Greatest Return on Investment! [INFOGRAPHIC]

     

    Top 4 Renovations for the Greatest Return on Investment! [INFOGRAPHIC]

    Top 4 Renovations for the Greatest Return on Investment! [INFOGRAPHIC] | Simplifying The Market

    Top 4 Renovations for the Greatest Return on Investment! [INFOGRAPHIC] | Simplifying The Market

     

    Some Highlights:

    • If you are planning on listing your house for sale this year, these four home improvement projects will net you the most Return on Investment (ROI).
    • Minor renovations can go a long way toward improving the quality of your everyday life and/or impressing potential buyers.
    • Whether you plan to stay in your house for a long time or just a few years, it’s smart to know which home renovations add the most value.

    Not every home needs a renovation before listing. Often times a few small changes go a long way.  To know the best approach – let’s talk on the best way to have the market work in your favor.


    Source: Michigan Real Estate Updates

    Time for Your Dream Home, Gen X!

     

    Time for Your Dream Home, Gen X!

    Time for Your Dream Home, Gen X! | Simplifying The Market

    During the housing market crash, Gen X homeowners lost more wealth than other generations. However, things are changing now! A strong economy, increasing home prices, and the recovery of the housing market are helping this generation to regain their lost wealth.

    According to Pew Research Center,

    Their fortunes have rebounded more than those of other generations during the post-recession economic expansion and as home and stock prices have risen. Since 2010, the median net worth of Gen X households has risen 115%. In fact, in 2016, the most recent year with available data, the net worth of a typical Gen X household had surpassed what it was in 2007 ($84,200 vs. $63,400)”.

    The same report also mentioned,

    15% of Gen X’s homeowners were ‘underwater’ on their homes in 2010 (meaning they owed more than they owned). By 2016 only 3% were underwater.

    As a result of homes regaining market value and their increasing net worth, many Gen Xers are presented with the opportunity of selling their current home in order to move up to the house they always dreamed of!

    According to the 2019 Home Buyers and Sellers Generational Trends Report by the National Associations of Realtors, in 2018 Gen Xers made up the second largest share of home buyers by generation at 24%.

    The report also provided some highlights about their purchase:

    • Greatest share that purchased a multi-generational home (16%).
    • Largest share that purchased a detached single-family home (88%).
    • Highest median household income ($111,100).
    • Bought the most expensive homes of all the generations.
    • Job-related relocation was identified as the primary reason to buy.

    But this generation is not only buying- they are selling too!

    • Largest share of home sellers (25%).
    • Highest median household income among sellers ($123,6000).
    • Tenure in the previous home was a median of 9 years.
    • House too small was indicated as the primary reason to sell.
    • 91% sold the home using a real estate professional.

    Bottom Line

    If you are a Gen Xer who would like to know exactly how much your house is worth today so you can move up to the home of your dreams, let’s get together to analyze your current circumstances.


    Source: Michigan Real Estate Updates

    What is Important to Boomers when Selling their House?

     

    What is Important to Boomers when Selling their House?

    What is Important to Boomers when Selling their House? | Simplifying The Market

    If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may be ready to move into a home that better fits your current lifestyle. Many fellow boomers have already made the move you may be considering.

    The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics.

    Percentage of Buyers who Looked Online First

    • All Buyers: 44%
    • Younger Boomers: 46%
    • Older Boomers: 44%

    Where Boomers Found the Home They Purchased

    The two major ways buyers found the home they purchased:

    • All buyers: 50% on the internet, 28% through a real estate agent
    • Younger Boomers: 46% on the internet, 33% through a real estate agent
    • Older Boomers: 36% on the internet, 35% through a real estate agent

    Distance Seller Moved

    The distance between the home they purchased and the home they recently sold was much greater for boomers than the average seller.

    • All sellers: 20 miles
    • Younger Boomers: 27 miles
    • Older Boomers: 50 miles

    Tenure in Previous Home of Seller

    The percentage of older boomers who lived in their previous home for more than 20 years was almost twice the amount of the average seller.

    • All sellers: 16%
    • Younger Boomers: 20%
    • Older Boomers: 31%

    Primary Reason to Sell their Previous Home

    • Want to move closer to friends or family
    • Home too large
    • Retirement

    View of Homeownership as a Financial Investment

    • 83% of Younger Boomers see homeownership as a good investment
    • 82% of Older Boomers see homeownership as a good investment

    Bottom Line

    If you are a boomer and thinking about selling, now might be the time to contact us to help determine your options.


    Source: Michigan Real Estate Updates

    The Ultimate Truth about Housing Affordability

     

    The Ultimate Truth about Housing Affordability

    The Ultimate Truth about Housing Affordability | Simplifying The Market

    There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the last ten years, we need to understand why and what that means.

    On a monthly basis, the National Association of Realtors (NAR), produces a Housing Affordability Index. According to NAR, the index…

    “…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”

    Their methodology states:

    “To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”

    So, the higher the index, the more affordable it is to purchase a home. Here is a graph of the index going back to 1990:

    The Ultimate Truth about Housing Affordability | Simplifying The Market

    It is true that the index is lower today than any year from 2009 to 2017. However, we must realize the main reason homes were more affordable. That period of time immediately followed a housing crash and there were large numbers of distressed properties (foreclosures and short sales). Those properties were sold at large discounts.

    Today, the index is higher than any year from 1990 to 2008. Based on historic home affordability data, that means homes are more affordable right now than any other time besides the time following the housing crisis.

    With mortgage rates remaining low and wages finally increasing, we can see that it is MORE AFFORDABLE to purchase a home today than it was last year!

    Bottom Line

    With wages increasing, price appreciation moderating, and mortgage rates remaining near all-time lows, purchasing a home is a great move based on historic affordability numbers.


    Source: Michigan Real Estate Updates

    851 Pinnacle Run – Forest Hills Condo

    851 Pinnacle Run

    This beautifully updated townhouse offers everything you need to enjoy maintenance free living. Gorgeous kitchen featuring quartz counter tops, eating area, open to the vaulted ceiling great room with fireplace, sliders to both and upper and lower deck – the views here are incredible. The 1/2 bath, pantry, laundry area and 2 stall attached garage all add to this convenient floor plan. The upper level features private master suite with walk-in closet, private bath with walk-in shower, double vanity and tile floors, and a 2nd bedroom and 2nd full bath on this level. The walkout level features 3rd bedroom 3rd full bath, living room and storage area. The Pinnacle offers an excellent location close to everyday amenities and within walking distance of the Reeds Lake and Forest Hills trails.

    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