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.

The Most Appealing Aspects of Homeownership

The Most Appealing Aspects of Homeownership
The Most Appealing Aspects of Homeownership | Simplifying The Market

The National Association of Realtors (NAR) just released their first issue of the Housing Opportunities & Market Experience Survey (HOME). In the report, NAR revealed what Americans believe to be the most appealing aspects of homeownership.

Here is a graph showing the results:

The Most Appealing Aspects of Homeownership | Simplifying The Market

It is interesting to see that the two most appealing aspects had nothing to do with money, but instead, addressed the non-financial benefits of homeownership.


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

Lack of Listings Slowing Down the Housing Market

 

Lack of Listings Slowing Down the Housing Market
Lack of Listings Slowing Down 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. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2016 will be the year that the housing market again races forward.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout this winter, supply is not keeping up.

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

Calculated Risk:

“Low inventory is probably holding down sales in many areas.”

Capital Economics:

“A lack of housing inventory continues to drive developments in the market. As demand has slowly recovered, low inventory levels have weighed on home sales.”

Frank Nothaft, Chief Economist for CoreLogic:

“Many markets have experienced a low inventory of homes for sale along with strong buyer demand… These conditions are likely to persist as we enter 2016.”

Doug Duncan,Chief Economist at Fannie Mae:

“Several factors point to constrained housing affordability in 2016, particularly for first-time home buyers, including slow single-family supply response and limited inventory of starter homes on the market.”

Lawrence Yun, Chief Economist at NAR:

“Sparse inventory and affordability issues continue to impede a large pool of buyers’ ability to buy, which is holding back sales.”

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. That could lead to a quick sale for a really good price.

What’s next in your life?

Moving Up Downsizing Neither – simply have a property to sell
Purchased and sold with John, he is: Professional, an extremely good communicator, precise, and acted on our behalf 24/7. He kept us up to date on listings for purchase and preparation advice for selling our home. He was knowledgeable about neighborhoods. Photography for sale of our house was impressive. We were appreciative of the guidance regarding making offers, inspections, when to list our home, writing contracts, detailed review and presentation of offers on our home and being realistic about our purchase of new home. Great experience, Great Realtor.
J&G Junod
We have worked with John to sell 1 home and buy 2 homes and he is an incredible realtor! He is professional, prompt with communication, honest and patient. We had quite the list for what we were looking for and John was always available to answer questions and get us in to look at a home. His knowledge and connections in the industry made both the buying and selling process go smoothly. We simply cannot recommend John enough!
Chase and Nicole O
John helped us sell our house when we moved out of Grand Rapids 3 years ago and recently helped us purchase a new house when we moved back. He is very professional and knowledgeable of the area and market. I would recommend him to anyone looking to buy or sell.
S&K Weber
During the sale of our old farmhouse and purchase of a new property, John Rice was a skillful professional. His positive attitude was infectious and inspiring. He possesses a knowledge of the local market and industry trends that is encyclopedic. As a young physician, my schedule is very hectic. I am amazed at how quickly John was able to respond to my phone calls and correspondences at all times. He consistently answered any questions we had within a few hours (most often within minutes). He always made my wife and I feel like we were his only clients as he focused his attention on our sale. Of course, there are many Realtors who may share some of those aforementioned qualities. However, the thing that sets John Rice apart is his tangible desire to share in our vision and help us realize our family’s dream. My wife and I always had the sense that from the first day we met him, John understood us and really desired to help us achieve those life-long goals. Needless to say, I now enthusiastically refer him to all of my friends and family. To any physicians or health-care professionals who are interested in moving their practice to our blossoming medical community in West Michigan, I urge you to contact John Rice and make him your ally too! Sincerely,
Joshua D. Vander Lugt, MD
Medical Director of Emergency Services / Spectrum Health – Gerber Memorial
We chose John as our realtor...(h)e came to the listing appointment incredibly well prepared, had some great suggestions on better staging the home and followed through on every commitment. Even more important, we had a full price offer the first day on the market and ended up selling the house for about $10k above list price. I know it's easy to be pleased with and recommend a realtor when you sell above list, but John was thorough, professional, accessible and generally pleasant to be around. I would highly recommend John and his team to anyone with real estate needs.
D&M Grimes
John was very professional and a pleasure to work with. He is very knowledgeable about the real estate business. All of our questions were answered that arose during our buying experience and he kept us well informed of the next steps in the process. I would recommend him to all of my friends and family as the realtor to use for any real estate transaction whether it is buying, selling or even renting a home.
Vera & Jeremy D
My family and I were referred to John by my sister. ... I am not sure what we would have done without his help and guidance through both the selling and buying process...John is extremely professional, and you can tell that he loves his job and takes it very seriously. I would recommend him in a heartbeat!
M&J Helms
I honestly can't say enough good things about John. He has helped my family buy two homes and sell one home, and each time he has been knowledgeable, responsive, respectful, and has taken care of everything that we needed. I would recommend John - and only John - to anyone looking for a realtor and I know that he will give them the same service that he gave to me
T&A Osburn
It was a wonderful experience working with John. His professionalism, honesty, experience, and knowledge of the Grand Rapids market, helped us in multiple ways. John sold our home in one day, was honest about what we could expect from offers, and was spot on. As we progressed toward finding our new home, again, he was extremely knowledgeable about the neighborhoods, home values, and history of the homes. We are more than happy to say, that he helped us find our dream home within our budget! Anything I needed, he was there through emails, texts, or phone calls. He definitely put in a lot of work for us. Without a doubt, I will ask for his assistance again when the time comes. Thank you John!
T&A Lascari
"John really went to work for me. He SOLD my old home in 2 weeks and was patient with me as we looked for a new home. He really seems to understand the market and how to execute the whole deal. I would list with John in a heartbeat. If your considering buying or selling, John will make you very happy."
Jack & Stacey N
John is an excellent realtor! He was very kind, honest, professional and thorough throughout the entire process. My house sold within 24 hours. I highly recommend John Rice if you are considering selling your home!
Rebecca P
It has been a GREAT experience working with the “Rice Team” while my wife and I were both selling our home and purchasing a new one. Great, because when working with them, they made us feel as though we were their most important clients. They were readily available when we had questions, which there were plenty, and they were very patient with us through the entire complex process of selling/purchasing our home, taking extra time to explain and making sure that we understood all of our options.
The Henry’s
John is a very professional and thoughtful realtor! He has quickly become our family realtor and we have done several transactions with him. As a industry professional he always brings his "A" game whether it's helping me with showings, consulting on potential projects, or the phenomenal value he brings as a listing agent. I strongly recommend John Rice and his team.
Eric and Sarah C
Having moved 600 miles away before listing my place meant I needed someone who I could trust to take care of getting my home sold. John and Ashley went above and beyond. They really surprised me. They took care of the details I would have never thought of and more. The research they did before the listing was excellent, without it I would have sold my house for a lot less than what it’s worth. This was my third home and I can say that I have never had a better experience with a realtor. Thanks for everything!
R Richards
"When John Rice came to us our house had already been on the market for 2 years. We had almost given up hope of selling our house. Within 3 months John brought us two offers and our house was sold. He also helped us find our new house as well. We highly recommend John, whether your house is worth a little or a lot, John Rice will give you great personal and friendly service with the utmost professionalism."
Skip & Sara Coryell
Dear John, I wanted to take a moment and thank you both for the professional way that you handled our listing. As you know our house had been on the market for a considerable length of time with a different realtor. Once we made the decision to switch realtors, Jason and I had told ourselves that we were going to interview many different realtors so we got the one that would be right for us. You were our first and only interview that we did. Your professionalism and amazing presentation blew us away and as you know we signed with you two on the spot. At the time of the listing it was early December and we all fully agreed that we needed to hang with this listing through the tough winter months and would really look forward to something positive happening in March. Within 5 days of signing with you, we had an offer and 3 weeks later, we were sitting at a closing table....Thank you again for helping us. Please know we will be referring you to anyone that is looking for a Realtor. Sincerely,
Jason & Christine
We can’t say enough good things about John. He is an awesome realtor! We bought our home with his help and just recently sold it with his help. He is highly knowledgeable about the Grand Rapids area market and his expertise and professionalism has shown through both times we worked with him...John is a wonderful communicator and a genuine person. His sincerity has been evident in his commitment to making the purchase and sale experience as seamless and informed as possible. We consider ourselves incredibly fortunate to have worked with John and strongly recommend him without reservation!
E&T VanBuskirk
John Rice is the professional realtor you want in your corner when it comes to real estate investing. His experience, extensive contacts, and resources to get you into profitable deals makes him one of the best to work with in the real estate industry. We always use John Rice.
Rob D
We just want you to know how much we appreciated your competent service in listing and selling our home, much loved for the last 26 years. Your quiet confidence and patience were most helpful in getting to "SOLD." Doing so during the pandemic panic, at a time when you were obeying the governor's "stay at home" orders, amazed us. You may look like the mild mannered Clark Kent, but during the pandemic, you performed like Superman! Thank you,
John and Lydia T
The Rice team covered every angle to assure that the sale of our home took place in a timely and efficient manner, making this a pleasant experience.They were easily accessible and able to answer any questions that arose throughout the entire process. It was a great pleasure working with them and we will work with them again.
Justin & Jaime Beckstrom

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

When Is It A Good Time To Rent? NOT Now!

 

When Is It A Good Time To Rent? NOT Now!
When Is It A Good Time To Rent? NOT Now! | Simplifying The Market

People often ask whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent.

 

The Census Bureau recently released their third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

Median Asking Rents | Simplifying The Market

A recent Wall Street Journal article reports that rents rose “faster last year than at any time since 2007, a boon for landlords but one that has stoked concerns about housing affordability for renters.”

 The article also cited results from a recent Reis Inc report which revealed that average effective rents rose 4.6% in 2015, the biggest gain since before the recession. Over the past 15 years, rents have risen at a rate of 2.7% annually.

Where are rents headed?

Jonathan Smoke, Chief Economist at realtor.com recently warned that:

“Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.” 

Bottom Line

According to the WSJ article:

“In general, the higher rents go, the more difficult it will be for young people to save for down payments, making them likely to rent even longer.”

One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, let’s get together to determine if you are able to today!

FIRST TIME HOME BUYERS CLICK HERE

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

We’re growing! John Rice Real Estate Team is adding team members

We're

Exciting news! The John Rice Real Estate Team is poised for growth and is currently seeking candidates to add to our team. We put our heart and souls (and soles) into customer satisfaction and live each day with a passion to serve our clients with their real estate needs.  If you are looking to begin the next chapter in your life and are dedicated to providing the highest level of quality service and motivated by the opportunity build a tremendous career in real estate – then we should talk.

As a member of the John Rice Real Estate Team – one of the top ranked teams in the nation – you will be surrounded in an environment of positive, forward thinking individuals who are proud to serve our clients. As a member of Berkshire Hathaway HomeServices Michigan Real Estate – our broker – our team enjoys being a part of one of the most successful brokerages in the nation and an incredibly supportive environment that allows to maximize our success for each client need.

Work Environment:

  • Positive team environment focus on superior customer service
  • Support and training from Principal Agent John Rice, ranked in top 2% of Berkshire Hathaway HomeServices Agents Nationwide
  • True team concept – we work together to support our clients and grow our business one relationship at a time
  • Team members and brokerage staff dedicated to your success and assisting processing each client need

Training:

  • Team training – on going training, hands on, in-the-field and office based techniques to maximize your potential as an agent
  • Berkshire Hathaway HomeServices award winning agent training
    • Providing the tools and road map combined with the training to launch your career
    • Full behind the scenes tools and process training to help you establish the right habits to maximize your potential
  • Trade specific news and business meetings dedicated to providing you with the inside information needed to succeed

We are seeking team members with the following attributes:

  • Positive “I CAN” attitude
  • Strong dedication to the highest level of customer service
  • 10+ years of previous sales or customer service related experience (does not need to be real estate related)
  • Goal driven with proof of past achievement of goals surpassed
  • Desire to be a part of a growing team
  • Well connected in the local community
  • Commitment to helping West Michigan be the best it can be – one client at a time
  • Volunteer – be dedicated to our wonderful community
  • Open mind with commitment and willingness to learn

If you or someone you know would like to talk about this opportunity more, have them contact John Rice directly – 616-951-4663. Résumés may be emailed to:
john at johnricerealtor.com

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FAQ: I need a place to rent for a short term – what are my best options?

grand rapids real estate

Q: I need a place to rent for a short term – what are my best options? 

A:  Today’s market has created a new scenario not seen a few years ago – the need for a short term rental….Typically this comes up in 2 scenarios:

1. My home is sold – where can I now go temporarily while I find my next home (or while our builder finishes building our new home.)

2. I am relocating to the area and need a place to stay for 30, 60, 90 days while I find a home to purchase, where can I stay?

…..There are some negotiation tactics that can be used to minimize your need for scenario #1 above – however not always…..

Both of these instances create a need for temporary housing.  Now typically the thought is – “John, I get it – I need to get a rental….” However what people don’t often realize is that Grand Rapids is the number 1 ranked rental market in country FOR INVESTORS.  What does that mean for potential renters? It means landlords are not usually willing to negotiate.  It means a very low number of openings and it means tough competition for those open rentals.  It means higher prices and almost no acceptance of short term leases (less than 12 months.)

So now what? Well there is a whole market based on the need for a short term rental; the temporary housing market.  Is it a great solution for the long term? No typically you are paying premium to have flexibility to leave in 2 weeks, 30-120 days etc…However it does beat paying for a hotel room for that amount of time or not having a roof over your head at all.   So if you find yourself in this situation or one of your options may point you in that direction, here are some options to consider:

A few options are:
Extended Stay Hotels.  This options allows you to have full kitchens, furniture and more of a sense of home than the traditional hotel room.  Additionally the hotels do need to charge the short term rental taxes required by the state once you are there for 30+ days – which equals another savings over a hotel.
Additionally the Amway Grand Plaza offers an all-inclusive option for extended stay needs – visit the link – but you will need to contact them directly for pricing and availability: http://amwaygrand.com/rooms

When searching for housing in the Grand Rapids and greater West Michigan area, these are some great options to consider as a part of the overall plan. As always reach out to me with your questions and together we can craft the best possible strategy and solution.

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