Tag Archives | #michiganrealestate

    Interest Rates Hit New 12 Month Low!

    Interest Rates Hit New 12 Month Low!

    According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018!

    Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low. This can be seen in the chart below.

    Interest Rates Hit New 12 Month Low! | Simplifying The Market

    Freddie Mac’s Chief Economist, Sam Khater, had this to say:

    “Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year.

    Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”

    Bottom Line

    If you plan on buying a home this spring, let’s get together to prepare you to take advantage of today’s market before rates increase!

    Source: Michigan Real Estate Updates

    The Housing Market Will “Spring Forward” This Year!

     

    The Housing Market Will “Spring Forward” This Year!

    The Housing Market Will “Spring Forward” This Year! | Simplifying The Market

    Just like our clocks this weekend, in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale has been holding back the market.

    Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right.

    Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions.

    That hasn’t happened this year.

    Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates forecasted for 2019, buyers are still able to lock in an affordable monthly payment. Buyers are increasingly jumping off the fence and into the market to secure a lower rate.

    The National Association of Realtors (NAR) recently reported that in 2018 the top 10 dates sellers listed their homes all fell in April, May, or June.

    Those who act quickly and list now, before increased competition, will benefit from additional exposure to buyers.

    Bottom Line

    If you are planning on selling your home in 2019, let’s get together to evaluate the opportunities in our market.


    Source: Michigan Real Estate Updates

    2019 Will Be a Great Year for Buyers AND Sellers

     

    2019 Will Be a Great Year for Buyers AND Sellers

    2019 Will Be a Great Year for Buyers AND Sellers | Simplifying the Market

    Many homeowners believe that rising interest rates and home prices have scared away buyers and therefore have not listed their houses for sale. However, the truth is that buyers who were unable to find a home last year are out in force, and there are even more coming!

     

    NerdWallet’s 2018 Home Buyer Report revealed that:

    “Approximately one-third (32%) of Americans plan to purchase a home in the next five years. Millennials are most likely to have such a purchase in their five-year plan (49%), versus 35% of Generation X and 17% of baby boomers.”

    As we can see, buyers are optimistic! According to the report, here are the top reasons Americans plan to buy:

    2019 Will Be a Great Year for Buyers AND Sellers | Simplifying The Market

    The most common reason Americans prioritize buying is that they believe it’s a good investment!

    If you’re a homeowner looking to sell, 2019 is the perfect year to put your house on the market. But why?

    1. Buyers want to buy
    2. No competition!

    At least 3 of the renowned organizations that report on real estate market trends predict that homeowners are going to wait until 2020 to list their homes, leading to a nice increase in sales (as shown in the graph below).

    2019 Will Be a Great Year for Buyers AND Sellers | Simplifying The Market

    Don’t wait for a competitive market; be ahead of the curve and sell your house at the best possible price!

    Bottom Line

    There are plenty of buyers entering the market! Whether you’re a first-time homebuyer or a current homeowner looking to move-up to your next home, let’s get together to discuss your real estate needs!


    Source: Michigan Real Estate Updates

    How Can I Increase Our Net Worth?

    How Can I Increase My Our Net Worth?

    Every three years, the Federal Reserve conducts their Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.

    The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).

    These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.

    Owning a home is a great way to build wealth.

    As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.

    That is why Gallup reported that Americans picked real estate as the best long-term investment for the fifth year in a row. According to this year’s results, 34% of Americans chose real estate. Stocks followed at 26%, and then gold, savings accounts/CDs, or bonds.

    Bottom Line

    If you want to find out how you can use your monthly housing cost to increase your family’s wealth, let’s get together to guide you through the process.


    Source: Michigan Real Estate Updates

    40 Acre 15 Lot Development – Now Available

    1-15 Woodland Creek Trl Lake Odessa, MI 48849

    Prime Development Opportunity with 15 lots, road, and more. This 40+ acre site condo community has been approved under the name of Wood Creek Farms Condominiums and features 15 multi-acre sites. Each site offers large building envelopes, well designed open space and each site perks! With Woodland Creek bordering the East and Little Thornapple River bordering the North, this development offers amazing opportunity to create a landscape future home owners will love. First layers of road have been laid and initial well has been dug, and perk tests performed.

    Valentine’s Day Trends vs The Housing Market

    First Comes Love… Then Comes Mortgage? 

    First Comes Love… Then Comes Mortgage? Couples Lead the Way | Simplifying The Market

    WalletHub Recently reported: “…men will spend the most on the holiday, an average of $339. Women spend around $64, according to a survey by WalletHub.”

     

    Source: WalletHub
     
    How about the housing market? Does the trend continue? 

    According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time homebuyer statistics in 2018 at 54% of all buyers. It is no surprise that buying a home is more attainable with two incomes to save for down payments and contribute to monthly housing costs.

    However, many couples are also deciding to buy a home before spending what would be a down payment on a wedding. Last year, unmarried couples accounted for 16% of all first-time buyers.

    If you’re single, don’t fret! Single women made up 18% of first-time buyers in 2018, while single men accounted for 10% of buyers. One recent article pointed to a sense of responsibility and commitment that drives many single women to want to own their home, rather than rent.

    Here is the breakdown of all first-time home buyers in 2018 by percentage of all buyers, income, and age:

    First Comes Love… Then Comes Mortgage? Couples Lead the Way | Simplifying The Market

    Bottom Line

    Conclusions aside

    Those who have already purchased their first homes have paved the way. Let’s get together to determine if your dream home is already within your grasp!


    Source: Michigan Real Estate Updates

    How To List Your Home for the Best Price

     

    How To List Your Home for the Best Price

    If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the course of 2018.

    The map below shows the results of the latest index by state.

    How To List Your Home for the Best Price | Simplifying The Market

    Real estate is local. Each state appreciates at different levels. The majority of the country saw at least a 2.0% gain in home values, while some residents in North Dakota and Louisiana may have felt prices slow slightly.

    This effect will be short lived. In the same report, CoreLogic forecasts that every state in the Union will experience at least 2.0% appreciation, with the majority of the country gaining at least 4.0%! The prediction for the country comes in at 4.6%. For a median-priced home, that translates to over $14,000 in additional equity next year! (The map below shows the forecast by state.)

    How To List Your Home for the Best Price | Simplifying The Market

    So, how does this help you list your home for the best price?

    Armed with the knowledge of how much experts believe your house will appreciate this year, you will be able to set an appropriate price for your listing from the start. If homes like yours are appreciating at 4.0%, you won’t want to list your home for more than that amount!

    One of the biggest mistakes homeowners make is pricing their homes too high and reducing the price later when they do not get any offers. This can lead buyers to believe that there may be something wrong with the home, when in fact the price was just too high for the market.

    Bottom Line

    Pricing your home right from the start is one of the most challenging parts of selling your home. Before you decide to list your house, let’s get together to discuss where home values are headed in your area!


    Source: Michigan Real Estate Updates

    Waterfront Residence Minutes From Downtown

    Private lake frontage, minutes from downtown…This is a rare opportunity to own an impressive all-brick home of approximately 4,800 square feet on one of the most desirable streets in Grand Rapids. This home features a large frontage on Middleboro Lake (210 feet) and sits on 1.123 landscaped acres (3 lots)on a quiet-street with a cul-de-sac. There are 4 bedrooms and 3 full bathrooms, each of which has been remade and modernized during the past eight years. This home is just minutes to downtown, the Medical Mile, shopping, restaurants, and major highways….

    111 Middleboro Details

    The KonMari Method: Helping You Prep Your House For Sale

    The KonMari Method: Helping You Prep Your House For Sale

    The KonMari Method: Helping You Prep Your House For Sale | Simplifying The Market

    One of the biggest challenges sellers face when listing their house is decluttering. Cleaning out some of the more personal decorating choices allows buyers to imagine themselves living in the house.

    Those planning to sell soon are in luck! Marie Kondo, the inventor of the KonMari Method of Tidying Up, has gained popularity with her new Netflix series. She gives some great tips for sorting through years of accumulated possessions that we all collect in our homes.

    “The KonMari Method™ encourages tidying by category – not by location – beginning with clothes, then moving on to books, papers, komono (miscellaneous items), and, finally, sentimental items. Keep only those things that speak to the heart, and discard items that no longer spark joy. Thank them for their service – then let them go.”

    When you subjectively look at all of your belongings, you can sort through the ones that mean the most to you. Not only will you increase space for more joy-bringing items in your new home, but you will also have a much easier time packing remaining belongings!

    “Remember, tidying up isn’t about getting rid of stuff. It is about creating an environment that sparks joy and improves your quality of life.”

    When selling your house, first impressions matter! Before you or your agent schedule a photographer to take photos for your listing, make sure to tour your home with fresh eyes. Look for any imperfections that a buyer might notice.

    When you sort through your more sentimental items, consider packing them away to ensure that you know where they all are. That way, they are safe during open houses and showing appointments. This will also cut down on the amount of packing you need to do right before you move!

    Bottom Line

    Whether you are selling your house to move up to a larger one, downsizing, or moving in with family, only bring the items that truly spark joy for you. This will not only help cut down on the items you move, but also ensures that you’re off to a great start in your new home!

    Source: Michigan Real Estate Updates