Author Archive | JOHN RICE ASSOCIATE BROKER | REALTOR

For Sale: Forest Hills Schools 3 Bedroom Fenced Backyard

Forest Hills Schools, move-in-ready, 3 bedroom on double lot with fenced in backyard. This home is a must see with an excellent combination of floor plan and location featuring 3 bedrooms, 1.5 baths, updated bathrooms, flooring, fresh paint, deck with pergola, storage shed, play equipment, attached 2 stall garage, tons of storage, all appliances stay and more! Just minutes from Knapp’s Corner, Plainfield, Downtown Grand Rapids. Easy access to everyday amenities like shopping, entertainment, commuter routes and more! Schedule your tour today!

For Sale: Caledonia, MI 5 Bedroom HUGE Pole Barn 1 Acre

Opportunity knocks! This Caledonia Township 2 story boasts 5 bedrooms, 2.5 baths, 2 stall attached garage, walkout basement, and huge 40 x 32 barn with 14ft entry door with raised rafters, cement floor, and 200 amp electric. Experience the quality the 60s brought to the house in the plaster walls, wood trim, wood cabinets, attention to detail, and several areas appear to have wood floor underneath the carpet. Location offers easy access to picturesque downtown Caledonia, Lepard Nature Preserve, close to area schools, and right down the road from the shopping, dining, entertainment, trail heads and more. Just south of M6 with easy access to major roads for commuting.

For Sale: Grand Rapids MI 49505 Riverside Gardens 3 Bedroom

331 Comstock Boulevard Ne, Grand Rapids, MI 49505

Riverside Gardens: Incredible opportunity to be in the hottest zip code in US: 49505. Located within walking distance to Riverside Park and only a short bike ride or drive to downtown Grand Rapids, Medical Mile and more- this house is the perfect combination of location and floor plan. With 2 stall garage, patio, excellent yard with new wood fencing and natural foliage for privacy. Inside you will find nearly 2000 finished sqft. With freshly refinished hardwood, 2 fireplaces main floor master, excellent living room, dining area, kitchen with tons of storage, and a finished lower level featuring bar, laundry finished rec room and over 800 sqft of storage. Appliances Included; newer furnace (2015) newer hot water heater (2020.) This is a must see – check it out today!

Buying a Home Early Can Significantly Increase Future Wealth

 

Buying a Home Early Can Significantly Increase Future Wealth

According to an Urban Institute study, homeowners who purchase a house before age 35 are better prepared for retirement at age 60.

The good news is, our younger generations are strong believers in homeownership.

According to a Freddie Mac survey,

“The dream of homeownership is alive and well within “Generation Z,” the demographic cohort following Millennials.

Our survey…finds that Gen Z views homeownership as an important goal. They estimate that they will attain this goal by the time they turn 30 years old, three years younger than the current median homebuying age (33).”

Buying a Home Early Can Significantly Increase Future Wealth | Simplifying The MarketIf these aspiring homeowners purchase at an early age, the Urban Institute study shows the impact it can have.

Based on this data, those who purchased their first homes when they were younger than 25 had an average of $10,000 left on their mortgage at age 60. The 50% of buyers who purchased in their mid-20s and early-30s had close to $50,000 left, but traditionally purchased more expensive homes.Buying a Home Early Can Significantly Increase Future Wealth | Simplifying The MarketAlthough the vast majority of Gen Zers want to own a home and are somewhat confident in their future, “In terms of financial awareness, 65% of Gen Z respondents report that they are not confident in their knowledge of the mortgage process.”

Bottom Line

As the numbers show, you’re not alone. If you want to buy this year but you’re not sure where to start the process, let’s get together to help you understand the best steps to take from here.


Source: Michigan Real Estate Updates

The New Spring Real Estate Market is Here. Are You Ready?

 

The New Spring Real Estate Market is Here. Are You Ready?

The New Spring Real Estate Market is Here. Are You Ready? | Simplifying The Market

Which month do you think most people who are considering buying a home actually start their search? If you’re like most of us, you probably think the surge happens in the spring, likely in April. Not anymore. According to new research, January 2019 was only 1% behind February for the most monthly views per listing on realtor.com.

So, what does that mean? The busiest season in real estate has just begun.

The same research indicates,

“Historically, April launched the kickoff of the home shopping season as buyers would come out of their winter hibernation looking for their new home. However, the spring shopping season now starts in January for many of the nation’s largest markets.”

With the reality of fewer homes on the market in the winter, and that supply naturally increases as we head to the spring market, waiting for more competition to list in your neighborhood this year might put you behind the curve. Perhaps now is the time to jump into the market.

George Ratiu, Senior Economist at realtor.com says,

“As shoppers modify their strategies for navigating a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier.”

There is a lot of speculation in the market about why the search for a home is shifting to an earlier start. The one thing we do know is if you’re thinking about buying or selling a home this year, the earlier you get started, the better.

Reminder: When should you sell something? When there is less of that item for sale and the greatest number of buyers are in the market. That’s exactly what is happening in real estate right now.

Bottom Line

The new spring market for real estate is underway. If you’re considering buying or selling, let’s connect, so you have the advantage in this competitive market.


Source: Michigan Real Estate Updates

5 Bedroom 3 Bath on 5 Acres for Sale

This incredible 5 bedroom 3 full bath house features the perfect combination of floor plan and location. This newer built ranch home sits on 5 acres and features gorgeous main floor master suite with walk-in closet, main floor laundry, over sized 3 stall garage, walkout lower level, tons of storage, excellent room sizes, large deck and more. Experience this incredible setting offering privacy and serenity located on top of ”Harmony Hill” with the perfect mix of open space and hardwoods. The incredible Geothermal heating and cooling system saves money and is good for the environment….offering quiet comfort and excellent environmentally conscious efficiency. Check this one out today!

Top Renovations for Maximum ROI [INFOGRAPHIC]

Top Renovations for Maximum ROI [INFOGRAPHIC]

Top Renovations for Maximum ROI [INFOGRAPHIC] | Simplifying The Market

Top Renovations for Maximum ROI [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • If you’re planning on selling your house in 2020, these are the top renovations that will give you the highest Return on your Investment.
  • Regardless of how long you’re planning on staying in your current home, it’s smart to be aware of which home renovations add the most value.
  • The exterior of a house is the first thing buyers see when searching for a home. Upgrading your roof or siding will ensure your home leaves a great first impression!


Source: Michigan Real Estate Updates

The 2020 Real Estate Projections That May Surprise You

The 2020 Real Estate Projections That May Surprise You

The 2020 Real Estate Projections That May Surprise You | Simplifying The Market

This will be an interesting year for residential real estate. With a presidential election taking place this fall and talk of a possible recession occurring before the end of the year, predicting what will happen in the 2020 U.S. housing market can be challenging. As a result, taking a look at the combined projections from the most trusted entities in the industry when it comes to mortgage rates, home sales, and home prices is incredibly valuable – and they may surprise you.

Mortgage Rates

Projections from the experts at the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), Fannie Mae, and Freddie Mac all forecast mortgage rates remaining stable throughout 2020:The 2020 Real Estate Projections That May Surprise You | Simplifying The MarketSince rates have remained under 5% for the last decade, we may not fully realize the opportunity we have right now.

Here are the average mortgage interest rates over the last several decades:

  • 1970s: 8.86%
  • 1980s: 12.70%
  • 1990s: 8.12%
  • 2000s: 6.29%

Home Sales

Three of the four expert groups noted above also predict an increase in home sales in 2020, and the fourth sees the transaction number remaining stable:The 2020 Real Estate Projections That May Surprise You | Simplifying The MarketWith mortgage rates remaining near all-time lows, demand should not be a challenge. The lack of available inventory, however, may moderate the increase in sales.

Home Prices

Below are the projections from six different expert entities that look closely at home values: CoreLogic, Fannie Mae, Ivy Zelman’s “Z Report”, the National Association of Realtors (NAR), Freddie Mac, and the Mortgage Bankers Association (MBA).The 2020 Real Estate Projections That May Surprise You | Simplifying The MarketEach group has home values continuing to improve through 2020, with four of them seeing price appreciation increasing at a greater pace than it did in 2019.

Is a Recession Possible?

In early 2019, a large percentage of economists began predicting a recession may occur in 2020. In addition, a recent survey of potential home purchasers showed that over 50% agreed it would occur this year. The economy, however, remained strong in the fourth quarter, and that has caused many to rethink the possibility.

For example, Goldman Sachs, in their 2020 U.S. Outlook, explained:

“Markets sounded the recession alarm this year, and the average forecaster now sees a 33% chance of recession over the next year. In contrast, our new recession model suggests just a 20% probability. Despite the record age of the expansion, the usual late-cycle problems—inflationary overheating and financial imbalances—do not look threatening.”

Bottom Line

Mortgage rates are projected to remain under 4%, causing sales to increase in 2020. With growing demand and a limited supply of inventory, prices will continue to appreciate, while the threat of an impending recession seems to be softening. It looks like 2020 may be a solid year for the real estate market.


Source: Michigan Real Estate Updates

Excellent Waterfront Opportunity: Thornapple River Waterfront Forest Hills Schools

This is a rare opportunity offering an incredible location with sought-after Thornapple River frontage on “the pond” in Forest Hills School. With “great bones”, spacious room sizes and fabulous floor plan, this home offers the perfect opportunity to renovate the space into the home you have always dreamed of.

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. 

Where is the Housing Market Headed in 2020? [INFOGRAPHIC]

Where is the Housing Market Headed in 2020? [INFOGRAPHIC]

2020 Real Estate Market

2020 Real Estate Market

Some Highlights:

  • Interest rates will be lower than they have been since before 1980 at 3.8% and are projected to remain steady throughout 2020!
  • According to CoreLogic, home prices will appreciate at a rate of 5.4% over the course of the year.
  • Experts predict that the number of homes sold next year will be equal to or outpace 2019.


Source: Michigan Real Estate Updates