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.

    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. 

    How Does the Supply of Homes for Sale Impact Buyer Demand?

     

    How Does the Supply of Homes for Sale Impact Buyer Demand?

    How Does the Supply of Homes for Sale Impact Buyer Demand? | Simplifying The Market

    The latest edition of the Realtors Confidence Index from NAR sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand). Until the supply of homes for sale starts to meet buyer demand, prices will continue to rise.

    The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.

    Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).

    Buyer Demand

    The map below was created after asking the question: “How would you rate buyer traffic in your area?”How Does the Supply of Homes for Sale Impact Buyer Demand? | Simplifying The MarketThis is a National map.  If the Grand Rapids and Surrounding Areas had it’s own color it would be DARK BLUE (Very Strong) for the average house price and below (Roughly $268,000 for a single family home.)  The Grand Rapids region The darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is now very strong; only 2 of the 50 states have a ‘weak’ demand. Overall, buyer demand is slightly lower than this time last year but remains strong.

    Seller Supply 

    The index also asked: “How would you rate seller traffic in your area?”

    The seller traffic is low (less homes on the market) in the light gray sections below – note Michigan is considered to have FEW homes on the market
    How Does the Supply of Homes for Sale Impact Buyer Demand? | Simplifying The Market
    As the map below shows, 18 states reported ‘weak’ seller traffic, 29 states and Washington, D.C. reported ‘stable’ seller traffic, and 3 states reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are looking for homes.

    Bottom Line

    Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in our market now.


    Source: Michigan Real Estate Updates

    Forest Hills Luxury Watermark Residence

    1860 WATERMARK Drive SE, Grand Rapids, MI 49546
    1860 Watermark

    This stunning walkout ranch, masterfully crafted by West Michigan Award Winning builder BDR, boasts custom quality throughout. The gated community of Watermark offers the superb blend of privacy and convenience. The impressive exterior features gorgeous landscape and cascading water features, with the beautiful backdrop of the private pond and meticulously landscaped 6th green; providing stunning views all year long. Step inside to appreciate the sense of quality and grace that captures the essence of home. With main floor master suite, main floor laundry, 4 fireplaces, 4 bedrooms 3.5 baths, office, craft room, den, wet bar, screened-in porch, open patio and more -this home offers the perfect layout for everyday enjoyment and artful entertaining.

    1860 WATERMARK Drive SE, Grand Rapids, MI 49546

    Should You Fix Your House Up or Sell Now?

     

    Should You Fix Your House Up or Sell Now?

    Should You Fix Your House Up or Sell Now? | Simplifying The Market

    If you’re thinking about remodeling your house before you list it, take a look at these three tips to help you decide if you really need to fix it up before you sell. The answer may surprise you.

    With the fall season upon us, change is in the air. For many families, children are growing up and moving out of the house, maybe leaving for college or taking a jump into the working world. Parents are finding themselves as empty nesters for the first time. The question inevitably arises: is it finally time to downsize?

    If you’re pondering that thought, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market as-is, allowing a potential buyer to do the updates and remodeling. If you’re one of the many homeowners this camp, here are a few tips to help you decide which way to go.

    1. Analyze Your Market

    Understanding your market and the potential level of buyer interest and demand for your home is key and we are here to assist. Is your property currently in a seller’s market or a buyer’s market? Keep in mind this can change based on the price range and location of your home, too.  We also can provide some insight on what you can change or remodel, and how to declutter your house to make it attractive to the right buyer.

    2. Get an Inspector

    Right now, the average length of time a family stays in a home is between 9-10 years. That’s a little longer than the historical average, so if you’ve been living in your home for a while, it might be time to make some significant improvements. Think: electrical system, HVAC units, roof, siding, etc. An inspector can give you a better idea of the condition of your home, if it is up to current code standards, and recommendations on how to have your house ready before you put it on the market.

    3. Decide If You Need to Remodel

    You may also be thinking about driving buyer appeal with something like a kitchen or a bathroom remodel. If so, first dig into the market value of your home, and compare it to the actual cost of the remodel.  We can together assess if the remodel could assist in attracting the right buyer and then compare the cost of the remodel to the potential increase in buyer activity . Once you have those two factors narrowed down, you can to decide if a remodel will give you a return on your investment when you sell. Oftentimes, it is actually more advantageous to price your house to sell, list it competitively, and then let the buyer pick the colors they want for their bathroom tiles and the type of countertop they prefer. The 2019 Cost vs. Value Report in Remodeling Magazine compares the average cost for remodeling projects with the value those projects typically retain at resale.

    Bottom Line

    Nationwide, inventory is low, meaning there is less than the 6-month housing supply needed for a normal market. This drives buyer demand, creating a perfect time to sell. If you’re considering selling your house, let’s get together to help you confidently determine what will be the best choice for you and your family.


    Source: Michigan Real Estate Updates

    What Is the Probability That Home Values Sink?

    What Is the Probability That Home Values Sink?

    What is the Probability that Home Values Sink? | Simplifying The Market

    With the current uncertainty about the economy triggered by a potential trade war, some people are waiting to purchase their first home or move-up to their dream house because they think or hope home prices will drop over the next few years. However, the experts disagree with this perspective.

    Here is a table showing the predicted levels of appreciation from six major housing sources:What Is the Probability That Home Values Sink? | Simplifying The MarketAs we can see, every source believes home prices will continue to appreciate (albeit at lower levels than we have seen over the last several years). But, not one source is calling for residential real estate values to depreciate.

    Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. There was not one state that even had a moderate probability of home prices lowering. In fact, 34 of the 50 states had a minimal probability.What Is the Probability That Home Values Sink? | Simplifying The Market

    Bottom Line

    Those waiting for prices to fall before purchasing a home should realize that the probability of that happening anytime soon is very low. With mortgage rates already at near historic lows, now may be the time to act.

    Source: Michigan Real Estate Updates

    Top Priorities When Moving with Kids

    Top Priorities When Moving with Kids

    Top Priorities When Moving with Kids | Simplifying The Market

    According to the Pew Research Center, around 37% of U.S students will be going back to school soon and the rest have already started the new academic year. With school-aged children in your home, buying or selling a house can take on a whole different approach when it comes to finding the right size, location, school district, and more.

    Recently, the 2019 Moving with Kids Report from the National Association of Realtors®(NAR) studied “the different purchasing habits as well as seller preferences during the home buying and selling process.” This is what they found:

    When Purchasing a Home

    The major difference between the homebuyers who have children and those who do not is the importance of the neighborhood. In fact, 53% said the quality of the school district is an important factor when purchasing a home, and 50% select neighborhoods by the convenience to the schools.

    Buyers with children also purchase larger, detached single-family homes with 4 bedrooms and 2 full bathrooms at approximately 2,110 square feet.

    Furthermore, 26% noted how childcare expenses delayed the home-buying process and forced additional compromises: 31% in the size of the home, 24% in the price, and 18% in the distance from work.

    When Selling a Home

    Of those polled, 23% of buyers with children sold their home “very urgently,” and 46% indicated “somewhat urgently, within a reasonable time frame.” Selling with urgency can pressure sellers to accept offers that are not in their favor. Lawrence Yun, Chief Economist at NAR explains,

    “When buying or selling a home, exercising patience is beneficial, but in some cases – such as facing an upcoming school year or the outgrowing of a home – sellers find themselves rushed and forced to accept a less than ideal offer.”

    For sellers with children, 21% want a real estate professional to help them sell the home within a specific time frame, 20% at a competitive price, and 19% to market their home to potential buyers.

    Bottom Line

    Buying or selling a home can be driven by different priorities when you are also raising a family. If you’re a seller with children and looking to relocate, let’s get together to navigate the process in the most reasonable time frame for you and your family.


    Source: Michigan Real Estate Updates

    What’s the Latest on Interest Rates?

    What’s the Latest on Interest Rates?

    What’s the Latest on Interest Rates? | Simplifying The Market

    Mortgage rates have fallen by over a full percentage point since Q4 of 2018, settling at near-historic lows. This is big news for buyers looking to get more for their money in the current housing market.
    What’s the Latest on Interest Rates? | Simplifying The Market
    According to Freddie Mac’s Primary Mortgage Market Survey,

    the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.

    Sam Khater, Chief Economist at Freddie Mac, notes how this is great news for homebuyers. He states,

    “…consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”

    As a potential buyer, the best thing you can do is work with a trusted advisor who can help you keep a close eye on how the market is changing. Relying on current expert advice is more important than ever when it comes to making a confident and informed decision for you and your family.

    Bottom Line

    Even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home is on your short list of goals to achieve, let’s get together to determine your best move.

    Source: Michigan Real Estate Updates

    Experts Predict a Strong Housing Market for the Rest of 2019

    Experts Predict a Strong Housing Market for the Rest of 2019

    Experts Predict a Strong Housing Market for the Rest of 2019 | Simplifying The Market

    We’re in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019.

    Here’s what some of the experts have to say:

    Ralph McLaughlin, Deputy Chief Economist for CoreLogic

    “We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.”

    Lawrence Yun, Chief Economist at NAR

    “We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates.”

    Freddie Mac

    “The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months…The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.”

    Bottom Line

    The housing market will be strong for the rest of 2019. If you’d like to know more about our specific market, let’s get together to discuss what’s happening in our area.


    Source: Michigan Real Estate Updates