All About Michigan Real Estate

By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
The price for most basic needs inevitably goes up over time. For instance, a loaf of bread cost a mere nickel decades ago, but now it’s usually going to cost you a few bucks, but could easily be $5 or more for some brands. That’s not even due to inflation!On the other hand, some companies will use a sneakier approach and maintain the price of their product in the midst of inflation, but reduce how much you get for the same price. So maybe the price of your favorite loaf of bread doesn’t go up, but it’s a few slices shorter, or a box of your cereal is missing an ounce of oats.With that in mind, if you’ve been feeling like the cost of renting a place to live has been going up, you may not even be aware of quite how much! Apparently, not only are rents rising, the amount of space renters a...
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It may not feel or look like spring in many areas yet, but as of Monday March 20th, it’s here! So does that mean the spring real estate market officially begins that day as well? Or does it kick off the weekend before or the weekend after since the first day of spring falls on a weekday? None of the above actually.In fact, the spring market has already begun! Many people in the industry consider January to be the start of the spring real estate market. At least that’s when buyers who plan on buying in the spring often begin their search, and some even end up buying before spring arrives.But there is truly a seasonal uptick when more sellers tend to list their houses, and more buyers are actively out looking in most areas. But when that officially begins depends on where you’re looking t...
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By Wendy & Greg Kime, Plymouth MI Real Estate Experts
(Kime Realty)
10559 Scarlet Oak Dr, Superior Twp MI 48198New Listing! Great opportunity to move right into this newly constructed home in Superior Township in popular Woodside Village. Features include: 2212 square feet with an additional 958 in the unfinished lower level, 4 bedrooms, and 2.1 baths. Premium lot/location. First-floor library with French doors. Large island kitchen with granite countertops and stainless steel appliances. Cozy gas log fireplace. 2-car attached garage. 4 spacious bedrooms upstairs, including a 22x18 owner's suite with a luxury bath and 2 closets. Convenient 2nd-floor laundry. Entertain guests and enjoy outdoor living on the breathtaking brick paver patio. Immaculate and move-in ready. More photos and features Listed for $329,990 To learn more about 10559 Scarlet Oak Driv...
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Years ago it was common for children to move out and get a place of their own right after they turned 18, or maybe around 22 if they went to college. But times (and costs) have certainly changed over the years, making it difficult for young adults to move out and get a place of their own. So, most people would agree that young adults can probably use all the time and help they can get from their parents for as long as possible nowadays.Rents and house prices aren’t cheap. Then of course there’s the price of food and utilities every month. And if they went to college, they probably have loans they need to pay off… which is why so many young adults live at home for a lot longer than people used to.But at some point, they have to move out and get a place of their own. And doing that is dif...
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By Robert L. Brown, Grand Rapids Real Estate Bellabay Realty, West Mic
(www.mrbrownsellsgr.com)
#37 and counting.  Some have asked me when I’m going to retire from real estate. I feel that the real estate profession is a “life long” commitment to your clients,thru the good and not so good. You have to remember that this is a profession of ups and downs. You never know where the business will take you. Every morning I get up knowing that there are things I NEED to do but there’s always a mystery in my day to day.  Some days it’s slow and other’s I feel  very energized. With God’s grace he allows me to settle down and tackle the day’s worth of work in a timely fashion. It may consist of writing CMA’s, or talking to a new buyer or check in with your SOI.  I remember the first week(Feb 26,1986) after getting licensed and started work at Ford Real estate (in GR Mich). Larry Fahselt was...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
No matter how much buying a house makes sense for your long-term financial well-being, buying your first house can often just seem expensive and totally out of reach. That leads to many younger people putting off buying a home until later in life than they might have, if the costs were lower.But there are plenty of younger people buying homes. Nearly 40% of people under 35 own a home, so it’s by no means impossible or entirely unaffordable.  Homeownership Stats by AgeInfogram As you can see in the graph above, the homeownership rate goes up to just over 60% for those between the ages of 35-44, which is about where the homeownership rate is for the entire US, regardless of age.Interestingly, if you look at the chart below, the homeownership rate has actually hovered between 62 and 68 per...
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By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
Detroit MI - FHA 203k is a hot commodity Where can we find properties in need of repair? That is easy, anywhere in the United States where homes are at least 1 year old. It's that easy for sure. The FHA 203k is the perferred loan for home in need of repair as you can purchase and get the money to make needed repairs all in one low interest loan.While there is no need to refinance after the work is complete but you may want to. All FHA loans have this little issue with Private Mortgage Insurance (PMI) that is nearly 1% per month (0.85% of the loan amount). You may want to refinance to get out from under that PMI.  
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
According to a recent poll, more than a third of Americans who’ve ever owned a home received financial help from their parents to purchase it, but that number is even higher (at 79%) for younger buyers today. So the chances are, if you have a Boomer dad, he’s going to be chipping in some money—and probably his two cents along with it—when you buy a house.Getting some dough from dad is a double-edged sword. As much as the money is welcome, it often comes with some invisible strings that give him the right to have a say in your home search, which house you buy, and how much you should offer to pay for it.It’s not just dads; you can add moms to the list, too. Many parents have a tendency to want some say in their child’s home purchase, especially when they’re chipping in to help make it po...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
If you’re a renter and live alone, it’s no surprise that it costs you more than if you had a significant other, or at least a roommate, to help pay the rent. But have you ever done the math on exactly how much extra it costs you?According to this Business Insider article, it costs a single person an average of $7,000 more in rent per year than people with a partner or roommate.The obvious solution to avoid this “singles tax” is to find yourself a significant other, or a roomie. But if you live alone, there’s probably a reason why you haven’t already gone either of those routes, like: If you don’t have a partner, finding a significant other isn’t something you can always just snap your fingers and make happen. Even if you could, rushing into a relationship to save on rent probably isn’t ...
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By Westchester Modular Homes Inc, Serving NY, NJ, PA, CT, NH, RI, MA, VT & ME
(Westchester Modular Homes Inc)
Hello Builders, General Contractors, Remodelers, Developers, Architects & RE Investors...You are invited to attend our free no obligation custom modular construction seminar... this is an in-person at-the-factory event/tour/seminar with complimentry lunch...please RSVP today at https://www.wmh-modular-construction-seminar.com for our March 3rd, 2023 Modular Construction Seminar for builders, general contractors, developers, remodelers, architects & RE investors
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
If you currently own a home and want to buy a new property, the chances are you’re going to have to navigate selling your current home and buying your new home at the same time.But what, exactly, does that look like? What do you need to know to successfully buy and sell property simultaneously?A recent video from realtor.com outlined a few key factors to consider when buying and selling a home at the same time, including: You probably have money to work with. If you’ve owned your home for more than a few years, there’s a solid chance that you’ve gained equity in the property. That equity can help to fund your new home purchase—either by acting as a down payment to pair with your new mortgage or, if you’re downsizing and have a lot of equity, to help you come in with an all-cash offer on...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
You certainly don’t have to take classes or pass an exam if you want to sell your house. All you have to do is hire a great real estate agent who had to do both of those things in order to help you sell your house quickly and for the most money possible.Even if you took the same classes and tests your agent took to become an agent, it’d be difficult for you to know everything you need to know. Much of the insight and knowledge that makes your agent so effective at getting you the best results comes from experience actually selling houses, not from real estate school.However, the more you know and understand about the best decisions ahead of time, the better off you’ll be. So here’s a quick quiz to help you see what decisions you’d get right, and learn from the ones you get wrong so you ...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
You have to go to school and pass a real estate exam in order to become a real estate agent to help people buy a house, but you don’t need to do either of those things as a home buyer. All you have to do is rely on the knowledge and experience of your agent, and you’ll be fine.However, your agent can be a lot more effective and help you get better results if you know a few things ahead of time! Some of the “right” things you should do are probably different than what you might think is the “right” thing to do.Here’s a quick quiz to see how savvy you are without even going to real estate school or spending years in the field! The answers will be at the bottom…but no peeking!(Don’t sweat it if you get some answers wrong on this quiz; even getting an answer wrong will teach you something. ...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
When you decide to sell your house, you’ll often hear real estate agents say that they’ll get your house sold quickly and for top dollar.Who wouldn’t like that?! Everybody wants as much money as they can possibly get, and most people would prefer not to have buyers coming to see their house for months on end, so, the quicker the better.But what defines quick? Well, there’s no absolute definition and it depends upon a few factors. It can mean a few days, weeks, or even months, depending upon how the market is in your area, the price range of your home, and the choices you make as a seller.Over the past couple of years, it probably seemed like every house was selling within a few days of being listed for sale. While many houses were selling that quickly, not all of them were. In fact, acc...
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By Robert L. Brown, Grand Rapids Real Estate Bellabay Realty, West Mic
(www.mrbrownsellsgr.com)
Come and see a fantastic walkout ranch in Kentwood, Mich. 4 bedrooms,2 full baths walkout tri-level situated on a large lot and ready for the new buyer.  New roof within the last 4 years, new 50 gallon hot water heater, gutter guards cedar siding and decking have recently been stained. Close to the airport,schools, shopping and major expressways. You need to put this house on your buyer's short list before it's too late.https://www.flexmls.com/share/88Bh2/4679-Morningside-Drive-SE-Kentwood-MI-49512
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Plenty of people work around others all day long, but real estate agents are pretty much on stage all day, with clients watching and witnessing their every move.Inevitably, things happen that agents wish a client weren’t around to see! But if and when they do, it really helps when a client laughs with them, instead of at them!For some reason, it seems like there’s a handful of embarrassing things that happen to almost every agent at one point or another. Let’s take a look at 7 of them, to give you some practice laughing with them if it happens on your watch:1) Getting lost It was way worse for agents back in the day before GPS was around and had to use actual maps, but getting lost can still be an issue every once in a while. Whether it’s an incorrect address, a lack of satellite servic...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
If you think mortgage rates are at an all-time high, you wouldn’t be alone. According to this NerdWallet article, 61% of Americans think they’re “unprecedented.” And you’re also not alone if you’re still planning on buying a home this year, despite that sentiment, considering 28 million people plan to do so according to their survey!The thing is, mortgage rates aren’t actually the highest they’ve ever been; not by a long shot. Those low rates buyers were getting over the past few years were historically unusual, and now they’re not just back to “normal”—even below normal—considering data from Freddie Mac shows that 30-year mortgage rates have averaged 7.75% over the last 50 years.When rates were unusually low, it almost didn’t matter if you weren’t careful about the type of loan or term...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
For many, hearing the phrase “home projects” brings to mind lengthy, stressful, and expensive home renovations.But not every project is a major undertaking; there are plenty of small (and totally doable!) projects that can have a big impact on your home, with minimal time, effort, and/or budget required.So what, exactly, are some of those projects?A recent article from realtor.com outlined manageable (and affordable!) home projects homeowners should consider tackling to breathe new life into their space, including: Create a workstation. If you’re working from home, but using your dining room table as your desk, it’s time to create a more permanent solution. Find a space in your home (for example, a guest room, quiet corner of the living room, or even a closet!) and turn it into your per...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
According to the latest S&P Case-Shiller Home Price Index, home prices continue to slow, though they remain 7.7 percent above year-before levels.The S&P Case-Shiller Home Price Index is among the most closely watched measures of U.S. home prices. The index, which tracks both monthly and annual changes in home values, has been collecting data for nearly 30 years. According to the most recent release, home prices continue to slow in metro areas across the country. Craig J. Lazzara, managing director at S&P, says November marked five consecutive month-over-month declines. “November 2022 marked the fifth consecutive month of declining home prices in the U.S.,” Lazzara said. “ These declines, of course, came after very strong price increases in late 2021 and the first half of 2022. Despite i...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Oh no, the real estate market’s shifting! Is it a “bubble” about to pop? Will prices come crashing down? How much higher will mortgage rates go? Will they come down again? Is it a buyers’ market, or are sellers still in the driver seat?All of that may sound custom tailored to the current market, but those are concerns homeowners, buyers, and agents alike all ponder on a recurring basis. The real estate market is constantly changing, and every few years it goes through a fairly significant shift.Successful agents who stand the test of time don’t rely on a “hot” market or favorable headlines about real estate. They know times can get tough, and the market is never absolutely ideal for every potential buyer, seller, or homeowner. But it’s always a good market for some people to buy or sell...
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Michigan Real Estate Agents and Real Estate Professionals