Ready to unlock your potential as a homeowner in Kalamazoo? With a strong real estate market, low interest rates, and potential for property appreciation, 2023 is the perfect time to invest in homeownership in this vibrant city. Enjoy customizable living spaces, tax deductions, and the opportunity to build equity over time. Don’t miss out on the chance to own your dream home in Kalamazoo – start your journey today!
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If you don’t have time to read the full article, it’s about how to start a hobby farm in Kalamazoo by understanding your equity, planning its use, working with experienced professionals, and considering key factors when searching for a property.
As a homeowner, it’s important to understand the equity that you have in your property. Equity is the difference between the market value of your home and the amount of money you owe on your mortgage. Knowing your equity can be a valuable tool when making financial decisions, such as starting a hobby farm. Many homeowners are surprised to learn just how much equity they have in their homes (especially those who purchased prior to 2020), and this can be used to their advantage when considering a move to the countryside.
If you’re a homeowner interested in starting a hobby farm, it’s important to know how much equity you have in your property. A free, no-obligation valuation can give you a clear idea of the current market value of your home, and how much equity you have available to use towards your new venture. This information can be critical when deciding whether or not you can afford to move to a rural area and start a hobby farm.
The Zac Folsom Group offers free equity analyses to homeowners at any time, regardless of whether or not they are considering a move. By regularly analyzing their equity, homeowners can stay informed about their property’s value and be ready to take action when the time is right.
When selling a home to start a hobby farm, it’s important to carefully plan how to utilize the funds from the sale. One strategy is to use a lower down payment option and allocate more funds towards purchasing farm equipment. This can be a smart option for those who want to have the necessary equipment to get their farm up and running as soon as possible.
On the other hand, some homeowners may benefit from using the majority of their equity to keep their mortgage payments low. This can provide financial stability and allow for greater flexibility when it comes to operating costs and unexpected expenses. Each situation is unique, and it’s important to work with a trusted real estate team like the Zac Folsom Group to develop a plan that fits your individual needs.
When it comes to starting a hobby farm, it’s important to understand your total monthly debt and carefully evaluate your expenses. This includes everything from your mortgage payments and property taxes to your utility bills and other recurring costs. By understanding your total monthly debt, you can develop a plan for reallocating expenses and maximizing the use of your equity.
Working with a financial coach like our friend Jacob Phillips can be a valuable resource when it comes to making financial decisions. Jacob can help you evaluate your expenses and develop a customized plan for reallocating funds to achieve your hobby farm goals. By working with a professional like Jacob, you can feel confident that you are making the best possible financial decisions for your situation.
At the Zac Folsom Group, we understand the importance of financial planning when it comes to starting a hobby farm. That’s why we work closely with our clients to ensure that they have access to the resources and support they need to make informed decisions. From understanding your total monthly debt to developing a customized financial plan, let’s work together to achieve your hobby farm goals.
For example, we recently worked with the Followells, a couple who sold their home to purchase a hobby farm. The Followells chose to use most of their equity to pay off other debts, which allowed them to reduce their overall financial burden and focus on growing their new farm. By working closely with the Zac Folsom Group, the Followells were able to create a customized plan that aligned with their goals and helped them achieve their dream of owning a hobby farm.
One common mistake that homeowners make when selling their home to start a hobby farm is waiting to find their dream property before putting their home on the market. This can be a risky strategy, as it leaves homeowners in a vulnerable position where they may have to sell quickly or settle for a lower price in order to make the purchase of their new property work. It’s important to get your home on the market as soon as possible, even if you haven’t yet found the perfect hobby farm.
It’s important to keep in mind that most sellers of small hobby farms are in high demand and may not consider offers that are contingent on the sale of a home that hasn’t yet received an accepted offer. This is especially true in competitive markets where hobby farms are in high demand. By getting your home on the market as soon as possible, you can avoid potential delays or missed opportunities when it comes to purchasing your dream hobby farm.
By working with the Zac Folsom Group, homeowners can rest assured that they are in good hands. Our experienced team can help homeowners plan their transition and create a customized strategy that fits their needs. We offer a worry-free move package that can help make the process as smooth as possible, including assistance with packing, moving, and unpacking. Our goal is to make the process of selling your home and purchasing a hobby farm as stress-free as possible, so that you can focus on the excitement of starting a new chapter in your life.
When selling your home to start a hobby farm, it’s helpful to work with a real estate team who has experience with this type of transition. The Zac Folsom Group has a consistent track record of listing houses for less than 30 days on the market and helping homeowners successfully sell their homes and purchase hobby farms. By working with us, homeowners can feel confident that they have the support and guidance they need to make their dream a reality.
Our team understands the unique needs of homeowners who are looking to start a hobby farm and can provide tailored solutions to meet those needs. We offer a worry-free move package that includes assistance with packing, moving, and unpacking, as well as customized marketing strategies to help ensure that your home sells quickly and at the best possible price. With our proven track record of success and commitment to exceptional customer service, you can trust the Zac Folsom Group to help you achieve your goals.
Once you have received an accepted offer on your home, it’s time to start planning your move to a hobby farm. This is an exciting time, and working with a trusted real estate team like the Zac Folsom Group can help make the transition as smooth as possible. Our team has extensive experience in helping homeowners find their dream hobby farm, and we can help you navigate the market and find the perfect property.
One resource that can be particularly helpful is our website, firstlookhomesswmi.com. This site provides homeowners with exclusive access to new listings as they hit the market, giving them a first look at the best hobby farm properties available. By staying on top of new listings, homeowners can move quickly and make informed decisions about their future. Our website is designed to make the search for a hobby farm as easy and efficient as possible, with user-friendly features and customized search options.
When searching for the ideal hobby farm, it’s important to consider a variety of factors to ensure that the property meets your unique needs and goals. From the size of the property to its location and amenities, there are many things to consider when looking for the perfect hobby farm. Here are seven key factors to keep in mind when searching for your ideal hobby farm:
With the help of the Zac Folsom Group and our website, homeowners can find their dream hobby farm quickly and efficiently. Our team is committed to providing exceptional customer service and helping homeowners achieve their goals. Whether you’re looking to start a new chapter in your life or simply upgrade to a larger property, we can help make it happen. Contact us today to learn more about our services and start planning your move to a hobby farm.
Don’t believe the negative headlines – the real estate market is still strong and you can use the equity in your current home to upgrade to the home you’ve always wanted! Here’s a couple of ways that the Zac Folsom Group can help millennials like you upsize around Kalamazoo, MI:
So if you’re a homeowner in Kalamazoo, MI and considering upsizing to a larger home, you might be wondering where to start. Fortunately, the Zac Folsom Group is here to help you navigate the buying and selling process.
We believe that upsizing to a larger home should be a seamless and stress-free experience. That’s why we offer personalized service to help you every step of the way, and we’re happy to share our knowledge and insider tips to make your transition as easy as possible.
Plus, if you’re worried about finding a place to live during the buying process, we have you covered. Sellers who buy and sell with us are eligible for free temporary housing, ensuring that you’ll never be without a place to live while we help you find the perfect home.
If you’re a millennial seller in Kalamazoo, MI, you’re in luck. You’re part of the largest group of homebuyers in the market today. According to the National Association of Realtors (NAR), millennials have been the largest group of homebuyers since 2014. And with the past two years bringing about significant changes, many homeowners are reevaluating what they truly need in a home.
As millennials are becoming a larger segment of the home buying market, many are finding that their first homes, which were often starter homes, no longer meet their needs. With many millennials working remotely, the need for larger home office spaces has become increasingly important. Additionally, growing families may require more space, both inside and outside the home. Features like bigger yards and pools may have been unattainable in a first home, but can now be considered as priorities for those looking to upgrade. As a result, many millennials are making the decision to sell their starter homes and move into larger homes that offer the amenities and space they need.
So, if you’re working remotely now or simply have a growing need for additional space, it may be time to move. And even if you purchased your current home sometime over the last few years, you can still move into a different one that has the space and features you’re looking for. That’s because there’s a good chance you have more equity than you realize. As Diana Olick, Real Estate Correspondent for CNBC, notes:
The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth. . . . Even homeowners who weren’t listing their properties for sale were gaining equity. About 42% of homeowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their home.
For millennials looking to upgrade to a larger home, using the equity in their starter home can be a great way to help offset the next mortgage. With many millennial homeowners being considered “equity-rich,” meaning that their mortgages are half or less than half the value of their home, this equity can be a valuable resource in financing the purchase of a new home. By using the equity from the sale of their starter home towards the down payment on a larger home, millennials can often qualify for a more affordable mortgage, making their dream home more achievable.
Additionally, using the equity from a starter home can also be used to pay down other debts or to invest in other opportunities. With many millennials facing student loan debt or other high-interest debt, using the equity from their starter home to pay down these debts can be a smart financial move. Additionally, for those interested in investing, using the equity from their starter home to invest in stocks, mutual funds, or other assets can potentially yield a higher return on investment.
Overall, using the equity from a starter home can provide millennials with the financial flexibility they need to make their dream of a larger home a reality, while also providing additional financial opportunities to pay down debt or invest in the future.
When it comes to upgrading to a larger home, one of the biggest concerns for many millennials is the potential gap between selling their current home and finding a new one. However, there are several options available to ensure that the person moving is never without a home.
One option is a bridge loan, which provides financing for the purchase of a new home before the sale of an existing one. This allows homeowners to make a smooth transition from one home to the next without the stress of waiting for their current home to sell.
Another option is a subject-to-finding suitable housing clause, which allows homeowners to make an offer on a new home while still living in their current one. This clause stipulates that the purchase of the new home is contingent on the homeowner finding suitable housing, ensuring that they won’t be without a home during the buying process.
Additionally, some homeowners opt to purchase a second home with a mortgage before selling their current one. This allows them to move into their new home while still owning their previous one, giving them time to prepare the home for sale and ensuring that they’re never without a place to live.
The Zac Folsom Group has helped many people navigate these options and find the best solution for their unique situation. With their expertise and guidance, homeowners in Kalamazoo, MI can make a smooth transition to their dream home without the stress of uncertainty.
As a seller looking to upgrade to a larger home in Kalamazoo, MI, working with the Zac Folsom Group can make all the difference in a smooth and stress-free transition. Not only are they experts in the local real estate market, but they also offer a unique benefit to sellers who buy and sell with them: free temporary housing during the buying process.
This benefit can be a game-changer for those who want to upgrade to a larger home without the fear of being without a place to live. With free temporary housing available, sellers can take their time to find the perfect home while knowing that they’ll have a safe and comfortable place to stay during the buying process.
And, for sellers who list a home with the Zac Folsom Group in the future, there’s an added bonus: completion of a new unit for temporary housing will be available in mid-April. This new unit is designed specifically for those who are in the process of buying a new home, ensuring a seamless transition for all involved.
At the Zac Folsom Group, their commitment to personalized service and client satisfaction is evident in every step of the buying and selling process. With their expertise and dedication to helping homeowners in Kalamazoo achieve their real estate goals, they are the go-to choice for those looking to upgrade to their dream home.
10 expert curb appeal hacks to maximize the equity of your home in Kalamazoo during the spring season:
These hacks will help increase the perceived value of your property and attract potential buyers in the competitive real estate market. By following these tips, homeowners in Kalamazoo can create a welcoming and visually appealing exterior for their homes and maximize their equity.
Welcome to the spring season, where the flowers are blooming, and the grass is turning green. As we head into this time of year, many homeowners are starting to think about sprucing up their yards. After all, the first thing that people see when they visit your home is the front yard. Whether you’re selling your home or not, making sure that your curb appeal is top-notch can go a long way in making a good impression on guests, neighbors, and potential buyers.
If you’re planning on selling your home this spring, it’s important to keep in mind that you may need to put in a little extra effort to ensure that your home sells for top dollar. One way to do this is by improving your curb appeal. A well-manicured lawn, clean driveway, and fresh flowers can make a big difference in the eyes of potential buyers.
However, even if you’re not selling your home, it’s still important to make sure that your front yard looks its best. Sometimes, less is more, and a simple, clean look can be just as attractive as an elaborate landscaping design. With a few easy hacks, you can ensure that your yard looks its best, regardless of whether you’re selling your home or not.
So, whether you’re looking to impress potential buyers or just want to enjoy a beautiful yard this spring, keep reading for our top tips on achieving the best looking yard in Kalamazoo. And if you are thinking of selling it makes the most sense to make your home look better than all the homes around it – as expanded with data from realtor.com below!
In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes that are the most appealing.
So sit back relax and get ready for our top 10 favorite hacks to make your home the envy of everyone this spring. And if this post helps please share, we love to help as many people as possible.
Trimming away tree branches is an effective way to enhance the overall appearance of a home’s exterior. Overgrown branches can obscure the view of a house and create a cluttered, unkempt appearance. By removing excess branches and foliage, homeowners can create a clean and open look that showcases their home’s architecture.
Trimming trees also has practical benefits. Overhanging branches can damage roofs and gutters, especially during storms or heavy winds. By removing these branches, homeowners can prevent costly damage and avoid potentially hazardous situations. Trimming trees can also help homeowners to identify any potential issues with their roofs, such as missing or damaged shingles, that may not have been visible before.
In addition to the aesthetic and practical benefits of trimming trees, there is also a bonus benefit: more natural light. Overgrown branches can block natural light from entering a home, making it feel darker and more closed off. By removing excess branches, homeowners can allow more sunlight to filter into their homes, creating a brighter and more welcoming environment. This can also have a positive impact on energy bills, as natural light can help to reduce the need for artificial lighting during the day.
As you can see from our Instagram Post, trimming away tree branches is an important part of maintaining a home’s exterior. By enhancing the overall appearance of a home, preventing damage, and allowing more natural light to enter the home, homeowners can enjoy a variety of benefits that go beyond just aesthetics.
A well-manicured lawn is a crucial factor in making a positive impression on potential home buyers. A lush and green lawn is an indicator of a well-maintained property and can set the tone for a positive experience throughout the rest of the home tour. A healthy lawn is also an indicator of the homeowner’s attention to detail, which can add value to the home and potentially lead to a higher sale price.
Proper lawn maintenance includes regular mowing, edging, and weeding. Mowing the lawn at the right height is important to keep the grass healthy and looking its best. Cutting the grass too short can stress the lawn and leave it vulnerable to pests and disease, while letting it grow too long can make it look unkempt. Edging creates a clean and defined border between the lawn and other areas, such as walkways or flower beds. Weeding is also an important part of lawn care, as weeds can detract from the overall appearance of the lawn.
At the end of the day, a well-manicured lawn can make all the difference when it comes to selling a home. Potential buyers are more likely to be impressed by a healthy and vibrant lawn, which can set the tone for a successful sale. If you’re in need of lawn maintenance services to ensure your lawn is looking its best for a home sale, consider reaching out to a professional lawn care company like Followell Lawn Care. Their experienced team can provide expert services like mowing, edging, and weeding to help you achieve the perfect lawn for your home sale. And here’s some of their sexy lawns for reference.
If you’re looking to increase the curb appeal of your home in Kalamazoo, MI, pressure washing is a great solution. Not only does it improve the appearance of your home, but it also provides other benefits that can help maintain your property.
One of the main advantages of pressure washing is that it removes dirt, grime, and other buildup from your home’s exterior surfaces. It can also, is a great way to increase your home’s curb appeal. It can remove unsightly stains and marks from your driveway, walkways, and other surfaces, making them look new again. This will give your home a fresh and clean appearance that will impress potential buyers and neighbors alike.
If you’re concerned about the impact of pressure washing on your home’s delicate surfaces, soft washing is a great alternative. Soft washing uses low-pressure water and cleaning solutions to remove dirt and grime from your home’s exterior without damaging the surfaces.
One of the main benefits of soft washing is that it’s safe for your home’s siding, roofing, and other delicate surfaces. Unlike pressure washing, which can cause damage to some types of surfaces, soft washing is gentle and won’t harm your property.
In conclusion, pressure washing or soft washing is a safe and effective way to increase the beauty and value of your home in Kalamazoo, MI. Whether you’re looking to sell your property or simply want to enjoy a clean and healthy living environment, pressure and soft washing is an affordable and convenient solution.
When it comes to increasing property values, most homeowners focus on large renovations, such as kitchen remodels or home additions. However, sometimes the smallest changes can make the biggest impact. One such change is painting your front door.
Your front door is the focal point of your home’s exterior and often the first thing potential buyers or visitors see. It’s also a reflection of your personal style and can significantly impact your home’s curb appeal. That’s why it’s important to keep your front door looking its best, and a fresh coat of paint can do just that.
Your front door is the focal point of your home’s exterior and often the first thing potential buyers or visitors see. It’s also a reflection of your personal style and can significantly impact your home’s curb appeal. That’s why it’s important to keep your front door looking its best, and a fresh coat of paint can do just that.
But, what is the actual impact of painting your front door on property values? Research shows that a new front door can increase home values by as much as 2-5%. This may not seem like a significant increase, but it can add up to thousands of dollars, depending on the value of your home.
Not only does painting your front door increase property values, but it can also improve your home’s overall appearance. A freshly painted front door can make your home look newer, brighter, and more welcoming. It can also help your home stand out in a competitive real estate market, making it more appealing to potential buyers.
When choosing a paint color for your front door, it’s essential to consider the style of your home and the current trends in your neighborhood. Bold and bright colors are popular choices, but it’s important to choose a color that complements the rest of your home’s exterior.
Improving outdoor lighting is a great way to increase curb appeal and sell your home faster. Proper outdoor lighting not only highlights the best features of your property, but it also provides safety and security for your home and its occupants.
To improve your outdoor lighting, start by evaluating your current lighting situation. Are there any areas of your property that are too dark or poorly lit? Are there any hazards that need to be addressed? Once you’ve identified these areas, you can start to make improvements.
One easy way to improve outdoor lighting is to install pathway lights along your walkways and driveway. This not only adds a decorative touch but also makes it easier for potential buyers to navigate your property at night. You may also want to consider installing spotlights to highlight your home’s architectural features or landscaping.
Another way to improve outdoor lighting is to add motion sensor lights around your property. These lights are triggered by motion, providing an added level of security and deterring potential intruders. They also make it easier for you and your guests to see when approaching your home at night.
In conclusion, improving outdoor lighting is an effective way to increase curb appeal and sell your home faster. By enhancing the lighting around your property, you can highlight its best features, provide safety and security, and make your home more inviting to potential buyers. So, consider upgrading your outdoor lighting and watch as your home shines bright in the real estate market.
Adding window flower boxes or colorful flowers in the front of your house is an easy and affordable way to increase your home’s curb appeal. Not only do flowers add a pop of color to your property, but they also create a warm and welcoming atmosphere that can make your home more inviting to potential buyers.
Adding window flower boxes or colorful flowers in the front of your house is an easy and affordable way to increase your home’s curb appeal. Not only do flowers add a pop of color to your property, but they also create a warm and welcoming atmosphere that can make your home more inviting to potential buyers.
Window flower boxes are a popular choice because they can be easily installed on the exterior of your windows and are a great way to add character to your home. They come in a variety of sizes and styles, so you can choose the one that best complements your home’s architecture and color scheme. You can also choose the type of flowers or plants to include in the boxes, from colorful annuals to fragrant herbs.
In addition to window flower boxes, planting colorful flowers in the front of your house can also improve your home’s curb appeal. Consider planting flowers along the front walkway or in a designated flower bed. Choose flowers that bloom throughout the season, so your property always has a burst of color. You can also mix and match different colors and textures for a more visually appealing look.
Modernizing exterior hardware is an effective way to increase your home’s curb appeal in Kalamazoo, MI. Outdated or worn-out hardware, such as house numbers, door handles, and mailbox, can make your home look tired and neglected. By updating these elements with modern and stylish options, you can give your home a fresh and updated look.
When it comes to modernizing exterior hardware, there are plenty of options to choose from. For example, you can replace old door handles with sleek and modern options, such as brushed nickel or matte black. You can also update your house numbers with modern and stylish options that complement your home’s architecture and color scheme. And, if your mailbox is looking outdated, consider replacing it with a modern and eye-catching design.
Cleaning the gutters may not seem like an obvious step to improve your home’s curb appeal, but it can have a significant impact. Clogged gutters not only look unsightly, but they can also cause serious damage to your home’s foundation, roof, and siding. By cleaning your gutters regularly, you can prevent potential damage and maintain your home’s appearance.
Clean gutters also make your home look more inviting to potential buyers. Gutters that are overflowing with leaves, debris, and even pests can turn off potential buyers and give them the impression that the property is not well-maintained. In contrast, clean gutters show that you care about your home and have taken the necessary steps to keep it in good condition.
Cleaning the gutters is also an affordable and straightforward task that can be done quickly. While it’s best to leave the job to a professional, if you’re comfortable working on a ladder, you can do it yourself with the right tools and safety precautions.
Replacing, repairing, or cleaning a roof is an important step in improving the curb appeal and sales price of a property. The roof is one of the most visible parts of a home’s exterior and can greatly impact its overall appearance. A roof in disrepair or covered in moss and debris can be a major turnoff to potential buyers, while a well-maintained roof can increase the perceived value of a property.
Replacing a roof that is beyond repair can be a major investment, but it can also significantly increase the value of a property. A new roof can improve a home’s energy efficiency, protect against leaks and water damage, and provide a fresh and updated look. A new roof is also a selling point for potential buyers, as they won’t have to worry about the cost and hassle of replacing it themselves.
In addition to replacing a roof, repairing or cleaning a roof can also improve a property’s curb appeal and sales price. Repairs such as fixing broken or missing shingles, repairing flashing, and sealing leaks can make a roof look like new again. Cleaning a roof of moss, algae, and debris can also make a big difference in the overall appearance of a home. These repairs and cleaning can help prevent further damage to the roof and ensure that potential buyers are impressed with the property’s exterior.
Using modern patio furniture can have a significant impact on the exterior real estate pictures of a property. The furniture you choose for your outdoor living space can make a big difference in how potential buyers perceive your property. Modern and stylish patio furniture can make your outdoor space look more inviting and comfortable, which can translate into higher perceived value and more interest from potential buyers.
In addition to improving the look of your outdoor space, modern patio furniture can also help you create a cohesive and polished look throughout the property. By choosing furniture that complements the architecture and color scheme of your home, you can create a unified and attractive look that will impress potential buyers.
Furthermore, modern patio furniture can also make your outdoor living space appear larger and more functional. By selecting furniture that is scaled appropriately for the space, you can create the illusion of more space and make it easier for potential buyers to visualize themselves enjoying the outdoor area. This can ultimately help you sell your property faster and for a higher price.
Modern patio furniture is a simple but effective way to make your exterior real estate pictures look better and increase the perceived value of your property. By selecting furniture that is stylish, functional, and complementary to your home’s architecture and color scheme, you can create an inviting and attractive outdoor living space that will impress potential buyers and help you sell your home faster.
If you’re interested in Kalamazoo real estate in Michigan, you’re likely curious about the latest home price changes. As we head into spring, it can be challenging to understand all the conflicting headlines and data. However, it’s crucial to stay informed. So, here’s what you need to know about today’s home prices.
While local price trends in Kalamazoo may differ, analyzing national data can provide valuable insights. Nataliya Polkovnichenko, Ph.D., a Supervisory Economist at the Federal Housing Finance Agency (FHFA), emphasizes that understanding current home prices is critical.
U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022. While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.
Month-over-month home price changes can be seen in the chart below. The data also shows that price depreciation peaked around August. Since then, any depreciation has been even milder. And in our research the homes in Kalamazoo have even out performed the entire US market. In other words, today’s home prices in Kalamazoo, MI aren’t in a freefall.
If you currently own a home in Kalamazoo, MI, you may be concerned about any decline in home prices, even a small one. However, it’s essential to keep in mind that Kalamazoo home prices have risen over 30% since 2020 and have seen little to no fall, with some multiple offer situations returning. This remarkable growth in the Kalamazoo real estate market over the past few years far outweighs any potential declines.
So, if you’re looking to buy or sell a home in Kalamazoo, it’s crucial to work with experienced real estate professionals like the Zac Folsom Group, who have the knowledge and expertise to help you navigate the market successfully. Even the Chief Economist at CoreLogic, Selma Hepp talks about the decline lightly on a national scale:
. . . while prices continued to fall from November, the rate of decline was lower than that seen in the summer and still adds up to only a 3% cumulative drop in prices since last spring’s peak.
As we enter the spring season, the housing market is expected to see some familiar trends from last year, albeit to a lesser degree. While the housing market experienced a significant surge in activity during the spring of 2021, fueled by historically low mortgage rates, remote work, and a desire for more space, this year, the market is expected to see a more gradual increase in activity.
While mortgage rates remain historically low, they have increased slightly from their record lows, and inventory remains tight, leading to increased competition and higher home prices. It is expected that the spring housing market will bring back some remnants of last year’s market but to a lesser extent.
The Kalamazoo housing market has stabilized, and experts are not expecting it to plummet, despite the impact of the pandemic. Low inventory levels are preventing this from turning into another housing crisis, and experts have analyzed that the majority of low prices occurred in November and December. As a result, there is an anticipation of rising prices. Currently, the spring housing market provides a unique opportunity for buyers and sellers to capitalize on market conditions.
If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.
Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.
From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):
When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.
Additionally, if you’ve been in your home for more than a few years, you’ve likely built up significant equity that can fuel your next move. That’s because the longer you’ve been in your home, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by over 50%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.
Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances.
Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.
Depending on how dire the financial situation is for retirement, there are many reasons to put your home up for sale. Often, the sales process starts by listing your house. Then, you have several options, such as downsizing, moving in with family, purchasing a smaller house, moving to a lower cost of living area, or going as a renter. Whenever you decide to sell your home, your potential benefits include:
Many people are compelled to further their career with insufficient savings on account of their investments. If you own a home outright or have substantial equity in it, selling might generate the funds your retirement accounts require.
If you sell your home, you will have to extinguish the remaining debt on your debt to the institution. Even though this will eat so faral income from the deal, you will be in a much better long-term financial situation.
Retirement-aged homeowners are anxious about selling their homes because they do not understand the tax consequences of their actions. Luckily, there are a number of favorable tax laws that protect their tax obligation that typically limit the amount that is owed.
There are some rules in place for who can and cannot take this exemption from sales tax. In general, you’ll need to have lived in your home for two years before the date you’re selling it. You can only take this exemption once every two years.
Some retirees get worried they’re likely to consider not being able to cover crisis expenses. As a result, it may involve repairing a roof, replacing a broken water heater, or handling a mold infestation. It’s challenging to plan for these expenditures, and there are some people who might not be able to pay for it whatsoever with scarce retirement income.
Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore your opportunities in our local market.
At first glance, the increase in housing supply compared to last year may not sound like good news for prospective sellers, but it actually gives you two key opportunities in today’s housing market.
An article from Calculated Risk helps put the inventory gains the market has seen in 2022 into perspective by comparing it to recent years (see graph below). It shows supply has surpassed 2021 levels by 58%. But the further back you look, the more you’ll understand the bigger picture. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 35% below the housing supply we had at that time.
If your current house no longer meets your needs or lacks the space and features you want, this inventory growth gives you even more opportunity to sell and move into the home of your dreams. With more houses on the market, you’ll have more to choose from when you search for your next home.
Partnering with a local real estate professional can help you make sure you’re up to date on the homes available in your area. And when you do find the one, a professional can advise you on how to write a winning offer.
But again, despite the growth, inventory is still low compared to more normal years, and that isn’t going to change overnight. For you, that means your house should still be in demand among potential buyers if you price it right.
As an article from realtor.com says:
“Today’s shoppers generally have more homes to consider than last year’s shoppers did, but the market is still not back to pre-pandemic inventory levels.”
Some scenarios make these cash sales more common, including:
Cash offers can come up at any opportunity during a transaction. You should remember that cash offers might be affected based on different elements, such as varying prices and marketing cost. For instance, a more costly home is more likely to have cash offers, while homes under the given price range are suited to a home loan.
Among the most typical scenarios that can possibly be good for a cash transaction is:
Homes facing foreclosure: Individuals that are confronted with the possibility of losing their house are faced with a tough decision they’ll have to make. A cash offer can help make it simpler to minimize credit problems and avoid an eviction.
Homeowners with life changes: Some people experience significant life changes, such as landing a new job, getting divorced, getting married, or experiencing a death in the family, necessitating a quick move. A cash sale enables them to quickly sell their home without having to stress over it.
Homes needing renovations or repairs: Repair and remodeling costs are expensive, especially for structural damage or bad plumbing and electricity. Many buyers who finance through a mortgage will not buy a home that needs costly repairs. Selling for hard cash allows you to get rid of a house that will require repair, so you can sell it quickly in cash and perform the transaction with minimal stress.
If you’re a homeowner looking to sell, you have more homes to choose from and can still sell your house while inventory is low overall. Let’s connect to get started, so you can have the best of both worlds.
If you’re thinking about selling your house, you’re likely hearing about the cooling housing market and wondering what that means for you. While it’s not the peak intensity we saw during the pandemic, we’re still in a sellers’ market. That means you haven’t missed your window. Realtor.com explains:
“. . . while prospective home sellers may lament that they missed their prime window, in reality, this is still a terrific time to sell. In fact, according to a recent Realtor.com® home seller survey, 95% of sellers who sold their home in the past year got more than they paid for it.
Nonetheless, some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”
The key to success today is being realistic and working with a trusted real estate advisor who can help you set your expectations based on where the market is now, not where it was over the past few years.
Here are a few things experts say today’s sellers need to consider.
At the peak of the pandemic frenzy, sellers held all the leverage because inventory was at record lows and buyers were willing to enter bidding wars over homes that were available. This year, the supply of homes for sale has increased as the market cooled. Even though inventory is still low overall, buyers today have more options, and with that comes more negotiation power.
As a seller, that means you may see more buyers getting an inspection, requesting repairs, or asking for help with closing costs today. You need to be prepared to have those conversations. As Ali Wolf, Chief Economist at Zonda, says:
“Today’s market is different than it was just six months ago. . . Sellers that want the contract to move forward should be willing to work with the buyer. . . Consider helping with the closing costs or addressing many of the items on the home inspection list.”
It’s not just that the number of homes for sale has grown this year. Buyer demand has also pulled back in light of higher mortgage rates. As a result, pricing your house appropriately so you can catch the eyes of serious buyers is important. Greg McBride, Chief Financial Analyst at Bankrate, explains:
“Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”
You don’t want to overreach with your price and deter buyers. At the same time, you don’t want to undervalue your home and leave money on the table. This is another area where an agent’s expertise comes in handy.
Buyers have more options and are more particular about their investment since it costs more to buy a home given today’s mortgage rates. As a result, you need to make sure your house shows well. As an article from realtor.com says:
“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”
This could include everything from staging the home, to making small cosmetic updates, tackling repairs, or undergoing renovations. A trusted real estate professional will help you assess what may be worthwhile to do compared to other recently sold homes in your area.
The sale of your property in the Kalamazoo region can be a fast process. It does not even have to take as long as people anticipate. Examine the different ways it is possible to sell your property that could save you time and money.
Sell Your House As-Is
People may spend money upgrading a home in order to sell it at a higher cost. A Kalamazoo home that is sold as-is preserves the choice for the new owner to renovate the home as they see fit.
Organize Your Belongings Beforehand
Many people aren’t thrilled about the moving process. Instead of being overwhelmed by it, formulate a plan for moving day so you can feel prepared. Clear clutter and remove unused things that often pile up, such as clothing, toys, and magazines. Move away things that are not needed so you can just gather and depart once your house sells.
To sum it all up, your house should still sell today and move quickly if you’re realistic about today’s market. As a press release from Zillow puts it:
“. . . sellers need to do things right to attract the attention of these buyers — pricing their home competitively and making their listing attractive to online home shoppers.”
For expert advice on how to quickly sell your house in a shifting market, let’s connect.
Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. Here are some of the ways a trusted real estate professional can explain the shift that’s happening today and why it’s still a sellers’ market even during the cooldown. That isn’t to say that
While the supply of homes available for sale has increased this year compared to last, we’re still nowhere near what’s considered a balanced market. A recent article from Calculated Risk helps put this year’s increased inventory into context (see graph below):
It shows supply this year has surpassed 2021 levels by over 30%. But the further back you look, the more you’ll understand the big picture. Compared to 2020, we’re just barely above the level of inventory we saw then. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 40% below the housing supply we had at that time.
Why does this matter to you? When inventory is low, there is still demand for your house because there just aren’t enough homes available for sale.
And while homes aren’t selling as quickly as they did a few months ago, the average number of days on the market is still well below pre-pandemic norms – in large part because inventory is so low. The graph below uses data from the Realtors’ Confidence Index by the National Association of Realtors (NAR) to illustrate this trend:
As the graph shows, the pre-pandemic numbers (shown in blue) are higher than the numbers we saw during the pandemic (shown in green). That’s because the average days on the market started to decrease as homes sold at record pace during the pandemic. Most recently, due to the cooldown in the housing market, the average days on the market have started to tick back up slightly (shown in orange) but are still far below the pre-pandemic norm.
What does this mean for you? While it may not be as fast as it was a couple of months ago, homes are still selling much faster than they did in more normal, pre-pandemic years. And if you price it right, your home could still go under contract quickly.
Buyer demand has softened this year in response to rising mortgage rates. But again, perspective is key. Getting 3-5 offers like sellers did during the pandemic isn’t the norm. The graph below uses data from NAR going back to 2018 to help tell the story of this shift over time (see graph below):
Prior to the pandemic, it was typical for homes sold to see roughly 2-2.5 offers (shown in blue). As the market heated up during the pandemic, the average number of offers skyrocketed as record-low mortgage rates drove up demand (shown in green). But most recently, the number of offers on homes sold today (shown in orange) has started to return to pre-pandemic levels as the market cools from the frenzy.
What’s the takeaway for you? Buyer demand has moderated from the pandemic peak, but it hasn’t disappeared. The buyers are still out there, and if you price your house at current market value, you’ll still be able sell your house today.
It may be tricky to prepare your home for listing, but it does not need to be stressful. Figure out what would work best for your home to be prepared to look its best for selling.
1. Pricing Your Kalamazoo Home Competitively
Most of the time, selling a home is a one-time event for a homeowner. There are many factors that have to be considered when attempting to figure out the price of your Kalamazoo-area home. We provide assistance for sellers on a daily basis, and we have experience pricing homes so they sell.
2. Walking You Through the Home Closing Process
Reducing home closing stress can be hard. There’s a lot involved with closing a house, and you’ll need to deal with a realtor, too, in order to smooth over any last-second details. We are here to make the closing process as stress-free and as streamlined as possible.
If you have questions about selling your house in today’s housing market, let’s connect.
If you’re a homeowner, odds are your equity loan has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. Home equity loan builds over time and can help you achieve certain goals. According to the latest Equity Insights Report from CoreLogic, the average borrower with a home loan has almost $300,000 in equity right now.
As you weigh your options, especially in the face of inflation and talk of a recession, it’s important to understand your assets and how you can leverage them. A real estate professional is the best resource to help you understand how much home equity you have and advise you on some of the ways you can use it. Here are a few examples.
If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something smaller. No matter the situation, consider using your equity to power a move into a home that fits your changing lifestyle.
If you want to upgrade your house, you can put your equity loan toward a down payment on the home of your dreams. And if you’re planning to downsize, you may be surprised that your equity may cover some, if not all, of the cost of your next home. A real estate advisor can help you figure out how much equity you have and how you can use it toward the purchase of your next home.
According to a recent survey from Point, 39% of homeowners would invest in home improvement projects if they chose to access their equity. This is a great option if you want to change some things about your living space but you aren’t ready to make a move just yet.
Home improvement projects allow you to customize your home to suit your needs and sense of style. Just remember to think ahead with any updates you make, as some renovations add more value to your home and are more likely to appeal to future buyers than others. For example, a report from the National Association of Realtors (NAR) shows refinishing or replacing wood flooring has a high cost recovery. Lean on a local professional for the best advice on which projects to invest in to get the greatest return on your investment when you sell.
In addition to making a move or updating your house, home equity loans can also help you achieve the life goals you’ve dreamed of. That could mean investing in a new business venture, retiring or downsizing, or funding an education. While you shouldn’t use your equity for unnecessary spending, leveraging it to start a business or putting it toward education costs can help you achieve other lifelong goals.
Home equity loan interest may be tax deductible in case you re taking out a loan to finance home improvements.
Your equity can be a game changer. If you’re unsure how much equity you have in your home, let’s connect so you can start planning your next move.
