We Wish You a Merry Christmas

I’m here to wish you all a merry Christmas. I hope your holiday season is wonderful.

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (616) 447-7025 for a FREE home buying or selling consultation

I just wanted to quickly reach out to you today with some holiday greetings. My video crew has digitally placed a Santa hat on my head just for the occasion.

“

We are grateful for your support.

”

So let me wish you a very merry Christmas, to you and your entire family. We are grateful for your support, whether it be in the past, present, or future.

If you have any questions for us, we’re always here to answer them. All you’ve got to do is give us a call or send us an email. We look forward to hearing from you.

Where Is the Grand Rapids Market Headed?

Today I have a quick market update for Grand Rapids. The market is doing some interesting things when you compare it to last year's market.

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (616) 447-7025 for a FREE home buying or selling consultation

I wanted to drop by with a quick Grand Rapids market update to give you an understanding of how this market relates to last year's market and what we could see moving forward.

Currently, we've got a little more than 2,000 homes for sale, which is actually down from last year at this time when we had 3,327 homes for sale. Year to date, we've sold almost exactly as many homes this year as last year. We front-loaded a lot of sales in the spring, however, when the market was crazy and inventory dropped to nearly 1,500 homes available. 

In four of the last five months, our sales have been down compared to last year. I'm not sure if this is an indicator of anything, but going into the winter, we have fewer homes for sale than last year. As a seller, this means it could be a really good time to get into the marketplace. As a buyer, that stretch between Thanksgiving and Christmas is the best time to potentially buy a home as well. Sellers are serious and you'll have less competition, leaving you the opportunity to get a great deal.

“

Don't hesitate as a buyer or seller at this time!

”

Don't be hesitant as either a buyer or seller at this point! If you'd like any more details about what's going on in your area or you're thinking of buying or selling a home, give me a call or send me an email today. I'd be happy to help!

Is It Time for a Price Reduction on Your Home?

If your property is currently on the market, how do you know if you need a price adjustment?

There are obviously a lot of variables involved in attracting buyers to a property. The three things buyers consider when looking at a home are condition, price and location. You obviously can’t change location, but you do have control over price and condition.

“

Price is just one variable buyers look at.

”

If you’ve been on the market long enough, listen to what your Realtor is telling you about the feedback received from all the showings because the market will respond accordingly. If you’ve been on the market for a long time with a number of showings and no offers, you’re basically getting rejected by the market.

You and your Realtor need to evaluate the market rejection along with those other variables to see if it’s time to drop the price, or decide if the price is really the issue. There may be other objections to the property, like a water tower in the backyard or proximity to an expressway. You can position the home at a level that will overcome all buyer objections if you’re willing to come down below what you might think is a fair value.

If you have questions about pricing, or you’re thinking about buying or selling a Grand Rapids home, give me a call or send me an email. I’d love to work with you.

The Brexit Effect on the Grand Rapids Market

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (616) 447-7025 for a FREE home buying or selling consultation

With Britain voting to leave the European Union, it has left the financial world in some uncertainty and turmoil. Has it had an effect on the Grand Rapids market?

Because of this, most institutions are dropping their mortgage rates, and that’s going to continue until at least December, according to the economists that I’ve read about. Because of the lower interest rates, there is going to be a refinance boom, so lenders’ pipelines are going to be quite full of people trying to take advantage of the moment.

“

Homeowners are also taking advantage by refinancing.

”

When it comes to our market in Grand Rapids, the effect we’re seeing is that buyer demand is staying high because access to money is good with incredibly low interest rates. Because of that, supply and demand will still push in the seller’s favor, even though our local market has kind of gone on vacation, so to speak.

As long as you’re in the price range of $150,000 and under, you’re going to be in really good shape. Because of vacation, some of the higher price ranges may struggle a bit.

Thanks for stopping by the blog today. If you have any questions about our market, feel free to give me a call or send me an email soon.

What Is the State Real Estate Transfer Tax Refund?

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (616) 447-7025 for a FREE home buying or selling consultation

Today, I’ll talk about the State Real Estate Transfer Tax Refund. If you haven’t heard about this new legislation, this information is invaluable to you.

Last July, the Michigan Supreme Court passed a bill that affects anyone that has sold their home within the last four years. It provides Michigan homeowners the right to claim an exemption of $7.50 for every $1,000 in value that was sold. 

You’re entitled to this benefit if you sold your home anytime after June 24th, 2011 with the SEV value lower in the year of sale than the year of purchase. For example, if you bought a home with an SEV value of $60,000, but sold it for an SVE value of $50,000, you’re qualified for this new refund to meet the difference. Additionally, the property must be claimed as the seller’s principal residence.

With this refund, you’d qualify for funds previously collected by the title company at closing. It must be an arm's-length transaction, not a family member or a friend; it needs to be a typical, traditional transaction.

Click here for a SRETT refund application form. There are only a few boxes to fill out, so it’s relatively painless paperwork. This is serious money that shouldn’t be ignored! If you have any questions about this refund, don’t hesitate to contact my office by phone or email. I’m happy to answer any questions you might have!

What Does the Grand Rapids Market Look Like?

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (616) 447-7025 for a FREE home buying or selling consultation

Today, I wanted to fill you all in on a quick market update. I want to make sure you know about the latest market data and trends going on in the Grand Rapids housing market.

According to numbers we compiled, we have approximately 1.62 months of inventory as of this past March. This means the market favors sellers. It’s an opportune time to list if you’ve been on the fence about it.

However, that’s the market overall, and I have more specific numbers broken down into particular neighborhoods. I can let you know what it looks like exactly for you, whether you’re buying or selling. Additionally, I can let you know how much power you have as a consumer in a specific neighborhood within the Grand Rapids region.

If you’re considering buying or selling a home in the surrounding area, please reach out by phone or email! I’d be happy to answer any questions you might have.

Everything Buyers Need to Know About Closing Costs in Grand Rapids

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (616) 447-7025 for a FREE home buying or selling consultation

First-time home buyers often ask us about closing costs. What are they and how much do you have to pay? 

Closing costs are all the acquisition costs associated with securing your mortgage. They are outside of your down payment, so you’re going to need your minimum down payment required AND your closing costs in order to acquire the mortgage. 

Closing costs are generally about 3% of the total purchase price, depending on the type of mortgage. At the beginning of the process, you will get a disclosure from your lender giving you an example of what the costs might be. The Closing Disclosure will have it calculated for you so you know exactly what you need to bring to the closing table. 

The next question we usually get regards who pays for the closing costs. As a buyer, it’s your responsibility to pay them; however, we can ask the seller to give us some assistance in the negotiations toward paying some of your closing costs. If this is the case, make sure to let your agent know that you need assistance with closing costs so you can write it into the offer! 

If you have any questions about closing costs or any other real estate topic, please don’t hesitate to reach out to us. We would love to help you with all your real estate needs! 

The Costs Involved in Selling a Grand Rapids Property

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (616) 447-7025 for a FREE home buying or selling consultation

I often get asked, “What are the costs involved in selling a property?” It’s not a very large list, but you do have some costs involved in selling a home. 

1. The brokerage fee. This goes to the agents involved in marketing and selling the property. 

2. Transfer tax and revenue stamps to the state of Michigan. This is basically a sales tax for selling the property in Michigan. 

3. Required title insurance. You will need an owner’s policy. 

4. Transaction fees. These include things like closing fees. If you have a well and septic, you will be responsible for those fees as well. 

Other things you may need to pay for include an optional home warranty or assisting the buyer with closing costs. There may be other costs specific to your transaction that get negotiated by your agent. 

If you have any questions, give me a call or send me an email. I would be happy to help you!