The Michigan real estate market is no exception, 2018 is projected to be a strong year in real estate. Here are some pros and cons of buying and selling your home in the Michigan real estate market in 2018.
Mortgage Rates are on the Rise
Although rates are projected to increase in 2018, they are only projected to slightly rise. This means now more than ever is a great time to buy as they will only continue to rise over the next year or so, and you can still get a great rate!
Rent Prices Increase
Millennials are reaching the point in their life where they are having to make the decision of continuing to rent or becoming a homeowner. As rent prices rise it is becoming increasingly affordable to take on a mortgage. Many renters are finding they are able to take on a mortgage for the same, or at times, a cheaper monthly payment!
Low Inventory on the Market
Low housing inventory will continue into the new year, which will make it a great time for sellers. This trend will result in homes to selling quicker at a higher price. It's more important than ever for buyers to have a real estate agent working for them. Having an agent will get you the quickest access to homes once they're on the market.
Housing Prices on the Rise
As the demand for houses remains higher than the supply, many home prices will rise. Housing will become less affordable which will hurt Millennials and those that are renting the most. It's always best to work with a trusted real estate agent to best determine the listing price for your home. An experienced real estate agent has the knowledge and experience in your market and will be able to guide you to reach top dollar for your home.
The market for 2018 is really at a stage that can work well for both sellers and buyers. Since rent prices are on the rise and mortgage rates are slowly increasing as well, now is a great time for renters to become homeowners! with motivated buyers on the market and low inventory now is a great opportunity for sellers to get multiple offers on their home. If you are looking to buy, the first step is to consult an experienced real estate agent and get pre-approved for a mortgage. Sellers will want to consult with a real estate agent for expert advice on their home value and the current market!
There are many different things that you can do to prepare your home for being placed on today's growing market. Decluttering is one of the most inexpensive and easy ways to catch the eye of potential buyers. Another advantage to decluttering is that it can help prepare you to move and even help get rid of some of the items you really don’t need anymore anyway. This can be a large project but make sure that you always start by making a plan. Making your home appear as large and functional as possible within the provided space should be your main goal when decluttering. Removing the clutter from around the house will create the more open feel that most buyers are searching for. Here are a few tips to help you stay focused:
Start by considering what your potential buyers are going to see first when they walk into your home. Of course they will first notice the outdoor aspects of your home such as the yard, driveway, and even the front door. These areas should be well maintained so that it encourages people to come inside rather than drive away. Starting this cleaning process around the exterior of your home so that you don't waste money on the interior for potential buyers to be turned off by what they see outside.
Focus on One Room at a Time It is important that for each room you make a list of what you plan to do. Lists can be made on paper or you could even download an app on your phone to help you plan for big projects like this. Break the large task into the smallest chunks possible to make it easier to accomplish. The more you check off, the better you’ll feel and the more momentum you’re going to build to keep going.
Furniture Having a living room full of furniture can be great for when the family gets together, however it can be a turn off to buyers when they enter the house because they aren't seeing a different way the space in the room could be used due to the crowding of furniture. Get as much of the furniture out of the way and leave the pieces that are the nicest or the newest for the very best first impression.
Counter Space Counter tops can very easily turn into storage space when you own a home. However, before putting your house on the market try to tidy up those counter tops because potential buyers will see this and will assume that there isn't enough storage provided. No potential buyer will be looking for a house without the proper amount of storage, the search for the right amount of storage could be the reason they're moving in the first place.
Garage and Storage Spaces These are great places to store things that you aren't quite ready to get rid of but don't know where to put it. Your potential buyers are going to be trying to picture their own belongings in that space. Installing shelves or racks can help to give an appearance of organization within the room.
After you have completed the decluttering process you will need to sort through everything you've removed from your home and decide what to do with it. Items can be resold, put into a storage unit, recycled, or even donated. We hope that these tips will help you through the process of decluttering your home and preparing it for the market.
When buying a new home there are always a few things that you would rather upgrade than keep. Flooring is typically one of those things you can live with but an upgrade would pull that room together. Whether it is your kitchen hardwood or your bedroom carpet it is typically an easy fix, especially if you have the flooring replaced before you start moving in. Although getting that new floor installed is rather easy, it is picking out the new material that can be tough.
Whether you have owned your home for a while or you are buying a new house, deciding what material to use can be pretty stressful. There are so many options available and within those an even larger variety of materials, colors, and designs.
Carpet This is the typical go to for living areas and bedrooms, wall-to-wall carpet has been a popular flooring choice for a over a century. When choosing your next carpet look for the best mid-grade carpet you can afford. Make sure to get the right carpet pad as well, this will insure that you get the longest life possible out of them both. A few of the most popular places for carpet in your home are bedrooms, offices, and living rooms.
Tile Today’s tile comes in a huge variety of colors, shapes, and sizes, but it all has one thing in common: it’s nearly indestructible when installed properly. The two different categories of tile are wall tile and floor tile. When choosing a tile make sure that you have kept in mind how uneven your floor is. Typically smaller tiles are more forgiving of uneven floors. When a tile doesn’t make full contact with the mortar bed, it will come loose, then others will follow. A few popular spaces for tile in your home are high traffic areas such as kitchens, bathrooms, dining rooms, mudrooms and laundry rooms.
Wood Wood floors are timeless and sturdy and come in both solid wood and engineered formats. Solid wood floors give you a floor that’s completely seamless. Many people choose prefinished wood floors to make installation easier, but unfinished wood floors are still available. Engineered wood floors are made from layers of wood and plywood. Although they have the look of finished solid wood floors they are overall not as durable. Some of the most common places for wood flooring throughout the house are entryways, kitchens, living rooms, and dining rooms.
Laminate Laminate flooring is a very durable, flexible and affordable hard surface for all sorts of homes and situations. Being very similar to engineered wood flooring, laminate flooring consists of several layers of materials. Unlike a wood floor, laminate floors are installed without glue or nails, which is why some people still refer to them as “floating floors.” Because the material is designed as tongue and groove boards, everything fits tightly as your jigsaw puzzle of a floor is constructed. When it’s done, all that’s required to hold it in place is properly installed trim. Laminate flooring is common in many places throughout your home especially kitchens and bathrooms.
All homes have their quirks that require some special care and consideration, but when it comes to homes with basements, it’s a whole different ball game. Your basement is more than just a cement-lined hole in the ground, it’s a big part of your home. Although the basement, unlike many other rooms in a house, can develop problems with water, either coming in from outside or coming down from the floor above. Water in a basement can result in higher humidity levels, musty odors and the growth of mold.
Your basement isn't meant to be holding water, so if you start to see a problem its time to find the source so you can fix it for good. Even a little bit of water seeping into your basement on the regular is cause for concern. Besides the mold and foul smells mentioned above, that water helps encourage pests that live in moist environments. Don’t encourage the mold and bugs. Instead, try these easy ways to keep water out of your basement:
From year to year you can expect some erosion because the water has been flowing around your home's foundation. If you find that there is only a little bit of erosion it is usually not a big deal, but as time goes on make sure that you are monitoring it because as time goes on it is possible that it will get worse. Eventually, you may even end up with a negative grade, essentially a grade in your yard that diverts water to your house rather than away from it.
Water that spills over the sides of your gutters is water that can go anywhere it pleases. That’s why clean gutters are so important to keeping water out of your basement. Try to clean out your gutters at least twice a year, especially during the months after the leaves have fallen. If you are having trouble seeing if there are any leaks or problems, water from the garden hose can help you figure out where problems exist. Other add-ons like splash blocks and downspout extensions further redirect water once it’s on the ground.
It may be unpleasant to consider, but if that water isn’t coming from outside, then it has to be coming from inside. Leaky toilets and shower drains are always suspect, but any part of the plumbing system could have a small persistent leak. If you can find it, you can fix it and stop any potential damage that could be happening overhead, too.
When your run your air conditioner, room air is pulled into your furnace or air handler, run across something called an a-coil (due to its shape) and pushed back out much colder than when it started. In the brief moments that the room air is above the a-coil, it drops a significant amount of water into a pan below as it rapidly changes temperature. From there, the water goes away through a condensation line. This is what happens in a perfect world. However if you don't maintain your condensation line it can get plugged up causing the pan in the furnace to overflow onto the floor.
These tips should help solve your basement water problem, but if it continues to reoccur, waterproofing or installing a sump pump may be warranted. Generally, if your water issue is more than a small puddle, it’s better to just to go ahead and call in a professional rather than to continue to beat your head against the problem.