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!
If your homes curb appeal makes a great first impression, everyone -- including potential home buyers -- will want to take a look at what's inside. The good news is that there are many lost cost options to increase your homes curb appeal. When addressing where to start in the curb appeal process it can be helpful to find a new set of eyes to determine what needs to be fixed based on the budget you have created. First impressions can make or break your chance to sell your home profitably.
Clutter: Start this process by putting yourself in a buyer's position, remember that there are many things a buyer would notice about your house that you might not notice anymore. As you stand in your front yard look at the outside of your home to see if there is any excess clutter laying around. If your home is cluttered on the outside not only will this make buyers assume what the inside of your house look like, but it will also create an image in their head that since you don't have enough room for your belongings inside there won't be enough room for theirs in this house either.
Dress up front entry way: When potential buyers are looking at your home the front door and entry way is a major focal point. Good news is that there are a lot of easy ways to spruce up your entry way. Start by taking care of any sticky cobwebs, rusted hardware, and peeling paint.
Dress things up with a fresh coat of bold paint, a brightly colored door will turn heads and create the "wow" factor. When picking a color choose one that is in harmony with your exterior, landscaping, and neighborhood feel. In the end what's important is that the front door looks clean and attractive to potential buyers.
Greeting your buyers with a clean and neutral doormat will show buyers a clean start to seeing your home.
Replace your old hardware! If you already put a fresh coat of paint on your front door, a new door knob and knocker will add to the fresh new look.
Adding a new light fixture is a popular way to brighten up your front door curb appeal. Look for products with great reviews and ones that will economically meet your style.
Place brightly colored flowers in decorative planters to add a dramatic pop of color to your outdoor entry area. Display your flowers proudly in decorative planters rather then the plastic containers they come in.
There are also many other ways to spruce up the exterior of your home, here are just a few to get you started:
Adding a fresh coat of paint to shutters to create a warm layer of beauty to your homes curb appeal as well.
Clean out the gutters, or if needed replace the older gutter system with a newer system. Odds are that if your gutters are in need of being replaced that they are also suffering from peeling paint, rust spots, and other problems that convey a sense of neglect.
Trim down your shrubs to allow buyers to see the full front of the house and windows. This will allow for a much cleaner look.
Pressure wash to remove dirt, grime, and mold from driveways, walkways, patios, and decks so they look like new. You can also use the pressure washer to clean your roof to remove and stains from trees or algae.
Clean the windows, this may not seem like a big deal to potential buyers however you'd be surprised with the amount of light that is let in by a dingy window compared to a crystal clear one.