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!
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.
Smoke detectors can be incredibly loud and awful to hear, although the truth is that smoke detectors save lives. Remember to always check and replace the batteries so that your smoke detectors will be ready to do their job if something goes wrong. Here are a few things that you should know about smoke detectors:
Remodeling your kitchen always sounds like a great idea, however it can become quite the hassle. A brand new, shiny kitchen is always amazing and will provide you the amount of space you need rather than keeping you trying to force your current kitchen space to work. There's a lot to think about when you are getting ready to rip out one of the most important and complicated rooms in your home. Leaving a big area of your home unable to use for a good amount of time like this can be very inconvenient. Although the biggest factor to consider before beginning this remodel is how much it is going to cost. Once you figure out an estimate of just how much it will cost, then you need to think about the future and if this remodel will reap a good return in a few years if you were to sell your home.
Estimating the price of a kitchen remodel can be very messy and frustrating because there are so many factors to consider. Since there are so many factors, your best bet in order to get an accurate estimate would be to get a quote from an experienced contractor. If a remodel is just an idea you are considering it may be helpful to know that the national average cost for this project is about $22,768. However, this price actually can range anywhere between $12,554 and $34,104 depending on the size of your kitchen and the extent of the remodel.
Your largest portion of your budget will go towards cabinets and hardware. In total this will make up about 30% of your total budget. Keep in mind that you can save money by repairing and repainting your old cabinets if they are still in good condition. Another great way to save money on this project is looking for great deals on appliances.
Will this remodel reap a good return? In most remodeling cases you will not get the entire amount you spent back. Instead of focusing on getting all your money back, focus on getting the best return that you can. There are many remodels you can do that will increase the value of your home once it is sold later on down the road.
In most residential settings the most commonly used light bulbs are CFLs and LEDs. LED lights are not only about 80% more efficient than the traditional fluorescent or incandescent lights, but are also currently the most cost efficient as well. The piece within the bulb that actually creates the light in an LED is surprisingly only the size of a fleck of pepper and through the use of a mix of blue, red, and green LEDs the bulb manufacturing companies are able to create the white light that we see.
These LED light bulbs release such a small amount of heat that they are often cool to the touch, even after hours of use. While incandescent and fluorescent bulbs release over 80% of their energy as heat. When you compare the two the LED bulbs are using almost 75% less electricity and will last up to 25 times longer! If everyone were to start using these bulbs there would be a huge drop in the amount of energy used within the community from day to day.
Here are a few calculations that were done in order to show that those who purchase and use the LED lights will not only be using less energy but will also be saving money. When compared to a traditional 60 watt bulb, the 12 watt LED bulb outshines them all. Since these bulbs use about 75% less energy it would only cost $1.00 to use each for two hours every day for a year. The bulb life is approximately 25,000 hours, compared to roughly 1,000 hours for the traditional bulb. So if the energy costs were to remain stable over the next 13.7 years and you were running 50 bulbs in your house for 5 hours a day it would cost you about $125 per year for 13.7 years. However if you were to use the traditional incandescent light bulbs over this same amount of time it would cost $600 each year not including the costs of replacing the bulbs every 6.57 months.
Once you are in the process of buying a home and your closing is coming up quick you may begin to realize that the furniture you currently have might not be anywhere near enough furniture for this new space. It's very common that home buyers will go out right away and start buying furniture prior to the closing. Of course you're excited to close! However, it is extremely important not to begin buying furniture until after closing because you can have your loan approval revoked. Making these large purchases effects your debt to income ratio, as well as your credit score, and your cash reserves. All of which are determining factors in determining your loan value. Once you've closed and your loan has closed as well you now have the green light to go out and purchase that new furniture! However, before you do here are a few tricks to help you stick with your home furnishing budget.