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!
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.
Are you ready? Natural disasters can include anything from floods to hurricanes. Although we always assume nothing like that would ever happen where we live, there is always a possibility that it can. Waiting until the last minute to try and get ready for a natural disaster is a very risky game. When you prepare before the disaster it will be a lot easier, since you won't be rushing around the stores as all your neighbors do the same. Instead of waiting until the last minute here are 7 steps to help keep you prepared for the next emergency situation.
The time will eventually come when your realtor will call you asking who you plan to use for your home inspection. If you don't know the answer, that's okay, we have tips that can help make this process easier for you! If you don't already have a relationship with an inspector your realtor will typically recommend a few to you. Their recommendations will usually be people that they typically use and trust, as well as people who are easy to work with! Within the time period given to you to complete the inspection you will need to find the inspector that is best for you. Not every inspector can be an expert in every type of construction or neighborhood! Here are a few helpful tips for you while you look for someone that best fits your purchase.
Whether you are blessed with a large closet or you have just a simple one, it always seems to be crammed full. However, closet storage systems will help tremendously with making it seem like you have more space. Getting organized is a lot easier than just tossing extra clothing, shoes, and accessories in the corner and then going digging when the day comes that you need one of those items.
When it comes time to take your next trip to the home improvement store you'll be overwhelmed when you find more than enough DIY closet options to choose from. The wide range of products will include metal kits, laminated wood kits, and even just the basic wire shelving. So many options that you will begin to have so many questions about. Asking yourself about not only what you need but also what you may want. So now is the time to take a step back and create a budget before buying, so that you will be sure to buy not only what you need but what you can afford as well.
Let the planning begin.. start with sketching out your closet and its dimensions so that you can figure out how much space you have and how to divide it up between the various things you want to incorporate. The dimensions will help you figure out how much rod space you have, if you'll need another lower rod, if you'll have enough room for drawers in your closet, where you will put shoes and hampers, and also how the space will be divided if the closet has more than one persons belongings. Remember that you can not buy cabinets bigger that the provided space, if you attempt to buy a cabinet to large it will not fit.
How to properly hang your rods..
Double hung rods. You should place the bottom rod about 42 inches off the ground so that is about waste level and then place the top rod about 84 inches from the ground. This will provide you with the same vertical hanging space for each level.
Long rods. A long rod is used for items that are too long to be hung on the double hung rods such as dresses or overalls. Due to the length of the items that hang on this rod, it should be about hung about 70 inches off the floor.
Medium hang rods. Items that are about knee length will hand good on this rod. Hang them about 60 inches off of the floor and free up some space on your long rod.
Pants rods. Install these around 54 inches off the floor to hang the pants in your closet.
One last tip to remember is that closet rods will need support at least every 3 feet. However, you can create a much more stable rod by providing support every 2 feet. The more secure the shelves are, the more they will be able to support and hold.
The best tool for cleaning up the summer mess around the outside of your home is a pressure washer. Cleaning the siding, sidewalks, decks, and other areas is made a lot easier when you have a pressure washer. However not just any pressure washer will do the trick, there is a lot to consider before making this purchase. Believe it or not pressure washers can be dangerous. Although it seems that a it's just a high powered garden house, pressure washers can send water out at 3,000 PSI or possibly more. Even professionals using pressure washers can make mistakes the can result in a damaged surface or even a sliced boot. Always be cautious when operating this machine.
Time to Shop.. Now that you know that a pressure washer is capable of doing damage its time to learn about how you pick the one that will work best for you. Know that the more water coming out at a higher pressure rate will do the job faster. However, you do need to make sure you find a balance because there is such thing as a machine that is too much for the task at hand.
1. Get informed before you buy. Whether you are getting information from reviews online or borrowing a pressure washer from a friend it is important to learn about the machine and the experiences that other people have had with the product you are buying. When buying items like this that are bigger and more expensive you should make sure you are buying a good quality product. Reading reviews will help tell you if others have had problems with this machine or if they love it and they are sure you will too.
2. Always be cautious. When you are out shopping for tools you normally want to buy the tools with the widest functions. However with a pressure washer it is smart to buy a less powerful washer and spend just a little more time working. Instead of jumping into a super industrial model, consider a higher end homeowner model and save yourself and your family from the possibility of a possible injury.
3. Go mobile. Buying a pressure washer with wheels is always the better choice. It will be a lot easier to pull it behind you as you move around rather than dragging around one without wheels. In the end it will not only save you time but the energy as well.
4. The choice between electric and gas. Most of the lower end units are meant for easy jobs around the house and are typically electric. However, if you choose one of these you will most likely be lugging around the long extension cord as well. That being said, the heavier duty models will almost all be gas powered, which means you will have to maintain them just like your lawnmower. However, you wont need to carry the cord around with you on the move.