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Home Inspection Made Easy (Video)
Discover the benefits of a proactive approach to home inspection and ensure peace of mind. Reach out to Bob DeVore today! 🏠🔍
Explaining Today’s Low Housing Supply
Some Highlights
- Wondering why the supply of homes for sale is limited today? There are a few factors at play.
- Lack of building over time, the mortgage rate lock-in effect, and people staying in their houses longer are three of the main reasons why supply is low.
- But real estate agents know exactly where to look and what to do to make your dream a reality. Let’s connect so you have an expert on your side to help you successfully navigate the market and find your next home.
Tips To Get Your House Ready To Sell (Video)
If you’re thinking about selling, here are some tips to help you get your house ready to go. Let’s connect so you have an expert to help make sure it shows well.
Why Your House Didn’t Sell
If your listing expired and your house didn’t sell, you’re likely feeling a little frustrated. Not to mention, you’re also probably wondering what went wrong. Here are three questions to think about as you figure out what to do next.
Did You Limit Access to Your House?
One of the biggest mistakes you can make when selling your house is restricting the days and times when potential buyers can tour it. Being flexible with your schedule is important when you’re selling your house, even though it might feel a bit stressful to drop everything and leave when buyers want to see it. After all, minimal access means minimal exposure to buyers. ShowingTime advises:
“. . . do your best to be as flexible as possible when granting access to your house for showings.”
Sometimes, the most determined buyers might come from far away. Since they’re traveling to see your house, they may not be able to change their plans easily if you only offer limited times for showings. So, try to make your house available as much as you can to accommodate them. It’s simple. If no one’s able to look at it, how’s it going to sell?
Did You Make Your House Stand Out?
When selling your house, the old saying matters: you never get a second chance to make a first impression. Putting in the work to make the exterior of your home look nice is just as important as how you stage it inside. Freshen up your landscaping to improve your home’s curb appeal so you can make an impact upfront. As an article from U.S. News says:
“After all, if people drive by, but aren’t interested enough to walk through the front door, you’ll never sell your house.”
But don’t let that impact stop at the front door. By removing personal items and reducing clutter inside, you give buyers more freedom to picture themselves in the home. Additionally, a new coat of paint or cleaning the floors can go a long way to freshening up a room.
Did You Price Your House Compellingly?
Setting the right price is extremely important when you’re selling your house. Even though it might feel tempting to push the price higher to maximize your profit, overpricing can scare away buyers and make it hard to sell quickly. Business Insider notes:
“. . . the biggest mistake sellers make is overpricing their home.”
If your house is priced higher than others like it, it could make buyers lose interest. Pay attention to the feedback people give your agent during open houses and showings. If lots of people are saying the same thing, it might be a good idea to think about lowering the price.
For all these insights and more, rely on a trusted real estate agent. A great agent will offer expert advice on relisting your house with effective strategies to get it sold.
Bottom Line
It’s natural to feel disappointed when your listing has expired and your house didn’t sell. Let’s connect to figure out what happened and what to reconsider or change if you want to get your house back on the market.
Why Buying a Property is Better than Renting
Real estate colored composition with isolated icon collection combined in flat flyer vector illustration
Are you caught in the age-old debate of whether to rent or buy a property? It’s a question that many prospective homeowners grapple with. While both options have their advantages, there’s a compelling case to be made for why buying a property is often the better choice. In this blog, we’ll explore the reasons why purchasing a home can be a wise investment and a fulfilling life decision.
1. Building Equity
One of the most significant advantages of buying a property is the opportunity to build equity. When you pay rent, you’re essentially helping your landlord build their equity. In contrast, every mortgage payment you make helps you build equity in your own property. Over time, this equity can be tapped into for various purposes, such as financing home improvements or even funding your retirement.
2. Stability and Predictable Costs
Buying a home provides stability that renting can’t always match. When you own a property, you have control over your living space. You’re not at the mercy of a landlord who might decide to sell the property or raise the rent. With a fixed-rate mortgage, your monthly housing costs remain predictable over the long term, allowing for better financial planning.
3. Tax Benefits
Homeownership comes with several tax benefits. Mortgage interest and property tax payments are typically tax-deductible, which can result in significant savings come tax season. Additionally, if you sell your primary residence and meet certain criteria, you may be eligible for capital gains tax exemptions.
4. Pride of Ownership
There’s a unique sense of pride that comes with homeownership. When you own a property, you have the freedom to personalize it to your liking. You can invest in home improvements, decorate according to your tastes, and truly make the space your own. This sense of ownership fosters a feeling of attachment and pride in your home.
5. Long-Term Investment
Real estate has historically proven to be a reliable long-term investment. While the housing market can experience fluctuations, property values tend to appreciate over time. This can result in substantial wealth accumulation if you hold onto your property for several years. Real estate is often considered a safe and tangible investment option.
6. Retirement Planning
Owning a home can play a crucial role in your retirement planning. Once your mortgage is paid off, your housing expenses decrease significantly, making it easier to live on a fixed retirement income. Alternatively, you can choose to downsize, sell your home, and use the proceeds to fund your retirement or purchase a more suitable property.
7. Creative Freedom
As a homeowner, you have the freedom to make structural changes to your property, such as adding rooms, expanding the kitchen, or creating an outdoor oasis. These improvements not only enhance your quality of life but can also increase the resale value of your home.
Conclusion
While renting may offer short-term flexibility, buying a property brings a multitude of long-term benefits. From building equity and gaining financial stability to enjoying tax advantages and experiencing the pride of homeownership, purchasing a home is often the wiser choice. If you’re considering making the leap from renting to owning, consult with a qualified real estate agent to explore the opportunities available in the housing market. It’s a decision that can set you on the path to financial security and a more fulfilling future.
Upper Peninsula Driving Tour: Beacons of Light Along Lake Superior
There are a lot of reasons to visit the Upper Peninsula of Michigan: the wilderness, the seclusion, the vistas, the people. The sights abound from natural wonders to incredible feats of mankind.
For a landmass that has a lot of Great Lakes coastline, lighthouses became essential for the safety of primarily commercial vessels that traversed the lakes on various missions. Many are still operational, and you can visit them, climb the tower, walk the grounds, and learn some important nautical history.
Mileage: 243 miles
Driving Time: 6 hours, 13 minutes
Stop #1: Point Iroquois Lighthouse, Brimley
Only 45 minutes north of the magnificent Mackinac Bridge is the little town of Brimley and our first stop on this lighthouse tour. Point Iroquois Lighthouse, situated within the bounds of Hiawatha National Forest, is on the National Register of Historic Places. The idyllic white brick residence and 65-foot tower with a red shingled roof is at the entry point of the St. Mary’s River above the waters of Lake Superior. You can climb the spiral staircase to the tower for a bird’s eye look at the busy shipping lane below, and volunteer hosts are on hand to relay the lighthouse’s exceptional history.
Nearby… Visit the Wheels of History Train Museum. You can board a 1905 wooden passenger car and caboose as well as learn local history. There are other historic exhibits and artifacts featuring not just railroading, but technology and enterprise. The museum is open Noon to 5 p.m. Friday through Monday.
Stop #2: Crisp Point Lighthouse, Newberry
From May to October, you can visit the visitor center and the lighthouse during daylight hours (they are closed during the winter months) as well as the grounds, which are open year-round. It’s a beautiful remote area, which can be accessed via 20 miles of gravel roads so be prepared for a little rougher ride. Crisp Point is one of four original Lake Superior Life Saving Stations that became operational in 1876. There’s a boardwalk as well as beach access on Lake Superior. “Peaceful” is how many past visitors have described their experience to this lighthouse.
Nearby… If you’re looking to take a hike, then find your way to the National Country Scenic Trail, which traverses from New York to North Dakota and over a myriad of habitats. You can easily find the trail at either Muskallonge Lake State Park or Tahquamenon Falls State Park.
Stop #3: Au Sable Light Station & Tour, Grand Marais | Pictured Rocks National Lakeshore
Next on the list is the Au Sable Light Station in Grand Marais, within Pictured Rocks National Lakeshore. It’s about 55 minutes from Crisp Point. It’s another white brick tower (seems to be the way to build up in the U.P.!) that stretches 86 feet high. To reach the lighthouse, you’ll need to park in the day-use park area near the bridge at Hurricane River Campground. From there, walk the 1.5-mile trail to the lighthouse. Guided tours are scheduled Wednesday through Sunday from mid-June through the end of September for a small fee. If you go down to the beach, you may encounter pieces of old shipwrecks.
Nearby… The view from Log Slide Overlook is breathtaking. It’s a short walk to the overlook from a parking lot, which is only a couple miles away from the light station. You can go down the steep descent to Lake Superior, but it’ll take a lot longer to make the climb back up.
Stop #4: Marquette Harbor Lighthouse, Marquette
Next is the Marquette Harbor Lighthouse, the original being built in 1853 and only four years after the city’s incorporation. The style and build are similar to Copper Harbor’s old lighthouse as well as other U.P. lighthouses. What makes it unique is the red color. It overlooks Marquette Harbor. The Marquette Maritime Museum is currently responsible for the upkeep of the light, as well as manages tours. Tours are offered three times a day from mid-May to mid-October.
Nearby… Not too far down the shoreline is the Lower Harbor Ore Dock. This relic is from the bygone era of loading iron ore onto lake freighters. Now it’s one of the most photographed and iconic structures in the Upper Peninsula. Some folks plan to visit around the 20th of January and November, when the docks perfectly frame the sunrise – a unique phenomenon that can only be experienced here.
Stop #5: Big Bay Point Lighthouse, Big Bay
While this lighthouse has been converted into a private bed and breakfast and is reserved primarily for B&B guests, the general public is invited to visit on designated tour dates, which help with preserving the lighthouse. The $12 per person tours take place each Sunday at 12 pm and 1 pm from June through September, on a first-come, first-served basis. Only six people can go on a tour at a time. Unfortunately, the grounds themselves are not open for wandering since this is now a private residence, so the best chance to see the lighthouse is either to be a guest or to go on a guided tour. This lighthouse continues to be an active navigational aid monitored by the U.S. Coast Guard. It’s also the brightest light on Lake Superior, with a beam visible for 20 nautical miles. The lantern sites 120 feet above the lake surface.
Nearby… A nice place to take a dip, walk a sandy beach, or enjoy a lunch al fresco is less than five miles away, visit Squaw Beach. If you’re looking for more moderate exercise, then visit the Yellow Dog Falls Trail, which is only 10 miles away. The 4.4 mile out and back trail includes, you guessed it, Yellow Dog Falls. Leashed dogs are allowed to accompany hikers.
For the original article – click here
Why Today’s Housing Inventory Shows a Crash Isn’t on the Horizon
You might remember the housing crash in 2008, even if you didn’t own a home at the time. If you’re worried there’s going to be a repeat of what happened back then, there’s good news – the housing market now is different from 2008.
One important reason is there aren’t enough homes for sale. That means there’s an undersupply, not an oversupply like the last time. For the market to crash, there would have to be too many houses for sale, but the data doesn’t show that happening.
Housing supply comes from three main sources:
- Homeowners deciding to sell their houses
- Newly built homes
- Distressed properties (foreclosures or short sales)
Here’s a closer look at today’s housing inventory to understand why this isn’t like 2008.
Homeowners Deciding To Sell Their Houses
Although housing supply did grow compared to last year, it’s still low. The current months’ supply is below the norm. The graph below shows this more clearly. If you look at the latest data (shown in green), compared to 2008 (shown in red), there’s only about a third of that available inventory today.
So, what does this mean? There just aren’t enough homes available to make home values drop. To have a repeat of 2008, there’d need to be a lot more people selling their houses with very few buyers, and that’s not happening right now.
Newly Built Homes
People are also talking a lot about what’s going on with newly built houses these days, and that might make you wonder if homebuilders are overdoing it. The graph below shows the number of new houses built over the last 52 years:
The 14 years of underbuilding (shown in red) is a big part of the reason why inventory is so low today. Basically, builders haven’t been building enough homes for years now and that’s created a significant deficit in supply.
While the final blue bar on the graph shows that’s ramping up and is on pace to hit the long-term average again, it won’t suddenly create an oversupply. That’s because there’s too much of a gap to make up. Plus, builders are being intentional about not overbuilding homes like they did during the bubble.
Distressed Properties (Foreclosures and Short Sales)
The last place inventory can come from is distressed properties, including short sales and foreclosures. Back during the housing crisis, there was a flood of foreclosures due to lending standards that allowed many people to get a home loan they couldn’t truly afford.
Today, lending standards are much tighter, resulting in more qualified buyers and far fewer foreclosures. The graph below uses data from the Federal Reserve to show how things have changed since the housing crash:
This graph illustrates, as lending standards got tighter and buyers were more qualified, the number of foreclosures started to go down. And in 2020 and 2021, the combination of a moratorium on foreclosures and the forbearance program helped prevent a repeat of the wave of foreclosures we saw back around 2008.
The forbearance program was a game changer, giving homeowners options for things like loan deferrals and modifications they didn’t have before. And data on the success of that program shows four out of every five homeowners coming out of forbearance are either paid in full or have worked out a repayment plan to avoid foreclosure. These are a few of the biggest reasons there won’t be a wave of foreclosures coming to the market.
What This Means for You
Inventory levels aren’t anywhere near where they’d need to be for prices to drop significantly and the housing market to crash. According to Bankrate, that isn’t going to change anytime soon, especially considering buyer demand is still strong:
“This ongoing lack of inventory explains why many buyers still have little choice but to bid up prices. And it also indicates that the supply-and-demand equation simply won’t allow a price crash in the near future.”
Bottom Line
The market doesn’t have enough available homes for a repeat of the 2008 housing crisis – and there’s nothing that suggests that will change anytime soon. That’s why housing inventory tells us there’s no crash on the horizon.
Unveiling Your Dream Home
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Real Estate Made Easy (Video)
First-time home buyer? No worries! Bob DeVore, a trusted real estate professional, will guide you through the process with confidence. Schedule your consultation today!
