Homebuyers Are Going on a Shopping Spree This Winter

Homebuyers Are Going on a Shopping Spree This Winter | Simplifying The Market

Black Friday and Cyber Monday are over, which means some shoppers have wrapped up their holiday buying. But there’s still a group of buyers that are very active this holiday season – homebuyers.

Experts anticipate the real estate market will see a flurry of activity this winter, and that’s great news for today’s sellers. If you’re planning on listing your home, there’s no need to wait until the spring for better conditions – today’s real estate market is already heating up.

Buyers Have Warmed Up to the Idea of Purchasing This Winter

The past 18 months brought about significant lifestyle changes for many of us, including the rise in remote work, job changes, and even early retirement for some. For many people, it’s prompting a search for their next home now rather than waiting for warmer months.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), points out how this winter may see a significant number of sales:

“Compared to other past winter seasons, this winter season’s sales activity will be stronger. . . . This winter, there will be more sales compared to pre-pandemic winters going back all the way to 2006.”

You might be wondering: what does strong sales activity mean for you? It means there are likely to be more buyers active in the market this winter – far more than more normal, pre-pandemic years.

In the same article, Danielle Hale, Chief Economist for realtor.com, puts it in these simple terms:

Sellers can expect to see plenty of buyers.”

The more buyers there are in the market, the more likely it is your home will get noticed. That can lead to a multiple-offer scenario or a potential bidding war. Receiving multiple offers on your home means you can select the right offer and terms for your situation – so you can truly win as a seller when you list your house this winter.

Bottom Line

If you’re thinking about selling your house, you don’t need to wait until the spring. Buyers are ready now. Let’s connect to discuss why selling this holiday season could be the gift that keeps on giving.

This Secluded Upper Peninsula Nature Preserve In Michigan Is So Worthy Of An Adventure

Are you on the lookout for a peaceful and secluded place in Michigan? Whether you’re hoping to escape the stresses of everyday life or planning for a future outdoor excursion with loved ones, our state’s Upper Peninsula offers a plethora of outdoor treasures that provide endless serenity and gorgeous views. As you plot out your next Michigan adventure, keep this stunning nature preserve on your list of options.

For additional information about this unique and secluded place in Michigan, click here. Have you and your family made the journey to the Keweenaw Peninsula for a day of fun at Bete Grise Wetlands Preserve? Share your experiences with us by leaving a Facebook comment or recommend another scenic area in the Great Lakes State by filling out our official nomination form here.

If you’re searching for even more Upper Peninsula adventure, read about this stunning state park in Michigan.

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Open Since 1904, Jacoby’s Has Been Serving German Food In Michigan Longer Than Any Other Restaurant

Are you ready to check out one of the oldest restaurants in Michigan? There’s plenty to appreciate about newly opened eateries and even the occasional chain restaurant, but nothing beats the experience of stepping into a slice of history. One long-standing German restaurant here in the Great Lakes State will impress you with its menu, service, and utter deliciousness – so get ready to dig in.

For additional information about Jacoby’s and its rich history, click here. Have you and your family enjoyed a meal or two from this unique spot during previous visits to the Detroit area? Share your experiences with us by leaving a Facebook comment or recommend another one of the oldest restaurants in Detroit by filling out our official nomination form here.

If you’re searching for another fun place to dine, read about this timeless restaurant in Michigan.

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What Everyone Wants To Know: Will Home Prices Decline in 2022?

What Everyone Wants To Know: Will Home Prices Decline in 2022? | Simplifying The Market

If you’re thinking of buying a home in today’s housing market, you may be wondering how strong your investment will be. You might be asking yourself: if I buy a home now, will it lose value? Or will it continue to appreciate going forward? The good news is, according to the experts, home prices are not projected to decline. Here’s why.

With buyers still outweighing sellers, home prices are forecast to continue climbing in 2022, just at a slower or more moderate pace. Why the continued increase? It’s the simple law of supply and demand. When there are fewer items on the market than there are buyers, the competition for that item makes prices naturally rise.

And while the number of homes for sale today is expected to improve with more sellers getting ready to list their houses this winter, we’re certainly not out of the inventory woods yet. Thus, the projections show continued appreciation, but at a more moderate rate than what we’ve seen over the past year.

Here’s a look at the latest 2022 expert forecasts on home price appreciation:What Everyone Wants To Know: Will Home Prices Decline in 2022? | Simplifying The Market

What’s the biggest takeaway from this graph? None of the major experts are projecting depreciation in 2022. They’re all showing an increase in home prices next year.

And here’s what some of the industry’s experts say about how that will play out in the housing market next year:

Brad Hunter of Hunter Housing Economics explains:

“. . . the recent unsustainable rate of home price appreciation will slow sharply. . . . home prices will not decline. . . but they will simply rise at a more sustainable pace.”

Danielle Hale from realtor.com agrees:

Price growth is expected to move back toward a normal range, but this is on top of recent high prices, . . . So prices will [still] hit new highs. . . . The pace of price growth is going to slow notably . . . ”

What Does This Mean for the Housing Market?

While home price appreciation is expected to continue, it isn’t projected to be the record-breaking 18 to almost 20% increase the market saw over the past 12 months. Overall, it’s important to note that price increases won’t be as monumental as they were in 2021 – but they certainly won’t decline anytime soon.

What Does That Mean for You?

With motivated buyers in the market and so few homes available to purchase, the imbalance of supply and demand will continue to put upward pressure on home prices in 2022. And when home price appreciation is in the forecast, that’s a clear indication your investment in homeownership is a sound one.

Bottom Line

It’s important to know that home prices are not projected to decline in the new year. Instead, they’re forecast to rise, just at more moderate pace. Let’s connect to make sure you’re up to date on what’s happening with home price appreciation in our market, so you can make an informed decision about your next move.

A Trip To This Marvelous Open-Air Holiday Market Is Unlike Any Other In Detroit

Are you ready to do a bit of holiday shopping, spend time with loved ones, and appreciate the many charms of wintertime here in the Motor City? If you answered yes to any or all of these questions, you’ll undoubtedly want to explore this holiday market in Detroit. Whether you live in the heart of the city or make the journey in from a suburb, you’re in for a magical and marvelous adventure.

For additional information about this year’s offerings at this magical holiday market in Detroit, click here. Have you and your family checked out Cadillac Square during previous years? Share your favorite memories or photos with us by leaving a Facebook comment or recommend another great family destination by completing our official nomination form here.

If you’re searching for another dose of charm, you might want to read about this historic chapel near Detroit.

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7 Michigan Restaurants That Are So Much More Than Amazing Places To Eat

Are you ready to check out some of the most unique restaurants in Michigan? Whether you’re on the hunt for a new place to eat or simply searching for a memorable adventure with loved ones, many of the Great Lakes State’s best places to dine are paired with impressive and engaging farms, shops, and other attractions — and we’ve compiled seven of our favorites. Get ready to have a deliciously good time.

Have you visited any of these unique restaurants in Michigan? Do you have a favorite from our list? We’re always eager to hear from you, so share your thoughts with us by leaving a Facebook comment or recommend another extraordinary eatery in the Great Lakes State by filling out our nomination form here.

Craving something sweet? Be sure to read about this amazing cupcake shop in Michigan.

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7 Things You Can’t Do In Detroit Anymore… But Wish You Could

It’s wonderful to live in the moment, but most of us can’t help longing for the past from time to time. After all, there’s something decidedly special about reminiscing about days gone by, particularly when it comes to memories and nostalgic places in Detroit. When you’re ready to take a trip down memory lane or even simply learn about once-bustling attractions from the Motor City, check out our list of well-missed things to do.

Did we include any of your favorite nostalgic places in Detroit on our list? Are there any activities here in the Motor City that you wish you could still take part in? We would love to hear your thoughts, so drop us a line in the Facebook comments or speak your mind by filling out our official nomination form here.

If you’d like to continue looking back into our city’s history, check out these vintage photos from Detroit.

The post 7 Things You Can’t Do In Detroit Anymore… But Wish You Could appeared first on Only In Your State.

Advice for First-Generation Homebuyers

Advice for First-Generation Homebuyers | Simplifying The Market

The sense of pride you’ll feel when you purchase a home can’t be overstated. For first-generation homebuyers, that feeling of accomplishment is even greater. That’s because the pride of homeownership for first-generation buyers extends far beyond the homebuyer. AJ Barkley, Head of Neighborhood and Community Lending for Bank of America, says:

“Achieving this goal can create a sense of pride and accomplishment that resonates both for the buyer and those closest to them, including their parents and future generations.”

In other words, your dream of homeownership has far-reaching impacts. If you’re about to be the first person in your family to buy a home, let that motivate you throughout the process. As you begin your journey, here are three helpful tips to make that dream come true.

1. Reach Out to a Real Estate Professional

It’s important to reach out to a trusted advisor early in your homebuying process. Not only can an agent help you find the right home, but they’ll serve as your expert advisor and answer any questions you might have along the way.

The latest Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed first-time homebuyers to see how their agent helped them with their home purchase (see chart below):Advice for First-Generation Homebuyers | Simplifying The Market

As the graph shows, your agent is a great source of information throughout the process. They’ll help you understand what’s happening, assess a home’s condition, and negotiate a contract that has the best possible terms for you. These are just some of the reasons having an expert in your corner is critical as you navigate one of the most significant purchases of your life.

2. Do Your Research and Know What You Can Afford

The second piece of advice for first-generation homebuyers is practical: do your research so you know what you can afford. That means getting your finances in order, reviewing your budget, and getting pre-approved through a lender. It also means learning the ins and outs of what it takes to pay for your home, including what you’ll need for a down payment.

Many homebuyers believe the common misconception that you can’t purchase a home without coming up with a 20% for a down payment. As Freddie Mac says:

“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”

The chart below shows what recent homebuyers have actually put down on their purchases:Advice for First-Generation Homebuyers | Simplifying The Market

On average, first-time buyers only put 7% down on their home purchase. That’s far less than the 20% many people believe is necessary. That means your down payment, and your home purchase, may be in closer reach than you realize. Keep that in mind as you work with a real estate professional to better understand what you’ll need for your purchase.

3. Don’t Lose Sight of What Home Means to You

Finally, it’s important keep in mind why you’re searching for a home to begin with. Overwhelmingly, first-generation homeowners recognize the financial and non-financial benefits of owning a home. In fact, in a recent survey:

  • 73% of first-generation homeowners say the safety and security homeownership provides is increasing in importance.
  • Nearly two-thirds of first-generation homeowners say the importance of building equity in a home is growing more important as well.

As AJ Barkley explains:

“For many first-generation homeowners and their families, homeownership has a unique importance, given the collective efforts to overcome financial challenges that can often span generations…”

Bottom Line

If you’re a first-generation homebuyer, being prepared and working with a trusted expert is key to achieving your dream. Let’s connect today so you can get started on your path to homeownership.

Drive Down The Scenic M-22 Highway And Fall In Love With The Beauty Of Michigan All Over Again

You might think you’ve seen all Michigan has to offer, but you haven’t truly experienced the beauty of the state until you’ve embarked on a journey down M-22. This breathtaking highway is one of the prettiest places to drive here in the Great Lakes State, whether you visit in the midst of summer or on a crisp winter day. When you’re ready to be blown away by the many wonders of our region, hop in the car and explore this beloved scenic drive in Michigan.

Have you taken time to meander along M-22 or another scenic drive in Michigan? What are some of your favorite attractions and outdoor destinations along the way? We’re always eager to hear from you, so share your thoughts by leaving a Facebook comment or recommend another unique Michigan locale by filling out our official nomination form here.

Are you looking for another place to explore? You’ll want to read this piece about our favorite scenic country roads in Michigan.

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