Millennials: Do You Need a Home with More Space?

Millennials: Do You Need a Home with More Space? | Simplifying The Market

If you’re a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the National Association of Realtors (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home.

If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the Wall Street Journal states:

“They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . . Millennials who already owned homes traded up for more space.”

So, if you’re working remotely now or simply have a growing need for additional space, it may be time to move. And even if you purchased your current home sometime over the last few years, you can still move into a different one that has the space and features you’re looking for. That’s because there’s a good chance you have more equity than you realize. As Diana Olick, Real Estate Correspondent for CNBC, notes:

The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth. . . . Even homeowners who weren’t listing their properties for sale were gaining equity. About 42% of homeowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their home.”

Growing equity can be the key you need to fuel your next move, especially if you’re looking to purchase a larger home. When you sell your current house, the equity that comes back to you in the sale can be used toward the down payment on your next home.

In other words, your purchasing power may be greater than you realize, making a move to a larger home a realistic option. That, plus your changing needs, might make moving now more desirable than ever.

Bottom Line

If you’re a millennial thinking about moving this year, you’re not alone. Let’s connect today to discuss the equity you have in your current home and the opportunities it can create.

The Creepiest Hike In Michigan Takes You Through The Ruins Of An Abandoned Mining Town

When you’re ready for a Michigan adventure that combines history, hiking, and a dash of eeriness, we’ve got the perfect destination in mind. Whether you’re a sucker for ghost towns or simply an eager outdoor explorer who appreciates learning about our state’s past, there’s one hike here in the Great Lakes State that belongs on your bucket list. After all, it might just be the creepiest hike in Michigan.

For additional information about what might be considered the creepiest hike in Michigan, check out this detailed trail guide. Have you and your family ventured to Nonesuch or another attraction within the Porcupine Mountains? We’re happy to hear from you, so share your thoughts in the Facebook comments or recommend another spectacular hiking trail in Michigan by completing our nomination form.

Are you absolutely enamored with nature? If so, you’ll want to read about this underrated scenic overlook in Michigan.

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The #1 Reason To Sell Your House Today

The #1 Reason To Sell Your House Today | Simplifying The Market

Almost every industry is currently struggling with supply chain disruptions. This also applies to the current U.S. housing market, where buyer demand far exceeds housing supply.

Purchaser demand is very strong right now. The National Association of Realtors (NAR) just released their latest Existing Home Sales Report which reveals that sales surged in January. Existing home sales rose to a seasonally adjusted annual rate of 6.5 million – an increase of 6.7% from the prior month, with sales up in all regions. However, there’s one big challenge.

Inventory Is at an All-Time Low

Because purchaser demand is so high, the market is running out of available homes for sale. The above-mentioned report states that the current months’ supply of inventory of homes for sale has fallen to 1.6 months. This prompts Lawrence Yun, Chief Economist at NAR, to say:

“The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low.”

Earlier this month, realtor.com released their inventory data for January. It helps confirm this point. Here’s a graph comparing inventory levels for January over the last six years:

The #1 Reason To Sell Your House Today | Simplifying The Market

As the graph shows, new listings coming on the market have decreased over the last four years (shown in blue in the graph). The graph also reveals that carry-over inventory has plummeted in recent years. This is because listings are now sold so quickly, they don’t stay on the market long enough to carry over month-to-month (shown in green in the graph). In other words, homes are not staying on the market for months as they had prior to the pandemic. In the report mentioned above, NAR reveals that:

“Seventy-nine percent of homes sold in January 2022 were on the market for less than a month.”

Odeta Kushi, Deputy Chief Economist at First American, explains it like this:

“A higher velocity of sales (lower [Days on Market]) helps to explain a housing market characterized by both higher sales & lower inventory. Many resale transactions are happening so quickly that they ‘flow’ in & then out of the ‘stock’ between the fixed monthly measurement of inventory.”

What Does This Mean for Sellers?

Anyone thinking of putting their home on the market shouldn’t wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.

Later this year, inventory (and by extension, your competition) will increase as many homeowners are waiting to put their homes on the market in the spring and early summer.

In addition, Len Kiefer, Deputy Chief Economist at Freddie Mac, says:

“Housing starts start off 2022 strong, just edging out 2021 for most in January since 2006.”

As these newly built homes are completed, they will also become competition for your house. This gives you a tremendous opportunity right now. Don’t wait for that increase in competition in your area. If you want to sell in 2022 and are ready to start the process, today is the day to list your house.

Bottom Line

If you’re ready to sell, let’s connect to get your house on the market while today’s inventory situation is in your favor.

The Difference Between Renting and Owning [INFOGRAPHIC]

The Difference Between Renting and Owning [INFOGRAPHIC] | Simplifying The Market

The Difference Between Renting and Owning [INFOGRAPHIC] | Simplifying The Market

Some Highlights

  • If you’re deciding whether to rent or buy, consider the many financial benefits that come with owning a home.
  • As a renter, you build your landlord’s wealth and face rising costs. As a homeowner, you build your own net worth and can lock in your monthly payments for the length of your loan.
  • If you’re weighing your options, remember that owning a home is a decision that has considerable financial perks. If you want to learn more, let’s connect to talk about the perks of homeownership.

The Best Smoked Fish In The Midwest Can Be Found At This Unassuming Roadside Shack In Michigan

You don’t have to be a full-blown seafood fanatic to appreciate the delights of a freshly prepared fish dish. Whether you’re partial to saltwater catches or you appreciate fare straight from the Great Lakes, one roadside fish shack in Michigan will capture your imagination and keep your taste buds happy. When you’re seeking the best smoked fish in the Midwest, look no further than this Upper Peninsula gem.

To learn more about this unique and unfussy roadside fish shack in Michigan, check out the Facebook page for Manley’s. Have you and your loved ones enjoyed a few eats from this rustic yet charming destination in St. Ignace? Share your experiences with us by leaving a Facebook comment or recommend another must-visit market in Michigan by completing our nomination form.

Are you in the mood for even more seafood? If so, be sure to read about the best waterfront restaurants in Michigan.

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Take A Scenic Hot Air Balloon Ride Over The Forests And Inland Lakes Of Michigan

Have you been dreaming about escaping the stresses and challenges of everyday life? How does a peaceful float among the clouds sound? If you’ve ever wondered what it would be like to ride in a hot air balloon, we’ve got you covered – and you’ll soon be forgetting your worries as you appreciate scenic views of the surrounding landscape. This hot air balloon ride in Michigan will captivate you in no time at all.

If you’d like to set up your own hot air balloon ride in Michigan, be sure to check out Sky Adventures’ official website. Have you been lucky enough to float high above the trees on a previous outing? Share your photos and memories with us by leaving a Facebook comment or recommend another unique adventure in Michigan by completing our nomination form.

Are you craving more adventure? If so, be sure to read about our scenic Michigan road trip route.

The post Take A Scenic Hot Air Balloon Ride Over The Forests And Inland Lakes Of Michigan appeared first on Only In Your State.

How Supply and Demand Can Impact Your Buying and Selling Goals

How Supply and Demand Can Impact Your Buying and Selling Goals | Simplifying The Market

In today’s housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers.

Nationally, Demand Is High and Supply Is Very Low

The latest buyer and seller activity data from the National Association of Realtors (NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the maps below. There are far darker blues (strong buyer activity) on the left and much lighter blues (weak seller activity) on the right. In other words, this shows how the demand for homes is significantly greater than what’s available to purchase.

How Supply and Demand Can Impact Your Buying and Selling Goals | Simplifying The Market

What Does This Mean if You’re a Seller?

Supply is struggling to keep pace with demand. In fact, the inventory of homes for sale recently hit an all-time low. That gives you an incredible advantage when you sell your house. With so few listings, it’s likely more potential buyers will view your house – especially if you work with an agent to price it right. That means there’s a high chance you’ll receive multiple offers or buyers will enter a bidding war for your house. And that dynamic can drive the sale price of your home up.

What Does This Mean if You’re a Buyer?

As a buyer with fewer options available, you’re likely to see more competition, so you need to be strategic to win. First, make sure you have a trusted professional on your side. Your real estate agent will help you understand your local market and work with you to act quickly when the time is right. Even when it’s challenging to find a home, you can still succeed as a buyer today if you have a trusted advisor on your side every step of the way.

Bottom Line

Whether you’re a homebuyer, seller, or both, knowledge truly is power. Let’s connect today so you can better understand what’s happening in our local market and achieve your homebuying and selling goals this year.

Most People Don’t Know About These Strange Ruins Hiding In Detroit

It’s no secret that Detroit is home to its fair share of abandoned buildings and long-closed public spaces. Whether you’re driving past Michigan Central Station or checking out photos of the once-bustling Grande Ballroom, reminders of the city’s past are omnipresent. Tucked away on the city’s iconic island park, though, is a true sight to behold: the sad yet fascinating remnants of a zoo. You’ll want to learn more about these spectacular and strange ruins in Detroit.

Please note: the abandoned Belle Isle Zoo is located on private property. Please do not trespass.

Did you and your loved ones visit this now-closed zoo on Belle Isle during its operational years? Perhaps your older family members remember visiting the Detroit Children’s Zoo in its heyday. These strange ruins in Detroit were once home to delightful memories and we always love to hear from you, so share your experiences with us in the Facebook comments. To recommend another unique abandoned place in Detroit, fill out our official nomination form.

Are you fascinated by our city’s unique history? Then you’ll enjoy reading about this abandoned church in Detroit.

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Here’s The Story Behind The Massive American Horse Sculpture In Michigan

If you’re a fan of art and history, we’ve got quite the story for you. While there are plenty of unique sculptures, buildings, and architectural feats to explore here in the Great Lakes State, one piece in Grand Rapids is utterly fascinating – and you’ll surely want to see it for yourself. Even if you’ve checked out this incredible horse sculpture in Michigan during previous visits to the area, you might just learn something new about its origins as you read on.

For more information about visiting Frederik Meijer Gardens and Sculpture Park, where you can see The American Horse for yourself, click here. Have you checked out this unique piece in Grand Rapids or even visited its twin in Milan, Italy? Share your experiences with us by leaving a Facebook comment or recommend another stunning sculpture in Michigan by completing our nomination form here.

Are you looking for another piece of history to explore? Read about this historic church Airbnb in Michigan.

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Take A Meandering Path To A Michigan Overlook That’s Like Stepping Into A Fairy Tale

Are you in the mood for a bit of everyday magic? Here in Michigan, natural and man-made beauty abound throughout – offering locals and tourists alike the opportunity to unwind among stunning surroundings. One park and scenic overlook in Michigan is home to a fairytale-like atmosphere that provides whimsy and fun for the entire family. As you stroll through this pretty space, you’ll be absolutely enamored.

To learn more about Sunset Park and the adjacent Bayfront Park, you can check out its official page via the City of Petoskey. Have you spent time at this wondrous scenic overlook in Michigan during previous adventures? Share your favorite photos and memories with us by leaving a Facebook comment or recommend another splendid waterfront park in Michigan by filling out our nomination form.

Searching for a place to enjoy great views while you dine? Read about this restaurant with amazing scenery in Michigan.

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