There Are Several Great Reasons To Consider Buying a Condo Today

There Are Several Great Reasons To Consider Buying a Condo Today | Simplifying The Market

If you’re a first-time buyer looking to break into the housing market but struggling to find a home to buy, condominiums (or condos) could be a great alternative for you.

Here are a few reasons condos may be something you’ll want to consider.

Exploring Condos Could Add Options That Fit Your Budget

Supply challenges are a reality across the board in today’s housing market. Broadening your home search to include condos could increase your overall pool of options. Just keep in mind, condos generally differ from single-family homes in average space and floorplans.

In a recent article, Bankrate covers some of these differences:

“Condos are generally more affordable because they come with less space — you likely won’t have your own backyard, for example, and the interior tends to be smaller than the square footage of a single-family home.”

But if the size of a condominium meets your needs, they could match your budget as well. Data from the National Association of Realtors (NAR) shows the difference in the median price for both housing types. For single-family homes, the median price is $363,800. And for condominiums, the median price is lower at $305,400.

So, if budget is top of mind for you, a condominium could be a great fit within your target price range.

Not to mention, buying a condo is a great way to break into the market and start building equity that can help power a future move up. The condo you purchase today may not be your forever home, but it can be a great stairstep that can help you buy your dream home later on.

Find Out if Condo Living Is Right for You 

In addition, owning and living in a condo is also a lifestyle choice. While it’s true they may be smaller than single-family homes, the amenities condos provide could be a draw for many buyers. Less space in your home might mean minimal upkeep, lower maintenance, and more time for you to spend doing the things you enjoy.

To understand if condo life is for you, Bankrate recommends asking yourself a few simple questions:

“Hate to mow the lawn and trim the hedges? What about pressure washing your driveway? Are your finances such that having to lay out $5,000 or more for a new roof will be a burden? . . . Condos tend to work best for those comfortable with most of the aspects of apartment living, minus the built-in maintenance.

Ultimately, talking with an expert real estate advisor is the best first step to determining if condo living might work for you.

Bottom Line

Condominiums are a great option for many buyers, especially those looking to buy their first home. If you’re willing to consider condos in your search, you could find something that’s in line with your target numbers and your needs. To learn more, let’s connect so you have an expert in the condo-buying process on your side.

8 Secret Spots In Metro Detroit Where Nature Will Completely Relax You

You might not typically associate Metro Detroit with natural beauty, but there are so many underrated outdoor treasures throughout the area. Even within the bounds of the Motor City itself, you’ll encounter plenty of peaceful and breathtaking green spaces. When you’re searching for the opportunity to unwind, relax, and embrace the wonders of Mother Nature, check out these relaxing natural hidden gems in Detroit and its surrounding communities.

Are you familiar with any of the natural hidden gems in Detroit that were included in our piece? Did we leave any of your favorites out of the compilation? Share your natural bucket list additions to the list by leaving a Facebook comment or recommend another underrated day trip destination in Detroit or Metro Detroit by completing our official nomination form.

If you just can’t get enough of the great outdoors, you’ll surely want to read about this whimsical park near Detroit.

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There Are Giant Mythical Creatures Hiding At Leila Arboretum In Michigan Just Like Something Out Of A Storybook

Are you searching for a unique way to let your imagination run wild here in the Great Lakes State? There are all sorts of creative destinations throughout our wondrous region, but few capture the whimsy of a fairy tale quite like the Fantasy Forest at Leila Arboretum. Round up the entire family, grab your camera, and head out for the adventure of a lifetime at this secret storybook park in Michigan.

If you’d like to learn more, check out the official Leila Arboretum website. Have you and your loved ones taken a day trip to this incredible secret storybook park in Michigan during previous outings? Share your experiences with us by leaving a Facebook comment or recommend another spectacular day trip in Michigan by completing our nomination form.

Can’t get enough fresh-air excitement? Read about nine of the prettiest parks in Michigan.

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The Best Apple Fritters In The World Are Located At This Michigan Farm Market

If you have a sweet tooth, there are plenty of wonderful places to visit here in the Great Lakes State. Locally owned bakeries, ice cream shops, and cafes abound throughout Michigan. When you’re craving a perfectly prepared apple fritter, though, there’s one destination that will undoubtedly impress. The next time you’ve got a major hankering for sugar in the form of a fritter, make your way to this incredible bakery and farm market in Michigan.

If you’d like to learn more about the shop’s many offerings, including its famous apple fritters, check out the official Woodland Farm Market website. Have you enjoyed some sweet treats from this bakery and farm market in Michigan during previous travels? Share your favorite eats with us by leaving a Facebook comment or recommend another roadside gem in Michigan by completing our nomination form.

For another great meal, check out this remote cabin restaurant in Michigan.

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What’s Happening with Mortgage Rates, and Where Will They Go from Here?

What’s Happening with Mortgage Rates, and Where Will They Go from Here? | Simplifying The Market

Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year:

What’s Happening with Mortgage Rates, and Where Will They Go from Here? | Simplifying The Market

Just a few months ago, Freddie Mac projected mortgage rates would average 3.6% in 2022. Earlier this month, Fannie Mae forecast mortgage rates would average 3.8% in 2022. As the chart above shows, rates have already surpassed those projections.

Sam Khater, Chief Economist at Freddie Mac, explained in a press release last week:

“This week, the 30-year fixed-rate mortgage increased by more than a quarter of a percent as mortgage rates across all loan types continued to move up. Rising inflation, escalating geopolitical uncertainty and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power.”

Where Are Mortgage Rates Going from Here?

In a recent article by Bankrate, several industry experts weighed in on where rates might be headed going forward. Here are some of their forecasts:

Greg McBride, Chief Financial Analyst, Bankrate:

“With inflation figures continuing to surprise to the upside, mortgage rates will remain above 4.0% on the 30-year fixed.”

Nadia Evangelou, Senior Economist and Director of Forecasting, National Association of Realtors (NAR):

“While higher short-term interest rates will push up mortgage rates, I expect some of this impact to be mitigated eventually through lower inflation. Thus, I expect the 30-year fixed mortgage rate to continue to rise, although we aren’t likely to see the big jumps that occurred over the past few weeks.”

Len Kiefer, Deputy Chief Economist, Freddie Mac:

“Mortgage rates are likely to continue to move higher throughout the balance of 2022, although the pace of rate increases is likely to moderate.”

In a recent realtor.com article, another expert adds to the conversation:

Danielle Hale, Chief Economist, realtor.com:

“. . . As markets digest the Fed’s updated economic projections, I anticipate a continued increase in mortgage rates over the next several months. . . .”

What Does This Mean for You if You’re Looking To Buy a Home?

With both mortgage rates and home values expected to increase throughout the year, it would be better to buy sooner rather than later if you’re able. That’s because it’ll cost you more the longer you wait. But, there is a possible silver lining to buying a home right now. While you’ll be paying a higher price and a higher mortgage rate than you would have last year, rising prices do have a long-term benefit once you buy.

If you purchase a home today valued at $400,000 and put 10% down, you would be taking out a $360,000 mortgage. According to mortgagecalculator.net, at a 4.42% fixed mortgage rate, your mortgage payment would be $1,807 a month (this does not include insurance, taxes, and other fees because those vary by location).

Now, let’s put that mortgage payment into a new perspective based on the substantial growth in equity that comes with the escalation in home prices. Every quarter, Pulsenomics surveys a panel of over 100 economists, investment strategists, and housing market analysts about their expectations for future home prices in the United States. Last week, Pulsenomics released their latest Home Price Expectation Survey. The survey reveals that the average of the experts’ forecasts calls for a 9% increase in home values in 2022.

Based on those projections, a $400,000 house you buy today could be valued at $436,000 by this time next year. If you break that down, that means the equity in your home would increase by $3,000 a month over that period. That’s greater than the estimated monthly payment above. Granted, the increase in your net worth is tied to the home, but it is one way to put the home price appreciation to use in a way that benefits you.

Bottom Line

Paying a higher price for a home and a higher mortgage rate can be a difficult pill to swallow. However, waiting will just cost you more. If you’re ready, willing, and able to buy a home, now will be a better time than a year, or even six months from now. Let’s connect to begin the process today.

There’s No Other Historical Landmark In Detroit Quite Like This Century-Old Theatre

You don’t have to be a vintage movie buff to appreciate the unique beauty of a long-standing theatre. After all, there’s something decidedly fascinating about stepping into a timeless building that has served as the site of countless date nights, family outings, special events, and more throughout the generations. One historic theatre in Detroit offers visitors the chance to appreciate a taste of the past while celebrating the ever-evolving excitement of moviegoing and live performance.

For additional information about current showings and upcoming special events, check out the Redford Theatre website. Have you visited this historic theatre in Detroit during previous family adventures or date nights with your sweetheart? Share your experiences with us by leaving a Facebook comment or recommend another historic destination in Detroit by completing our nomination form.

Looking for even more glimpses of the past? You’ll want to read about this historic general store near Detroit.

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The Hidden Sandpiper Cottage In Michigan Is A Beach Getaway With The Utmost Charm

Are you searching for the perfect way to unwind and appreciate the shores of Lake Michigan? While there are plenty of beachfront hotels, campsites, and other lodging options to enjoy throughout our state, nothing beats the experience of a cozy cottage. As you prepare for your next awesome outing here in the Great Lakes State, we’ve got a gem that deserves a place on your must-visit list. This hidden cottage in Michigan is the perfect place to relax with your closest loved ones.

If you’re interested in renting this unique cottage, check out its page on Airbnb. Have you and your loved ones been fortunate enough to stay here during previous outings? Share your experiences with us by leaving a Facebook comment or recommend another hidden cottage in Michigan by completing our official nomination form.

Looking for more adventure? You’ll want to read about this waterfall trail in Michigan’s Upper Peninsula.

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The Best Week To List Your House Is Just Around the Corner

The Best Week To List Your House Is Just Around the Corner | Simplifying The Market

Are you thinking about selling your house? If so, you may want to make it a priority to start the process soon. According to realtor.com, the sweet spot for sellers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years (excluding 2020, since it was an atypical year). When applied to the current market, experts determined the ideal week to list a house this year. The research says:

“Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2022 is approaching quickly. The week of April 10-16 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.”

If you’ve been putting your move on the back burner waiting for the ideal time to sell, you should know your golden window of opportunity is coming up. If you’re able to get your house ready quickly, here’s what you can expect from that week.

You Should See More Buyer Activity

The article expects higher buyer demand based on what’s happened in previous years. This could result in increased competition among buyers and ultimately a bidding war over your house. And since mortgage rates recently ticked up over 4%, chances are good that analysis is right. When rates rise, experts say buyers often hurry to make their purchase before rates climb higher. As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), says:

“. . . Buyers are rushing to lock in lower rates as the outlook is for even higher mortgage rates in the following months.”

Your House Is Expected To Sell Quickly

Additionally, the realtor.com analysis shows houses sell even faster during this week of the year, likely due to the heightened buyer demand. If you work with a trusted real estate professional to price your house right, it should sell quickly. And when homes are already selling in just 18 days according to NAR, that could set you up for a big win.

Your House Will Be in the Spotlight

Since the beginning of the year, the number of homes available for sale has been at or near record lows. According to the realtor.com study, the typical trend for this week of the year is that there will be even fewer sellers on the market. If you list when inventory is low, your house will be the center of attention for eager buyers craving options.

If you’re ready to move fast, you may want to shoot for April 10th-16th as your target goal. Just remember, even if you’re not ready to list within the next couple of weeks, rest assured this is still a hot sellers’ market. If you list later in April, you’ll still be in the driver’s seat.

Bottom Line

Ready to get the ball rolling? Let’s connect and schedule a time to go over your next steps. In the meantime, make a checklist of things you need to tackle to get your house ready. When we talk, we can prioritize your to-do list and get you on the road to selling your house.

7 Fascinating Places In Metro Detroit You Can Barely Find On A Map

If you’re a fan of hidden gems, we’ve got quite the collection for you to explore today. While Detroit and its surrounding communities are chock full of well-known attractions, there’s something utterly fascinating about checking out some of the area’s lesser-known treasures. These places might not be well-known, but they’re so worth seeing. Hop in the car and venture to these seven hard-to-find places in Detroit and beyond.

So, there you have it: seven of the best hard-to-find places in Detroit and the areas surrounding the Motor City. Have you been lucky enough to check out any of these unique destinations during previous outings in Metro Detroit? Share your experiences with us by leaving a Facebook comment or recommend more hidden gems in Detroit by completing our official nomination form.

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The 2-Hour Road Trip Along Alger County’s Waterfall Trail Is A Glorious Spring Adventure In Michigan

Are you already plotting your next great adventure in Michigan? Our state is chock full of natural attractions that add magic to any travel plans, but there’s something special about checking the Upper Peninsula in all its splendor. One natural feature of the U.P. that sets it apart is its abundance of glorious waterfalls, and one area is especially rich with enchantment. Follow this waterfall trail in Michigan for a journey like no other.

So, there you have it: a waterfall trail in Michigan that takes you to some of the Munising area’s most marvelous natural attractions. Have you and your family visited these or other waterfalls in the region during previous adventures way up north? Share your experiences with us by leaving a Facebook comment or recommend more of your favorite waterfalls in Michigan by completing our official nomination form.

Can’t get enough natural fun? You’ll want to read about the seven best free natural wonders in Michigan.

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