Find the Home that Moves You | When only the best Realtor will do, pick the Arbor Move Team
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It turns out, millennials aren’t the renter generation after all. The 2022 Consumer Insights Report from Mynd says there’s a portion of millennial and Gen Z buyers who are pursuing homeownership as a way to build their wealth, but it may not be exactly the way previous generations have done it. The study explains how they’re breaking into the market:
“. . . younger generations of Americans are not buying into that dream in the same way that older generations have. A growing number of Americans are choosing to make their first real estate purchase as an investment property.”
Instead of buying a home and moving into it themselves, some young buyers are purchasing a home so they can use it as a rental. This tactic may be gaining popularity, at least in part, because of the affordability challenges brought about by today’s higher mortgage rates. The report above mentions how many people in this group are considering this approach. It says:
“Almost half of Millennials and Gen Z (43%) are considering buying an investment property compared to only 9% of Baby Boomers and 27% of Gen X.”
This strategy allows buyers to continue living in their current location, like the bustle of a city apartment or a neighborhood that they know and love, where they couldn’t afford to buy. But instead of giving up on the idea of owning a home, they buy a home in a more affordable area with the intention of renting it out.
In a way, they’re getting the best of both worlds. They live where they want, and they still own a home where they can afford it.
Their goal is to generate passive income and diversify their assets. It works like this: in addition to having a rental stream of income, the equity they build in their house will also help grow their net worth over time.
If you’re thinking about buying a home as an investment strategy to build your wealth, let’s connect to explore your options and nearby areas that may have homes that fit what you’re looking for.
Are you in the market for your first home? If so, you are probably feeling a mix of excitement and anxiety. It can be daunting to enter into the world of homeownership, but with these 10 tips, you will be prepared to make the best decision for your family. Keep reading to learn more!
1. Get your finances in order. This is probably the most important step in preparing to buy a home. You will need to have a clear idea of your income, debts, and expenses. This will help you determine how much you can realistically afford to spend on a home. Getting pre-approved for a mortgage is also a good idea, as it will give you a better idea of what kind of interest rate you can expect to pay.
2. Start saving for a down payment. Once you know how much you can afford to spend on a home, start setting aside money for a down payment. A down payment is typically 20% of the purchase price of the home, but you may be able to put down less if you are a first-time homebuyer or if you are eligible for certain programs.
3. Start looking at homes. Once you have your finances in order and are saving for a down payment, it’s time to start looking at homes! Start by thinking about what kind of home you want and what kind of neighborhood you would like to live in. Then, start searching online and driving around to see what is available in your price range.
4. Get help from a real estate agent. Once you have found a few homes that you are interested in, it’s time to get some help from a professional. A real estate agent will be able to help you negotiate the purchase price of the home and can also help you with the paperwork involved in buying a home.
5. Get a home inspection. Before you finalize the purchase of a home, it is important to have a professional inspector look at the property. They will be able to identify any potential problems with the home that you may not be aware of.
6. Get homeowners insurance. Once you have purchased your home, you will need to get insurance to protect your investment. Homeowners insurance will cover damages to your home in the event of a fire, theft, or other covered event.
7. Make sure you can afford the monthly payments. In addition to your mortgage payment, there are other costs associated with owning a home such as property taxes, utilities, and maintenance. Be sure to factor these costs into your budget before you purchase a home.
8. Consider a fixer-upper. If you are on a tight budget, you may want to consider buying a fixer-upper. With some elbow grease and a little bit of money, you can turn a fixer-upper into your dream home.
9. Be prepared for repairs and maintenance. Even if you buy a brand new home, there will be repairs and maintenance that need to be done over time. Set aside some money each month so that you will be prepared when these expenses come up.
10. Have realistic expectations. Buying a home is a big decision and it is important to have realistic expectations about what you are getting into. Be prepared for things to go wrong and don’t expect your home to be perfect. With these tips, you will be prepared to buy your first home and make it your own.
Check out this online publication for more tips:
Buying your first home is an exciting but anxious time. Use this tips to stay prepared and be ready for whatever comes your way.
The Arbor Move Realtors pride themselves on good relationships in our field. What this means to the buyer is, being the first to see a house, great communication with the sellers realtor, smooth transaction, and a greater chance of owning the house of your dreams. Put your trust in us, we’ve worked hard to earn it.
See home for sale in the Ann Arbor area here: ArborMove.com
Call/text 734-275-2751
You might think that once you find your perfect Michigan home, all of the hard work is done. However, you couldn’t be more wrong because your next move is right around the corner, and we all know how stressful moving can be. Even though it’s wonderful to think about the possibilities when you settle into a new home with a blank slate and brand-new experiences, there’s still a lot of work ahead of you. Unfortunately, no shortcut button would allow you to jump to the point where you’ve already moved into your new home, and everything is unpacked. Preparing for your next move and going through the moving process is something you can’t avoid. But there are ways to make it easier, and in this article, that’s exactly what we’ll help you with.
Preparing for your next move? Here are pro tips to help you make it smooth and stress-free
As you already know, moving is all but fun. Sure, there are plenty of positive aspects to look forward to. For instance, it’s always a good idea to remember the excitement of relocating to a new place – a new home, apartment, city, or even nation! But the relocation process itself can be so overwhelming that it can put up a dark cloud over your entire experience.
Caption: Your next move can be stress-free and easy if you start preparing in advance.
Alt-tag: A happy couple packing their belongings into cardboard boxes for their move.
Most people don’t realize that you can have an easy and stress-free experience if you start preparing for your next move on time. In fact, as soon as your experienced Michigan Realtor® helps you find the home of your dreams, you should start planning your next steps. And to help you do that, here are seven simple tips we’ve gathered from moving industry pros.
#1 Moving checklist is a must
The first step in your moving preparations should be making a moving checklist. Although it may seem tedious, a moving checklist is effective and truly does the trick. Writing or typing your to-do list will help you commit it to memory, saving you time by preventing you from wasting it attempting to recall what has to be done. This is extremely useful if you’re moving abroad or even preparing for a long distance move within Michigan.
Here are just some of the examples of what you should put on your checklist:
You can simply cross off each item as you finish it to keep on track. Plus, you’ll feel more productive when you see your list slowly shrinking as you approach your moving day.
#2 Set a moving budget
Even though moving might be expensive, if you make an effort to budget correctly, you can even save money. Setting a realistic budget will help you know how much you can afford. For instance, you’ll be able to determine whether you can afford a full-service relocation or must perform a DIY move. Your move won’t cost you more than you can afford if you have a reasonable moving budget.
Caption: One of the most important steps when preparing for your next move is to set a realistic budget.
Alt-tag: A person typing on a laptop with a calculator and a coffee mug next to it.
#3 Declutter your belongings
Moving gives you a perfect excuse to go through your belongings and get rid of anything you no longer want or need. Packing everything may seem like a simple solution, but transferring all your belongings to your new home may quickly feel congested.
Instead, get rid of things you won’t likely need any longer because doing so can save you a ton of time and even money. For example, you can sell your extras online or even organize a yard sale. That’s a great way to boost your moving budget, especially if you’re already struggling to make it work.
#4 Research and hire reputable movers
If your budget allows you, it’s time to start looking for movers. After all, the whole process will be that much easier if you rely on expert help. This is especially true if you’re in for long distance moving in Michigan or even more so if you’re moving out of state.
Begin by asking friends and family for recommendations. Before making a choice, get and compare quotes from different moving companies. It would be best if you did not rush this decision, so take your time until you’ve found the right team to assist you.
#5 Gather packing supplies and materials
Once you declutter and sort your belongings, you’ll have a much more precise notion of how much you need to move. That means it’s time to start gathering packing supplies and materials. Make sure you get extra moving boxes. The last thing you want to do is scramble to find or buy more on packing day. That would only add more stress to the process.
#6 Disassemble all your beds and furniture
For a simpler transfer to your new home, we strongly advise disassembling all furniture pieces and beds. Especially if you employ a moving company. Even while the movers can do everything for you, if this is something you can handle yourself, you’ll save so much time and money. Furthermore, your movers might appreciate your assistance as well.
Remember, your beds and furniture must be taken apart before being loaded into the moving van. So if you can finish this task before the movers get there, it will take them less time to complete it at your house.
#7 Make sure your new place is waiting for you clean
If you have access to your new home before the move-in day, consider completing a thorough cleaning there. Of course, only if it isn’t already spotless while everything is excellent and empty.
Caption: You can relax more knowing your new home is waiting for you, clean and move-in ready.
Alt-tag: Happy couple holding a laptop while sitting on a couch surrounded by moving boxes after moving into their new home.
With so many people coming in and out after the move, you will need to clean a little bit again, but it’s ideal to have done it once before so you can immediately start unpacking. During your relocation, you can already store items like kitchen utensils. Also, you should make sure the cabinets and drawers are immaculate.
Good luck preparing for your next move!
We hope our article made preparing for your next move much easier and less stressful. And if you’re still looking for that perfect Michigan home to move to, don’t wait! Take advantage of the current housing market and start searching even today. Better yet, reach out to a knowledgeable Michigan Realtor® who’ll help you every step of the way and ensure you find a property that fits all your wants and needs.
As you look ahead to the winter season, you’re likely making plans and thinking about what you want to achieve before the year ends. One of those key decision points could be whether or not you want to move this year. If the location or size of your current home no longer meets your needs, finding a house that better suits your lifestyle may be a top priority for you. But with today’s cooling housing market, is it really a good time to sell your house, or should you wait?
If you’re ready to make your decision, here are three reasons you may want to consider selling before the holidays.
Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and deprioritize selling their house until the start of the new year when their schedules and social calendars calm down.
Selling now, while other homeowners may hold off until after the holidays, can help your house stand out. Start the process with a real estate professional today so you can get your house on the market and get ahead of your competition.
Even though housing supply has increased this year as buyer demand has moderated, it’s still low overall. That means there aren’t enough homes on the market today, especially as the millennial generation reaches their peak homebuying years. As Mark Fleming, Chief Economist at First American, says:
“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”
Serious buyers will still be looking this winter and your house may be exactly what they’re searching for. If you work with an agent to list your house now, you’ll be able to get in front of the eager buyers who are hoping to make a move before the year ends.
Don’t forget, today’s homeowners have record amounts of equity. According to CoreLogic, the average amount of equity per mortgage holder has climbed to almost $300,000. That’s an all-time high. That means the equity you have in your house right now could cover some, if not all, of a down payment on the home of your dreams.
And as you weigh the reasons to sell before winter, don’t lose sight of why you’re thinking about moving in the first place. Maybe it’s time to buy a house that’s in a better location for you, has the space you and your loved ones have been craving, or simply gives you that sense of home. A trusted real estate advisor can help you determine how much home equity you have and how you can use it to achieve your goal of making a move.
If you’re thinking about selling your house so you can find a home that better suits your needs, don’t delay your plans. Let’s connect so you can accomplish your goals before winter.
While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home.
As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today.
During the pandemic, housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year.
Even though it’s still a sellers’ market and supply is still lower than more normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult.
One of the top stories in real estate over the past two years was the intensity and frequency of bidding wars. But today, things are different. With more options, you’ll likely see less competition from other buyers looking for homes. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale.
If you tried to buy a house over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching for a home with less competition.
And when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But the latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving those contingencies is going down.
As a buyer, this is good news. The appraisal and the inspection give you important information about the value and condition of the home you’re buying. And if something turns up in the inspection, you have more power today to renegotiate with the seller.
A survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95% of sellers said buyers requested a home inspection, and 67% negotiated with buyers on repairs as a result of the inspection findings.
While buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a home in the past, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.
If you’re planning to buy a home, knowing what to budget for and how to save may sound scary at first. But it doesn’t have to be. One way to take the fear out of budgeting is understanding some of the costs you might encounter. And to do that, turn to trusted real estate professionals. They can help you plan your finances and prepare your budget.
Here are just a few costs experts say you can expect.
Saving for your down payment is likely top of mind as you set out to buy a home. But do you know how much you’ll need to save? While each situation is different, there’s a common misconception that putting 20% down toward your purchase is required. An article from the Mortgage Reports explains why that’s not always the case:
“The idea that you have to put 20% down on a house is a myth. . . . The right amount depends on your current savings and your home buying goals.”
To understand your options, partner with a trusted real estate professional to go over the various loan types, down payment assistance programs, and what each one requires.
Make sure you also budget for closing costs, which are a collection of fees and payments made to the various people involved in your transaction. Bankrate explains:
“Closing costs are the fees you pay when finalizing a real estate transaction, whether you’re refinancing a mortgage or buying a new home. These costs can amount to 2 to 5 percent of the mortgage so it’s important to be financially prepared for this expense.”
The best way to understand what you’ll need at the closing table is to work with a trusted lender. They can provide you with answers to the questions you might have.
If you want to cover all your bases, you can also consider saving for an earnest money deposit (EMD). An EMD is money you pay as a show of good faith when you make an offer on a house. According to realtor.com, it’s usually between 1% and 2% of the total home price.
This deposit works like a credit. It’s not an added expense – it’s paying a portion of your costs upfront. You’re using some of the money you already saved for your purchase to show the seller you’re committed and serious about their house. Realtor.com describes how it works as part of your sale:
“It tells the real estate seller you’re in earnest as a buyer, . . . . Assuming that all goes well and the buyer’s good-faith offer is accepted by the seller, the earnest money funds go toward the down payment and closing costs. In effect, earnest money is just paying more of the down payment and closing costs upfront.”
Keep in mind, an EMD isn’t required, and it doesn’t guarantee your offer will be accepted. It’s important to work with a real estate advisor to understand what’s best for your situation and any specific requirements in your area. They’ll help you determine what moves you should make in the homebuying process to have the greatest success.
Budgeting for your home purchase doesn’t have to be scary. Let’s connect so you’ll have an expert on your side to answer any questions you have along the way.