Southeastern Michigan Real estate Podcast with Greg and Wendy Kime

Greg@KimeRealty.com (Kime Realty) — Thu, 29 Dec 2022 17:41:00 -0500

Confused About What’s Going on in the Housing Market? Lean on a Professional.

If you’re thinking about buying or selling a home, you probably want to know what’s really happening with home prices, mortgage rates, housing supply, and more. That’s not an easy task considering how sensationalized headlines are today. Jay Thompson, Real Estate Industry Consultant, explains:

“Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.”

Unfortunately, when information in the media isn’t clear, it can generate a lot of fear and uncertainty in the market. As Jason Lewris, Cofounder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

But it doesn’t have to be that way. Buying or selling a home is a big decision, and it should be one you feel confident making. To help you separate fact from fiction and get the answers you need, lean on a local real estate advisor.

A trusted expert is your best resource to understand what’s happening at the national and local levels. They’ll be able to debunk the headlines using data you can trust. And using their in-depth knowledge of the industry, they’ll provide context so you know how current trends compare to the normal ebbs and flows in the industry, historical data, and more.

Then, to make sure you have the full picture, they’ll tell you if your local area is following the national trend or if they’re seeing something different in your market. Together, you’ll use all of that information to make the best possible decision for you.

After all, making a move is a potentially life-changing milestone. It should be something you feel ready for and excited about. And that’s where an agent comes in.

Bottom Line

If you have questions about the headlines or what’s happening in the housing market today, let’s connect so you have expert insights and advice on your side.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Greg@KimeRealty.com (Kime Realty) — Fri, 11 Feb 2022 11:01:00 -0500

Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers

Thursday January 27th, 2022 Featured, For Sellers, Housing Market Updates

Demand Is Very Strong

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), 6.18 million homes were sold in 2021. This was the largest number of home sales in 15 years. Lawrence Yun, Chief Economist for NAR, explains:

“Sales for the entire year finished strong, reaching the highest annual level since 2006. . . . With mortgage rates expected to rise in 2022, it’s likely that a portion of December buyers were intent on avoiding the inevitable rate increases.”

Demand isn’t expected to weaken this year, either. In addition, the Mortgage Finance Forecast, published last week by the Mortgage Bankers’ Association (MBA), calls for existing-home sales to reach 6.4 million homes this year.

Supply Is Very Limited

The same sales report from NAR also reveals the months’ supply of inventory just hit the lowest number of the century. It notes:

“Total housing inventory at the end of December amounted to 910,000 units, down 18% from November and down 14.2% from one year ago (1.06 million). Unsold inventory sits at a 1.8-month supply at the present sales pace, down from 2.1 months in November and from 1.9 months in December 2020.”

The reality is, inventory decreases every year in December. That’s just how the typical seasonal trend goes in real estate. However, the following graph emphasizes how this December was lower than any other December going all the way back to 1999.

Right Now, Sellers Have Maximum Leverage

As mentioned above, when there’s strong demand for an item and a limited supply of it available, the seller has maximum leverage in the negotiation. In the case of homeowners who are thinking about selling, there may never be a better time than right now. While demand is this high and inventory is this low, you’ll have leverage in all aspects of the sale of your house.

Today’s buyers know they need to be flexible negotiators that make very competitive offers, so here are a few areas that could tip in your favor when your house goes on the market:

Competitive sales price
Flexible closing date
Potential for a leaseback to allow you more time to find a home
Minimal offer contingencies

Bottom Line

If you’re thinking of selling your house this year, now is the optimal time to list it. Let’s connect to discuss how you can put your house on the market today.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Greg@KimeRealty.com (Kime Realty) — Sat, 11 Jan 2020 09:29:00 -0500

The Cost Across Time [INFOGRAPHIC]

Some Highlights:

With interest rates around 3.66%, now is a great time to look back at where they’ve been over the past few decades. Comparatively, they’re pretty low!
According to Freddie Mac, rates are projected to increase to 3.9% by this time next year.
The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year and $7,200 over the life of your loan.
Maybe it’s time to lock in now, while rates are still historically low.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Greg@KimeRealty.com (Kime Realty) — Fri, 10 Jan 2020 09:26:00 -0500

The New Spring Real Estate Market is Here. Are You Ready?

Which month do you think most people who are considering buying a home actually start their search? If you’re like most of us, you probably think the surge happens in the spring, likely in April. Not anymore. According to new research, January 2019 was only 1% behind February for the most monthly views per listing on realtor.com.

So, what does that mean? The busiest season in real estate has just begun.

The same research indicates,

“Historically, April launched the kickoff of the home shopping season as buyers would come out of their winter hibernation looking for their new home. However, the spring shopping season now starts in January for many of the nation's largest markets.”

With the reality of fewer homes on the market in the winter, and that supply naturally increases as we head to the spring market, waiting for more competition to list in your neighborhood this year might put you behind the curve. Perhaps now is the time to jump into the market.

George Ratiu, Senior Economist at realtor.com says,

“As shoppers modify their strategies for navigating a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier.”

There is a lot of speculation in the market about why the search for a home is shifting to an earlier start. The one thing we do know is if you’re thinking about buying or selling a home this year, the earlier you get started, the better.

Reminder: When should you sell something? When there is less of that item for sale and the greatest number of buyers are in the market. That’s exactly what is happening in real estate right now.

Bottom Line

The new spring market for real estate is underway. If you’re considering buying or selling, let’s connect, so you have the advantage in this competitive market.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Greg@KimeRealty.com (Kime Realty) — Thu, 9 Jan 2020 09:25:00 -0500

3 Benefits to Buying Your Dream Home This Year

Outside of a strong economy, low unemployment, and higher wages, there are three more great reasons why you may want to consider buying your dream home this year instead of waiting.

1. Buying a Home is a Great Investment

Several reports indicate that real estate is a good investment, topping other options such as gold, stocks, bonds, and savings. Why? Real estate helps build equity, a form of investing for you and your family. According to CoreLogic’s Equity Report,

“U.S. homeowners with mortgages (roughly 64% of all properties) have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.”

This means the average homeowner gained approximately $5,300 in equity over the past year. If you want to start building your equity, put your housing costs to work for you through homeownership this year.

2. Mortgage Interest Rates Are Low

The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have fallen since November 2018 when they hit 4.94%. In their latest forecast, Freddie Mac expects rates to remain low, leveling out to a yearly average of 3.8% in 2020.

When you purchase a home at a low mortgage rate, it will impact your monthly mortgage payment, giving you the opportunity to buy more house for your money.

3. Investing in Your Family is a Win

There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you’re living rent-free with your parents, you’re paying a mortgage – either yours or that of your landlord.

Today, rental prices continue to increase, and when you’re paying your landlord’s mortgage instead of your own, you’re not the one earning the equity. As an owner, your mortgage payment is a form of ‘forced savings’ you can use later in life to reinvest in your family. You can use it for a variety of opportunities, such as saving for your children’s education, moving up to a bigger home, or starting your own business. As a renter, it can be more challenging to achieve those types of dreams without home equity working for you.

Bottom Line

Buying a home sooner rather than later could lead to substantial savings and long-term financial growth for you and your family. Let’s get together to determine if homeownership is the right choice for you this year.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Greg@KimeRealty.com (Kime Realty) — Tue, 7 Jan 2020 12:18:00 -0500

Why You Shouldn’t “For Sale By Owner”

Rising home prices coupled with the current inventory in today's market may cause some homeowners to consider selling their homes on their own (known in the industry as a For Sale By Owner). However, a FSBO might be hard to execute well for the vast majority of sellers.

Here are the top 5 reasons not to FSBO:

1. Online Strategy for Prospective Purchasers

Studies have shown that 93% of buyers search online for a home. That’s a pretty staggering number! Most real estate agents have an Internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

According to NAR, here’s where buyers found the homes they actually purchased:

55% on the Internet
28% from a Real Estate Agent
10% Other
6% from a Yard Sign
1% from Newspapers

The days of selling your house by putting up a sign in your yard or placing an ad in the paper are long gone. Having a strong Internet strategy is crucial.

3. There Are Too Many People to Negotiate With

Here’s a list of some of the people with whom you must be prepared to negotiate if you decide to FSBO:

The buyer, who wants the best deal possible
The buyer’s agent, who solely represents the best interest of the buyer
The buyer’s attorney (in some parts of the country)
The home inspection companies, which work for the buyer and will almost always find some problems with the house
The appraiser, if there is a question of value

4. FSBOing Has Become Increasingly Difficult

The paperwork involved in buying or selling a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.

5. You Net More Money When Using an Agent

Many homeowners believe they’ll save the real estate commission by selling on their own, but the seller and buyer can’t both save the commission.

A report by Zillow revealed that FSBOs are inclined to do so because they believe it will save money (46 percent cite this among their top three reasons), but they don’t actually save anything, and eventually end up listing with an agent.

The same report revealed that,

“While 36% of sellers that (at first) attempted to sell their homes on their own, only 11 percent of sellers—in other words, less than a third…actually sold without an agent.”

It appears working with a real estate professional is the best answer.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, let’s get together to discuss your needs.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Greg@KimeRealty.com (Kime Realty) — Fri, 6 Dec 2019 08:00:00 -0500

Buyers Are Looking For Your Home [INFOGRAPHIC]

Some Highlights:

Existing Home Sales are currently at an annual pace of 5.46 million.
The inventory of existing homes for sale remains below the 6 months needed for a normal market and is now at a 3.9-month supply.
Inventory remains low due to high demand from buyers who are still looking for a house to buy!

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Greg@KimeRealty.com (Kime Realty) — Thu, 5 Dec 2019 08:00:00 -0500

Tips to Sell Your Home Faster

When selling your house, there are a few key things you can prioritize to have the greatest impact for a faster sale:

1. Make Buyers Feel at Home

Declutter your home! Pack away all personal items like pictures, awards, and sentimental belongings. Make buyers feel like they belong in the house. According to the 2019 Profile of Home Staging by the National Association of Realtors, “83% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.”

Not only will your house spend less time on the market, but the same report mentioned that, “One-quarter of buyers’ agents said that staging a home increased the dollar value offered between 1 – 5%, compared to other similar homes on the market that were not staged.”

2. Keep It Organized

Since you took the time to declutter, keep it organized. Before buyers arrive, pick up toys, make the bed, and put away clean dishes. According to the same report, the kitchen is one of the most important rooms to stage in order to attract more buyers. Put out a scented candle or some cookies fresh from the oven. Buyers will remember the smell of your home.

3. Price It Right

More inventory coming into the market guarantees there will be some competition. You want to make sure your home is noticed. A key to selling your house is ensuring it is Priced to Sell Immediately (PTSI). This means you’ll be driving more traffic to your property, and ultimately creating more interest in your home.

4. Give Buyers Full Access

One of the top four elements when selling your home is access. If your home is available anytime, that opens up more opportunity to find a buyer right away. Some buyers, especially those relocating, don’t have much time available. If they cannot get into the house, they will move on to the next one.

Bottom Line

If you want to sell your home in the least amount of time at the best price with as little hassle as possible, a local real estate professional is a useful guide. Let’s connect today to determine what you need to do to sell your home as quickly as possible.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Greg@KimeRealty.com (Kime Realty) — Wed, 4 Dec 2019 13:32:00 -0500

5 Reasons to Sell This Winter

Below are five compelling reasons to list your house this winter.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase, and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Inventory is still under the 6-month supply needed for a normal housing market. This means in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market.

Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

Many homeowners were reluctant to list their homes over the last couple of years, for fear they would not find a home to move into. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.

3. Buyers Are Serious at This Time of Year

Traditionally, homeowners think about spring as a great time to list their homes, when more buyer traffic may be out there actively searching. In the winter, however, the buyers who are seeking a home – whether for relocation or otherwise – are serious ones. They’re ready to make offers and they’re eager to move, often quickly. Your house may be exactly what they’re looking for, so listing when other potential sellers are holding off may be your best opportunity to shine.

4. There Will Never Be a Better Time to Move Up

If your next move will be into the premium or luxury market, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you're planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that now. Demand for your entry-level home is high, and inventory in the luxury or premium market is too.

According to CoreLogic, prices are projected to appreciate by 5.6% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and in your mortgage) if you wait.

5. It’s Time to Move On With Your Life

Look at the reason you decided to sell in the first place and determine whether it’s worth waiting. Is money more important than being with family? Are you ready to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market this winter. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Greg@KimeRealty.com (Kime Realty) — Wed, 20 Nov 2019 15:00:00 -0500

Buyers Are Looking Now. Are You Ready to List Your Home?

Inventory on the market today is low, especially among existing homes in the entry and middle-level tiers of the market. It is hovering well below the 6-month supply typically found in a more normal market, as shown in the graph below:With inventory being one of the biggest housing market challenges today, finding a starter home right now isn’t easy. According to the Q3 Housing Trends Report from the National Association of Homebuilders (NAHB), 68% of those searching for a home think their search will get harder or stay about the same over the next 12 months.

The same study reveals,

“In Qtr3’19, buyers actively engaged in the process of buying a home are more likely to have spent at least 3 months searching (58%) than a year earlier (55%).”

This is certainly no surprise, given the current inventory status. So, what’s the good news? The NAHB continues to say,

“If still unable to find a home in the next few months, the next step for most long-time searchers is to continue looking for the ‘right’ home in the same preferred location (52%). The next step for 35% is to expand their search area and for 16% is to accept a smaller/older home. Only 15% will give up looking.”

What does this mean for homeowners?

If you’re thinking of selling your home, buyer demand is high – and those looking in your neighborhood aren’t planning on giving up anytime soon. The majority of potential buyers who are still searching for their dream home are eager, willing, and ready to buy, so maybe it’s time to list your house and make your move.

Bottom Line

With buyer demand as high as it is today, and inventory in the entry and middle-tier markets remaining low, it’s never been a better time to move up. Let’s get together to determine if now is your time to sell.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Greg@KimeRealty.com (Kime Realty) — Tue, 12 Nov 2019 16:45:00 -0500

Homeownership Rate Remains on the Rise

In the third quarter of 2019, the U.S. homeownership rate rose again, signaling another strong indicator of the current housing market.

The U.S. Census Bureau announced,

“The homeownership rate of 64.8 percent was not statistically different from the rate in the third quarter 2018 (64.4 percent), but was 0.7 percentage points higher than the rate in the second quarter 2019 (64.1 percent).”

Today there is still a lack of inventory, particularly at the entry and middle-level segments of the market, but that is not stopping buyers from making every effort to pursue homeownership. The many financial and non-financial benefits continue to drive the American Dream and will likely do so for generations to come.

Bottom Line

If you’re thinking of buying a home, let’s get together to make your dream a reality.

Call Kime Realty 734-446-5744

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Greg@KimeRealty.com (Kime Realty) — Wed, 6 Nov 2019 14:24:00 -0500

The #1 Reason to List Your House in the Winter

Many sellers believe spring is the best time to put their homes on the market because buyer demand traditionally increases at that time of year. What they don’t realize is if every homeowner believes the same thing, then that’s when they’ll have the most competition.

So, what’s the #1 reason to list your house in the winter? Less competition.

Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months supply of listings from the National Association of Realtors.As you can see, the ‘sweet spot’ to list your house for the most exposure naturally occurs in the late fall and winter months (November – January).

Temperatures aren’t the only thing that heats up in the spring – so do listings!In 2018, listings increased from December to May. Don’t wait for these listings and the competition that comes with them to come to the market before you decide to list your house.

Added Bonus: Serious Buyers Are Out in the Winter

At this time of year, purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers.’ The lookers are at the mall or online doing their holiday shopping.

Bottom Line

If you’ve been debating whether or not to sell your house and are curious about market conditions in your area, let’s get together to determine the best time to list your house.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Some Exciting News on Our End:

Greg@KimeRealty.com (Kime Realty) — Mon, 4 Nov 2019 16:37:00 -0500

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Greg@KimeRealty.com (Kime Realty) — Tue, 29 Oct 2019 16:48:00 -0400

Thinking of Selling Your Home? The Waiting Is The Hardest Part.

Tom Petty famously penned the words, “the waiting is the hardest part” in his early 80’s hit song The Waiting, and his thought process can surprisingly also be applied to individuals considering selling their homes today. Traditional thinking would suggest it may be best to wait until the spring to sell when there is a flood of buyers in the market, but right now may in fact be an even better time to list your home.

We can see the overall economy is good: wages are rising, there are near record-low unemployment rates, and mortgage interest rates are still very low too. Over the past 10+ years the housing market has stabilized, so what (if anything) is the biggest challenge in the housing market today?

The answer is simple: it’s inventory.

According to the Existing Home Sales Report by the National Association of Realtors,

“Total housing inventory at the end of September sat at 1.83 million, approximately equal to the amount of existing-homes available for sale in August, but a 2.7% decrease from 1.88 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, up from 4.0 months in August and down from the 4.4-month figure recorded in September 2018.”

What does this mean?

While homes are coming to the market, they aren’t coming fast enough! Right now, across the country there is less than 6 months of overall inventory of homes for sale, putting us in a seller’s market. The challenge is that there are not enough homes for sale to increase the supply needed for the number of people who want to buy, especially in the starter and middle-level markets.

To be in a balanced market (meaning we have enough inventory for the number of buyers in the market), we need to have 6 months of inventory available. Today we are nowhere near that number, and as a matter of fact, the last time we reached that height was August 2012 (as shown in the graph below):When we look at the inventory challenge today, we can see that now is a great time to sell your house. Truthfully, waiting may end up being the hardest part in the long run. This landscape is a great place for sellers who own homes in the starter and middle-level markets to take the opportunity to sell in a sellers’ market, before inventory catches up with demand. Serious buyers are actively in the market and ready to make a move at this time of year. When inventory is limited at the lower end, like it is today, selling before more homes are listed could mean a significant seller’s advantage to those who are ready to move up. The upper level of the market has much more inventory available to move into, so it’s a win across the board.

Bottom Line

If you’re considering selling your home, don’t wait – now is the time to make your move! Take advantage of the high housing demand and the low inventory of homes for sale at the lower end of the market and use your purchasing power while mortgage rates are low to go after the move-up home of your dreams. Let’s get together to decide if now is the right time for you.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Our Annual Pie Giveaway Is Coming Soon

Greg@KimeRealty.com (Kime Realty) — Mon, 28 Oct 2019 19:37:00 -0400

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Thanksgiving is coming up soon. Do you know what that means? Our annual client appreciation pie party giveaway is coming up soon as well.

On Tuesday, November 26th (two days before Thanksgiving), we’ll have pies ready to go for all of you who have supported and continue to support our business. This is just one way we want to say thanks and give back.

JOIN US ON NOVEMBER 26th FROM 4 P.M. TO 7 P.M.

Come out to Laurel Manor (39000 Schoolcraft Rd) in Livonia from 4 p.m. to 7 p.m. on Tuesday, November 26th to get your pie. To reserve your pie, just give us a call at (734) 315-0555 by November 19th or email Info@KimeRealty.com and we’ll get you on the list.

If you have any questions in the meantime, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon and we can’t wait to see you on November 26th!

Fourth Quarter Market Update for Southeast Michigan

Greg@KimeRealty.com (Kime Realty) — Mon, 27 Nov 2017 13:05:00 -0500

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It’s time for another market update. To help illustrate what’s been going on, I’d like to go over a few statistics from Realcomp—the largest multiple listing service in Michigan.

First of all, prices are up year over year by 3.4% from $159,500 to $165,000. Also, inventory levels are down by 26%. This has caused sales to decrease by about 2%.

Days on market are also down, decreasing by nine days since last year.

One interesting factor I found is that distressed sales currently make up 4.1% of the market. This a much healthier percentage than we saw during the recession, when that number was between 40% and 45%.

Finally, let’s take a look at the average showings for listings per month by county.

In Macomb County, the average number of showings per month is 5.2. The average in Oakland is 4.8. The third highest number of showings per month is in Wayne County, where the average is 4.2.

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A decrease in inventory has caused a decrease in sales year over year.

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Next, Washtenaw County is seeing an average of 3.9 showings per listing, Livingston County is seeing 3.3 showings, Genesee County has an average of 3.0 showings, and St. Clair County has an average of 2.7. Finally, Lapeer County and Monroe County have averages of 2.6 and 2.5 showings, respectively.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

One Last Call for Free Pie

Greg@KimeRealty.com (Kime Realty) — Wed, 8 Nov 2017 11:32:00 -0500

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We just wanted to send out a quick, final reminder about our upcoming pie giveaway for our raving fans. If you haven’t RSVP’d yet, please give us a call at (734) 315-0555 and let us know whether you’d like a free apple or pumpkin pie this year.

We’ll have everything ready for you to pick up on November 21 at Laurel Manor from 4 p.m. to 7 p.m. The address is 39000 Schoolcraft Road, Livonia, MI.

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Let us know by November 14 if you want one.

”

If you have any questions for us in the meantime, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon and we hope to see you on the 21st!

Our Annual Pie Giveaway Is Coming Soon

Greg@KimeRealty.com (Kime Realty) — Mon, 23 Oct 2017 16:51:00 -0400

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Thanksgiving is coming up soon. Do you know what that means? Our annual client appreciation pie party giveaway is coming up soon as well.

On Tuesday, November 21st (two days before Thanksgiving), we’ll have pies ready to go for all of you who have supported and continue to support our business. This is just one way we want to say thanks and give back.

“

Join us on November 21st from 4 p.m. to 7 p.m.

”

Come out to Laurel Manor (39000 Schookraft Rd) in Livonia from 4 p.m. to 7 p.m. on Tuesday, November 21st to get your pie. To reserve your pie, just give us a call at (734) 315-0555 by November 14th and we’ll get you on the list.

If you have any questions in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon and I can’t wait to see you on November 21st!

Should You Rent a Home or Own a Home?

Greg@KimeRealty.com (Kime Realty) — Wed, 20 Sep 2017 12:20:00 -0400

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Renting might work better for some people but from a financial standpoint, it’s definitely better to own than to rent.

According to the National Association of Realtors, a homeowner’s net worth is 45 times greater than a renter’s.

Another reason to consider buying instead of renting is that home values are on the rise. According to CoreLogic, home prices are up 7.2% over the last year here in Michigan. Going forward, home prices are predicted to increase by 6.4% over the next year. The national average is 5.2%, so Michigan is outperforming the national numbers.

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Home prices will only continue to go up, increasing homeowners’ net worth.

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According to ATTOM Data Solutions, homeowners who sold in the second quarter realized an average price gain of $51,000 since buying their home. That is the highest average price gain for home sellers since the second quarter of 2007, when it was $57,000.

In other words, homeowners in the second quarter of 2017 got an average return of 26% on the previous purchase price of the home. That is the highest average return on investment for home sellers since the third quarter of 2007, when it was 27%.

ATTOM’s report also shows that homeowners who sold in the second quarter had owned the home for an average of 8.05 years.

So, as a homeowner, your net worth is higher and, when you move, you have the opportunity to get a good return on your investment. You can’t get that when you rent a home.

If you have any other questions about owning versus renting or if you’re interested in making a move, just give me a call or send me an email. I would be happy to help you!

What’s Driving Home Prices in Southeastern Michigan?

Greg@KimeRealty.com (Kime Realty) — Tue, 5 Sep 2017 16:55:00 -0400

Low inventory and high demand have led to a 7.7% appreciation in home values in our region.

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What’s happening with home prices right now in Southeastern Michigan? Let’s look at some national statistics and see how home prices are changing.

First, our national average for days on market is 28 days. I’ve never seen a number that low in my 24-year career, and we’re certainly seeing a trickle-down effect in our market—some of our listings are selling in less than a week or even a day or two.

According to the latest report from Freddie Mac, the number of homes sales increased from 632,000 in June 2016 to 656,000 this past June. In our Midwestern region, the number of pending home sales decreased year over year by 3.4%. The main reason for this is the low inventory levels we have.

Our low level of inventory has lead to an appreciation in home values.

Low inventory leads to an appreciation in home values, and many listings are getting multiple offers because there are more buyers out looking for homes than there are homes available. Another factor driving appreciation is the fact that distressed properties have dwindled down to 4% of the market, which is great. Between 2008 and 2012, 35% to 40% of the market was either a short sale or foreclosure, but 4% is a much healthier number.

In the Midwest, all of these factors have led to a 7.7% appreciation in home values.

If you have any questions about these figures and what they mean for our market or you’re interested in having an equity evaluation done on your home, feel free to give us a call or shoot us an email. We’d be happy to help.

Consumer Confidence Is Soaring in the Real Estate Market

Greg@KimeRealty.com (Kime Realty) — Wed, 16 Aug 2017 17:20:00 -0400

Today I wanted to give you a bit of an update on how consumer confidence has grown within the real estate market.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Today we’re going to be talking about consumer confidence in terms of the real estate market.

According to a recent Gallup poll, 34% of those polled believe that the best long-term investment choice is real estate—ahead of stocks and mutual funds at 26%.

85% of Americans now believe that purchasing a home is a good financial decision. That’s a great number to see, as it’s the highest percentage since 2007, before the Great Recession. According to Sean Becketti, Freddie Mac's chief economist, “A decade after the Great Recession, the housing market is rebounding.”

Lawrence Yun, the NAR Chief Economist, had this to say about the current real estate market: “Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.”

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If you’re thinking about putting your home on the market, now is the time to do so.

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So, if you’re thinking about putting your home on the market, now is the time to do so. Give us a call if you would like to list your home, as the majority of our listings are selling in less than 30 days and in many cases, for higher than list price if we price them correctly.

If you have any additional questions about this topic or you want to list your home for sale, give us a call. We’d be happy to help!

An Easier Way to Search for Homes

Greg@KimeRealty.com (Kime Realty) — Thu, 20 Jul 2017 12:20:00 -0400

Our home search website is one of the best out there. Here are the advantages of using it.

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If you’re in the market to buy a home, our website offers a unique home search feature that we think you should be aware of.

There’s a widget located on the right side of this page. It’s a quick portal to our home search website, located right underneath the market snapshot.

All you need to do is type in the area you’re looking in, the number of bedrooms and bathrooms you want, add your price range, and click “search.”

The widget will lead you directly to our live feed of listings, which are pulled directly from the MLS constantly. If there is a property that you want to take a better look at, simply click the address and you will find photos, specs, and other information about the home.

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The widget will lead you directly to a live feed of listings.

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This is a really useful tool that many of our clients have used successfully in the past. If you’re searching for a home, we hope it helps you too.

If you have any questions for us at all, don’t hesitate to reach out. I look forward to hearing from you soon.

The Winner of Our Zillow Review Contest Is…

Greg@KimeRealty.com (Kime Realty) — Thu, 15 Jun 2017 17:17:00 -0400

The winners of our Zillow review contest have been announced. Find out who the lucky winners are below.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

We are excited to finally announce the winner of our Zillow review contest. First, we wanted to thank everyone who entered the contest by writing about your experiences working with our team online. Your support means the world to us, and we truly appreciate each and every one of you.

However, there can be only one winner. Those winners are…Kim and Chris Callison!

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Congratulations to Kim and Chris Callison!

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Congratulations to Kim and Chris! We enjoyed working with you on selling your home and buying a new one, and we are happy to present you with the grand prize.

If you have any questions for us in the meantime or you or someone you know is looking to buy or sell a home, give us a call or send us an email. We look forward to hearing from you soon.

Our Client Appreciation Dinner Was a Huge Success

Greg@KimeRealty.com (Kime Realty) — Thu, 1 Jun 2017 12:39:00 -0400

We value our clients as much as we value our business. Without them, the business wouldn’t exist.

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

We would be nothing without our clients and all the other people who support us. It’s because of you that we have been able to grow a successful business. We take pride in our customer service, and we’re always looking for ways to give back to all of our clients.

Our third annual client appreciation dinner was a huge success. The night was full of food, fun, and great conversation. We gave some awesome prizes and were touched by the kind words that many people had for us (which are in the video above).

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There’s nothing more rewarding than giving back to you.

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There’s nothing more rewarding than being able to give back to those who have been so thoughtful and generous toward us. It’s only fair. We look forward to continuing to serve you at the highest level in the future. If you weren’t able to make the dinner, we would love to see you at our next event. To see what you missed out on, just watch the video above.

In the meantime, if you have any questions for us or you or someone you know is thinking about buying or selling a home, give us a call or send us an email. We would love to hear from you.

Why All Types of Homes Aren’t Selling Quickly

Greg@KimeRealty.com (Kime Realty) — Tue, 16 May 2017 14:46:00 -0400

By now everyone has heard that the market is strong and homes are selling quickly, but is that true for all price points?

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

We know that the real estate market is doing well and homes are selling quickly. However, are homes selling quickly at every price point?

In the chart above, put together by Trulia, starter homes, trade-up homes, and premium homes are shown and separated by the percentage of buyers searching for each type and the percentage of homes listed of each type. If you subtract the homes listed from buyers searching, we can see if there are enough homes available to meet the demand for each type.

For starter homes, we have a -5.7, which means there is not enough inventory and prices will go up. For trade-up homes, we have a -5.3, which also means there is not enough inventory and prices will go up. Both starter and trade-up homes are below demand.

However, for premium homes, we have a +11, which means the supply is greater than the demand. The upper end of our market is just not seeing the type of demand that the other two price points are. This doesn’t mean premium homes won't sell, it just means we have to price strategically and communicate on a weekly basis regarding foot traffic versus days on market.

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The demand for lower priced to moderately priced homes is much greater than the demand for higher priced homes.

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The next graph in the video above, provided by CoreLogic, shows the price appreciation by price category for last year. It shows very similar data compared to the Trulia report. We see that the demand in the lower priced to moderately priced homes, or starter to trade-up homes, is much greater than the higher priced or premium homes.

Sellers at the upper end of our market need to realize that their properties will sell, but they won’t move as quickly as the more affordable homes. For example, if your home is priced at $500,000 and there is more than six months of inventory in that price range, you won’t see value appreciate because your home would be in a balanced market.

If you have any questions about this topic or you are looking to buy or sell a home, please don’t hesitate to give me a call or send me an email. I look forward to hearing from you.