Don’t Miss Our 2nd Annual Backpack for Kids Event on August 4

Our 2nd Annual Backpack for Kids event is coming up, and we’d love for you to join us.

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Our second annual Backpack for Kids event is coming up on August 4 from 1 p.m. to 4 p.m. at Peacock Real Estate: 18030 3 Mile Rd, Morley, MI 49336, and we’d love for you to join us. This is our way of giving back to the community, and we’re also inviting people to make donations—our goal is to donate 200 backpacks to the students at Morley Stanwood Community Schools. If you have any questions about this event, don’t hesitate to call or email me. If you have a backpack to donate, just drop it off at our office—we’re open Monday through Friday from 8:30 a.m. to 5 p.m. We look forward to seeing you there.

How Was the 2018 Market and How Will 2019 Be Different?

How was the 2018 real estate market? Find out by watching today’s message.

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2018 is finally over, which means it’s time to review our market’s performance over the course of the year. Interest rates rose steadily in 2018, while, on the other hand, inventory saw a considerable drop. These two developments are likely to continue into 2019, but the impact may not be as severe as some expect. Even so, now may be the best time for buyers and sellers to make their move. There will still be a number of opportunities for buyers this year, but the present window of opportunity is one you shouldn’t pass up.

3 Things to Know About the Spring Real Estate Market

Here are a few things to know about the real estate market as we head into spring. It should be a great season.

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Selling a home? Click here for a FREE Home Price Evaluation

 

Each year, spring is the hottest season for real estate. However, spring 2018 looks to be an especially important time for anyone looking to sell a home. Here are a few facts to get you thinking:

1. Demand continues to outstrip supply. The number of homes on the market is near an all-time low, and listings of existing homes have plunged 8.1% over the past year. While this means that the total number of sold homes has actually decreased, demand continues to be strong.

2. Home prices are still surging. Home prices are up 6.3% year over year in the last quarter for which we have data. It's not just Morley that's doing well — areas around the country keep posting record highs for home values.

3. Mortgage rates are finally rising. The Fed increased its benchmark rate several times over the past year, but this did not translate to an immediate increase in mortgage rates. However, mortgage rates do seem to be finally responding, and the 30-year fixed rate is now hovering around 4.5.%. While this is a four-year high, it is still near historical lows, and makes mortgages affordable to would-be buyers.

Put together, what do these facts mean if you are considering selling your home?

First off, they mean that right now is a very good time to sell. That's because of the strong demand and the high level of current prices. In other words, if you were to put your home on the market right now, you could get top dollar, and you would be able to sell quickly and without hassle.

It’s not clear how long this favorable situation will last.

Second, it's not clear how long this favorable situation will last. As I mentioned, mortgage rates are on the rise. Currently, that is not enough to dampen demand. But if rates continue to rise, it might drive more buyers out of the market, eventually driving down prices and making it more difficult to sell your home.

Another thing to consider is the effect of the new tax plan. It's not entirely clear how it will affect the real estate market, but odds are good it will make home buying more expensive. That's because of a new cap on state and local tax deductions, which could combine with higher mortgage rates to push more buyers out of the market.

To sum up, if you have been considering selling your home, consider selling now. The current moment is very favorable, but it won’t last forever. If you have any questions for me about how to get started buying or selling a home, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you soon.