BuyingYourHomeFall_2022

Things To Consider When Buying a Home

Should I Buy a Home This Fall?

If you’re wondering if it’s the right time to buy a home, you should know you have an opportunity to grow your wealth, stabilize your expenses, and benefit from more options for your home search this fall.

1. The Number of Homes for Sale Is Increasing

While the number of homes for sale is still low compared to pre pandemic norms, there is good news for your home search. The number of homes for sale has grown considerably this year. As the National Association of Realtors (NAR) says:

“

It’s very promising that housing inventory is improving. There are nearly 30% more homes available for sale compared to January.”

If you begin your search now and work with a trusted real estate advisor, you’ll be in a great spot to benefit from those additional options to help you find your dream home.

2. Home Prices Are Appreciating More Moderately

If you’re waiting to buy because you think home prices will fall, you should know experts say that’s not projected to happen. According to the latest forecasts, experts project home prices will keep appreciating nationally, just at a more moderate pace than they did over the past year.

The good news is, once you do buy a home, any ongoing appreciation will help grow the value of your investment.

3. Homeownership Can Grow Your Wealth

Once you own a home, you’ll own a tangible asset that typically grows in value over time. As home prices appreciate, and as you pay your monthly mortgage payment, you’ll build equity in your home. This gives your own net worth and stability a boost. As Freddie Mac says:

“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

4. Buying a Home Helps Shield You from Rising Costs

Census data shows the median monthly rent is consistently going up (see chart below) and has been since the late 1980s. To escape rising rents, consider purchasing a home so you can stabilize your monthly housing payment.

Homeownership allows you to lock in what’s typically your largest monthly expense: your housing payment.

Median Asking Rent Since 1988

Bottom Line

Let’s connect if you’re ready to learn more about the benefits and rewards of homeownership. Having a local expert on your side is the best way to make your dream a reality this season.

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While the housing market is going through a shift, it’s still competitive for buyers because the overall inventory of homes for sale is low. Enjoy having more options as supply continues to grow this year, but keep these tips in mind to help you put in a strong offer once you find the one.

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It’s still a sellers’ market today, just a more moderate one. Let’s connect so you have expert advice on how to make your strongest offer when you find your dream home.

Notes

After leveraging technology, if you have serious buyers who still want to see your house in person, keep in mind that according to the National Association of Realtors (NAR), there are ways to proceed safely. Here are a few of the guidelines, understanding that the top priority should always be to obey state and local restrictions first:

• Limit in person activity

• Require guests to wash their hands or use an alcohol-based sanitizer

• Remove shoes or cover with booties

• Follow CDC guidance on social distancing and wearing face coverings

Getting comfortable with your agent a true trusted advisor taking these steps under the new safety standards might be your best plan. This is especially important if you’re in a position where you need to sell your house sooner rather than later.

Bottom Line

In a new era of life, things are shifting quickly, and virtual strategies for sellers may be a great option. Opening your doors up to digital approaches may be game-changing when it comes to selling your house this season. As always, a trusted real estate professional can help you safely and effectively navigate through all that’s new when it comes to making your next move. Let’s connect today to make it happen.

BATTLE CREEK (B)

15150 S. Helmer Road

Battle Creek, MI 49015

Office: 704-1000

Fax: 704-1001

Toll Free: 855-869-2236

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414 W. Milham Avenue

Portage, MI 49024

Office: 381-7653

Fax: 381-6410

Toll Free: 800-959-0759

328 MILHAM (328)

328 W. Milham Avenue

Portage, MI 49024 Office: 216-4222

Fax: 459-6296

Toll Free: 800-843-6443

PLAINWELL (P)

302 S. Main Street

Plainwell, MI 49080

Office: 685-6858

Fax: 685-9912

Toll Free: 888-631-3200

RICHLAND (R)

12374 East D Avenue

Richland, MI 49083

Office: 629-5612

Fax: 629-5776

Toll Free: 800-466-3908

SAUGATUCK/DOUGLAS (SD)

202 W. Center St., P.O. Box 997 Douglas, MI 49406 Office: 857-8030

Fax: 857-4140

Toll Free: 888-764-2836

DRAKE (D)

Let's Chat.

221 S. Drake Road

Kalamazoo, MI 49009 Office: 341-4300

Fax: 567-7710

Toll Free: 888-379-7711

GRAND RAPIDS (G)

202 44th Street SW

Grand Rapids, MI 49548 Office: 616-369-1991

Fax: 616-257-9578

HASTINGS (H)

100 S. Jefferson Suite A

Hastings, MI 49058 Office: 224-5227

Fax: 704-1001

Toll Free: 855-869-2236

SOUTH HAVEN (SH)

513 Broadway Street

South Haven, MI 49090

Office: 637-6537

Fax: 637-9037

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4233 Red Arrow Highway

Stevensville, MI 49127

Office: 983-8051

Fax: 983-8041