More Americans Expect Rental Prices to Rise. Survey Leans Toward Home Buying

Coldwell Banker Hubbell BriarWood projects a continuous rise in real estate market activity for the balance of 2012 in the Greater Lansing Michigan area. All signals point north when it comes to prices and activity. Inventory is continuing to drop. Below is a special report from Fannie Mae of a recent consumer survey.

Thirty-three percent of Americans say they expect home prices to rise in the next 12 months, the highest level in more than a year, according to Fannie Mae’s March 2012 National Housing Survey of consumer attitudes about the housing market.

The number of people who say now is a good time to buy is also on the rise, increasing to 73 percent—also the highest level in more than a year. The percentage who said it’s a good time to sell a home also increased one point to 14 percent in March.

Meanwhile, more Americans expect rental prices to rise and are projecting an increase by 4.1 percent over the next year, the highest number recorded to date.

“Conditions are coming together to encourage people to want to buy homes,” says Doug Duncan, Fannie Mae’s chief economist. “Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey this month. With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that home ownership is more compelling house choice.”

Visit the Coldwell Banker Hubbell BriarWood Website for complete information on how to prepare your home to market in the Greater Lansing Area and other valuable resources.

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Five Benefits to Properly Pricing Your Home For Sale in the Greater Lansing Area

Faster sale:
When your home sells faster, you save carrying costs, mortgage payments and other ownership costs. A quicker sale creates less inconvenience for you. If you’ve moved before, you know the energy it takes to prepare for showings: keeping the home clean, making child care arrangements and altering your lifestyle. Proper pricing reduces these demands on you, by helping your home sell faster. At market value your home will gain exposure to more prospects who can afford the price. Sellers who list at a high price are looking for that one buyer who will pay it. Sellers often do not realize that they have discouraged many potential buyers who could have afforded the home. The final sales price is probably one that will be affordable by more purchasers. This is because sellers many times accept a much lower price at a much later date since that one buyer willing to pay the higher price never comes.

Increased salesperson response:
When salespeople are excited about a home and its price, they make special efforts to contact all of their potential buyers. Knowing that it is priced properly for its market, they expect it to sell soon and encourage their prospects to act quickly. Their excitement is contagious!

Better response from advertising and sign calls:
Ad calls and sign calls to Realtors turn into showings when price is not a deterrent. Most serious prospects are well educated about asking prices in the areas they are seeking. They will not waste their time on a home they consider overpriced.

Higher offers attracted:
Buyers fear they might lose out on a good home when it is priced right. They are less likely to make “low ball offers.” Better pricing attracts multiple offers, too!

Means more money to sellers:
If a home is priced right, the excitement of the market produces higher sale prices. You net more both in terms of actual sale price and in less carrying costs.

Visit the Coldwell Banker Hubbell BriarWood Website for complete information on how to prepare your home to market in the Greater Lansing Area and other valuable resources.

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The Greater Lansing, Michigan Area Real Estate 1st Quarter Market Report

The first Quarter Real Estate Market Report for the Greater Lansing, Michigan Area is now available by visiting the Coldwell Banker Hubbell BriarWood Website. Below you will find a short video highlighting some of the results for 2012 compared to last year at this time.

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Tips for First Time Home Buyers

Tips for First Time Home Buyers

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Stronger Spring Market 2012 Projected for Real Estate Industry

Coldwell Banker Hubbell BriarWood is happy to report an increase in sales activity, inventory down, shadow inventory down, and REO inventory down. Four areas of positive news for the 2012 Spring market. Lawrence Yun, NAR chief economist, said we’re seeing the continuation of an uneven but higher sales pattern. “The spring home buying season looks bright because of an elevated level of contract offers so far this year,” he said. “If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”

Contact any of our sales associates for additional information on the Greater Lansing real estate market.

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Coldwell Banker Loves LEAP – LEAP Loves Greater Lansing – We’re Stronger Together

Coldwell Banker Hubbell BriarWood agents received  the whole scoop on all the positive news for the Greater Lansing, Michigan area from Bob Trezise, Jr. Lansing Economic Area Partnership, President & CEO, last Tuesday at our regular monthly General Sales Meeting.

Here’s just a few of the highlights from Bob’s enthusiastic and informative presentation delivered to agents, staff and management of Coldwell Banker Hubbell BriarWood.

Michigan State University

  • This “Big 10” school has an international reputation for excellence.
  • Ranked 30th among public universities (U.S. News & World Report, 2009)
  • 460,000+ living alumni worldwide—imagine the networking possibilities!—and more than 46,000 students in 2008-2009
  • World-renowned for research

Thomas M. Cooley Law School

  • Largest law school in the U.S.
  • Ranked #12 nationally in Judging the Law Schools

Lansing Community College (LCC)

  • 40,000 students
  • 300 areas of study including 240+ associate degree and certificate programs
  • Two-year transfer programs

Sparrow Health System

  • Region’s largest health system: includes 4 hospitals, 1 affiliated hospital and dozens of care centers and clinics
  • Level 1 Trauma Center
  • Region’s first full-service, 24/7 pediatric emergency care

Ingham Regional Medical Center:

  • Affiliated with Michigan State University
  • Rated among the top 5% of non-government, acute care hospitals nationwide by HealthGrades
  • Full-service diagnostic and teaching Breast Care Center

Greater Lansing is also an exceptional place to take the next step in your career
The Greater Lansing area is a hub for state government, education and business. Greater Lansing is also known as an excellent place for entrepreneurs to get their start.

These are just the tip of the iceberg that Bob touched on, visit the LEAP Inc Website for additional positive news on Greater Lansing.

A Little About Bob Trezise & why we are fortunate to have him in this position: 

Prior to joining Lansing Economic Area Partnership as President & CEO, Bob Trezise was President and CEO of the Lansing Economic Development Corporation (LEDC), as well as manager of both the Tax Increment Finance Authority (TIFA) and the Lansing Brownfield Redevelopment Authority (LBRA) for six years. Bob completely re-organized the LEDC into a dynamic organization, resulting in 50 historic achievements for the city in economic development and approximately 5,000 private sector jobs. He led the effort to rehabilitate scores of abandoned buildings including the long vacant Power Station plant in downtown on the riverfront into the new national corporate headquarters for Accident Fund, all totaling over $600 million in private investment. During this time, Bob also became the interim manager for the Principle Shopping District and re-organized that agency into a Main Street organization. Bob also oversaw the development of Mayor Bernero’s nationally recognized Linking Lansing and “U” program, linking Michigan State University and the knowledge class with the city as well as creating other innovative programming. (Learn more about Bob and his team here) 

Visit the Coldwell Banker Hubbell BriarWood Website for complete information on how to prepare your home to market in the Greater Lansing Area and other valuable resources.

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The True Value of a Home ………. Continued

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Coldwell Banker Hubbell BriarWood Sharing All the Things That Make A House A Home in Greater Lansing

The new 2012 TV Advertising by Coldwell Banker was rolled out at Generation Blue, in New Orleans, this past week. Owning a home is a wonderful experience and Coldwell Banker Hubbell BriarWood Real Estate thinks finding one should be too. See our latest TV ad voiced by Tom Selleck to discover all the ways Coldwell Banker Real Estate can help you find your home. A leader and innovator in real estate since 1906, Coldwell Banker is the nation’s oldest real estate organization and our experience has helped make the dream of home ownership a reality for millions of families.

Visit Coldwell Banker Hubbell BriarWood for all your real estate needs in the Greater Lansing, Michigan area.

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Greater Lansing: More Single Home Buyers Entering the Real Estate Market Than Ever Before

Today’s housing environment has more single home buyers entering the real estate market than ever before. With inventory levels high, interest rates near record lows and affordability up in many areas across the country, many people who may have never considered buying a home in the past are recognizing that a mortgage payment on a house can actually be the same or less than what they would spend on renting an apartment or home. Coldwell Banker Hubbell BriarWood has experienced more activity over the past few months in this category of buyers.  Back in December CBHB had a Blog post on “Single Women Buying Homes in Greater Lansing”

According to the 2011 NAR Profile of Home Buyers and Sellers, and The State of the Nation’s Housing: 2011, (Joint Center for Housing Studies at Harvard University, 2011) statistics show the following: 

  • Single female buyers accounted for nearly twice as large a share as single male buyers for both first-time buyers (23 and 15 percent) and repeat buyers (17 and 9 percent).
  • Twenty percent of recent home buyers were single females, and 10 percent were single males.
  • More women (15.5 million) than men (11.8 million) lived alone. Among these, women were more likely than men to own their homes (56% vs. 47%).
  • About one-quarter of the nation’s nearly eight million single mothers spend more than half of their incomes on housing, compared with one-tenth of households headed by single fathers.
  • Over the time period of 1994-2002, the number of unmarried females owning homes climbed from 13.9 million to 17.5 million.

 Tips for Single Home Buyers

For most people, buying a home is the most significant financial investment they will ever make, and perhaps even more so for singles who are making the transition on their own. With that in mind, Coldwell Banker Hubbell BriarWood has come up with five tips to help single home buyers navigate the home buying process:

  • Keep an eye on the future. A family of one is much more likely to up-size rather than downsize. Some day someone who is single may add a significant other to their family and possibly even children. Though additional space may not be needed immediately, it’s important to consider potential future plans for a home.  Keep in mind that there is no such thing as the “perfect” house. Instead, determine what is essential – number of bedrooms, approximate square footage, neighborhood, etc.  And when you do move up, your first home can provide you with equity to purchase your next home or it can be kept as an investment.
  • Get pre-approved for a mortgage. A pre-approval will let single home buyers know where they stand financially while informing the mortgage company that they are ready to buy. Additionally, this step will demonstrate to everyone involved in the purchase that the home buyer is serious and well qualified.
  • Location, location, location. The golden rule of real estate applies to single home buyers as well. A recent survey from Coldwell Banker Real Estate LLC found that out of 1,000 single homeowners more than half opted for homes in suburbia rather than bachelor or bachelorette pads in urban or rural areas. Factors such as proximity to work, family and nightlife often play a role in the decision of where to purchase a home. Speaking with a Coldwell Banker Hubbell BriarWood agent can help narrow the search to find the location that best suits a home buyer’s needs and lifestyle.
  • Plan ahead for maintenance fees. Owning a home is a rewarding experience. However, being the only person with a set of house keys also means being the only person responsible for maintenance. A leaky faucet and unkempt lawn won’t take care of themselves, so be sure to include future repairs and maintenance in the budget. Also keep in mind that certain properties such as condominiums and townhomes require less exterior maintenance and might be a good option for those single home buyers who find the idea of maintaining a yard a bit daunting.
  • Consider resale value and longevity. Purchasing a home is a great long-term investment. However, there are many reasons single home buyers may need to move, such as relocating for a job or a lifestyle change. Therefore, it is important to think about the length of time that the home will be owned and also consider the resale value of prospective properties during the search. A local real estate agent can share the average home price of properties in the area, how long each property has been on the market and what features increase a home’s value and appeal.

 

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Buying, Selling, and Relocating Hassle Free As Possible With Coldwell Banker Hubbell BriarWood Concierge Program

At Coldwell Banker Hubbell BriarWood, we want to make buying, selling or relocating as hassle free as possible.

The Concierge program has been created as a single, time-saving source of quality vendor recommendations for all your home improvement and moving needs. Our buyers and sellers alike have found that screening and hiring quality homeowner-related services before, during and after a move can be stressful and time-consuming.

The Coldwell Banker Concierge program will provide you with a choice of qualified vendors through the convenience of a single phone call. You or your agent can access your Concierge Service Representative and our extensive database of qualified vendors by calling:

If you are interested in learning more about becoming a qualified vendor for the Concierge program e-mail Linda at lindav@cb-hb.com for more information.

Here’s a few Tips from Coldwell Banker

Selling a home can seem like a tedious task and it’s common for homeowners to feel discouraged if their home doesn’t sell right away. But the truth is, image is everything and making small changes to spruce up a property can make a home much more appealing to the general public.

After a home has been inspected, scrubbed down and ready to go on the market, consider a few helpful tips that may make the home more attractive.

Clean up the outside

First impressions can be the difference between a successful open house and limited buyer attention. Clean up and landscape the outside. Plant a colorful flower bed. Replace old house numbers with new, shiny placards. Removing clutter and presenting a neat, clean outside can make the home seem more inviting to potential buyers, according to MainStreet.com. Homeowners who have the budget may also go above and beyond by installing a new door or painting the current one to
add a splash of color and appeal to the home.

Replace old appliances and freshen features

When buyers walk into a home, they may immediately try to see themselves living in that space. When a house has old cabinets, counters and tiles, it can make the space seem more outdated than it really is. Although purchasing new fixtures and tiles can be an investment, it may be one worth making in order to attract more potential buyers. In addition, removing old appliances or storing them below in cabinets can also make rooms, such as kitchens and dining areas, appear more fresh-faced and modern.

A coat of paint can also go a long way in livening up a home or a particular room, and the right color can make certain smaller rooms appear more spacious and inviting. Most real estate agents agree that neutral and light or bright colors can make a room stand out while still giving it a fresh and clean appearance.

De-clutter the house

Over the years, homeowners accumulate new furniture, pictures, keepsakes and family heirlooms. And while these treasures make existing homeowners feel comfortable, they can make a home appear smaller and cluttered. For this reason, sellers should consider boxing up items they do not currently use and adding more space to their living area. A few accent pieces can be sufficient in making the place feel homey without infringing on the living space.

Coldwell Banker Hubbell BriarWood Concierge Program can help you get ready for that 2012 Spring Market.

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