BuyingYourHomeFall_2022

Things To Consider When

Buying a Home

FALL 2022

EDITION

Lee Crossley Sales Manager Jaqua Realtors LCrossley@JaquaRealtors.com (269) 998-0123

221 S. Drake Road Kalamazoo, MI 49009

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.

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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.

$1,37 5

Median Asking Rent Since 1988

$1,32 5 $1,27 5 $1,22 5 $1,17 5 $1,12 5 $1,07 5 $1,02 5 $97 5 $92 5 $87 5 $82 5 $77 5 $72 5 $67 5 $62 5 $57 5 $52 5 $47 5 $42 5 $37 5 $32 5

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q2

Source: Census

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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@,<<,)#A64& As a buyer, you need to know what’s happening in the housing market so you can make the most informed decision possible. Let’s connect to discuss your goals so you can determine the best plan for your move. '

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@,<<,)#A64& Buying today can set you up for long-term success because your asset’s value (and your own net worth) is projected to grow with ongoing home price appreciation. Let’s connect to begin your homebuying journey today. (*

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!#>&'1(,'@.D#$%'B(4,'6+&2'A11+, 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. !"#\4,C#F,(+#@(>7&< d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@,<<,)#A64& 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. **

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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.

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BATTLE CREEK (B) 15150 S. Helmer Road Battle Creek, MI 49015 Office: 704-1000 Fax: 704-1001 Toll Free: 855-869-2236

PLAINWELL (P) 302 S. Main Street Plainwell, MI 49080 Office: 685-6858 Fax: 685-9912 Toll Free: 888-631-3200

414 MILHAM (414) 414 W. Milham Avenue Portage, MI 49024 Office: 381-7653 Fax: 381-6410 Toll Free: 800-959-0759

RICHLAND (R) 12374 East D Avenue Richland, MI 49083 Office: 629-5612 Fax: 629-5776 Toll Free: 800-466-3908

328 MILHAM (328) 328 W. Milham Avenue Portage, MI 49024 Office: 216-4222 Fax: 459-6296 Toll Free: 800-843-6443

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

Let's Chat.

DRAKE (D) 221 S. Drake Road Kalamazoo, MI 49009 Office: 341-4300 Fax: 567-7710 have questions and Toll Free: 888-379-7711

I'm sure you real estate process.

thoughts about

SOUTH HAVEN (SH) 513 Broadway Street South Haven, MI 49090 Office: 637-6537 637-9037 theFax: Toll Free: 888-764-2836

ST. JOSEPH (J) GRAND RAPIDS (G) 4233 Red Arrow Highway 202 44th Street SW I'd love to talk with youRapids, about what you've read here andStevensville, help you MI on 49127 Grand MI 49548 Office: 983-8051 Office: 616-369-1991 the path to buyingFax: your new home. My contact information is below, Fax: 983-8041 616-257-9578

and I look forward to working with you.

Lee Crossley Sales Manager Jaqua Realtors

HASTINGS (H) 100 S. Jefferson Suite A Hastings, MI 49058 Office: 224-5227 Fax: 704-1001 Toll Free: 855-869-2236

LCrossley@JaquaRealtors.com (269) 998-0123

FALL 2022 EDITION