Pumpkin Patch & Halloween Parade

Please join us for the 82nd Birmingham Halloween Parade in Shain Park.  Sunday, October 28, 2018 from 1-4pm

Wear your costumes, pick up a pumpkin, trick or treat and walk in the Parade around the Park at 4pm.  

Fun for the whole family!  Hope you can attend and stop by our tent!

#party #kidfriendly #halloween #NextHome #birmingham #RealEstate #BirminghamRealty

New Home Sales Up 12.7% From Last Year

According to the latest New Residential Sales Report from the Census Bureau, new construction sales in August were up 3.5% from July and 12.7% from last year! This marks the second consecutive month with double-digit year-over-year growth (12.8% in July).

The report also showed that builders have ramped up construction with an increase in new construction starts and completions. The summer months are often a busy time for builders as they capitalize on the warmer weather to be able to finish projects.

Below is a table showing the change in starts, completions, and sales from last August.

Other notable news from the report is that the percentage of new construction sales in the $200-$299k range has continued to break away from the $300-$399k range.

This shows that builders are starting to build lower-priced homes that will help alleviate some of the inventory challenges in the starter and trade-up home categories. The chart below shows the full breakdown.

What does this mean for buyers and sellers?

If you are thinking of buying or selling in today’s market, you no doubt have heard that there is a shortage of existing homes for sale which has been driving home prices up across the country. The additional new construction coming to the market could help alleviate this shortage, but we are still not back up to pre-crisis levels.

Open House Schedules for the weekend of Oct 13 1nd 14!

Be the first to view a Fresh New Listing and a lot more!

OPEN HOUSE
📣 4021 COMMERCE Road, Orchard Lake 48324 with Chris on Sunday 1 PM to 4 PM



http://tours.mixedmediaco.com/83581/4021-commerce-rd-west-bloomfield-township-mi-48324

218010679

Seller will entertain offers between $2,000,000 - $2,350,000. The pictures are good but you need to see this house to experience it. Overlooking the most sought after lake in Michigan, is this Aspen inspired gem. Breathtaking views of the lake from every room, the entire back of the house is glass. Spectacular unconventional design, two grand staircases with wood/iron detailing, and an elevator that goes to all 3 levels. Soaring 2 story Great Room with detailed moldings, floor to ceiling windows. Barrel roof and wood trim detailing in family room and spacious library with gorgeous Brazilian hardwood floors and 3 walls of bay windows. Amazing kitchen with Cherry LaFata cabinets, enormous granite island with second sink, SS top-of-the-line appliances including Thermador 8 burner oven/stove. Grand master suite with his/hers closets, huge bath with euro shower, separate jetted tub, his/hers vanities with space left over for a couch! Two other En-suites with walk-in closets








OPEN HOUSE
📣 3007 N. Vermont Royal Oaks with Chris on Saturday 12 PM to 2 PM and Leslie on Sunday 2 PM to 4 PM


http://nexthomecityrealty.com/listings/0,130184/3007-North-Vermont-Avenue-Royal-Oak-MI-48073/

218075412
Immaculate Royal Oak brick bungalow in popular Red Run Heights neighborhood just blocks away from Red Run Golf Club and Red Run Park. This move-in ready 3 bedrooms home has 2 full baths, all beautifully updated in 2015. Kitchen offers granite counter tops, stainless steel appliances and ceramic floors. Beautiful hardwood floors on main level with a spacious family room that includes a gas fireplace and tons of natural light. Spacious Master bedroom has beautiful master bath and lots of closet space. Large finished basement for additional living space. Fully landscaped fenced in back yard with mature trees and large deck, perfect for outdoor entertaining. Welcome to your new home! Licensed agent must be present at all showings.






OPEN HOUSE
📣 4224 Coastal Parkway, White Lake Township with Paul on Sunday 3 PM to 5 PM


http://nexthomecityrealty.com/listings/0,132920/4224-Coastal-Parkway-White-Lake-Township-MI-48386/

218096091

No need to go any further north, this custom built colonial feels like a vacation destination. Spectacular lake views of quiet, serene Fully's lake from every room. Soaring great room with 20' tall windows that offer gorgeous sunset views. Open and airy floor plan creates the perfect entertaining space. Large kitchen with stainless steel appliances, ceramic tile backsplash and large island with seating. Separate breakfast area with sliding glass doors to one of 2 covered decks. First floor master bedroom with lake views and private deck, ensuite with marble bath and his/hers closets. Upstairs boasts beautiful elevated views from the bridge overlooking great room, and two large bedrooms connected by a jack/jill bath. One bedroom also has sliding doors that lead out to a private covered deck. Lower level has a family room with gas fireplace, dining area, library/den, sewing room and huge recreation area with wet bar. All that and still tons of storage room. BATVAI




OPEN HOUSE
📣 102 E Hickory Grove, Bloomfield on Sunday with Paul
12 PM to 2 PM



http://tours.mixedmediaco.com/97431/102-east-hickory-grove-bloomfield-hills-mi-48304

Totally renovated in the last few years. Gorgeous new kitchen with white wood cabinets with soft close doors, quartz countertops and patterned aluminum backsplash. New laminate floor that looks like ceramic tile! Refinished, original wood floors on first floor, new carpet upstairs and in lower level, new Theratru doors and Oxbow windows. Freshly painted in soft, neutral palate. Updated baths. Upstairs bath is a European "wet room" which makes it 100% waterproof! Barrier free shower and euro modern fixtures. Three spacious bedrooms. Lower level is partially finished with small bar area and large rec. room. One car shared garage. Private rear patio. Furnace has had major overhaul, only the body is old. Amazing location!! Close to downtown Birmingham and easy access to I-75 too. Award winning Bloomfield Hills schools.


OPEN HOUSE
📣 807 E Fourteen Mile, Birmingham with Paul on Sunday 10 AM to 12 PM


http://nexthomecityrealty.com/listings/0,130334/807-East-Fourteen-Mile-Road-Birmingham-MI-48009/

218075978
Charming Birmingham ranch with tons of potential! Open and spacious floor plan. Two generous bedrooms and a beautiful tiled bathroom. Kitchen boasts lovely blue tiled accents, and all appliances stay! Back door opens to small deck overlooking the large, grassy yard. Oversized one car garage with tons of storage. Ideal location close to downtown Birmingham with it's shops, restaurants, markets and activities. Nearby Woodward and access to freeways make your commute quick and easy.


-

OPEN HOUSE
📣608 Amelia Avenue, Royal Oak with Chris on Saturday 2:30 PM to 4:30 PM

http://nexthomecityrealty.com/listings/0,133437/608-Amelia-Avenue-Royal-Oak-MI-48073/
218100239
Fabulous freshly painted Bi-Level home with tons of updates! Gorgeous new kitchen with neutral granite countertops, ceramic tile floor, glass backsplash and newer Refrigerator. Huge living room and separate family room with beautiful hardwood floors. 3 spacious bedrooms all with original hardwood floors and custom blinds. Spacious, updated bath. Large fenced yard with perennial gardens and new retaining wall around lower patio. Ideal location close to quaint downtown Clawson's shopping and restaurants, and easy access to malls and expressways. This one won't last long!

Buying a Home is Cheaper than Renting in 38 States! [INFOGRAPHIC]

Some Highlights:

• According to a study by GOBankingRates, it is cheaper to buy a home than rent in 38 states across the country.
• In six states the difference between buying & renting would account for less than a $50 monthly difference, leaving the choice up to the individual family.
• Nationwide, it is now 26.3% cheaper to buy.

.Are We About to Enter a Buyers’ Market?

Home sales are below last year’s levels, home values are appreciating at a slower pace, and there are reports showing purchasing demand softening. This has some thinking we may be entering a buyers’ market after sellers have had the upper hand for the past several years. Is this really happening?

The market has definitely softened. However, according to two chief economists in the industry, we are a long way from a market that totally favors the purchaser:

Dr. Svenja Gudell, Zillow Chief Economist:

“These seller challenges don’t indicate we’re suddenly in a buyers’ market – we don’t expect market conditions to shift decidedly in favor of buyers until 2020 or later. But buyers certainly are starting to balk at the rapid rise in prices and home values are starting to grow at a less frenetic pace.”

Danielle Hale, Chief Economist of realtor.com:

“The signs are pointing to a market that’s shifting toward buyers. But, in most places, we’re still a long way from a full reversal.”

In addition, Pulsenomics Inc. recently surveyed over one hundred economists, real estate experts, and investment & market strategists and asked this question:

“When do you expect U.S. housing market conditions to shift decidedly in favor of homebuyers?”

Only 5% said the market has already shifted. Here are the rest of the survey results:

Bottom Line

The market is beginning to normalize but that doesn’t mean we will quickly shift to a market favoring the buyer. We believe Ivy Zelman, author of the well-respected ‘Z’ Report, best explained the current confusion:

“With the rate of home price appreciation starting to decelerate alongside the uptick in inventory…we expect significant debate about whether this is a bullish or bearish sign.

In our view, the short-term narrative will probably be confusing, but more sustainable growth and affordability will likely be the end result."

Mortgage Interest Rates are Still Going Up… Should You Wait to Buy?

Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter of a percent by next year.

In addition to the predictions from the four major reporting agencies mentioned above, the Federal Open Market Committee recently voted “unanimously to approve a 1/4 percentage point increase in the primary credit rate to 2.75 percent.” Historically, an increase in the primary credit rate has translated to an overall jump in mortgage interest rates as well.

This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades:

Bottom Line

Though you may have missed the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

A fresh new listing and 2 more exciting properties OPEN this weekend.

OPEN HOUSE
 4021 COMMERCE Road, Orchard Lake 48324 with Chris on Saturday 3 PM to 5 PM and Sunday 12 PM to 2 PM

http://tours.mixedmediaco.com/83581/4021-commerce-rd-west-bloomfield-township-mi-48324

218010679
Seller will entertain offers between $2,000,000 - $2,350,000. The pictures are good but you need to see this house to experience it. Overlooking the most sought after lake in Michigan, is this Aspen inspired gem. Breathtaking views of the lake from every room, the entire back of the house is glass. Spectacular unconventional design, two grand staircases with wood/iron detailing, and an elevator that goes to all 3 levels. Soaring 2 story Great Room with detailed moldings, floor to ceiling windows. Barrel roof and wood trim detailing in family room and spacious library with gorgeous Brazilian hardwood floors and 3 walls of bay windows. Amazing kitchen with Cherry LaFata cabinets, enormous granite island with second sink, SS top-of-the-line appliances including Thermador 8 burner oven/stove. Grand master suite with his/hers closets, huge bath with euro shower, separate jetted tub, his/hers vanities with space left over for a couch! Two other En-suites with walk-in closets

OPEN HOUSE
 3007 N. Vermont with Leslie on Saturday 1 PM to 3 PM and Sunday 3 PM to 5 PM

http://nexthomecityrealty.com/listings/0,130184/3007-North-Vermont-Avenue-Royal-Oak-MI-48073/

218075412
Immaculate Royal Oak brick bungalow in popular Red Run Heights neighborhood just blocks away from Red Run Golf Club and Red Run Park. This move-in ready 3 bedrooms home has 2 full baths, all beautifully updated in 2015. Kitchen offers granite counter tops, stainless steel appliances and ceramic floors. Beautiful hardwood floors on main level with a spacious family room that includes a gas fireplace and tons of natural light. Spacious Master bedroom has beautiful master bath and lots of closet space. Large finished basement for additional living space. Fully landscaped fenced in back yard with mature trees and large deck, perfect for outdoor entertaining. Welcome to your new home! Licensed agent must be present at all showings.

OPEN HOUSE
 4224 Coastal Parkway, White Lake Township with Chris on Saturday 12 PM to 2 PM and Sunday 3 PM to 5 PM

http://nexthomecityrealty.com/listings/0,132920/4224-Coastal-Parkway-White-Lake-Township-MI-48386/

218096091

No need to go any further north, this custom built colonial feels like a vacation destination. Spectacular lake views of quiet, serene Fully's lake from every room. Soaring great room with 20' tall windows that offer gorgeous sunset views. Open and airy floor plan creates the perfect entertaining space. Large kitchen with stainless steel appliances, ceramic tile backsplash and large island with seating. Separate breakfast area with sliding glass doors to one of 2 covered decks. First floor master bedroom with lake views and private deck, ensuite with marble bath and his/hers closets. Upstairs boasts beautiful elevated views from the bridge overlooking great room, and two large bedrooms connected by a jack/jill bath. One bedroom also has sliding doors that lead out to a private covered deck. Lower level has a family room with gas fireplace, dining area, library/den, sewing room and huge recreation area with wet bar. All that and still tons of storage room. BATVAI

See you there!  For more pictures and details.  Here.

How Does the Supply of Homes for Sale Impact Buyer Demand?

The price of any item is determined by the supply of that item, as well as the market’s demand for it. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between seller traffic(supply) and buyer traffic (demand).

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”

The darker the blue, the stronger the demand for homes is in that area. The survey showed that in 38 out of 50 states buyer demand was slightly lower than this time last year but remains strong. Only six states had a ‘stable’ demand level.

Seller Supply 

The index also asked: “How would you rate seller traffic in your area?”

As you can see from the map below, 23 states reported ‘weak’ seller traffic, 22 states and Washington D.C. reported ‘stable’ seller traffic, and 5 states reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for homes.

Bottom Line

Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together so I can help you capitalize on the demand in the market now!

Should I Buy Now? Or Wait Until Next Year? [INFOGRAPHIC]

Some Highlights:

• The cost of waiting to buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
• Freddie Mac predicts interest rates to rise to 5.2% by the third quarter of 2019.
• CoreLogic predicts home prices to appreciate by 5.1% over the next 12 months.
• If you are ready and willing to buy your dream home, find out if you are able to!

How Much Has Your Home Increased in Value?

Home values have risen dramatically over the last twelve months. In CoreLogic’s most recent Home Price Index Report, they revealed that national home prices have increased by 6.2% year-over-year.

CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price.

The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from July 2017 to July 2018 (the latest data available). 

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor which determines how much your home has appreciated over the course of the last year.

Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning to list your home for sale in today’s market, let’s get together to go over exactly what’s going on in your area and your price range.