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Cynthia Trapp
Licensed in MI & IN Managing Broker, Edwardsburg & Niles Offices
REALTOR®, RSPS, SRS, ABR, GRI
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Posts in category 'Market Info'

At Home in Southwest Michigan

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October
14

October 14th, 2021 by

With the housing market in Southwest Michigan (and elsewhere) starting to settle down, buyer and seller behaviors are also returning to normal. For the past year plus, sellers unequivocally had the upper hand, and everyone knew it. Low interest rates and a shortage of homes for sale resulted in multiple offers within days of listing, driving prices well above asking, and causing buyers to resort to desperate measures in order to secure their purchases.

Escalation clauses. Bridging the appraisal gap. Seller rent-back agreements. Waiving inspections. These tools became commonplace as buyers had to fall all over themselves to get their offers accepted. Sellers expected top dollar for every property and were usually able t...

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Categories: Market Info
Tags: At Home, Home, Southwest Michigan, SW Michigan, SWMI, Southwest MI, Shopping for Home , Home Buying Process, Cynthia Trapp, Cressy & Everett Real Estate, Selling, Selling a Home, On the Market, For Sale, Home For Sale, Sellers Market, prepared
February
7

February 7th, 2021 by

With home sales playing a big part of our economic recovery, especially here in Southwest Michigan, more people than ever are curious about the real estate market and what to expect in the coming year. With all the uncertainty, a lot of people remain on the fence about putting their homes up for sale. Here, I address four questions which have come up again and again:

  1. IS NOW A GOOD TIME TO SELL?

In short, yes. Housing inventory is still at record lows. Buyer demand is still at a record high. And sales prices on existing homes are also high. Many people want or need to move. Putting your home on the market now will maximize your chances of selling quickly and for a higher price.

 

  1. WHAT IF I SELL MY HOME BUT CAN'T FIND A NEW ONE T...

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Categories: Market Info
Tags: Home, Southwest Michigan, SW Michigan, SWMI, Southwest MI, Shopping for Home , Selling, Selling a Home, On the Market, For Sale, Home For Sale
June
3

June 3rd, 2020 by

Traditionally, spring is one of the busiest times of the year for real estate. However, the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. Across the country in April, new listings fell nearly 45%, and sales volume fell 15% compared to last year.1

 

Fortunately, as restrictions have eased, we've seen an uptick in market activity, most notably here in Michigan where real estate had been completely shut down. And economists at Realtor.com expect a rebound in July, August, and September, as fears about the pandemic subside, and buyers return to the market with pent-up demand from a lost spring season.2

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Categories: Market Info
Tags: At Home, Home, Southwest Michigan, SW Michigan, SWMI, Southwest MI, Shopping for Home , Home Buying Process, Selling, Selling a Home, On the Market, For Sale, Home For Sale, Working From Home, Virtual
April
21

April 21st, 2020 by

"What is happening in the real estate market right now?"

That's the question I keep getting asked, so here are the facts to give everyone a better idea.

The National Association of Realtors conducted a flash survey* last week to get a feel for Covid-19's effects on the behavior of buyers and sellers nationally. Here's what they found:

  • 60% of buyers have postponed the buying process for a couple of months.
  • 12% of buyers have postponed their search indefinitely.

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Categories: Market Info
Tags: At Home, Home, Southwest Michigan, Southwest MI, Selling, Selling a Home, For Sale, Home For Sale, Stay At Home
January
6

January 6th, 2020 by
Whats Ahead in 2020
With an election year and so much uncertainty in the world, you may be wondering if the housing market is headed for trouble. Fear not! We're in the midst of the longest economic expansion in U.S. history, and economists think there's still room to grow. A recent survey by the National Association for Business Economics found that experts believe the U.S. economy will remain positive throughout 2020.1
 
Still, given that recessions are a natural (and necessary) part of a business cycle, we know this period of growth will inevitably end. So you may be wondering … how will an eventual recession impact the real estate market?
 
Many Americans assume a recession would lead to a decline in housing prices like we saw during the Great Recession of 2008. But the real estate market crash we experienced wasn't typical. In fact, the last recession wasn't typical at all. It was the worst economic downturn since the Great Depression of the 1930s.
 
ATTOM Data Solutions analyzed real estate prices during the last five recessions and found that, in the majority of cases, home prices actually went up. Only twice (in 1990 and 2008) did prices decline, and in 1990 it was by less than one percent.2
 
So what can historical precedent—combined with today's data—tell us about the future of real estate? Here's where experts predict the housing market is headed in 2020 and beyond.
 
 
HOME PRICES WILL KEEP RISING
 
Economists predict U.S. housing prices will continue to rise, regardless of a recession. In fact, property data firm CoreLogic forecasts a faster rate of growth for home prices in 2020 than we saw in 2019, with the biggest gains at the lower end of the market.3
 
Arch MI Chief Economist Ralph DeFranco expects entry-level home prices to increase faster than incomes this year, making it even more difficult for many first-time buyers to afford to enter the market.4
 
"Low interest rates and a shortage of starter homes will continue to push up prices," predicts DeFranco. "This is especially the case for lower price points, since builders have tended to focus on more expensive, higher-profit houses and less on replenishing low inventories of entry-level homes."4
 
"Real estate is on firm ground with little chance of price declines," said National Association of Realtors' Chief Economist Lawrence Yun. "However, in order for the market to be healthier, more supply is needed to assure home prices as well as rents do not consistently outgrow income gains."5
 
What does it mean for you? If you have the ability and desire to buy a home now, don't let a fear of recession or falling prices hold you in limbo. Economists expect home values, as well as rent prices, to continue rising. So you'll likely pay more the longer you wait.
 
 
INVENTORY CONSTRAINTS WILL CONTINUE
 
According to Redfin, Americans are staying in their homes longer. In 2019, the average homeowner had resided in their home for 13 years, up from just eight years in 2010. That means there are fewer homes available today for those who want to buy.6
 
It's possible that an increase in new construction could offer some relief. The National Association of Realtors (NAR) expects single-family housing starts to total one million this year, the highest level since 2007. And NAR Chief Economist Lawrence Yun predicts the average price of new construction will decline slightly as builders shift to building smaller, more affordable homes.7
 
However, these efforts may not be enough to meet current demand. "Despite improvements to new construction and short waves of sellers, next year will once again fail to bring a solution to the inventory shortage," predicts Realtor.com Senior Economist George Ratiu. "In 2020, we expect inventory to struggle to grow and could instead reach a historic low level."8
 
What does it mean for you? If you're looking to buy a starter home, be prepared to compete for the best listings. Get pre-approved with a lender as soon as possible, start your search early, and if you're up against a deadline (like a new baby), build in plenty of time to find the right home. I can help you assess your options and refer you to reputable lenders.
 
 
MORTGAGE RATES WILL REMAIN LOW
 
Mortgage rates have declined more than a full percentage point since November 2018, when they hit a recent peak of 4.94%.9 The Mortgage Bankers Association predicts rates will remain low, at around 3.7%, through mid-2021.10
 
While it may not seem significant, on a $200,000 30-year fixed-rate mortgage, that lower rate means buyers could save around $145 on their monthly payment and more than $52,000 over the life of their mortgage. Lower mortgage rates make homeownership more accessible and affordable for buyers.
 
Although economists expect mortgage rates to stay low, they caution against waiting to act. Economic factors, shifts in supply and demand, or unforeseen impacts of the November election could cause rates to rise unexpectedly. "We recommend borrowers with long-term plans of staying in their homes to lock in a low rate now because there's no telling how long these low rates will last," warns Preetam Purohit, a capital markets trader at Embrace Home Loans.11
 
What does it mean for you? If you're looking to buy a home, act soon to lock in a historically low mortgage rate. It will minimize your monthly payment and could save you a bundle over the long term. And if you plan to stay in your current home for a while, consider whether it makes sense to refinance your mortgage at today's lower rates.
 
 
MILLENNIALS WILL DRIVE THE MARKET
 
Millennials are expected to account for more than half of all mortgages this year, outnumbering Generation X and Baby Boomers combined. It's not surprising, considering their age and stage of life. In 2020, the largest cohort of millennials will turn 30, and the oldest millennials will turn 39.8
 
"Family changes tend to drive home-buying decisions," explains Realtor.com Chief Economist Danielle Hale. "Millennials are going to be active in the housing market not just because they're just at the age when they're thinking about becoming first-time home buyers, but they're also in the age range when they're having kids."12
 
Younger millennials flocked to urban centers that offered easy access to work, shopping, and restaurants. But high prices, lack of square footage, and subpar schools are driving millennials out to the suburbs as they begin to marry and expand their families.
 
In response, a new model for suburban living has emerged. "Hipsturbias," or mixed-use communities that bring the live/work/play concept to the suburbs, were recently named one of the top real estate trends for 2020 by the Urban Land Institute.4
 
What does it mean for you? If you're a millennial who has been priced out of urban living or is looking for more space for your growing family, a number of communities in our area have a lot to offer. I can point you towards the communities that will best meet your needs. And if you're a homeowner with plans to sell, give us a call. I know how to market your home to millennials … and can help you sell quickly for top dollar by appealing to this leading market segment!
 
 
I'M HERE TO GUIDE YOU
 
While national real estate numbers can provide a "big picture" outlook, real estate is local. As a local market expert right here in Southwest Michigan, I can guide you through the ins and outs of our market and the issues most likely to impact sales and home values in your particular neighborhood.
 
If you're considering buying or selling a home in 2020, contact me now to schedule a free consultation. I'll work with you to develop an action plan to meet your real estate goals this year.

 

START PREPARING TODAY


If you plan to BUY this year:

 

1.    Get pre-approved for a mortgage. If you plan to finance part of your home purchase, getting pre-approved for a mortgage will give you a jump-start on the paperwork and provide an advantage over other buyers in a competitive market. The added bonus: you will find out how much you can afford to borrow and budget accordingly.

2.    Create your wish list. How many bedrooms and bathrooms do you need? How far are you willing to commute to work? What's most important to you in a home? I can set up a customized search that meets your criteria to help you find the perfect home for you.

3.    Schedule a meeting. The buying process can be tricky. I'd love to guide you through it. I can help you find a home that fits your needs and budget, all at no cost to you. Give me a call to schedule an appointment today!

 

If you plan to SELL this year:

 

1.    Call me for a FREE Comparative Market Analysis. A CMA not only gives you the current market value of your home, it will also show how your home compares to others in the area. This will help determine which repairs and upgrades may be required to get top dollar for your property, and it will help me price your home correctly once you're ready to list.

2.    Prep your home for the market. Most buyers want a home they can move into right away, without having to make extensive repairs and upgrades. I can help you determine which ones are worth the time and expense to deliver maximum results.

3.    Start decluttering. Help your buyers see themselves in your home by packing up personal items and things you don't use regularly and storing them in an attic or storage locker. This will make your home appear larger, make it easier to stage ... and get you one step closer to moving when the time comes!

 

Sources:

  1. NBC News -
    https://www.nbcnews.com/business/economy/what-impending-recession-new-survey-shows-most-people-think-they-n1098511
  2. Curbed -
    https://www.curbed.com/2019/1/10/18139601/recession-impact-housing-market-interest-rates
  3. HousingWire -
    https://www.housingwire.com/articles/corelogic-expects-home-prices-to-do-this-in-the-next-12-months/
  4. Forbes -
    https://www.forbes.com/sites/alyyale/2019/11/15/2020-housing-outlook-expert-predictions-for-mortgage-rates-home-prices-tech-and-more/#343ea4522935
  5. National Association of Realtors -
    https://www.nar.realtor/newsroom/expect-continued-economic-growth-slower-real-estate-price-gains-and-small-chance-for-recession-in
  6. Redfin -
    https://www.redfin.com/blog/homeowners-staying-in-their-homes-longer/
  7. HousingWire -
    https://www.housingwire.com/articles/builders-are-coming-to-the-housing-markets-rescue/
  8. Realtor.com -
    https://www.realtor.com/research/2020-national-housing-forecast/
  9. YCharts -
    https://ycharts.com/indicators/30_year_mortgage_rate
  10. MBA Mortgage Market Forecast November 2019 -
    https://www.mba.org/news-research-and-resources/research-and-economics/forecasts-and-commentary
  11. Dallas Morning News -
    https://www.dallasnews.com/sponsored/real-estate/2019/11/23/experts-predict-where-mortgage-interest-rates-land-in-2020/
  12. Realtor.com -
    https://www.realtor.com/news/trends/biggest-changes-coming-in-2020-real-estate-and-tips-for-buyers-and-sellers/
Categories: Market Info
Tags: Southwest Michigan, SW Michigan, Shopping for Home , Home Buying Process, Cynthia Trapp, Selling, Selling a Home, On the Market, For Sale, Home For Sale, Community
Cynthia Trapp
Cynthia Trapp Office: (269) 424-5500 ext. 205 Cell: (269) 849-5947 Email Me
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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 04/28/2026. The listing information on this page last changed on 04/28/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Tue 04/28/2026 5:12:39 AM EST) or MichRic (Michigan Regional Information Center) (last updated Mon 04/27/2026 11:17:29 PM EST) or NIRA MLS (last updated Mon 04/27/2026 11:04:46 PM EST) or IRMLS (last updated Mon 04/27/2026 11:12:01 PM EST). Real estate listings held by brokerage firms other than Cressy & Everett Real Estate may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.
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Agent License Information: Cynthia Trapp is licensed to sell real estate in the states of Michigan & Indiana.

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