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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 with tag 'Cynthia Trapp'

At Home in Southwest Michigan

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January
2

January 2nd, 2021 by

What if you put your house up for sale, but you never receive any offers on it? All the wasted time and disappointment is frustrating, to say the least. A course correction is in order, so here are four aspects to consider when putting your home back on the market.

 

PRICE. Setting the right price is crucial, yet tricky, involving careful analysis of comparable properties and market conditions in the area. You will need to find that sweet spot which will position your home favorably for obtaining a quick sale at a higher price – typically just at a little below full market value. If your home sat on the market too long, the most likely reason was the price. Often, changing that one thing will bring renewed interest.

 

PRESENTATION. Home shopping beg...

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Categories: Selling A Home
Tags: Southwest Michigan, SWMI, Cynthia Trapp, Cressy & Everett Real Estate, Selling a Home, On the Market, Home For Sale, Expired
September
2

September 2nd, 2020 by

The pandemic has changed the way many of us live, work, and attend school—and those changes have impacted our priorities when it comes to choosing a home.

 

With virtual school and working from home a reality for many families, the need for additional space has only intensified. A growing number of buyers are choosing homes which offer more space both inside and out.

 

But not everyone is permanently sold on suburban or rural life. Instead, some are choosing to purchase a second home as a frequent getaway, often where they can work or homeschool for awhile, if necessary. Without the requirements of a five-day commute, many homeowners feel less tethered to their primary residence and are eager for a change of scenery after spending so much time at home earlier in the year.

 

If you're feeling cramped in your current space, you've probably considered a move. But what type of home would suit you best: a move-up home or a second home? Let's explore each option to help you determine which one is right for you.

 

WHY CHOOSE A MOVE-UP HOME?

A move-up home is typically a larger or nicer home. It's a great choice for families or individuals who simply need more space, a better location, or want features their current home doesn't offer—like an inground pool, a different floor plan, or a dedicated home office. If you're struggling with a lack of functional or outdoor space currently, a move-up home can greatly improve your everyday life.

 

Most move-up buyers will sell their current home and use the proceeds as a down payment on their next one. I can help you estimate how much you could expect to net if you sold your existing home. And with mortgage rates at their lowest level in history, you may be surprised how much home you can actually afford.

To learn more about mortgage rates, contact me for a free copy of my report "Lowest Mortgage Rates in History: What it Means for Homeowners and Buyers"!

If you like where you are but are longing for that vacation vibe, a second home may be a better choice for you.

 

WHY CHOOSE A SECOND HOME?

Once reserved for the ultra-wealthy, second homes have become more mainstream. Home sales are surging in Southwest Michigan as more people come into the area searching for a place to escape the crowds and quarantine in comfort. Instead of trips, some families are channeling their vacation budgets into vacation homes that can be utilized throughout the year.

 

A second home can also be a good option if you're preparing for retirement. By purchasing your retirement home now, you can get financed while you're still working, lock in a low interest rate, start paying down the mortgage, and begin enjoying the perks of retirement living early. Down the road, when you're ready to sell your current home and make the second home your primary residence, you will see significant savings on your property taxes.

 

One advantage of choosing a second home is that you can offset a portion of the costs—and in some cases turn a profit—by renting it out on a platform like Airbnb or Vrbo. However, be sure to research whether short-term rentals are allowed in the specific location where you plan to buy, as some areas have restrictions.

 

WHICH ONE IS RIGHT FOR ME?

You may read this and think: I'd really like both a move-up home AND a second home! But if you're dealing with a limited budget (aren't we all?), you'll probably need to make a choice.  These three tasks can help you decide which option is right for you.

 

1. Determine Your Time and Financial Budget

You may meet the bank's qualifications to purchase a home, but do you have the time, energy, and financial resources to maintain it? This is an important question to ask yourself, no matter what type of home you choose.

 

Most buyers realize that a second home will mean double mortgages, utilities, taxes, and insurance. But consider all the extra time and expense that goes into maintaining two properties. Two lawns to mow. Two houses to clean. Two sets of systems and appliances that can malfunction. Second homes aren't always a vacation. Make sure you're prepared for the labor and carrying costs that go into maintaining another residence.

 

Of course, some move-up homes require more work than a second home. For example, if your move-up option is a major fixer-upper, you'll probably invest more energy and capital than you would on a small vacation condo by the beach. Have an honest discussion about how much time and money you want to spend on your new property. Would a move-up home or a second home be a better fit given your parameters?

 

2. Rank Your Priorities

If you're still undecided, make a wish list of the characteristics you'd like in your new home. Then rank each item from most to least important. This exercise can help you determine your "must-have" features—and which ones you may need to sacrifice or delay. Here's a sample to help you get started:

RANK # FEATURE
  Dedicated home office
  Main floor master suite
  Privacy
  Big back yard
  Close to stores
  Easy access to beach
  Close to friends and family
  Investment potential

 

3. Explore Your Options

Once you've determined your parameters and priorities, it's time to begin your home search.

If you're still not sure whether a move-up home or a second home is right for you, I can help.

 

Contact me to schedule a free consultation. We'll discuss your options and help you assess the pros and cons of each, given your unique circumstances.

 

I can also send you property listings for both move-up homes and second homes within your budget so you can better envision each scenario. Sometimes, viewing listings of homes that meet your criteria can make the decision clear.

 

LET'S GET MOVING!

Whether you're ready to make a move now or need help weighing your options, I'd love to help. I can determine your current home's value, put you in touch with a lender so you are certain of your buying power, and show you local properties that fit within your budget. Waterfront homes are in high demand, so if you have one you don't get much use out of anymore, now is a great time to cash in. Or, if your heart is set on a second home in another market, I can refer you to a worthy agent in your dream locale. Contact me today to schedule a free, no-obligation consultation!

 

 

 

 

Categories: Selling A Home
Tags: At Home, SW Michigan, Shopping for Home , Home Buying Process, Cynthia Trapp, Cressy & Everett Real Estate, Selling, Selling a Home, waterfront, Working From Home, Second Home, Home Away from Home
May
4

May 4th, 2020 by

 Dollars

These days, it seems like everyone's looking for ways to cut costs and stretch their income further. Fortunately, there are some simple steps you can take to reduce your household expenses without making radical changes to your standard of living. When combined, these small adjustments can add up to significant savings each month.

Here are 20 things you can start doing today to lower your bills, secure better deals, and begin working toward your financial goals.

 

  1. Refinance Your Mortgage - For prime borrowers, mortgage rates are at or near historic lows. Depending on your current mortgage rate and the terms you choose, refinancing could save you a siz...

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Categories: Saving Money
Tags: At Home, Home, Southwest Michigan, SW Michigan, SWMI, Shopping for Home , Cynthia Trapp, Cressy & Everett Real Estate, Selling a Home, Stay At Home, Working From 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
September
17

September 17th, 2019 by

 

 

 

 

Tools

Life moves fast, and it's easy to let home maintenance slip, but that's never a good idea. From clogged gutters to peeling paint to broken trim, a bunch of relatively minor chores can quickly add up to a big problem…especially when you're ready to sell your home.
 
Once you've accepted an offer, the first thing the buyers will do is have your home inspected. Since no home is perfect, and inspectors are paid to look for problems, they will find them. The home inspection report will detail any problem areas the inspector finds. These can range from the trivial – a loose door handle – to the serious – a cracked foundation. Depending on their disposition and what the inspection reveals, the buyers may choose t...

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Categories: Selling A Home
Tags: Southwest MI, Cynthia Trapp, Selling, Selling a Home, On the Market, For Sale, Home For Sale
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Cynthia Trapp
Cynthia Trapp Office: (269) 424-5500 ext. 205 Cell: (269) 849-5947 Email Me
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