Tuesday, August 20, 2019 / by David Veenstra
Are you wondering whether you should sell and move or build?
Many Kalamazoo home buyers are wondering where to find houses for sale in today’s market. It’s a true dilemma. We see an increase in buyer demand, but the supply available for purchase isn’t keeping up.
The number of new housing permits issued prior to the great recession increased for 15 years until 2005 (from 1.12 million in 1990 to a pre-recession peak of 2.16 million in 2005). According to Apartment List,
“From 1990 to 2005, the number of single-family permits issued more than doubled, while the number of multi-family permits grew by 49 percent.”
When the housing market crashed, the number of new homes permitted decreased to its lowest level in 2009 (see below):Since then, supply and demand have been out of balance when it comes to new construction. According to the same report,
“Construction of single-family homes has recovered much more slowly — t ...
Tuesday, April 2, 2019 / by David Veenstra
The Kalamazoo Public Schools is the home of the wonderful Kalamazoo Promise. The Kalamazoo Promise provides free college tuition for all students who attend the Kalamazoo Public Schools. It started in 2006 and up till now (2019) over 6871 students have received the scholarship!
So as you look for houses in the Kalamazoo Public Schools district, how do you know what schools your kids would be going to? Here is a link to a street directory that gives you the schools by street.
CLICK HERE to see the Kalamazoo Promise Schools Street Directory
Here are some excerpts from a letter from the superintendent from March of 2019. It provides some examples of the benefits that the Promise has brought. We are SOO thankful for the amazing and generous community that is Kalamazoo!
"Kalamazoo Public Schools is a vibrant, growing district, with an increase of 2,500 students in the last 14 years and 1,300 students in the last 12 yea ...
Tuesday, December 4, 2018 / by David Veenstra
Kalamazoo MI Real Estate - Every three years, the Federal ReserveSurvey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data covers responses from 2013-2016.
The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter. This was a nationwide study of averages and we believe this to be accurate for the Kalamazoo real estate market too.
There are many who see that statistic and point toward how broad the range of respondents are for the Federal Reserve survey. Their study includes all economic and social groups and also includes all age groups. The argument is that older respondents have a higher likelihood of being homeowners, while the ...
Monday, June 18, 2018 / by Veenstra Team
Kalamazoo MI Real Estate: An economist responded when asked how interest rates would change: “They may fall some and then, rise and after that, they’ll fluctuate.”
Just because interest rates have been low for ten years doesn’t mean they are supposed to be low or will stay low. The Federal Reserve has raised interest rates twice this year and are expected to go up twice more plus three times next year. Mortgage rates have risen from 3.95% to 4.62% since the first of January.
Increased rates directly affect the payments on homes but so does the price. With inventory levels remaining low, the prices will continue to go up. When interest rates and prices rise at the same time, it costs buyers a lot more.
If the mortgage rates go up by one percent and prices increase by five percent in the next year, the payment on a $250,000 home could go up by $200 a month. In a seven-year period, the buyer would pay $18,000 more for the home.
People planning to buy a ho ...
Monday, June 11, 2018 / by Veenstra Team
Kalamazoo MI: Dreaming of owning a second home on a lake or a condo in two places to be able to be snow birds? We would love to help you accomplish that dream! Our team is able to help you buy a home in the SW Mich area and we can connect you to a pre-screened REALTOR of integrity in any state or Canada so you will be sure you are working with a great agent anywhere. We are often asked whether a second home get taxed like a primary residence? They do have some key tax differences. Here is a quick summary of what we understand to be the differences. This article is intended for informational purposes and advice from a tax professional for your specific situation should be obtained prior to making a decision that can have tax implications. Note that we have been told that a principal residence is the primary home where you live and a second home is used mainly for personal enjoyment while limiting possible rental activity to a maximum of 14 days pe ...