Blog
Equity Gains for Today’s Homeowners
Today’s homeowners are sitting on significant equity, even as home price appreciation has eased recently. If you’re a homeowner, your net worth got a boost over the past few years thanks to rising home prices. Here’s what it means for you, even as the market moderates. How Equity Has Grown in Recent Years Because of the imbalance... Read More
Wondering What’s Going on with Home Prices?
The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices. Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D.,... Read More
What You Should Know About Closing Costs
Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are... Read More
How Experts Can Help Close the Gap in Today’s Homeownership Rate
As we celebrate Black History Month, we reflect on the past and present experiences of Black Americans. This includes the path toward investing in a home of their own. And while equitable access to housing has come a long way, homeownership can be a steeper climb for households of color. It’s an important experience to... Read More
Wintertime Fun in Northern Michigan
Wintertime in Northern Michigan is a special time of the year. As a Traverse City native working in real estate for nearly 50 years (gasp!), I know the area well, and along with my fellow Brick & Corbett team, we can share some of the best things to do here in the winter months. From... Read More
Today’s Housing Market Is Nothing Like 15 Years Ago
There’s no doubt today’s housing market is very different than the frenzied one from the past couple of years. In the second half of 2022, there was a dramatic shift in real estate, and it caused many people to make comparisons to the 2008 housing crisis. While there may be a few similarities, when looking at key... Read More
Want To Sell Your House? Price It Right.
Last year, the housing market slowed down in response to higher mortgage rates, and that had an impact on home prices. If you’re thinking of selling your house soon, that means you’ll want to adjust your expectations accordingly. As realtor.com explains: “. . . some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly... Read More
4 Financial Fundamentals for First-Time Homebuyers
Are you prepping to buy your first home? If so, one of the steps you should take early on is making sure you’re financially ready for your purchase. Here are four of the financial fundamentals you’ll need to focus on as you set out to buy a home. 1. Build Your Credit Your credit is one element... Read More
2022 By The Numbers: A Rollercoaster Year of Real Estate in Northern Michigan
If the 2022 housing market could be summed up in a single word, it would be: unpredictable. The heightened momentum of 2021 continued throughout the first half of 2022, and while it is still definitely a sellers’ market, inflation and rising mortgage rates have added some twists and turns during the last half. Here is... Read More
What To Expect From the Housing Market in 2023
The 2022 housing market has been defined by two key things: inflation and rapidly rising mortgage rates. And in many ways, it’s put the market into a reset position. As the Federal Reserve (the Fed) made moves this year to try to lower inflation, mortgage rates more than doubled – something that’s never happened before in a calendar year. This... Read More
Planning to Retire? It Could Be Time To Make a Move.
If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs. Fortunately, you may be in a better position to make a move than you realize. Here are a few things to... Read More
Favorite Listing Features of 2022
Another year has nearly come and gone, allowing access to the promise and possibility of a fresh new year. When we reflect on our last 12 months in real estate, we consider our growth, our opportunities to learn, as well as the plethora of exceptional homes we were blessed to list. So, in the spirit... Read More
Your House Could Be a Homebuyer’s #1 Wish During the Holidays
Each year, homeowners planning to make a move are faced with a decision: sell their house during the holidays or wait. And others who have already listed their homes may think about removing their listings and waiting until the new year to go back on the market. The truth is many buyers want to purchase a home for the... Read More
More People Are Finding the Benefits of Multigenerational Households Today
If you’re thinking of buying a home and living with siblings, parents, or grandparents, then multigenerational living may be for you. The Pew Research Center defines a multigenerational household as a home with two or more adult generations. And the number of individuals choosing multigenerational living has increased exponentially over the past 50 years. As you consider... Read More
Mortgage Rates Will Come Down, It’s Just a Matter of Time
This past year, rising mortgage rates have slowed the red-hot housing market. Over the past nine months, we’ve seen fewer homes sold than the previous month as home price growth has slowed. All of this is due to the fact that the average 30-year fixed mortgage rate has doubled this year, severely limiting homebuying power for... Read More
3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008
With all the headlines and talk in the media about the shift in the housing market, you might be thinking this is a housing bubble. It’s only natural for those thoughts to creep in that make you think it could be a repeat of what took place in 2008. But the good news is, there’s concrete data... Read More
Perspective Matters When Selling Your House Today
Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. Here are some of the ways a trusted real estate professional (like us!) can explain the shift that’s happening today and why it’s still a sellers’ market even during the cooldown. Fewer Homes for Sale than... Read More
The Latest on Supply and Demand in Housing
Over the past two years, the substantial imbalance of low housing supply and high buyer demand pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an inflection point. The graph below helps tell the story of just how different things are today. This year, buyer... Read More
Four Things That Help Determine Your Mortgage Rate
If you’re looking to buy a home, you probably want to secure the lowest interest rate possible for your home loan. Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically. If you’re looking for ways to combat today’s higher rates and lock in... Read More
Why You Should Consider Condos as Part of Your Home Search
The historically low inventory over the past few years led to challenges for many buyers trying to find a home that met their needs and their budget. If you’re in the same boat, you should know the recent shift in the housing market may have opened up doors for you to restart your search. The... Read More
Will My House Still Sell in Today’s Market?
If recent headlines about the housing market cooling and buyer demand moderating have you worried that you’ve missed your window for the best chance to sell, here’s what you need to know. Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we’ve had over the past two years. Buyer Demand Then and Now During the... Read More
Watching the Stock Market? Check the Value of Your Home for Good News.
While watching the stock market recently may have started to feel pretty challenging, checking the value of your home should come as welcome relief in this volatile time. If you’re a homeowner, your net worth got a big boost over the past few years thanks to rising home prices. And that increase in your wealth came in... Read More
Getting Your House Ready To Sell? Work with an Agent for Expert Advice
In a market that’s shifting as fast as it is today, many homeowners wonder what, if anything, needs to be renovated before they sell their house. That’s where a trusted real estate professional, like Brick & Corbett, comes in. We can help you think through today’s market conditions and how they impact what you should – and shouldn’t... Read More
How Owning a Home Builds Your Net Worth
Owning a home is a major financial milestone and an achievement to take pride in. One major reason: the equity you build as a homeowner gives your net worth a big boost. And with high inflation right now, the link between owning your home and building your wealth is especially important. If you’re looking to increase your financial security, here’s... Read More
What’s Really Happening With Home Prices Right Now?
One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture. Part of the challenge is... Read More
What Every Seller Need To Know in Today’s Housing Market
If you’re thinking about selling your house, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a... Read More
Is the Shifting Market a Challenge or an Opportunity for Homebuyers?
If you tried to buy a home during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove home prices up as buyers competed with one another to be the winning offer. But what was once your greatest challenge may now be your greatest opportunity. Today, data... Read More
3 Graphs That Show This Isn’t a Housing Bubble
With all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, there’s concrete... Read More
A Real Estate Professional Helps You Separate Fact from Fiction
If you’re following the news, chances are you’ve seen or heard some headlines about the housing market that don’t give the full picture. The real estate market is shifting, and when that happens, it can be hard to separate fact from fiction. That’s where a trusted real estate professional comes in. They can help debunk... Read More
What’s Causing Ongoing Home Price Appreciation?
If you’re thinking about making a move, you probably want to know what’s going to happen to home prices for the rest of the year. While experts say price growth will moderate due to the shifting market, ongoing appreciation is expected. That means home prices won’t fall. Here’s a look at two key reasons experts forecast continued price growth: supply... Read More
Why Pre-Approval Is a Game Changer for Homebuyers
If you’re planning to buy a home this year, you might have heard that pre-approval is a necessary step to take before starting out on your journey. But why is that? And is it still important in today’s shifting market? The truth is, getting a pre-approval letter from your lender is critical, and when it comes to your... Read More
Housing Market Forecasts for the Second Half of 2022
The housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help answer those questions, let’s turn to the experts for projections on what the second half of the... Read More
How Your Home Equity Can Grow Over Time
It’s true that record levels of home price appreciation have spurred significant equity gains for homeowners over the past few years. As Diana Olick, Real Estate Correspondent at CNBC, says: “The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth.” That’s great for your home’s value over the last... Read More
Luxury Homes Are in Higher Demand
As people realize their needs are changing, some are turning to luxury housing to find their dream home. Investopedia helps define what pushes a home into this category. In a recent article, they point out that a luxury home isn’t only defined by its price. Location is also an important factor. It could be a... Read More
11 Events B&C is Excited For During The National Cherry Festival
This coming weekend marks the beginning of the 96th annual National Cherry Festival, and like most local Northern Michiganders we could not be more excited to join in the fun. The festival begins Saturday, July 2nd and runs the entirety of the week through Saturday July 9th, with numerous events occurring daily. The majority of... Read More
Why the Growing Number of Homes for Sale Is Good for Your Move Up
Are you thinking about selling your current home? If so, the biggest question on your mind may be: if I sell now, where will I go? If this resonates with you, there’s something you should know. The number of homes coming onto the market is increasing and that could make it easier for you to move up this summer.... Read More
The #1 Thing Every Homeowner Needs To Know About a Recession
A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value. The National Bureau of Economic Research (NBER) defines a recession this way: “A recession is... Read More
What’s Ahead for the Housing Market for the Rest of This Year?
If you’re thinking of buying or selling a house, you’re at an exciting decision point. And anytime you make a big decision like that, one thing you should always consider is timing. So, what does the rest of the year hold for the housing market? Here’s what experts have to say. The Number of Homes Available for Sale Is... Read More
GT County Road Construction & Roundabouts
There is no place more beautiful than our slice of Northern Michigan in the spring and summer months, but with warmer temps and time on the beach comes something else: road construction. If you’ve been out and about in Grand Traverse County recently it’s virtually impossible to avoid road construction, or the various roundabouts that... Read More
3 Big Traverse City Takeaways from Zillow’s Latest Market Report
The cherry blossoms are on the trees, the Bayshore Marathon route has been marked; it is officially spring in Traverse City. With the change of season usually comes a ramping up of the real estate market. Will that be the case this year? Yes, but likely not in the same way you’d expect. As our... Read More
Your House Could Be Closer to List-Ready Than You Think
One of the biggest concerns for a homeowner looking to sell is the time they’ll have to put in before listing their house. If that’s the case for you, you should know – your home might be closer to list-ready than you think in today’s housing market. A survey of recent sellers from realtor.com finds that many were able to... Read More
Today’s Home Price Appreciation Is Great News for Existing Homeowners
If you’re planning to sell your home this season, rising prices are great news for you. But it’s important to understand why prices are rising to begin with. One major factor is supply and demand. In any industry, when there are more buyers for an item than there are of that item available, prices naturally... Read More
What You Can Expect From The Spring Housing Market
As the spring housing market kicks off, you likely want to know what you can expect this season when it comes to buying or selling a house. While there are multiple factors causing some uncertainty, including the conflict overseas, rising inflation, and the first rate increase from the Federal Reserve in over three years... Read More
5 Reasons Why a Real Estate Professional Is Key When Selling Your House
With today’s real estate market moving as fast as it is, working with a real estate professional is more essential than ever. They have the skills, experience, and expertise it takes to navigate the highly detailed and involved process of selling a home. That may be why the percentage of people who list their houses... Read More
On The Fence About Whether You Should Move This Spring? Consider This.
If you’re thinking of selling your house, it may be because you’ve heard prices are rising, listings are going fast, and sellers are getting multiple offers on their homes. But why are conditions so good for sellers today? And what can you expect when you move? To help answer both of those questions, let’s turn... Read More
What You Need To Know About Building a Home Right Now
If you’re ready to move up, you may be trying to decide whether you want to buy a home that’s already on the market or build a new one. And since the supply of homes available for sale today is low, you’re willing to consider either avenue. While home builders are doing everything they can... Read More
The Average Homeowner Gained More Than $55K in Equity Over the Past Year
If you’re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the loan. Today, you’re building that equity far faster than you may expect – and this gain... Read More
7 Expert Tips For Decluttering Your Home
If there is one thing that all homeowners have dealt with at some point, regardless of their home’s size or location, it’s clutter. Depending on how you tackle it, decluttering and organizing can easily become a frustrating and exasperating chore. This is especially true if there is added pressure to ready your home for listing... Read More
Why It’s Vital To Price Your House Right
When you make a move, you want to sell your house for the highest price possible. That might be why many homeowners are eager to list in today’s sellers market. After all, with record-low inventory and high buyer demand, many homes are selling for more than asking price. Data from the National Association of Realtors... Read More
The #1 Reason To Sell Your House Today
Almost every industry is currently struggling with supply chain disruptions. This also applies to the current U.S. housing market, where buyer demand far exceeds housing supply. Purchaser demand is very strong right now. The National Association of Realtors (NAR) just released their latest Existing Home Sales Report which reveals that sales surged in January. Existing home sales rose to... Read More
The 5 Perks of Owning a Second Home
Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one home. According to the recent Luxury Market Report from Luxury Home Marketing: “As trends such as remote working and flexi-hours took hold in 2021, so too did the... Read More
What Sellers Need To Know About Renovating This Year
If you’re planning to sell this year, you’re probably thinking about what you’ll need to do to get your house ready to appeal to the most buyers. It’s crucial to work with a trusted real estate professional who knows your local market to get your home ready to sell. But there are a few things... Read More
5 Reasons Why Waiting to Sell Your House Could Cost You
Many homeowners who plan to sell in 2022 may think the wise thing to do is to wait for the spring buying market, since historically about 40 percent of home sales occur between April and July. However, this year is expected to be much different than the norm. Here are five reasons to list... Read More
The Next Generation of Home Ownership Is Right Now
There’s a common misconception that younger generations aren’t interested in homeownership. Many people point to the fact that initially, millennials put off purchasing their first home as a reason for this belief. However, the last U.S. Census revealed a significant increase in homeownership rates for millennials and other young homebuyers. To glean even more insight... Read More
B&C’s Top 15 Places To Have Wintertime Fun In Northern Michigan
Everyone knows that Northern Michigan is a flurry of festivities and fun in the warmer months, but how can you stay active and entertained in our area during the wintertime? We asked our team what their favorite local winter activities were, aside from helping their clients buy and sell their dream homes, of course, and... Read More
Expert Predictions for the 2022 Housing Market
As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will home prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect... Read More
2021 By The Numbers: Another Wild Year of Real Estate in Northern Michigan
A new year is like a rebirth; brimming with optimistic potential for fresh beginnings. At times it seems like we just rang in 2021, and at other times, with the pandemic still loitering near America’s doorsteps, it can feel as though we have been in the longest 24-month year of our lives. Anyone working in... Read More
Brick & Corbett’s Year Of Listings
As the dawn of a new year approaches, we cannot help but reflect upon this unprecedented year in real estate. When we think about the past 12 months, we consider our milestones gained, our opportunities given to learn, as well as the multitude of exceptional homes we were fortunate enough to list. And, while we... Read More
Why Right Now Is Actually a Great Time To Sell Your House
As we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price appreciation, growing equity, low inventory, and competitive mortgage rates are motivating homeowners to make a move that addresses their changing lifestyles. In fact, recent data from realtor.com shows a historically larger share of homeowners... Read More
9 Reasons You Should NOT FSBO
Rising home prices coupled with a lack of inventory in today’s market may cause some homeowners to consider selling their home on their own (known in the industry as a For Sale By Owner). However, a FSBO might not be a good idea for the vast majority of sellers. Our top 9 reasons are listed... Read More
Why You Shouldn’t Be Upset About 3% Mortgage Rates
With the average 30-year fixed mortgage rate from Freddie Mac climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since experts project rates will rise further in the coming months, that conversation isn’t going away any time soon. But as a homebuyer, what do rates... Read More
Sellers Have Incredible Leverage in Today’s Market
With mortgage rates climbing above 3% for the first time in months, serious buyers are more motivated than ever to find a home before the end of the year. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), puts it best, saying: “Housing demand remains strong as buyers likely want to secure a... Read More
Early October is the Sweet Spot for Buyers
Are you looking to buy a home? If so, we’ve got good news for you. While there’s no denying the housing market is having a great year, many of the headlines are focused on the perks for sellers. But what about buyers today? As a buyer, you’re likely braving bidding wars and weighing low mortgage... Read More
The Truth About Today’s Buyer Demand
When it comes to the latest news in real estate, there are a lot of sensational headlines in the media. In times like this, when it can be hard to know what to believe, put your trust in the experts. Those of us in the housing market respect that buying or selling a home is... Read More
Reasons You Should Consider Selling This Fall
If you’re trying to decide when to sell your house, there may not be a better time to list than right now. The ultimate sellers’ market we’re in today won’t last forever. If you’re thinking of making a move, here are four reasons to put your house up for sale sooner rather than later. 1.... Read More
Brick & Corbett’s 10 Favorite Listing Photos of 2021 (so far)
2021 has been a lot of things to a lot of people. It’s been a year of hope and optimism for many, a year of uncertainty for others. When it comes to real estate, specifically the homes our team has listed for sale, it’s been a year of breathtaking listing photography. We have had the... Read More
5 Home Renovation Projects That Will Add Value When It’s Time To Sell
If you’re a homeowner in Northern Michigan, you’ve at least thought about selling your home in the last 24 months. With real estate prices at historic highs, just about everyone has thought, “maybe this is the right time to sell!”. But, after digging into the numbers, many of us find that, while we’d love to... Read More
Homeowners Are in a Sweet Spot in Today’s Housing Market for These 5 Reasons
The housing market continues to be red hot here in Northern Michigan, and according to a recent report in Bloomberg, housing prices rose again at record levels in the month of July with no indication that we’ll see a slow down any time soon. This seems all well and good, but what are the actual... Read More
What You Should Do Before Interest Rates Rise
In today’s real estate market, mortgage interest rates are near record lows. Northern Michigan banks have been offering mortgages, refinancing options, and new construction loans at eye-popping rates reaching below 3% for some borrowers. Though none of us have a crystal ball, it’s safe to say that these rates won’t remain this low forever. Whether... Read More
What Are Housing Market Forecasters Predicting for the 2nd Half of 2021?
It’s hard to believe, but we are solidly in the 2nd half of the year. School in Northern Michigan will be starting again in 50-some days, and we are barely more than six months away from Christmas. We know what the calendar has in store for us in this second half of 2021, but what... Read More
7 Things B&C is Excited For During Cherry Festival 2021
The National Cherry Festival is a marquee for Northern Michiganders and people from across the midwest, the country, and especially in the last 10 years, across the world. Visitors come from all corners of the globe to celebrate all things cherries, to swim in Lake Michigan (and the dozens of other inland lakes within cherry... Read More
Why Are Home Prices So High Right Now?
OK, we’ll admit it; here at Brick & Corbett, we’re kinda nerds when it comes to numbers, market statistics, and trying to parse out the specifics of not just what the housing market is doing, but why it’s doing it. It’s easy to get into the weeds on this and it’s also easy to forget... Read More
Why Your Home’s Value is More Like Your Waistline Than Your Shoe Size
I was at Running Fit in downtown Traverse City last week checking out a new pair of running shoes, and when the sales associate helping me asked what size my foot was, I responded, almost instinctively with “11.5”, the same size my foot has been since I was a teenager. However, when I wandered into... Read More
The Homeowner’s Dilemma: Should I Move or Refinance?
The level of equity homeowners in Northern Michigan have is at an all-time high. According to the U.S. Census, over 38% of owner-occupied homes nationwide are owned free and clear, meaning they don’t have a mortgage. Those with a mortgage are seeing their equity skyrocket too. Though we don’t have an exact figure for these... Read More
What Boosts Your Home’s Value? 7 Factors You Can (and Can’t) Control
If you’ve been thinking that right now is the time to at least find out what your home is worth on today’s market, you’re making a good decision. Even if you decide right now isn’t the time to sell, there’s still a lot you can do with your home once you know exactly how much... Read More
4 Powerful Things You Can Do With a Home Valuation
Real estate prices have literally never been higher than they are right now. According to the Wall Street Journal, home prices nationwide are climbing to new heights thanks to some serious buyer demand and record-low inventory levels. This means that, for the average homeowner, your property is probably worth more than you think it is... Read More
Appraisal Gaps: What Are They and Why They Could Put The Brakes on The Northern Michigan Real Estate Market
If you’ve picked up any sort of newspaper, listened to the radio, or have simply been awake at all in the last year or so, you’ve heard all about the real estate market in Northern Michigan. It is HOT. Seriously, homes are selling for record prices, there are a major inventory shortage, and buyers are... Read More
Are Home Prices in Northern Michigan Accelerating Again?
At the beginning of the year, national industry forecasts called for home price appreciation to slow to about half of the double-digit increase we saw last year. The thinking was that inventory would increase from record-low levels and put an end to the bidding wars that have driven home prices up over the past twelve... Read More
Market Snapshot: High-End Condos Are Definitely A Thing in Traverse City
Whether you’re a person who loves to see all the new multi-family developments around town or loath the high(er) rise construction and miss “the way things used to be”, condo development in and around Traverse City is here to stay, and in today’s increasingly competitive seller’s market, the prices are going up, up, up. In... Read More
Hidden Fees Most First-Time Homebuyers Aren’t Aware of When Purchasing a Home
Purchasing a home is one of the biggest financial decisions you will make in your lifetime. Most first-time buyers know that they will need to save for some form of down payment, but aren’t aware of the other out-of-pocket expenses they’ll face when purchasing real estate. The Brick & Corbett Group has helped first-time buyers... Read More
Market Snapshot: OMP Waterfront East vs West
There are a handful of age-old Traverse City debates that have kept people arguing for a long time. Dairy Lodge vs Bardon’s? Trojans vs Titans? Crusted Creations vs Peegeo’s? It’s time to add another topic to the debate slate; Old Mission Peninsula waterfront – East Bay vs West Bay. In this month’s market snapshot, we’ll... Read More
How You Can Take Steps Today To Protect Your Legacy Property For Future Generations
Brick & Corbett consult and expert to provide the proactive resources and necessary tools to empower homeowners in protecting the future of their home or cottage property for generations to come. Read More