BP Realty

Homeownership has long been considered the American Dream, and it’s one every American should feel confident and powerful pursuing. But owning a home is also a deeply personal dream. Our home provides us with safety and security, and it’s a place where we can grow and flourish.

Today, we remember the legacy of Dr. Martin Luther King, Jr. Many of us will remember his passion and determination for the causes he championed, including his famous “I Have a Dream” speech in 1963. As we reflect on his message today, it may inspire your own dream of homeownership. And if so, know you’re not alone. With a trusted Specialist from BP Realty at your side, you can begin your journey toward homeownership by answering the questions below.

1. Where Do I Start?

The process of buying a home is not one to enter into lightly. You need to decide on key things like how long you plan on living in an area, how much space you need, what kind of commute works for you, and how much you can spend.

Then, when you decide you’re ready to buy, you’ll need to apply for a mortgage. Your lender will look at several factors to determine how much you’re able to borrow, including your credit history. Lenders want to understand how well you’ve managed paying your student loans, credit cards, car loans, and other past debts.

According to Freddie Mac:

“To get a rough estimate of what you can afford, most lenders suggest that you should spend no more than 28% of your monthly gross (pre-tax) income on your mortgage payment, including principal, interest, taxes and insurance.”

2. How Do I Save Enough for a Down Payment?

Speaking of how much you can afford, you’ll want to know what to save for a down payment. While the idea of saving for a down payment can be daunting, there are many different options and resources that can help.

According to Business Insider, automatic savings can bring you one step closer to achieving your target down payment:

“If you receive your paycheck as a direct deposit, you may want to arrange for your company to send a percentage of each check directly into a savings account for the down payment. . . . The automatic-savings strategy makes it so you don’t have to constantly remember to save money.”

Before you know it, you’ll have enough for a down payment if you’re disciplined and thoughtful about your process. And the best part is, you may need to save less for your down payment than you think. Your agent and lender can help you understand your options.

3. How Can I Reach My Financial Goals?

Another way to increase your savings is by sticking to a planned budget. If you’ve never budgeted before, there are tools available. For example, MoneyFit.org provides a budgeting worksheet you can use to create your own plan and five rules to follow when you’re saving. They recommend you:

1. Identify Goals
2. Record Expenses
3. Record Earnings
4. Compare and Calculate
5. Fix Weak Spots

If you’re already budgeting, consider finding ways to tighten your spending a bit more to accelerate your journey to homeownership. After all, putting even a little extra into your savings each month can truly add up over time.

Bottom Line

As you set out to realize your dream of homeownership this year, know that it’s achievable with careful planning. Most importantly, let’s connect so you don’t have to walk alone on this journey. Call or Text us directly at 616-550-7686 or email information@BPrealtypro.com today.

The game of chess can provide incredible lessons to apply to all aspects of life, including the homebuying process. Chess requires you to plan and think about your strategy from the very beginning of the game.

The homebuying process, like chess, requires strategy and planning. Here are a few things to keep in mind to ensure your plan is as strong as possible when you begin your home search.

Pre-Approval: the Best Opening Play To Make as a Homebuyer

It’s important to have a great opening play when you’re buying a home. And the best move you can make when you begin your home search is getting pre-approved by a lender. You’ve probably already heard this is an important step, but what exactly is pre-approval and what benefits does it provide you?

As Freddie Mac puts it: “The pre-approval letter from your lender tells you the maximum amount you are qualified to borrow. Getting a pre-approval letter is not a loan guarantee, it simply states how much your lender is willing to lend you. . . .” And while determining how much you can afford at the start of your search is critical, the pre-approval letter also serves another important purpose. Freddie Mac also notes: “This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”

In the game of chess, a strong opening move signals to your opponent that you’re a serious competitor. As a homebuyer, your pre-approval letter signals to the seller that you’re a serious, interested buyer.

Homebuying: It’s a Team Game, Not a Single-Player Experience

Every step you take to create your strategy as a buyer is important in today’s market. Why? Mortgage rates are still low, but increasing. Prices are going up. There’s a limited supply of homes for sale. These are just a few key variables in today’s market you need to be prepared for. That means leaning on expert guidance as you plan every move is more important than ever. Have a team of professionals – like your trusted real estate agent and a loan officer – every step of the way to make sure you make the right moves.

When most people think of “traditional” real estate, they think of the person on the park bench advertisement or listed in the local newspaper on a week-by-week basis. Rarely, do we think of the people, the team behind that person… if there is one, that is. 

The concept of a real estate team has been around for more than 30 years and BP Realty has it down to a tee. While this is a topic we could discuss all day, here are just five benefits of working with a team instead of a single agent.

1. At BP Realty, we have experts in each individual chair from the concierge, marketing, and photographers to home staging experts, specialized listing and buyers agents and so many more. Why is that a benefit to you? Because, unlike individual agents, we’re not a ‘one-man band’… we’re a symphony. Each note is perfectly executed in conjunction with the other, bringing together a harmonious melody for you, the client, from day one.  

2. Typically, when you work with a solo agent, you are calling on them to not only search for the right house but also to set the showings for you to see, to write the offer, do the negotiations, and so on. All while hosting open houses and marketing the home you are selling – and that’s just the tip of the iceberg. Working with a team, like at BP Realty, you have a specialist for each area previously listed. We have agents specifically for listing your home; one specifically for showing you potential houses to purchase; a specialist that handles just the paperwork, etc. Why do we do it this way? This way, we can ensure that the attention that is imperative to your transaction is done so with the most detailed eye possible. 

3. For any profession, being adequately trained and encouraged to do well is crucial to the success of not only the agent but also the client. We train our agents from the first day they embark on the journey. Our mission is to create a family that is full of like-minded, motivated people that are set out to better themselves. Like our team, there is no greater reward than helping them and clients craft and achieve the life they desire for themselves and their family; and to have the honor of a front-row seat in someone else’s success show is truly the greatest and one of the main motivators here at BP Realty.

4. We want what’s best for you. Our approach is low-pressure and starts with making sure you have all of the necessary information and resources needed to move forward in a way that is best for you. Here’s how having us out to look at your property and run a full Predictive Market Analysis (PMA) to give you the exact ballpark you should be in while discussing reasons based on the current market, comparable properties in your area, neighborhood, and community. 

5. There is always someone to talk with. When you work with a solo agent, it can be difficult to feel like you can talk to someone “above them” if need be. When you work with a team, you know that there is someone that leads and trains the team. There is an Operations department that handles concerns and client complaints in a way that works out best for the client, the agent and the overall team.

As you or someone you know is making the decision to start listing your home and making a new purchase, consider the benefits of working with a team versus an individual agent. We welcome your phone call to answer any questions you may have in the meantime. 

How happy have our other clients been?

Very. To put it simply, we have more than 400 5-star reviews. 

“Fantastic team. Howie and Drew made this buying and selling process so much more manageable and less stressful. We would recommend this team to anyone considering buying or selling. Total pros. There is a good reason why Howie sells over 50 homes a year. The guy knows real estate in West Michigan and has been helping people find and buy their dream homes for over 25 years.”  ~ Kurt Barber Hudsonville, Hudsonville, MI

“We went into the process looking for a realtor. We left the process with someone that has become a friend. Boeve Properties knows the market, knows what it takes to sell and house and how to find a house that fits a family.”  ~ Greg and Beth

“Boeve Properties was easy to deal with. They explained everything to us and kept checking with us to see that we understood what was going on. A kind-hearted and caring team.”  ~John and Debbie

Give us a call, let’s chat today. (833) BP-CARES

Homeownership is much more than just buying something pretty that puts a roof over your head. Purchasing a home is a foundational step for building net worth, generational wealth, and one of the most consistent ways to build a financial bedrock for future generations. Let’s start here…

The Survey of Consumer Finances, released in Sept. 2020 by the Federal Reserve, found the median U.S. household net worth is $121,700. However, the difference between the net worth of homeowners versus renters is shocking. According to CNBC, in 2019, homeowners in the U.S. had a median net worth of $255,000, while renters had a net worth of just $6,300. That’s a 40-times difference between the two groups.

What is Net Worth?

In technical terms, your net worth measures the value of all the assets you own minus the debts that you owe. 

To figure out your net worth add up your assets (the cash you have in bank accounts, investments, retirement accounts, etc. as well as the value of any properties you own) and then subtract any liabilities like mortgage payments, car notes, student loans, credit cards, etc. that you owe.

Your net worth is essentially a big picture way to measure your overall financial health. Think of it like a snapshot that shows you where you are on your financial journey.

So, Where Does Homeownership Come In?

Building net worth happens in a number of ways. Along with many other strategies, some people choose to invest in stocks and bonds, while others work on saving their money and paying down as much of their debt as they can. Historically, one of the most efficient and effective ways to build wealth over time is with the purchase of a home. Buying a home with a 30-year, fixed-rate mortgage can help you build that wealth by:

• Providing you with a stable investment that also doubles as a place to live
• Acting as an automatic savings account since essentially each payment increases the equity in your investment
• Giving you a stable housing payment so you never have to worry about rising rent costs again
• Allowing significant tax deductions and credits
• Providing you with a valuable asset that you can pass down for generations

What About the Future?

For homeowners, a monthly mortgage payment can act as a forced savings. As you pay down your principal, you build equity, which helps to increase your net worth. One of the most significant benefits of home ownership is what it can mean for the years to come.

With a stable, fixed payment, homeowners can anticipate their costs of living from year to year, and have more flexibility to make their financial decisions, including diverse savings, retirement accounts and even being able to save for their children and grandchildren. 

Homeowners Continue To See Equity Increase

CoreLogic recently published their latest Homeowner Equity Insights Report, and it shows continued growth in equity among record home price appreciation. The report provides several key points, all of which point to rising wealth for homeowners:

1. The average equity gain of mortgaged homes during the past year was $33,400
2. The current average equity of mortgaged homes is greater than $216,000
3. There was a 6% increase in total homeowner equity over the past year
4. Total U.S. homeowner equity has reached nearly $1.9 trillion

Many homeowners who pay off their home in their “early years” enjoy living mortgage free, which makes retirement more comfortable. Others choose to sell their home and move up to something larger or even rent out their property for extra income and then choose to travel. Regardless of the choice, a home is certainly worth the investment early on. 

In fact, according to CareLogic, in the second quarter of 2021, the average homeowner gained approximately $51,500 in equity during the past year. 

Howie, Owner of BP Realty, has said it himself many times, “83% of the average homeowner’s wealth at retirement comes from home equity. We care about this and we care about you”. So, if you’re looking for a competent team that has one goal (YOU) in mind, let’s chat. Our team is here for you 24 hours a day. 

If you’re ready to start building your net worth, the current real estate market offers several opportunities you should consider. For example, with today’s low mortgage rates, your purchasing power may be higher now than it has been in some time. That means there may be no better time than now to start working towards your homeownership goals – especially since rates are anticipated to rise in the coming months.

Owning a home provides one of the strongest foundations for building individual wealth and lasting financial security. If you’re ready to start your path towards homeownership, let’s connect today.

When it comes to making and offer to buy a house, you’re looking for the perfect place to call home. The challenge is, in today’s market there just are not that many homes available to purchase and when they do hit the market, they’re selling faster than ever. With inventory hovering near record lows and sky-high buyer demand, a multi-offer scenario is the new normal and it’s more important than ever to have the right people on your team. 

Here are five things to keep in mind when you’re ready to make an offer.

1. Know Your Numbers before making an offer

Having a full understanding of your budget and how much house you can afford is essential. That’s why you should connect with a lender to get pre-approved for a loan early in the homebuying process. Taking this step shows sellers you are a serious, qualified buyer and can give you a competitive edge in a bidding war. Not sure who to work with? The BP Realty team has a list of qualified, vetted and trusted lenders to refer you to.

2. Brace for a Fast Pace

Today’s real estate market is dynamic and fast-paced. According to the Realtors Confidence Index from the National Association of Realtors (NAR), the average home is on the market for just 17 days from start to finish; a house for sale in today’s market is active for roughly only two and a half weeks.

More than ever, it’s important to work with a skilled team who will do everything they can to help you stay on top of every possible opportunity. And, as soon as you find the right home for your needs, that agent will help you draft and submit your best offer as quickly as possible. Read more about Why BP Realty is YOUR Real Estate Specialist and reach out to connect.

3. Lean on a Real Estate Professional

While homebuying may seem like a whirlwind process to you, the BP Realty team does this every day, and we know what works. Our expertise can be used to give you a significant leg up on your competition when making an offer. Our team will help you consider what levers you can pull that might be enticing to a seller, for example, offering flexible rent-back options to give the seller more time to move out or your ability to do a quick close or make an offer that’s not contingent on the sale of your current home. In today’s market it’s not uncommon for buyers to include personal letters with offers as well. Your agent will know if this is something sellers are willing to entertain or not, if so, it can be a deal breaker in winning the offer. All of this may seem simple, but catering to what a seller may need can help your offer stand out.

4. Make a Strong, but Fair Offer

It’s no secret, we all love a good deal. In the past, offering at or near the asking price was enough to make your offer appealing to sellers. In today’s market, that’s often not the case. 

In such a competitive market, emotions and prices can run high. Use the BP Realty team as your trusted advisors to make a strong, but fair offer based on market value, recent sales, and demand.

5. Be a Flexible Negotiator

If you followed tip #3, you drafted the offer with the seller’s needs in mind. That said, the seller may still counter with their own changes. Be prepared to change your offer to include flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). Just remember, there are certain contingencies you don’t want to forego. Freddie Mac explains:“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”

Bottom Line

When it’s time to make an offer, it’s important to consider not just what you need, but what the seller may need too. Let’s connect so you have expert advice on this step in the homebuying process to put your best offer on the table.

Buying a home can be stessful

It’s no secret that selling and buying a house is a stressful time, full of hundreds of questions along the way. Questions you would never even really think about like:

• What if the house I’m buying doesn’t appraise for what my accepted offer was?
• How important is it (really) that I paint the interior of the house I”m selling? 
• What does ‘close at possession’ mean versus ‘close plus 45’?
• How will the land be potentially developed around our new property?

All of these, and more, are exactly what the synchronized team at BP Realty expects to answer for you. Notice two things in that sentence? ‘Synchronized’ and ‘BP Realty’. 

After four years, we decided to embark on an exciting rebranding project that has officially transformed ‘Boeve Properties’ to ‘BP Realty’ and we can not wait to tell you exactly what that means HERE in a video from Howie, himself!

To sum up? The BP Realty team has always worked with their clients first and top-of-mind and while they do that, they’re working in conjunction with one another every step of the way. It’s not a ‘one man band’, it’s truly a ‘symphony’ and every note played is done with you at the forefront. 

The goal has always been to create an industry high standard that delivers professionalism and competency every from the first point of contact. We challenge our team to do the very best for clients, in short, we’ve always been ‘about (‘bout) the people’ so it just made sense to change the name to reflect the crystal clear brand image that is BP Realty. BP stands for ‘Bout the People’. 

It’s all about you. About your education, your experience, your feelings throughout the journey, are you in the best hands in the field? 

Dedicated Real Estate Specialists

At BP Realty, we have real estate specialists in each individual chair from concierge, marketing and photographers to home staging experts, specialized listing and buyers agents and so much more. Why is that a benefit to you? Because unlike other traditional real estate brokerages, which you still see today, we’re not a ‘one man band’… we’re a symphony. 

Making the decision to buy and/or sell your home is not one that comes lightly to most of us. What’s interesting though, is that in Market Magazine, they quote that 83% of your wealth could be in your home equity. When you think about the importance of that team that supports you through that process, keep your best interest in mind, why wouldn’t you want an expert in every piece of the process?

What’s even more exciting? We’re growing! We’re adding people with a like-minded sense of culture and motivation. Our team is eager to learn and constantly challenge ourselves to overcome the expectations set by others and deliver the absolute best for you, our client. As we grow, we continue to see amazing connections and relationships created with hundreds of new people each year and that is something we just can’t speak for. Our work does that for itself. We are hiring people that fully encompass the BP Brand for what it is. That it’s all about the people. It’s all about you. 

Now that you’re ‘in the know’ on the latest with us, we want to hear what’s happening with you! Have you been thinking about selling your home but don’t have the slightest idea what it’s worth? Here’s how having us out to look at the property and run a full Predictive Market Analysis (PMA) to give you the exact ballpark you should be in while discussing reasons based on the current market, comparable properties in your area, etc. 

Maybe you’re not quite ready to make the leap yet and are just looking at properties to see what’s out there? You can see all local listings HERE and sign up to receive new ones in your inbox! 

Not sure of the amount of work you have ahead of you or if you even really need to go through the process of repairs, improvements and staging? Our home staging expert will personally visit and walk you through each and every room to explain what should be a priority and how you can just move little things around to make a room more visually appealing. 

Even if you have been considering a career change, we should talk about that too. We are always looking for hard working, motivated, team-minded people that want to go further, longer and have more fun on their journey. Yes, you can do it on your own, but you will never really know until you explore your options and ask questions.

Our mission is simple. When you work with BP Realty and people ask you why, you can confidently and without hesitation say to them, “Because BP Realty is about the people. Because they raised the bar of professionalism and created a new standard that you can’t find anywhere else in West Michigan. I’d like to do business with a symphony because I can hear the difference than with a one man band.”

Ready to get in touch and start a conversation? Give us a call at (833) BP-CARES or reach out HERE and we will be in touch with you shortly!

Buying and selling a home has always been a major life decision/milestone, but now that we are living with COVID-19 is it even more stressful and complicated than before?  Is it worth attempting right now?  

There are at least three reasons to be optimistic about real estate in 2021. This year will be remembered for many reasons, and optimism is one thing that’s been in short supply since the spring. We’re experiencing a global pandemic, social unrest, an economic downturn, and natural disasters, just to name a few. The challenges brought on by the health crisis have also forced many homeowners to reevaluate their space and what they need in a home going into 2021. So, experts are forecasting that next year is one in which we can be optimistic about real estate for three key reasons.

1. The Economy Is Expected to Continue Improving
Tim Duy from the University of Oregon says, “There is nothing fundamentally ‘broken’ in the economy that needs to heal…there was no obvious financial bubble driving excessive activity in any one economic sector when the pandemic hit…With Covid-19 cases surging again, it is understandably hard to look optimistically to the other side of this winter… Don’t let the near-term challenges distract from the economic stage being set for next four years.”

Prices have stayed steady with less inventory on the market.  This results in sellers often fielding more offers and closing on sales quicker than usual.  

On the buyer side of real estate, things have changed several times over the past few months. Early on during COVID-19, lenders and down payment assistance programs raised their qualification standards for mortgages.  Even those with good credit scores were having a hard time getting approved.  It seems that many of those companies have now loosened those restrictions. 

Given the sudden financial uncertainty that 2020 presented many of us with, it becomes even more important to have a strong budget in order before considering buying.

2. Interest Rates Are Projected to Stay Low
In the latest projections from Freddie Mac, interest rates for a 30-year fixed-rate mortgage are expected to remain at or near 3% next year. These low rates will continue to make homes more affordable, driving demand for housing in 2021.

3. Future Home Sales Are Forecasted to Grow

The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. 

While the economy improves and interest rates remain low, homes are also expected to continue appreciating as more people buy in the coming year. Danielle Hale, Chief Economist at realtor.com, says: “We expect home sales in 2021 to come in 7.0% above 2020 levels, following a more normal seasonal trend and building momentum through the spring and sustaining the pace in the second half of the year.”

Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale. Sellers may not want to wait until spring to put their houses on the market, though. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms.

Let’s Connect! Experts forecast that buyers and sellers are going to be active in 2021. If you’ve thought about buying or selling your home this year but have held off, now may be the time to take advantage of this market. Let’s connect to take the first step toward your new home today.

Safety and Process: The biggest changes in real estate during the COVID-19 pandemic really have been in the actual process. In a year when we’re learning to do so much remotely, homebuying is no exception. From going to work to attending school, grocery shopping, and even seeing our doctors online, digital practices have changed the way we live.

To help with social distancing, many real estate agents are now during virtual tours of homes either before showing the home to an interested buyer or in come cases, in place of in-person showings. While following the regulations set forth by the CDC and all local guidelines, we’re empowering buyers and sellers with virtual tours, 3D floor plans, high-quality photos, videos, online open houses, and more.

At Boeve Properties, the safety of our clients and our team is of paramount importance and top of mind at all times. Rest assured that when you work with us, we’re mindful of your health and well being.

Learn more about “Buying and Selling Your Home The Boeve Way” on our blog. 

You found it – after so many hours of searching, your dream home has crossed your radar and you want to jump to make sure it is yours. What steps do you need to take now to buy a home? 

Too often, we see prospective buyers become emotionally attached to a home for sale that is priced too high. The buyer makes a fair market value offer (which the unmotivated seller deems as low-ball) but has no chance of getting the home without paying a price well above the market because of this emotional connection.

Working with your real estate agent, your offer should be made so compelling that the seller is concerned about losing you, the buyer. If the home is priced below market, do not be afraid to offer full price or more. If the home is right on the market, you need to make a decision based on the other homes that can be purchased if this one is lost. The key is to work with somebody who understands the real estate market in its current condition.

By eliminating all unmotivated sellers, buyers can comfortably shop for great buys in the market without fear of overpaying. This is most likely the greatest cause of stress for the buyer, so eliminating this fear is imperative.

Before you begin any serious home search, you should be pre-approved through a lender. Once you are given your approval amount, you will know the price range of the homes you should be searching for. From there, get in touch with your real estate agent. Not only will the agent help you in searching for your new home, but they will be available right away to contact the listing agent to make an offer. The big question is… do you offer what the seller is asking for? Do you go higher? Lower? Most agents do not recommend bidding at more than 10% below the asking price. If you are going to bid low, you may want to sweeten the deal with a larger earnest money deposit or close faster.

As long as the seller is still accepting offers, your agent will research and share similar homes that have recently been sold to help determine the best offer price. Depending on the market, there may be other offers on the house already. Your agent will contact you to discuss an offer strategy that includes an initial offer, plus room for later negotiations. If you need room to negotiate, you’ll want your initial offer to be lower than the maximum price you are willing or able to pay. You’ll also need to decide on your proposed closing date and what contingencies you will be including in the offer. In a competitive market where multiple offers are submitted, contingencies and timelines can be the deciding factors. If you’re buying in a sellers market, be sure to ask for your agent’s insight on what sellers are looking for in an offer. This is an important step, especially when you are up against other offers. 

A major point of the offer is the earnest money. Let the sellers know you are serious about their home. Earnest money is usually 1-3% of the purchase price. Yet in some markets, it’s a flat amount around $500-$1,000. The point is to protect sellers from buyers who make too many offers on homes available on the market. From the buyer’s standpoint, it lets the seller know you are serious about their home. Make sure you do not back out of the contract for no good reason. If you do, you’ll lose your earnest money. Overall, there’s little risk if you’re a serious buyer. You’ll receive your earnest money back if your offer is turned down (your agent will make sure this is clearly stated in the purchase agreement). If your offer is accepted, the money goes toward the purchase price of the home. 

Once you and your agent agree on a plan, a formal offer will be drafted and sent for your signature. At this point, it is submitted to the sellers agent for review and to be passed onto the current homeowners. Most sellers respond within 24 hours, though some sellers may take longer. Typically when making an offer, with the guidance of your agent, you can potentially set a deadline for acceptance. From there, the seller will either accept, reject, or make a counteroffer.

If a counteroffer is proposed, your agent will recommend a plan and then start negotiations with the listing agent. This can be one or two conversations or many, depending on the sellers decision. Price isn’t the only thing that can be negotiated. You might also find yourself asking for repairs, sellers contingencies like them covering some closing costs  and a closing timeline.

After an offer is accepted, you and the seller will be in what’s known as mutual acceptance and will start the process of closing. The signed offer letter will become legally binding if the seller accepts. At that point, you’re buying a house, the purchase and sale contract will become a key part of your transaction paperwork.

If you are in the market to purchase a home or rental property, give us a call at (833) BP-CARES or contact us here. The Boeve Team has hundreds of 5-star reviews for a reason. Learn more about buying a house on the Boeve Way here.

Once the time comes, here’s a great article on ways to find and keep your balance before and during the move.

Buying your first rental/investment property can be an exciting yet nerve-wracking task.  There are several important things to consider before investing your money.  At Boeve Properties, we are here to help, but read on for a few questions to ask yourself first:

1. Do you have a complete understanding of the neighborhood the property is in?  Location is key and there are several questions to ask yourself – all of which can attract or not attract quality renters.  

• Is the rental property in a great school district?  A strong school district (including academics, extracurriculars and athletics) will attract parents looking to give their kids more opportunity.  
• Is there quick access to major freeways and interstates?
• Are there any attractions, restaurants, walking and hiking trails, or access to water (lakes, ocean, rivers, etc) and/or mountains nearby?
• What are the economic and social trends in the area?  Is any new industry coming in?  Is unemployment up or down?  What does the crime rate look like?

2. Do you want to invest in one property or more?  We recommend investing in a Single Family home first.  Learn the ropes (as there will no doubt be lessons to learn along the way) and then consider other properties once you have the first established and thriving.

3. Do you have enough Cash Flow to not only buy the property but to cover costs for several years moving forward?  You can estimate nominal maintenance costs at 1% of the property value annually… however it is a great idea to put together a spreadsheet of anticipated costs based on the condition of the house (how old is the AC unit, plumbing, etc).  Standard annual costs include homeowners’ insurance, homeowners’ association fees, property taxes, pest control, landscaping, and repairs.  Also take in account for unexpected emergencies including those due to natural disasters if the home is in an area prone to wildfires or hurricanes.  We recommend setting aside 20-30% of the property value to account for unexpected emergencies and repairs.  It is very important to take all of this into account when determining what you will charge for rent.

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4. How much personal debt do you currently have?  If you have student loans, unpaid medical bills, or children that will attend college soon, then purchasing a rental property may not be the best move right now.  If you have found the perfect property and can’t walk away from the opportunity – be sure that you still have the cash cushion you need to pay for unexpected issues while still paying down your debt.

5. How much of a downpayment do you need?  Investment properties generally require a larger downpayment and have more stringent approval requirements.  In most cases, you will need a 20% downpayment – as mortgage insurance is not available on rental properties.

6. Who is going to manage the property…. aka are you ready to be a landlord? Are you handy enough to take care of repairs yourself or will you need to hire someone?  Keep in mind, to keep renters happy you will potentially need to fix issues around the property quicker than you would in your own home.  You may want to consider putting together a solid team of cleaners, handymen, plumbers, etc to have on call.  Are you able to handle confrontation and stand your ground?  When dealing with renters there may be a fine line between offering grace or being pushed around (especially when it comes to late payments, damage, etc).  

7. Does this decision bring you one step closer to your goals?  Have you thought about what you are hoping to accomplish with this property… aka… what is your “why”?  Are you counting on this property to be a money maker?  Are you excited about making renovations in a home that is not your own?  Are you buying an investment property because all of your friends are?  Make sure that this purchase is in line with your life goals and you are not just purchasing for the sake of purchasing.

8. Do you want long term or short term tenants?  Do you want to operate this property as a vacation home, a year to year lease, or a long term contract?  For each you will need an airtight rental contract with appropriate security deposits and terms.

9. Should you invest in landlord insurance?  You should consider protecting your new investment with landlord insurance.  This insurance generally covers property damage, lost rental income, and liability protection – in the event a tenant or visitor suffers injury as a result of property maintenance issues.

10. What are the tax implications?  Some locations charge investors a higher rate on property taxes than owner-occupants.  Be sure to call your local tax assessor to determine what the tax rules are in your area.

11. Should you buy or finance?  It depends on what you are comfortable with.  Paying cash can help generate positive monthly cash flow.  On the flip side, financing can give you a greater return based on trends in the market and value of the property.  

12. Should you buy a fixer-upper?  For your first rental investment, we recommend avoiding a fixer-upper.  We have seen all the TV shows as well… and it is very tempting, but unless you have a contractor who does quality work for cheap or you are skilled and have tons of time – you will likely pay way too much to renovate.

13. What will your return be?  On average, you can expect a 6% return in your first year and it should grow over time.

14. What are your legal obligations?  Look into landlord-tenant laws in your state and city.  It’s very important for you to understand your rights and the tenants’ rights for issues including security deposits, lease requirements, eviction rules and more.

15. What is you exit strategy?  Real estate has a tendency to throw investors many curveballs.  Be sure to have a plan on when and if you want to eventually sell the property and back up plans on what you would do if your financial or personal situation changes.

Staging a home is more than just moving furniture, strategically placing decor and making the house smell nice. It’s about the ambiance; the feeling one has when they walk through the door. This feeling is what potential buyers hold in their hearts when they make an offer on your home. It’s that vision that they hold when they sign the closing papers. It’s that house they want when they move in.

So, Why Invest In Staging Your Home?

Well-executed staging of your home showcases the overall condition of your property with the help of a pre-inspection and updating any outdated elements of the home. Brass chandeliers, different colors and prints of wallpaper in every room, eccentric fixtures in bathrooms, outdated cabinets and mismatched appliances are all usually seen as negative finishes to today’s buyer.

When asking themselves if they need to ‘actually’ stage their homes, sellers often say the same thing, “Why would I go through the effort of remodeling when a buyer is going to want to choose their own updates?” The loaded, but simple answer is, there is often not enough money in the budget left for improvements after the down payment and closing costs. In most circumstances, buyers also do not have the time to take on projects right away, especially if they are new to the area and do not know reputable contractors.

A general misconception is that staging isn’t remodeling as much as it is creating a vision of home for prospective buyers. 

Important Elements In Staging Your Home

If you, as the seller, should neutralize your home. Update light fixtures, paint dark cabinets, replace the knobs, replace older kitchen appliances and flooring, refinish any hardwood floors with color schemes in style today and install new carpeting where it’s needed. Your profit is often three-times the investment with these types of upgrades. 

Mismatched, drabby and ‘well loved’ furniture is also not the best way to showcase your home. Smart staging will result in placing new or even rented furniture, art and decorative items. Or it will work with an owner’s existing pieces while allowing the stager to add and remove whatever  necessary. 

Of course, you can’t forget the exterior as well. Curb appeal is a massive piece of staging your home. Chipping paint, rotted wood and overgrown or untended yards are also big turn-offs to potential buyers. Working with a seasoned real estate agent, like Boeve Properties, can help sellers come up with a plan to maximize their sale price, work with local contractors and potentially execute and handle all of the details that would be involved.

The Difference Staging Your Home Makes

A home being camera-ready for today’s ‘swipe-left buyer’ is crucial. How a house looks in photographs or videos is often very different than how it actually looks in person. If it doesn’t resonate with a buyer online, chances are they will not even make the trip to see it. 

A home that is move-in ready makes it easier for a buyer to immediately commit without having to have workers in their home to make improvements right away. The less they have to do, the more attractive the home becomes. When a home is staged and in good condition, it often, and quickly, moves to the top of the list. 

Because homes are one the most valuable assets a seller has, it makes sense to maximize your profit for a faster and easier sale. Now more than ever before, buyers are looking to simplify their lives, their transactions, their unpacking and yes, even their decorating and settling in their homes. Staging and adequate preparation are crucial elements of your home’s overall marketing plan to result in a high and fast sale.

So, Where Do You Start?

The Curb Appeal

As mentioned above, curb appeal is key. Your yard, driveway, entryway and exterior of your home is the very first thing potential buyers see. There are some quick and inexpensive tasks you can complete to get started: 

• Power-wash your house 
• Clean your windows and paint shutters if you have them
• Make sure your house numbers are easy to read
• Mow and edge your lawn 
• Trim all overgrown greenery, bushes and trees
• Plant flowers if the season allows
• Put a welcome mat and potted plants or seasonal decor on your front porch
• If you have a porch, include outdoor furniture as well
• Straighten and paint or replace your mailbox
• Dust and clean all exterior lighting fixtures

The Inside

• Do a deep cleaning and declutter
• Be sure all of the windows are clean and blinds are open to create a bright room
• Rearrange the furniture and set decor accordingly. Adding little things like faux plants, candles of various heights, small mirrors and seasonal decorations can really bring a room together
• Prospective buyers love to see fresh flowers in vases, a bowl of fresh fruit on the kitchen counter or dining room table and folded towels in the bathroom. A pro tip: if you’re living in your home while attempting to sell, you can keep your nice extras in a closet so they’re ready to go quickly when your real estate agent calls to say a buyer is on the way

The Boeve Way

One thing we really pride ourselves on is our home staging team. There is enough work involved in listing your home, packing and moving – we’re here for you, down to the smallest detail. 

At Boeve Properties, we have specialized in selling homes for top dollar, headache and hassle free for a combined over 40 years. Our team brokerage model, concierge department and marketing strategies , like our “Coming Soon Campaign” and “Predictive Market Analysis” are the best in the industry. Our combined experience of selling homes for top dollar, tells us that your home’s value is what you’re willing to sell it for, and a buyer is willing to pay. We partner with you, the homeowner in evaluating the market information together and both agree upon what is the best price to ask for your home.

So when we say staging your home is important, this is one of the key pieces in the process. 

Located in the center of the Great Lakes, Michigan is divided into two land masses known as the Upper and Lower Peninsulas. The Mackinac Bridge, which connects Michigan’s upper peninsula to the rest of the state, spans five miles and is one of the world’s longest suspension bridges. Detroit, the state’s largest city, is the home of the American auto industry and is the birthplace of Motown Records. 

Many celebrities were born in Michigan, too. Tom Sellek, Magic Johnson, Bob Seger, Kristen Bell and Madonna, to name a few. 

While the Wolverine State certainly has a lot of history and many, many stories to tell, it’s what’s happening today that creates memories for years to come. 

Did you know that Michigan is home to more than seven hundred family-run apple orchards? We grow cherries, grapes and blueberries, too. Fresh produce is readily available and farmer’s markets are abundant three out of four seasons of the year. Fall is the perfect time for homemade donuts, pumpkin patches, hot apple cider and hay rides; a memorable tradition for tens of thousands of families. Don’t forget about our homemade maple syrup, too, you will find it to be an absolute delight! 

During the warmer weather, you can visit hundreds of beautiful beaches and soak up the sun while grilling and watching the kids play on the playground. Grab a friend and do some kayaking, play beach volleyball, you name it! If you’re looking for crystal clear water like you’ll find in the Caribbean, head to Torch Lake – you won’t regret it! 

Want to take a lighthouse tour? There are more than 120! Wherever you find yourself, it’s easy to enjoy and admire the sheer size and beauty of the Great Lakes. Check out these 9 Staycation Ideas that are sure to help you explore every corner of the state!

If hunting is your cup of tea then you will have a very good experience living in Michigan! Licences are available for small game, turkeys, deer, bears, elk and waterfowl. You can discover new places, explore and hunt Michigan’s diverse wildlife and the forests, woods and wetlands they live in. 

Let’s not forget about fishing! With more than 10,000 lakes and ponds in Michigan, the fish are aplenty! From small bass to massive sturgeon, you can’t go wrong! 

Are you an adventure lover? Thousands of ORV trails will keep enthusiasts busy for hours! Riding through the deep woods with trees only inches apart, it’s one of the best ways to explore Michigan in all its glory. Didn’t think you could go sledding in the summer? Wrong! Check out more than 300,000 acres of beautiful dunes! Sled down the sand, hike, play, relax, swim… you name it, you can do it!  With over 100 state campground sites, it is an adventurous dream state. After a day of fun, enjoy a peaceful evening in your tent or backyard watching the fireflies dance! 

In the winter months, it’s cold… like really cold. You swap your hiking boots for skis, you switch to ice fishing, and if you are willing to make the drive, head north and you may see the Northern Lights, which is an experience unlike any other. 

Park your ATVs and dirtbikes and bundle up for snowmobiling on one of the 6,500 groomed snowmobile trails that stretch from the Keweenaw Peninsula all the way down to Michigan’s southern border, there is plenty of opportunity for a snowmobile adventure. Along the way you can speed across frozen lakes (be sure to check conditions first), wind through deep forests and stop in snowmobile-friendly communities for a hot meal and a warm-up. 

The bottom line is this – if you’re looking for an affordable, gorgeous, adventure-filled state full of friendly people, rich history and growth potential – Michigan is for you. 

As you continue your research, be sure to check out our inventory of available homes under Featured Listings and learn more about buying a home with Boeve Properties.

Selling your home can be an exciting time, especially if you’ve built equity up over the years. Before you start counting your profits, you need to be aware of the costs associated when selling your property. Here are five expenses you can expect to pay when selling a house.

1. Repairs, Landscaping, and Revamp

Before you put your home on the market you need to walk through with a keen eye and take note of everything that needs to be done to prepare your home for the sale. Are all of the ceiling fans clean and working? Is the paint on the baseboards chipped? What about your curb appeal? Does the house need to be power washed? Is the mailbox crooked?

To get the maximum amount of money for your home, you’ll want to make these repairs. If there are any items that are not working or something that you have been meaning to do but never did, now is the time. At a minimum, we recommend shampooing carpets, repainting to a neutral color inside and even hiring a professional cleaning company to deep clean before you stage your home.

Homebuyers will most likely pay for an inspection before closing on the property and if there are any repairs required from the inspection, this is another cost to the seller before the property is sold. You may be able to avoid this delay if you pay for a pre-sale inspection on your own. Typical home inspections average $400. Keep in mind, you are obligated to disclose any defects your home may have. If you want to take it a step further and upgrade, check out this great list of smart additions to increase the value of your home.

2. Closing Cost Fees

While home buyers typically pay 2% to 5% of closing costs, sellers should be aware of their part as well. Before you put your house on the market and start counting on your profits, know that closing costs for sellers can reach 8% to 10% of the sale price of the home. Here’s why. It’s higher than the buyer’s closing costs because the seller typically pays both the listing and buyer’s agent’s commission, which is around 6% of the sale. Additionally, the fees and taxes for the seller are an added 2% to 4% of the sale. You should not expect to bring cash to the closing though since costs are deducted from the proceeds of the sale.

So what are the fees made up of? A few things: agent commissions, transfer tax, title insurance, escrow and closing fees, prorated property taxes, HOA fees (if applicable for the property) and credits toward closing costs/seller concessions.

Agents Commissions: A large part of the cost of selling a home is in agent commissions. When you hire a real estate agent to sell your home for you, the typical commission is 6% of the final sales price. The seller’s agent will split this commission with the buyer’s agent.

What does it really take for an agent to sell your home? A lot. At Boeve Properties, we make upfront investments in Professional HD photos, Virtual tours, YouTube videos, Zillow, Trulia and Realtor.com contracts so potential buyers are routed back to us, For Sale Sign, Keybox, Fliers, Mailers, Facebook Ads, Google Ads, Home Stager, 24/7 call center and more. For 24 years, we’re consistently in the top 1% of all Realtors in West Michigan for sales volume, selling more than 70 homes a year. Learn more about ‘Selling Your Home the Boeve Way’.

Transfer Tax: A transfer tax is a charge to transfer of ownership or title from one party to another.

Title Insurance: Title insurance protects lenders and buyers from financial loss due to defects in a title to a property.

Escrow: Escrow is a third party that holds funds before they are transferred from one party to another. The funds will be withheld until both parties have fulfilled their contractual requirements. Most times, the escrow amount is split 50/50 between the buyer and seller.

Prorated Property Tax: Taxes cover the duration of the tax period. In the case of property taxes, government tax agencies or sellers may allow eligible individuals to save money by paying prorated taxes.

HOA Fees: Just like with property taxes, you’ll have to make sure you’ve paid HOA dues up to the close date. Be sure to read the policy again, too, some HOA’s also charge a transfer fee to transfer your property to the new owner. Read more about the pros and cons of an HOA here.

Credit Toward Closing Costs: Also known as ‘seller concessions’, this is money offered to the buyer to help with their closing costs. While it may sweeten the deal and result in a faster sale, it’s not always necessary.

3. Potential Prepayment Penalty

Before you move forward with the decision to sell your home, review the terms of your home loan to make sure you don’t have a prepayment penalty provision in your mortgage. Prepayment penalties, which usually decrease as the mortgage ages, require that you pay a penalty if your mortgage is paid off prior to the stated date.

4. Utilities

If you plan to move out before you sell your home, you’ll want to continue to pay for standard utilities like water and electricity. Be mindful of the season, too, as a home without air conditioning or heat can be difficult to show to potential buyers. Your current bills will give you an idea of how much it will cost each month to leave on the utilities until a new buyer moves in.

5. Moving Costs

This is a given, yes, but the actual cost can be a surprise if you’re not prepared. Do your research ahead of time and get quotes for movers, boxes, packing materials, etc. Keep in mind, the further you’re moving, the more it’ll cost. Not sure how you’ll keep track of it all? Read Top 10 Ways to Maintain Your Balance While Moving.

Think you’re interested in putting it on the market to see what kind of buyers may be interested? Let’s chat! We’d love to come out and perform a free Predictive Market Analysis and share how we guarantee your highest sale price! Contact us here to schedule your appointment today.

For months now, we have been asking the same question: ‘When will the economy turn around?’ Many experts have been saying the housing market will lead the way to recovery, and today we’re seeing signs of that coming to light. With record-low mortgage rates driving high demand from potential buyers, homes are being purchased at an accelerating pace, and it’s keeping the housing market and the economy moving.

Let’s face it though, the health crisis we face as a country has led businesses all over West Michigan and across the nation to reduce or discontinue their services altogether. This pause in the economy has greatly impacted the workforce and as a result, many people have been laid off or furloughed. Naturally, that would lead many to believe we might see a rush of foreclosures like we saw in 2008. Experts say, that’s just not the case.

The concern of more foreclosures based on those that are out of work is one that we need to understand fully. There are two reasons we won’t see a rush of foreclosures this fall: forbearance extension options and strong homeowner equity.

1. Forbearance Extension
Forbearance, according to the Consumer Financial Protection Bureau (CFPB), is “when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage.” Thisis an option for those who need immediate relief. In today’s economy, the CFPB has given homeowners a way to extend their forbearance, which will greatly assist those families who need it at this critical time.

2. Strong Homeowner Equity
Equity is also working in favor of today’s homeowners. This savings is another reason why we won’t see substantial foreclosures in the near future. Today’s homeowners who are in forbearance actually have more equity in their homes than what the market experienced in 2008. The Mortgage Monitor report from Black Knight indicates that of all active forbearances which are past due on their mortgage payment, 77% have at least 20% equity in their homes.

What does it all come down to? Many thought we would see a rush of foreclosures this fall, but the facts just don’t add up in this case. Today’s real estate market is very different from 2008 when we saw many homeowners walk away when they owed more than their homes were worth. This time, equity is stronger and plans are in place to help those affected by the storm. The strength of the housing market is a bright spark in the economy and leading the way to what is truly being called a remarkable recovery throughout this country. If you’re thinking of buying or selling a home, maybe this is your year to make a move after all. Check out this great article on why the summer of 2020 may be the best time to sell your home.

With many of us home more than usual this summer, we’ve been taking on a lot of new projects. In case you haven’t done these already, here are 9 more projects to keep your house in tip-top shape!

1. Fire/carbon dioxide detectors! Make sure your batteries are new and make sure they are all operational. Keeping your family safe should always be a priority when you are trying to manage the maintenance of your home.

2. Clean out those gutters! Gutters are full of leaves and get clogged creating water to sit. Replace gutters that are bent or broken and keep the drainage from spring showers running off the house.

3. Sprinklers. Make sure you are not wasting water and that all your sprinkler heads are working, on schedule with what your community has agreed on. Water in the morning or evening to save on water and get your lawn and landscaping looking sharp.

4. Get the kids involved! Younger ones can mulch, pull weeds and garden while older ones may be able to help paint the shutters and spray down the house and walkways. 

5. Air Conditioning — get that unit up to par. New filters, and inspection if needed to get those issues resolved so you don’t end up in a heatwave with no cooling system, or a huge eclectic bill because it is running too much. A tune-up is never a bad idea.

6. Have some fun! Paint the house, add a new backsplash in the kitchen, change the decor  – whichever it is, you have probably been looking at the house wanting to make a change, this is the time to do it.

7. Powerwash the house. Get all the spiders webs, dirt, and debris off and the driveway, deck, and porch. Outdoor spiders serve a great purpose but you do not need them above your front door in giant webs. 

8. Wood deck? This is the time of year to get it and do any staining or sealant. This is also important if you have rental properties to maintain their value.

9. Exterior Windows — Now is the time that you can get the spot on the other side of the glass that has been bothering you all winter. Get the kids involved in this as well. What kid doesn’t like playing in soap and bubbles?

Summer is coming to an end soon enough but that warm Michigan sun will stick around for a while longer – if you’re wondering what your home is worth, give us a call. 

Michigan = Home. The massive green trees, lakeshore around every corner, the rolling hills, we have it all. With safer orders and less long distance travel, Staycations are top of mind for many. But where do you go? We listed 9 of our favorite stops and roadside attractions from across the state..

1. Mission Point Lighthouse – Mission Point Light is a lighthouse located at the end of Old Mission Point, the peninsula jutting into Grand Traverse Bay north of Traverse City. When the lighthouse was built in 1870, it was an exact copy of the Mama Juda Light, which was built on the Detroit River in 1866. Standing here, you’re standing on the 45th parallel which means you are halfway between the North Pole and the Equator

2. Leelanau Peninsula – 27 unique wine destinations are closely located along a breathtaking shoreline and the renowned M-22 drive. Family friendly destinations include public beaches and playgrounds, museums and more.

3. World’s Tallest Weathervane – In Montague, 48-feet tall, it still functions as the tallest Weathernane in the world. Honoring the schooner Ellenwood that transported lumber products from Michigan to Illinois and Wisconsin. On her final voyage she headed into Lake Michigan from the White River bound for Milwaukee with a load of timber. As she approached her destination a tremendous storm blew in and she was driven onto the rocks where the ship was destroyed. About a year later, a nameplate washed up on the shore of White Lake in Montague.  It was the nameplate from the ship, Ellenwood. It had made it back to home port and now sits on display at city hall.

4. Huron-Manistee National Forest – Spread all across the state, the Huron-Manistee National Forest is a vacation destination all in itself. With ORV trails, lakes, hiking, sandy beaches, hidden cabins and trees surrounding you, there is an incredible amount of fun to be found in the forest!

5. Cherry Point Farm and Market Lavender Labyrinth – Visit between mid-July and early August to catch the lavender labyrinth in full bloom. Cherry Point Farm and Market has produce grown on site, freshly-baked pies, breads, and pastries with apples, pears, peaches, and cherries from the trees that surround the labyrinth.

6. Joe Louis Boxing Arm in Detroit – As an honor to Heavyweight Champion Joe Louis (AKA The Brown Bomber), a giant fist monument was installed in 1987. The 24-foot arm-and-fist is suspended 24 feet above the ground inside of a bronze pyramid and was a gift to the city of Detroit from Sports Illustrated, which paid $350,000 for its design and construction. It was placed at the intersection of Jefferson and Woodward so that people would drive and walk around it, right in the center of the city.

7. Pictured Rocks National Lakeshore – Pictured Rocks, America’s first national lakeshore, overlooks Lake Superior in Michigan’s Upper Peninsula. On the lakeshore there are 100 miles of hiking trails where you will see everything from spring wildflowers to colorful fall foliage and stunning ice formations, depending on the season.

8. Oswald’s Bear Ranch – The country’s largest Bear Ranch boasting 40 roaming bears, just north of Newberry in the Upper Peninsula. Here, you will see 40 American Black Bears in their unique and natural habitats.

9. Uniroyal Giant Tire – Located in Allen Park stands an 80 foot high, 12 ton wheel. It doubled as a Ferris wheel that was built for the 1964 New York World’s Fair during the height of America’s love affair with the car. The giant Uniroyal Tire held 24 gondolas each carrying four people around the tire, all powered by a 100 hp motor. The interior of the tire is some 120,576 feet and were the tire to actually fit on a car, the car would be over 200 feet high.

As you venture out, stay safe and stay adventurous!

With stay-at-home orders lifting in Michigan, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, the spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.

According to Google Trends, which scores search terms online, searches for real estate have steadily increased since mid-March. More potential homebuyers are looking for homes virtually. Is your house listed?

What’s the Opportunity for Buyers?

Another reason buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. With interest rates currently at 3.3% for a 30-year-fixed-rate mortgage, potential buyers have a good reason to continue shopping, even during a pandemic. With rates at such low levels, and as Michigan opens, there’s more incentive than ever to buy a home this summer.

What’s the Opportunity for Sellers?

Many spring sellers removed listings from the market which results in a lack of inventory for potential buyers. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s level.

If you’re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this summer may be the time for your house to stand out from the crowd. Boeve Properties can help you list safely and effectively, keeping your family’s needs top of mind.

Buyers are looking, and your house may be at the top of their list. The Boeve Team is here to make sure you can get your house in on the action this summer.

We have specialized in finding perfect homes and negotiating the best price, headache and hassle free, for a combined over 40 years. The Boeve Properties Team Brokerage model provides you with a buyer-specialists that spend 100% of their time helping buyers, listing specialists who are constantly meeting with homeowners thinking of selling and a marketing team that is constantly marketing to homeowners to bring more homes to you the buyer.

Team Brokerage Model VS. Solo Agents Has Numerous Benefits to You

1. The solo agent is allowed to be a dual agent, per Real Estate Law. Dual agency allows a solo agent to represent the buyer and seller, on the same transaction. This is like the plaintiff and defendant in a court case having the same attorney. Dual agency, unfortunately, moves fiduciary from seller and buyer, to the solo agent’s wallet. Your buyer specialists will never represent a seller and will always look out for your best interest in negotiations. Dual agency, by the way, is illegal in 8 States!

2. You receive a team of specialists working hard for you VS. one person trying to do

everything. Think of it this way, a restaurant with only one person working, cannot provide the expertise and experience that a team of Waitress/Waiter, Chef, Bartender, Manager, Host/Hostess, all trained in their area of expertise. Well, neither can a solo agent. Our team members are personality tested, to ensure they are in the right role. They’re trained and mentored in their area of expertise and held to an industry high standard.

3. Homes coming for sale. When you hire a buyer specialist from Boeve Properties you will be

connected to an ever growing list of homes that should be coming for sale. Our listing specialists are meeting with numerous homes owners, each and every week, who are thinking about selling. When you hire us, many times you will find your dream home from this list before the home officially comes for sale! 

4. HFS: Home Finder Service. Boeve Properties HFS is a Direct-Real Time connection, including phone APP, to homes the minute they are listed for sale. With exclusive access to this easy-to-use APP right on your mobile device, you can search and favorite your properties. The opportunity to leave notes on what you love or don’t like gives you the tools you need to know at first glance if that’s a property you want to continue to explore. No longer do you have to be annoyed by many other Realtors calling you because you had a quick question on a home you saw on Zillow, or the information on Zillow is inaccurate, because the home is already sold because you were notified a day, or 2, after the home came for sale, due to internet feed delays to Zillow. Our HFS gives you real time updates the minute a home comes for sale. Easy to use with current and accurate information. You’re going to love it!

5. Love it or List it Guarantee. If you do not absolutely love the home we helped you purchase, we will sell it for you for FREE! Your happiness is our number one goal. If, in the first 12 months of living in your new home you decide you do not love it, call us right away and we will sell it for you completely FREE of charge.

6. Satisfaction and Communication Guarantee. We put in writing, that if you are not completely satisfied with our service and/or we do not communicate with real time updates of homes coming for sale, you have the right to end your buyer contract and choose to purchase a home with any other Realtor. We feel it’s important to give you 100% control of the contract and relationship.

7. Reviews. We have over 300, 5 Star reviews, from very happy clients! Reviews are the proof to you that we take this very seriously and do everything we can to not only find you the perfect home at the best price, but also ensure you have enjoyed the journey so much, that you will want to tell a friend about it!

At Boeve Properties, we have specialized in selling homes for top dollar, headache and hassle free for a combined over 40 years. Our team brokerage model, concierge department and marketing strategies , like our “Coming Soon Campaign” and “Predictive Market Analysis” are the best in the industry. Our combined experience of selling homes for top dollar, tells us that your home’s value is what you’re willing to sell it for, and a buyer is willing to pay. We partner with you, the homeowner in evaluating the market information together and both agree upon what is the best price to ask for your home.

Team Brokerage Model: Our Model VS. Solo Agents has numerous benefits to you!

1. The solo agent is allowed to be a dual agent, per Real Estate Law. Dual agency says a solo agent can represent the buyer and seller, on the same transaction. This is like the plaintiff and defendant in a court case having the same attorney. Experience has proven, dual agency moves fiduciary from seller and buyer to the solo agent’s wallet. Your listing specialists will never represent a buyer and will always look out for your best interest in negotiations.

2. You receive a team of specialists working hard for you VS. one person trying to do everything. A nice Restaurant with only one person working, cannot provide the expertise and experience that a team of Waitress/Waiter, Chef, Bartender, Manager, Host/Hostess, all trained in their area can provide. Neither can a solo agent. Our team members are personality tested, to ensure they are in the right role. They’re trained and mentored and held to an industry high standard.

3. Our Concierge department answers all inquiries about your home, Mon-Sat 9am to 8pm and Sunday 11-7. This ensures our team, who knows your home, intimately is talking with interested parties VS. a solo agent, who has not been in your home and just paid to have a lead sent to them from Zillow and many of the other platforms. This is another reason we are able to get you top dollar for your home.

4. Coming Soon Campaign Overview: We put your home for sale, typically on a Monday and do not allow any showings until the weekend, at the open houses. This strategy builds much excitement, urgency, scarcity and an auction effect at the open houses. 78% of the homes we market sell that first weekend, usually with multiple offers.

5. Predictive Market Analysis: PMA is a high-tech platform we subscribe to that takes historical data and predicts what homes will come for sale and sell over the next 3 months, that are comparable to yours in area, price and size. Looking into the future is a real help in making sure we get top dollar for your home. Learn more about a PMA here.

Example: A listing specialist with Boeve Properties sold 4141 32nd St. (Dorr) for $345,000. On April 11, 2018, the buyer’s appraisal was completed and came in at $300,000. The listing specialist appealed the appraisal, as being inaccurate and requested another appraisal. On April 27, 2018, the second appraisal was completed and came in at $348,000. We not only specialize in selling homes for top dollar, we also make sure you get to a closing with that top dollar.

Example: A listing specialist with Boeve Properties sold 7345 Valhalla Dr. (Hudsonville) for $469,900, full asking price in just 10 days, on May 26, 2017. On March 29, 2019, with home values continuing to appreciate, this same home sold for $430,000 (after being for sale for 165 days) with a solo Real Estate agent, who may have been a fee discounter. A discount fee solo agent does not equal you, the seller, putting more money in your pocket.

6. Guarantees: Satisfaction and Communication. We put in writing, that if you are not completely satisfied and/or we do not communicate with you with real time updates, you have the right to end our contract and sell your home with another Realtor. We feel it’s important to give you complete control of the contract!

7. Reviews: We have over 300, 5 Star reviews, from very happy clients. Reviews are the proof to you that we take this very seriously and do everything we can to not only get you top dollar for your home, but also ensure that you enjoy the journey so much that you will want to tell a friend about it!

Last Friday, the Bureau of Labor Statistics (BLS) released its latest jobs report. It revealed that the economic shutdown made necessary by COVID-19 caused the unemployment rate to jump to 14.7%. Many anticipate that next month the percentage could be even higher. These numbers represent the extreme hardship so many families are experiencing right now. That pain should not be understated.

However, the long-term toll the pandemic will cause should not be overstated either. There have been numerous headlines claiming the current disruption in the economy is akin to the Great Depression, and many of those articles are calling for total Armageddon. Some experts are stepping up to refute those claims.

In a Wall Street Journal (WSJ) article this past weekend, Josh Zumbrun, a national economics correspondent for the Journal explained:

“News stories often describe the coronavirus-induced global economic downturn as the worst since the Great Depression…the comparison does more to terrify than clarify.”

Zumbrun goes on to explain:

“From 1929 to 1933, the economy shrank for 43 consecutive months, according to contemporaneous estimates. Unemployment climbed to nearly 25% before slowly beginning its descent, but it remained above 10% for an entire decade…This time, many economists believe a rebound could begin this year or early next year.”

Here is a graph comparing current unemployment numbers (actual and projected) to those during the Great Depression:

Clearly, the two unemployment situations do not compare.

What makes this time so different?

This was not a structural collapse of the economy, but instead a planned shutdown to help mitigate the virus. Once the virus is contained, the economy will immediately begin to recover. This is nothing like what happened in the 1930s. In the same WSJ article mentioned above, former Federal Reserve Chairman Ben Bernanke, who has done extensive research on the depression in the 1930s, explained:

“The breakdown of the financial system was a major reason for both the Great Depression and the 2007-09 recession.” He went on to say that today – “the banks are stronger and much better capitalized.”

What about the families and small businesses that are suffering right now?

The nation’s collective heart goes out to all. The BLS report, however, showed that ninety percent of the job losses are temporary. In addition, many are getting help surviving this pause in their employment status. During the Great Depression, there were no government-sponsored unemployment insurance or large government subsidies as there are this time.

Today, many families are receiving unemployment benefits and an additional $600 a week. The stimulus package is helping many companies weather the storm. Is there still pain? Of course. The assistance, however, is providing much relief until most can go back to work.

Bottom Line

We should look at the current situation for what it is – a predetermined pause placed on the economy. The country will recover once the pandemic ends. Comparisons to any other downturn make little sense. Bernanke put it best:

“I don’t find comparing the current downturn with the Great Depression to be very helpful. The expected duration is much less, and the causes are very different.”

With all of the unanswered questions caused by Covid-19, many are asking if the housing market is in trouble as many of us remember the housing crisis of 2008 all too well. 

Today’s challenge is very different from that of 2008.  We today are experiencing a health crisis that has caused a temporary pause in much of the economy.  Let’s take a look at 5 things we know about today’s housing market that were different in 2008.  

1. Home Value Appreciation – Nationally speaking, 6 years prior to 2008 home appreciation rates were substantially higher than that of the last 6 years.  There was a false buyer demand caused by creative financing options and appeared home values were over inflated.

2. Creative Financing – The Mortgage Credit Availability Index gauges the level of difficulty to secure a loan.  The higher the index, the easier it is to get a loan.  In 2004-2007 the index measured 868.7, while today it is at 152.1 per Mortgage Bankers Association.  It is much harder to get a loan today.

3. Inventory – 2006-2010 there were upwards of 13 months of homes for sale which deems a very strong buyer’s market.  Buyer’s market pushes home values downward.  Today we have just 2 months of inventory in Ottawa County per GRAR.  This low inventory deems a very strong seller’s market.  Seller’s market pushes home values upward.

4. Use of home Equity – In 2005-2007 consumers were harvesting equity from their homes through cash-out refinances and using it to finance their lifestyles.  Today consumers are treating the equity in their homes much more cautiously.  Freddie Mac stats show that in 2008, 824 billion dollars was cashed out equity, today we are at just a ¼ of that with only 232 billion.

5. Home Equity – Today 53.8% of homes across the country have at least 50% equity.  In 2008, homeowners walked away from their homes because they owed more than what their home was worth. According to Bloomberg 37% of all homes are owned free and clear.  ATTOM Data shares that 26.7% of mortgaged homes have at least 50% equity.  We are sitting on a tremendous amount of equity today vs 2008.

6. Locally –  1,327 homes have gone under contract in West Michigan between March 24^th, 2020 when we began stay at home orders through May 1, 2020.  Holland, West Ottawa, Zeeland and Hudsonville school districts have seen 115 homes go under contract per Flex MLS stats.  Virtual home buying and selling is the new way and many consumers are taking advantage of the opportunity in the market right now. 

The Covid-19 crisis is causing different challenges than the ones we faced in 2008.  2008 was a housing crisis, today we face a health crisis. 

What we know is that housing is in a much stronger position today than it was in 2008.  It is not the center of the economic slowdown but rather, it could be just what helps pull us out of the downturn.

Ready to chat or have questions to ask? We’re here for you. GIve us a call anytime at (616) 379-9350