$55,000 :: 29612 CITY CENTER DR, Warren MI, 48093-2455

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1 bed, 2 baths
Home size: 1,100 sq ft
Lot Size: 0 sq ft
Added: 07/06/18, Last Updated: 08/30/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 21471042
Community: Warren (50023)
Tract: CITY CENTER SQUARE # 04
The price of this listing was last reduced on 7/12/2018 by 8%
Status: Sold

Welcome home to this beautifully updated condo in the heart of Warren. Great location! Close to schools, shopping, GM Tech Center, Highways, Warren City Hall & Warren Recreation Center. This one bedroom features a full bath for you and a half bath for guests. Brand new ceramic tile in the kitchen and dining area, new carpet in the living room and new fixtures throughout the home. Beautifully refinished hardwood floors on the stairs and second floor. Plenty of closet space on both floors. Come and see this one today!

Listed with GSA Elite Realty


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$60,000 :: 20772 NUMMER ST, Warren MI, 48089-3417

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3 beds, 1 bath
Home size: 1,344 sq ft
Lot Size: 9,583 sq ft
Added: 03/27/18, Last Updated: 08/29/18
Property Type: Single Family
MLS Number: 21427584
Community: Warren (50023)
Tract: S/P NUMMER FARM # 01
The price of this listing was last reduced on 6/7/2018 by 3%
Status: Sold

WELL MAINTAINED, RECENTLY WHOLE HOUSE FRESHLY PAINTED, ALL NEW VENAL WINDOW, NEW CARPET UP STAIR AND STAIR CASE. NEW FURNACE AND MUCH MORE. EASY EXCESS TO THE HIGHWAY.CLOSE TO SCHOOL AND SHOPPING.

Listed with Greenland Realty


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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U.S. Will Become a Buyers Market in 2020, According to Experts

Despite slowing home-value appreciation in some of the nation’s hottest markets, an expert panel does not expect market conditions to shift decidedly in favor of buyers until 2020 or later Continue Reading →

Staged to Sell: A Fixer Upper to Show Stopper

Home stager: Justin M. Riordan, founder of Spade and Archer Design Agency, with offices in Portland, Ore., and Seattle

The home: This Portland, Ore., home was a “complete and total fixer,” Riordan says. But it wasn’t anything that some savvy staging couldn’t fix. The 3,180-square-foot home was built in 1906 and features five bedrooms, 3.5 baths. It’s listed for $875,000.

Riordan’s Staging Tips:

Photo Credit: Justin Riordan, Spade and Archer Design Agency

  1. When staging a home, stick with neutral rugs with little to no pattern. This will keep the the rugs from distracting from the house itself.

Photo Credit: Justin Riordan, Spade and Archer Design Agency

2. Mix styles because not everybody loves modern or Victorian or vintage. By having an eclectic mix of styles in each room, the staging can appeal a little bit to each person.

Photo Credit: Justin Riordan, Spade and Archer Design Agency

3. Use color blocking. By assigning a single color to each room, buyers will have a way to discuss each room. This house has a green bedroom, a pink bedroom, a grey bedroom, and a brown bedroom. When the buyer say, “I think Sally should have the pink bedroom,” the other buyer will understand immediately which room they were talking about.

Have a home you recently staged that you’d like to show off here at Styled Staged & Sold? Submit your staging photos for consideration, along with three to five of your best spruce-up tips. Contact Melissa Dittmann Tracey at mtracey@realtors.org.

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Housing in 2020: Construction Costs Grow, Mortgage Rates Slow

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Where will housing be in 2020? According to the latest Metrostudy predictions, if all continues on its current track, construction costs could continue to increase, and mortgage rates could reel in.

While rates have increased in the last six months, impacting affordability, the rise is not significant according to historical trends, says Mark Bound, chief economist and senior vice president at Metrostudy, a provider of primary and secondary market information to the housing and residential construction industries. In the long term, Boud predicts mortgage interest rates will top out at 5.8 percent in 2020 and 2021, eventually being pulled down by slower economic growth—and because of tighter lending practices, the market environment will not become as dire as the last housing bubble.

As for inventory, it is significantly under-supplied, while homes are increasingly overvalued; however, the risk of a price collapse is small due to the tight market, and Boud expects the cycle of under-supply to plateau in 2020. The lack of new inventory is, in part, in response to trade increases, as many of the imposed tariffs—specifically the 20-plus percent tariff on lumber imports, and 10 and 25 percent tariffs on aluminum and steel imports, respectively—directly impact construction efforts.

These factors could lead to an increase in overall construction timelines, as well as an increase in construction costs by at least $2,000 per house, according to Boud. More homes in the upper price ranges are being built, while inventory under $400,000 is lower, in some cases. Overall, the national market is becoming top-heavy, which typically only occurs where land is more expensive, such as in California, Boud says.

Remodeling activity continues to rise in response to homeowners staying in their homes for longer, as well as the continuing trend toward purchasing existing homes, which triggers renovations. According to Boud, this is most common in coastal markets, or markets that have high appreciation rates, such as Texas.

Something to watch? Inflation. Boud says inflationary pressures are slowly building—inflation rose from 2.4 percent in March to 2.9 percent in August—but in a few years, the national debt could slow economic growth, which, in turn, could slow down rising interest rates.

Another concern? The current downward trend of the 2-10 Treasury yield spread, which could see negative figures in about a year, may be a sign that a recession is in the cards.

However, the current economy is healthy, Boud says. In the past 12 months, 2.4 million jobs have been generated, increasing demand for housing and pushing the unemployment rate down. Additionally, housing starts are fairly stable, forecasted to be 1.28 million in 2018, and increasing to 1.33 million in 2019 and 1.345 million in 2020, before plateauing.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

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$175,900 :: 25039 Rubin Road, Warren MI, 48089

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3 beds, 1.1 baths
Home size: 1,271 sq ft
Lot Size: 6,969 sq ft
Added: 08/24/18, Last Updated: 08/24/18
Property Type: Single Family
MLS Number: 218082844
Community: Warren
Tract: WARREN PLAZA # 04
Status: Active

Beautiful completely updated ranch in a quiet neighborhood on the north side of Warren. This home features a newly remodeled great room where you can sit in front of the fireplace and enjoy a good book or your favorite movie. Retire to the living room, perfect for family gatherings or to one of the three bedrooms which offer more than enough room to raise your family or enjoy sleep overs with your grandchildren, At the end of the day relax out on your back patio or front porch with your favorite evening drink. The large freshly painted two car garage makes snowy mornings a breeze. Feel good knowing you are surrounded by the best schools of choice in Macomb County. New roof 2017, totally remodeled 2018, newer furnace and water heater. This home’s taxes are non-homesteaded and will be more affordable for private owners, and qualifies for low down payment mortgage programs including MSHDA for first and second time homeowners.

Listed with Berkshire Hathaway HomeServices Michigan Real Esta


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$170,900 :: 14223 TALBOT DR, Warren MI, 48088-3827

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3 beds, 2 baths
Home size: 1,526 sq ft
Lot Size: 7,405 sq ft
Added: 07/14/18, Last Updated: 08/24/18
Property Type: Single Family
MLS Number: 21474675
Community: Warren (50023)
Tract: MONTCLAIR HEIGHTS
Status: Sold

Starts with great curb appeal & a covered front porch! Awesome square footage and a great layout. Updated kitchen with tons of cabinets, all appliances included and large window in sink area overlooks the family room with a fireplace and doorwall that leads to a newer cement patio. Fenced in yard with large shed and natural privacy. 1 1/2 baths on main floor and main bath is 8′ long with double sinks. 3 decent size bedrooms with large closets. Newer furnace, roof and windows. Finished basement has plenty of storage, bar and pool table stays. Large laundry area and washer and dryer stay. Great sought after location and immediate occupancy!

Listed with Real Estate Network Cauley & Co


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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401(k) Auto-Enrollment Connected to Early Withdrawals, With Housing Implications

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With Social Security trust fund reserves waning—predicted to be depleted by 2034, leaving Social Security unable to maintain full scheduled benefits—and the number of retirees expecting to receive benefits increasing, more and more Americans are relying on 401(k) savings to support their retirement living. In fact, Statista estimates there are 41.2 million households who presently own a 401(k) plan in the U.S.

How does auto-enrollment fit in with these tax-advantaged savings accounts? There’s a clear benefit, as recently determined by 401(k) record-keeper Alight Solutions LLC in its 2017 Trends & Experience in Defined Contributions Plans report. Far more individuals contribute to a 401(k) with an auto-enrollment feature (85 percent) than to plans without it (63 percent).

While that should lead to higher savings rates and stronger financial health for future retirees, there is a glaring concern: Increases in auto-enrollment are leading to more early withdrawals. According to Retirement Clearinghouse LLC, over 60 percent of 401(k) participants with balances below $10,000 liquidate their accounts after leaving a company, reports the Wall Street Journal.

What’s causing this increase in withdrawals (also known as leakage)? Job changes lead to low 401(k) balances, which are largely cashed out due to company payout checks that can easily be deposited. The alternative? Having to fill out burdensome paperwork to transfer the funds into a tax-advantaged account. Others use their funds as a type of loan regardless of penalties incurred.

Although small loans or early withdrawals may not seem like much in the grand scheme of funds necessary to support retirement living, these can add up to a costly dip in long-term savings. While statistics by the University of Pennsylvania’s Wharton School show that most 401(k) borrowers pay themselves back (with interest), 10 percent default on nearly $5 billion per year.

How will this impact retirement-incentivized real estate? A survey conducted last year by The Hartford Advance 50 Team and MIT AgeLab found that 73 percent of surveyed adults over 45 strongly agreed with the statement “What I’d really like to do is stay in my current residence for as long as possible.”

That may not be achievable for a majority of retirees. Less funds to support retirement living may lead to more move-down buyers, as retirees struggle to pay off remaining mortgage debt on bigger homes while also maintaining their current costs of living. Additionally, aging in place no longer means simply staying in their current home, as improvements are necessary to ensure their safety and comfort, and these modifications can be costly.

Independent living in a safe format is merely one consideration. According to a Merrill Lynch Finances in Retirement Survey last year, the average cost to retire has increased to $738,400. The average balance in a 401(k) account is $102,900, according to Fidelity.

How much does auto-enrollment and early withdrawals impact retirement moving trends? Participating employees are more likely to reduce their potential auto-enrollment gains by as much as 42 percent, withdrawing an average of $850 more than employees who voluntarily enroll. This could lead to massive losses in retirement savings down the road.

When taking overall auto-enrollment savings into consideration, however, those who participated saved, on average, $1,200 more in eight years (in 2004 dollars) compared to employees hired only a year earlier but who were required to sign up on their own, according to the Alight report. Additionally, companies offering auto-enrollment are largely converting more employees, who would not typically contribute, into retirement savers.

Younger workers should start seeking employment with companies that offer 401(k) auto-enrollment now, and should refrain from pocketing low balances should they transfer jobs or withdrawing until they have reached retirement age. Additionally, in order to truly benefit from auto-enrollment and build up savings, Congress may have to impose added restrictions on low-balance payouts in response to job transitions, as well as make it easier for auto-enrolled contributors to transfer funds without the hassle of complex paperwork.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

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Experts Weigh In: Here’s When You Should Reach Key Financial Milestones

(TNS)—Maybe you have an idea of when you’d like to buy your first home or retire from the workforce—but just how realistic are your expectations?

We recently asked Americans to tell us the ideal ages for accomplishing certain financial goals. Then, we ran their responses by 10 certified financial planners living in different parts of the country.

Americans’ expectations overall were fairly realistic—but some experts argue that when it comes to hitting key milestones in life, age is arbitrary. What’s more important is whether you’re financially ready to make certain decisions, says Jennifer Faherty, founder of Financial Wealth-Being.

Getting Your First Credit Card
The ideal age to open a first credit card is 22, Americans say, but according to many financial planners, the sooner you start building credit, the better.

“I think 22 is a little late,” says Dana Twight, a certified financial planner based in Seattle. “I think you want to help your kids or your independent kids and support them in opening a card when they’re young enough to benefit from a parental safety net, if that’s possible.”

Parents who want to teach their children how to use credit cards responsibly at a young age can help them sign up for a secured credit card. These types of cards require you to make a cash deposit that becomes your credit line. With time, you should have the opportunity to trade in your secured card for a traditional, unsecured credit card.

Another option is to make a teenage child an authorized user on a parent’s account—but any mistakes that are made can impact the parent’s credit score.

Lucas Casarez, founder of Level Up Financial Planning in Fort Collins, Colo., used to help clients open their first credit cards when he worked at a credit union. Many of the people he helped were 18 and 19 years old. He sees nothing wrong with someone that age having a credit card, as long as they have someone showing them the right way to use it.

Quentara Costa has a different opinion. She’s seen too many college kids with credit cards getting themselves into trouble. Waiting until you’re 22 to open a credit card is a safer bet, says Costa, a certified financial planner in North Andover, Mass.

Waiting to Buy Your First Home
While there may be benefits to getting a credit card at a younger age, postponing the purchase of your first home may be advantageous.

Americans, on average, say 28 is the ideal age to become a homeowner, but many experts recommend waiting until you’re in your early 30s to take the plunge.

Once you graduate from college, Helen Ngo thinks it’s best to wait at least 10 years before buying a home. That way, you have a better idea of where you stand financially and whether you can take on a mortgage.

“At 28, to me that’s still a very young age,” says Ngo, CEO and founder of a financial planning practice in Atlanta. “I think those who are able to buy a home at 28 are married at that age and they have dual income to be able to afford a house at age 28.”

Unless you’re in a stable financial position and you have access to a lot of cash, it’s probably best to avoid buying a home until you’ve paid off your student loans, says John Piershale, a wealth adviser in Crystal Lake, Ill.

Homeownership Is a Long-Term Commitment
Generally, buying a home at any age isn’t a good idea if you’re not planning to stay there for at least five years. That’s particularly the case if your goal is to build home equity, Ngo says.

“If you’re purchasing a home, how much time are you going to live in there in order to get the actual equity value out of it? Unless you buy a fixer-upper and you put more money into it, and then you’re able to sell it real quick and you might make $100,000 extra out of it…but most people aren’t doing that,” Ngo says.

Even if homes seem affordable where you live, think beyond the cost of the mortgage when deciding whether to become a homeowner. Factor in the cost of property taxes, home repairs and unexpected expenses. Think about the costs involved with selling the home, too, like paying closing costs.

You’ll also want to consider market conditions. Percy Bolton, founder of a financial planning company in Pasadena, Calif., says he wouldn’t buy a home right now because it’s a seller’s market.

“You don’t ever buy in a market like this. You wait,” Bolton says. “If I was advising a client right now, it’s cheaper to rent.”

Saving for Retirement
Americans say the ideal age to start saving for retirement is 22. According to the financial planners we polled, it’s best to start saving as early as possible. The average age the experts suggested was 21.

Costa says it’s important to start saving money at a young age, but starting to save for retirement as a teenager isn’t necessary.

“When you’re younger, you do need to save for things like a car and a down payment and college,” says Costa, founder of a company called Powwow. “I think there’s plenty of time to catch up. I’ve seen plenty of people turn the corner where they haven’t had much savings because they’ve had all these milestones and at 40 they’re finally able to get serious about retirement and they’re fine.”

Lauryn Williams, a four-time Olympian who founded her own financial planning company, says you can start saving as early as age 19 in a Roth IRA. The stereotype of the broke college student is misleading, she says. Even college kids have money that they could be saving.

“Once you get in college, that first year get settled, but then also get saving,” Williams says. “Automate that saving from the very beginning, create that habit and you’ll finish college with a little nest egg for yourself and a little nest egg for retirement.”

Another recent Bankrate survey found that millennials prefer cash over stocks, but when it comes to preparing for the future, having mostly cash investments will ultimately cost you.

“A far as long-term savings, that’s not a viable strategy to me,” says Donovan Brooks, a certified financial planner in Saint Joseph, Mo. “Based on probably the retirement lifestyle that they have in their mind, cash likely isn’t going to get them to where they need to be long-term, unless they have a large income and they’re putting away a ton of money and they envision a very minimal, inexpensive retirement lifestyle.”

The Ideal Age to Retire
Americans say the ideal retirement age is 61, but the financial planners we surveyed agreed that retiring at 61 wasn’t realistic for most people. What’s more, the way people think about retirement is changing.

“I think if you redefine what retirement means, you can retire at different stages in your life,” says Ngo, founder of Capital Benchmark Partners.

Ed Leach, a certified financial planner in Wayne, N.J., says he has clients who are executives and business owners. They sell their businesses and “semi-retire” by doing consulting work.

Other financial experts say their clients are retiring later by choice. Sixty percent of her clients would list 70 as their ideal retirement age, Williams says. If you love what you do, you don’t have to stop working.

Working until you’re 70 or 80 may be more possible today than in the past now that more people today have white-collar jobs, Leach says.

“As we become less of a manufacturing, production-type of country, and jobs transition into more of, ‘Hey, I can work from home and do computer coding,’ I can do that until I’m 80 years old if my mind allows me to do it.”

©2018 Bankrate.com
Distributed by Tribune Content Agency, LLC

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Disruptor Roundup: Divvy Takes on Rent-to-Own

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Editor’s Note: The Disruptor Roundup analyzes companies implementing unconventional models.

Divvy
This tech-powered, rent-to-own platform was launched at the end of 2017, and provides consumers with the ability to transition from renting to homeownership with a three-year program that amasses a down payment within its required monthly payments. Currently available in Atlanta, Cleveland and Memphis, Divvy is looking to expand to other markets.

Divvy purchases homes on behalf of consumers. There are, however, restrictions. Divvy cannot purchase and lease condos, non-bank approved short sales, auction properties, manufactured or mobile homes, undeveloped lots, homes in pre- or mid-construction or properties with problematic conditions that require extensive maintenance.

How does the program work? Applicants must first be preapproved and undergo a thorough underwriting process that requires photo identification, tax returns, recent bank statements and a credit check. This process typically takes between 24 hours and three business days, according to the Divvy website.

In addition to rent, Divvy also charges “equity credits,” which make up about 25 percent of the monthly payment and are used as down payment funds at the end of the leasing period. Additionally, 5 percent of the monthly payments go toward maintenance funds, to be used for any home repairs, which applicants must address themselves, as Divvy does not function as a traditional landlord.

The qualifications? Candidates must:

  1. Have been employed for the last 12 months
  2. Have an average monthly income of at least $2,300 per month
  3. Be able to comfortably afford a Divvy monthly payment (rent, equity credits, maintenance funds)
  4. Have a credit score of at least 550
  5. Have had any bankruptcies discharged at least 12 months prior to applying
  6. Have at least $1,300 saved for a down payment

The cons? First, Divvy customers may only use partnered agents, which highly limits buyers. How are these agents chosen? Divvy does not provide guidelines on its website, and was not available for comment.

Additionally, while this incentivizes homeownership for prospective buyers who have trouble building up a down payment, the leasing program is more of a forced savings program in which they risk losing out on funds if they break the lease and choose not to purchase the home. Divvy will only refund 50 percent of the total dollars of equity credit if the three-year lease is broken, and, at closing, deducts 1.5 percent of the applicant’s equity credits in order to cover its own selling costs.

Buyers might also be wary of Divvy’s static home value projection, which estimates how much the property will be worth in three years. It can be difficult to ascertain whether buyers are truly leasing to buy at fair market value three years prior to the actual time of purchase.

As Divvy does not provide mortgage services, buyers will still need to be approved for a loan at the end of the lease period, which brings up additional questions regarding the home’s value and appraisal conditions. Divvy can report on-time rental payments to the credit bureaus during the three-year lease in order to help applicants who wish to increase their credit score before purchasing, improving their chances of being able to qualify for a home loan.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

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