Welcome to The Wickland Group Real Estate Blog!

Our mission is to provide our readers with relevant and interesting information regarding all things real estate. Look for future articles covering tips on buying and selling real estate, home improvement tips, new construction information and ways to maximize your homes value. 

We'll also cover tax related items, home equity questions, real estate investing and even buying vacation properties. We'll cover geographical areas such as the Metro Ann Arbor and the Metro Detroit Suburbs(e.g., Royal Oak, Birmingham, West Bloomfield, Novi, Northville, Plymouth and Canton, Saline, Dexter and Chelsea)

Feb. 12, 2019

Top 8 Home Design and Remodeling Trends for 2019

If you’re a current homeowner, or in the market to buy, you’re probably curious about the latest trends in home design.

 

Sellers who make strategic updates before listing a property can generate increased interest from buyers and, in some cases, a premium selling price. And buyers should consider which features of a home will need updating immediately (or in the near future) so they can factor renovation costs into their overall budget.

 

Even if you have no immediate plans to buy or sell, we advise our clients to be thoughtful about the colors, materials, and finishes they select when planning a remodel. Making over-personalized or unpopular design choices could hurt a home’s value when it does come time to sell. And selecting out-of-style or overly-trendy elements could cause your renovation to feel dated quickly.


To help, we’ve rounded up eight of the hottest home design trends for 2019. Keep in mind, not all trends will work well in every house. If you plan to buy, list, or renovate a property, consult a professional who can help you realize your vision and maximize the impact of your investment.

 

1.     WARMER PAINT COLORS


White and grey aren’t going anywhere, but expect to see warmer tones and more earthy neutrals popping up in 2019. Cold whites are being replaced by warmer, softer whites. And warmer tones of grey have become a popular alternative to the cooler grays we were seeing earlier in the decade. Dove grey—with a lilac undertone—is a particular favorite with designers this year.

 

Sherwin Williams chose Cavern Clay, a warm terracotta, as its 2019 color of the year, while Behr selected Blueprint, a mid-tone blue. Benjamin Moore’s selection is Metropolitan, a sophisticated grey.

If you’re preparing to sell your home, consider a light, neutral paint color. Neutral colors provide a blank canvas upon which a buyer can envision placing their belongings, and lighter colors make a room appear larger and brighter.

 

 

2.     MIXED METALS

 

Don’t feel limited to using one metallic finish throughout your home—or even throughout a single room. Designers are mixing metals in 2019, and their favorites include copper, brass, pewter, gunmetal, and matte black.

 

Experts suggest picking one metal hue to dominate your color palette and a contrasting tone to complement it. If your room has a warm color palette, choose a warm-hued primary metal, such as brass or copper. For cool palettes, choose a cool-toned metal, like pewter or stainless steel. You can also experiment with mixing finishes, such as polished and hammered copper.

 

From faucets to cabinet pulls to accent pieces, swapping out your old or dated fixtures is an easy—and relatively inexpensive—way to modernize your decor. Mixing metals adds depth and gives your room a more curated look.

 

3.     OUTDOOR ELEMENTS

 

Bringing outdoor elements into the home can help warm up a sterile space. And natural materials can soften a modern design aesthetic.

 

Homeowners are increasingly looking for ways to incorporate these materials throughout their home. Especially popular right now: stone, copper, concrete, and wood. From concrete showers to agate stone tiles, designers are finding unexpected ways to bring the outside in.

 

One notable exception: granite countertops. Engineered quartz—a combination of ground quartz and resin—overtook natural granite stone as the most popular countertop material in 2018. This durable, low-maintenance, highly-customizable product has won over homeowners and designers alike.

4.     ALTERNATIVE APPLIANCES

Stainless steel has been the industry standard for years, but the market is trending toward variety and fresh alternatives. Homeowners have more options available than ever to personalize their kitchens with vibrant colors, black stainless, or modern white appliances. Another favorite? Integrated appliances that blend seamlessly into cabinetry. Built-in column refrigerators, which allow you to customize the design and size of your freezer and refrigerator, are becoming a “must-have” in high-end homes.

 

Advancements in technology have also brought a new wave of appliances to the market. Induction cooktops are replacing commercial gas ranges as a gourmet favorite. And french door ovens and steam ovens are also gaining in popularity—especially ones with smart features you can control from an app on your smartphone.

 

5.     COLORFUL KITCHENS

 

White will always be a classic choice, but color is finally coming back to kitchens. More homeowners are choosing cabinets in alternative neutrals like black, cream, and grey, along with colorful options like green and blue. Also popular? Wood cabinets in stains like warm chestnut and fruitwood.

 

Two-tone kitchen cabinets remain a homeowner favorite, as well. To incorporate this trend, try pairing darker lower cabinets with lighter upper cabinets or a colorful kitchen island with neutral-colored perimeter cabinets.

 

6.     OPEN SHELVING

 

Swapping upper kitchen cabinets for open shelves continues to be a popular choice in 2019. It’s a cost-effective update that can make a kitchen feel larger and brighter. However, it’s not a practical option for everyone. Before you commit, test it out by removing your cabinet doors for a few weeks. See how it feels to have your glasses and dishware on display.

 

Not ready to give up all your upper cabinet storage space? Replace just one or two upper cabinets with open shelves for a lower-commitment but still-updated look.

 

7.     STATEMENT TILE

The ubiquitous white subway tile is finally fading in popularity. In 2019, homeowners are gravitating toward more colorful choices, creative textures and finishes, and alternative shapes. Especially hot right now: hexagons, arabesques, diamonds, and Moroccan fish scales.

Natural stone remains a favorite, including marble, quartzite and river rock. But advancements in porcelain tile that mimics stone, and even concrete, has made it an attractive, affordable, and low-maintenance alternative.

 

 

8.     SHOWCASE CEILINGS

 

Once an afterthought, ceilings are taking center stage. While 2018 was all about statement walls, statement ceilings are shaping up to be the darling of 2019. Designers are using bold paint colors, wallpaper, intricate moldings, fabric, and other materials to transform a ceiling into something truly special.

 

Want to incorporate this trend without going too bold? Choose a classic design, like coffered or wooden beams. Or stick with wood paneling or tin tiles for a more timeless look. Even something as simple as painting a ceiling the same color as the walls can make your space feel more modern.

 

DESIGNED TO SELL

 

Are you contemplating a remodel? Want to find out how upgrades could impact the value of your home? Give us a call for a free consultation!

 

Buyer preferences can vary greatly by neighborhood and price range. We can share the insights we’ve gathered from working with buyers in this market … and offer tips on how to maximize the return on your remodeling investment. And if you’re in the market to sell, we can run a Comparative Market Analysis on your home to find out how it compares to others in the area.

 

Want to learn more about how to stage your home to sell? Contact us at 734-216-2498 to request a free copy of our report: 10 Staging Secrets From the Pros for a Quick Sale at Top Dollar!

 

 

Sources:

1.     Decor Mag –
https://www.decoraid.com/blog/home-design-trends-2019

2.     Gates Interior Design –
https://gatesinteriordesign.com/hottest-new-kitchen-and-bath-trends-for-2019/

3.     House Beautiful –
https://www.housebeautiful.com/home-remodeling/interior-designers/a24844028/home-trends-for-2019/

4.     Houzz –
https://www.houzz.com/ideabooks/114552119/list/32-home-design-trends-that-will-rule-in-2019

5.     Invaluable –
https://www.invaluable.com/blog/mixing-metals/

6.     Real Simple –
https://www.realsimple.com/home-organizing/decorating/decorating-tips-techniques/design-trends-2019-according-to-designers

Sebring –
https://sebringdesignbuild.com/top-trends-in-kitchen-design/    

Jan. 28, 2019

What’s Ahead for Real Estate in 2019?

 

 

As we begin another year, everyone wants to know: “Where is the housing market headed in 2019?”

 

It’s not only buyers, sellers, and homeowners who are impacted. The real estate market plays an integral role in the overall U.S. economy.  Fortunately, key indicators point toward a stable housing market in 2019 with signs of modest growth. However, shifting conditions could impact you if you plan to buy, sell, or refinance this year.

 

HOME VALUES WILL INCREASE

 

The value of real estate will continue to rise. Freddie Mac predicts housing prices will increase by 4.3 percent in 2019.1  While the rapid price appreciation we witnessed earlier in the decade has slowed, the combination of a strong economy, low unemployment, and a lack of inventory in many market segments continues to push prices higher.

 

"Ninety percent of markets are experiencing price gains while very few are experiencing consistent price declines," according to National Association of Realtors (NAR) Chief Economist Lawrence Yun.2

 

Yun predicts that the national median existing-home price will increase to around $266,800 in 2019 and $274,000 in 2020. "Home price appreciation will slow down—the days of easy price gains are coming to an end—but prices will continue to rise."

 

What does it mean for you? If you’re in the market to buy a home, act fast. Prices will continue to go up, so you’ll pay more the longer you wait. If you’re a current homeowner, real estate has proven once again to be a solid investment over the long term. In fact, the equity level of American homeowners reached an all-time high in 2018, topping $6 trillion.3

 

SALES LEVELS WILL STABILIZE

 

In 2018, we saw a decline in sales, primarily driven by rising mortgage rates and a lack of affordable inventory. However, Yun isn’t alarmed. "2017 was the best year for home sales in ten years, and 2018 is only down 1.5 percent year to date. Statistically, it is a mild twinge in the data and a very mild adjustment compared to the long-term growth we've been experiencing over the past few years."2

 

Yun and other economists expect home sales to remain relatively flat over the next couple of years. Freddie Mac forecasts homes sales will increase 1 percent to 6.08 million in 2019 and 2 percent to 6.20 million in 2020.1

 

“The medium and long-term prospects for housing are good because demographics are going to continue to support demand,” explains Tendayi Kapfidze, chief economist for LendingTree. “With a slower price appreciation, incomes have an opportunity to catch up. With slower sales, inventory has an opportunity to normalize. A slowdown in 2019 creates a healthier housing market going forward.”4

 

What does it mean for you? If you’ve been scared off by reports of a market slowdown, it’s important to keep things in perspective. A cooldown can prevent a hot market from becoming overheated. A gradual and sustainable pace of growth is preferable for long-term economic stability.

 

MORTGAGE RATES WILL RISE

 

The Mortgage Bankers Association predicts the Federal Reserve will raise interest rates three times this year, resulting in a rise in mortgage rates.5 While no one can predict future mortgage rates with certainty, Realtor.com Chief Economist Danielle Hale estimates that the rate for a 30-year mortgage will reach 5.5 percent by the end of 2019, up from around 4.62 percent at the end of 2018.6

 

While mortgage rates above 5 percent may seem high to today’s buyers, it’s not out of line with historical standards. According to Hale, “The average mortgage rate in the 1990s was 8.1 percent, and rates didn’t fall below 5 percent until 2009. So for buyers who can make the math work, buying a home is likely still an investment worth making.”7

 

What does it mean for you? If you’re in the market to buy a house or refinance an existing mortgage, you may want to act quickly before mortgage rates rise. To qualify for the lowest rate available, take steps to improve your credit score, pay down existing debt, and save up for a larger down payment.

 

AFFORDABILITY ISSUES WILL PERSIST

 

Although the desire to own a home remains strong, the combination of higher home prices and rising mortgage rates will make it increasingly difficult for many first-time buyers to afford one.

 

“Buyers who are able to stay in the market will find less competition as more buyers are priced out but feel an increased sense of urgency to close before it gets even more expensive,” according to Hale. “Although the number of homes for sale is increasing, which is an improvement for buyers, the majority of new inventory is focused in the mid-to-higher-end price tier, not entry-level.”6

 

What does it mean for you? Unfortunately, market factors make it difficult for many first-time buyers to afford a home. However, as move-up buyers take advantage of new high-end inventory, we could see an increase in starter homes hitting the market.

 

MILLENNIALS WILL MAKE UP LARGEST SEGMENT OF BUYERS

 

“The housing market in 2019 will be characterized by continued rising mortgage rates and surging millennial demand,” according to Odeta Kushi, senior economist for First American. "Rising rates, by making housing less affordable, will likely deter certain potential homebuyers from the market. On the other hand, the largest cohort of millennials will be turning 29 next year, entering peak household formation and home-buying age, and contributing to the increase in first-time buyer demand.”4

 

Danielle Hale, chief economist for Realtor.com, predicts the trend will continue. “Millennials are also likely to make up the largest share of home buyers for the next decade as their housing needs adjust over time.”6

 

What does it mean for you? If you’re in the market for a starter home, prepare to compete for the best listings. And if you plan to sell a home in 2019, be sure to work with an agent who knows how to reach millennial buyers by utilizing the latest online marketing techniques.

 

WE’RE HERE TO GUIDE YOU

 

While national real estate numbers and predictions can provide a “big picture” outlook for the year, real estate is local. And as local market experts, we can guide you through the ins and outs of our market and the local issues that are likely to drive home values in your particular neighborhood.

 

If you’re considering buying or selling a home in 2019, contact us now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals this year.

 

 

START PREPARING TODAY


If you plan to BUY this year:

 

1.     Get pre-approved for a mortgage. If you plan to finance part of your home purchase, getting pre-approved for a mortgage will give you a jump-start on the paperwork and provide an advantage over other buyers in a competitive market. The added bonus: you will find out how much you can afford to borrow and budget accordingly.

2.     Create your wish list. How many bedrooms and bathrooms do you need? How far are you willing to commute to work? What’s most important to you in a home? We can set up a customized search that meets your criteria to help you find the perfect home for you.

3.     Come to our office. The buying process can be tricky. We’d love to guide you through it. We can help you find a home that fits your needs and budget, all at no cost to you. Give us a call to schedule an appointment today!

 

If you plan to SELL this year:

 

1.     Call us for a FREE Comparative Market Analysis. A CMA not only gives you the current market value of your home, it will also show how your home compares to others in the area. This will help us determine which repairs and upgrades may be required to get top dollar for your property, and it will help us price your home correctly once you’re ready to list.

2.     Prep your home for the market. Most buyers want a home they can move into right away, without having to make extensive repairs and upgrades. We can help you determine which ones are worth the time and expense to deliver maximum results.

3.     Start decluttering. Help your buyers see themselves in your home by packing up personal items and things you don’t use regularly and storing them in an attic or storage locker. This will make your home appear larger, make it easier to stage ... and get you one step closer to moving when the time comes!

 

 

Sources:

1.     Freddie Mac Economic & Housing Research Forecast –
http://www.freddiemac.com/research/pdf/201811-Forecast-04.pdf

2.     National Association of Realtors 2019 Forecast – 
https://www.nar.realtor/newsroom/2019-forecast-existing-home-sales-to-stabilize-and-price-growth-to-continue

3.     Bankrate 2018 Year in Review –
https://www.bankrate.com/mortgages/year-in-review-for-housing-market/

4.     Forbes 2019 Real Estate Forecast –
https://www.forbes.com/sites/alyyale/2018/12/06/2019-real-estate-forecast-what-home-buyers-sellers-and-investors-can-expect/#a98b80a70d9a

5.     Mortgage Bankers Association Forecast –
https://www.mba.org/2018-press-releases/october/mba-forecast-purchase-originations-to-increase-to-12-trillion-in-2019

6.     Realtors.com 2019 National Housing Forecast –
https://www.realtor.com/research/2019-national-housing-forecast/

7.     FOX Business –
https://www.foxbusiness.com/personal-finance/where-mortgage-rates-are-headed-in-2019

 

 

July 17, 2018

Home prices soar in Detroit and the Metro Area

Good news for home sellers but aggravating news for buyers in the Metro Detroit area as home prices rise, inventory decreases, and multiple offers become commonplace.

Fast Facts:

  • Median sales price up 5% from one year ago
  • Total listings are down a staggering 22% from a year ago
  • The City of Detroit is seeing the largest price increases with the median sales price up 41% year over year
  • The Median home price in Detroit is 275% higher than it was five years ago
  • Not only are most homes receiving multiple offers, sometimes within a matter of hours, 90%+ of listings are selling for above-asking price

Because home prices are rising so rapidly and there is so much competition, coupled with the fact in many areas buyers are competing with investors making all-cash offers, it is making it much more difficult for conventional buyers to compete.  Many times the bank appraisal values are not keeping up with the home value increases. Sellers know this and may be more worried about accepting an offer with conventional financing, especially if the buyers are unwilling to make up any discrepancy with the bank's appraisal. 

Whether your buying or selling in this fast-paced market, it's more critical than ever to partner with the right Real Estate Resource to make sure you have a successful transaction.

Sellers; see how our average client saves over $10k in commission and sells their home for more

Buyers; find out how we make your offer stand out from the crown and help you find your dream home

 

Data provided by Realcomp, see more on the Detroit Free Press.
July 3, 2018

Ford Depot Purchase Boosts Corktown Further

The Corktown neighborhood of Detroit has been experiencing rapid growth over the past few years. With the recent Depot purchase by Ford this economic growth is expected to explode in the area.

Savvy investors who have speculated in the areas real estate stand to make strong returns, and more investors from around the globe are being drawn to the area since the announcement by Ford.

Fast Facts:

  • Prior to the Ford acquisition, retail rents fluctuated around $20 per square foot.
  • After the Depot purchase, announcement rents have already jumped to almost $30 per square foot.
  • Ford plans to officially open the campus in 2022, with an influx of 5,000 workers.
  • Residential rents in Corktown have steadily increased by up to $200 per year over the past 5 years.

See if the growing Detroit Economy is impacting your home value- find out here!

Check what home are currently for sale- The Most Advanced Metro Detroit Home Search

Read more about the growth in Corktown- Detroitnews.com

 

 

July 2, 2018

Hotel Boom In Detroit

Good news for Detroit! The city is fast becoming known as a tourist destination and is spurring a growth in the Hotel and Hospitality industry Downtown.

Fast Facts:

  • 2,000 new rooms expected to be added
  • Average occupancy rates are now in the low 70%, up from under 50% a decade ago.
  • Yearly Detroit Visitors have jumped from 11-12M ten years ago to more than 19M in 2017.
  • Many of these new rooms are being provided by 'boutique' hotels offering 100-200 rooms, as compared to massive 800+ room offerings.
  • The uptick in hotel offerings will make Detroit more enticing for conventions, further driving occupancy rates up and boosting the entire Metro Area economy.

See if the growing Detroit Economy is impacting your home value- find out here!

Check what home are currently for sale- The Most Advanced Metro Detroit Home Search

Read more about the Detroit Hotel Boom- Crainsdetroit.com

Jan. 12, 2018

$15,000 Rebate on Your New Birmingham or Royal Oak Condo?

Have you been eying a new luxury unit in Downtown Birmingham? Or perhaps a modern loft in downtown Royal Oak is more your style?  Either way (or anywhere in between) The Wickland Group has you covered! As an extension of our revolutionary 1+1 Advantage, most luxury condos, lofts, and townhomes are now eligible for a 1% purchase price rebate towards your closing costs. That could mean $15,000, or more, staying in your pocket!

Many potential buyers underestimate or forget to include closing costs in their final calculations. Every purchase is unique, but a good rule of thumb is to calculate closing costs at 1.5-2% of the purchase price. With our exclusive program, our clients are able to cut these unexpected costs by over half in most cases.

 

 

Check out these awesome lofts on the market right now!

Birmingham MI Condos

 

 

Royal Oak MI Condos

 

 

Posted in Buying a Home
Dec. 14, 2017

Millennials Guide To Homeownership

The millennial generation is the largest generation in United States history, and we're just seeing them begin to assert their buying power when it comes to Real Estate.

There is, of course, the old trope that most millennials are in some form of arrested development and are resigned to live in their parent's basement for the next decade. While its impossible to generalize the largest generation in US history, the idea that most millennials aren't interested in home ownership is NOT TRUE. Buyers aged 18-34 years have comprised the largest share of first-time homebuyers at roughly 50-60 percent for the last few years.

It is certainly not to say there aren't some headwinds & myths that are holding millennials back from becoming homeowners.  

Read The Full Guide!

 

The good news is that it's never been easy for millennials to become homeowners than it is now.  With a strong real estate market, competitive mortgage rates, and some conventional downpayment options as low as 3%, home buying millennials have a lot of advantages. 

The home buying process can be daunting, especially for first-time buyers.  We're here to make the process as stress-free as possible.  So take advantage of the advanced search feature of this site, find some interesting homes, and when you're ready we'll be here to answer any questions. 

Oct. 24, 2017

Woodward Corners Shopping Center Gets a Celebrity Tenant

Construction is underway at the future site of the Woodward Corners Shopping Center located at 13 Mile road and Woodward Ave. in Royal Oak. Beaumont Health, the owners of the new development, just announced the first two official tenants of the new shopping center.  The first is the Detroit based coffee chain New Order Coffee, and the second is none other than Mark Wahlberg with his family owned burger restaurant, Wahlburgers. Wahlberg is continuing his interest in Metro Detroit after the success of the first Wahlburgers location in Greektown, Detroit.

The redevelopment plan includes six new buildings on the site, including a luxury hotel, upscale grocery store, and multiple restaurants and retail shops in a beautiful open-air setting. The grounds will include open space that will be used as a venue for festivals and fairs. Woodward Corners by Beaumont is expected to open to the public late in 2018.

With all the commercial development and investment in the area look out for a positive impact on local home values!

See what's listed in the area right now! 

Posted in Community News
Oct. 12, 2017

Millionaire to Millennials

Millionaire to Millennials: Buy a Home Now! | MyKCM

In a CNBC article, self-made millionaire David Bach explained that “the single biggest mistake millennials are making” is not purchasing a home because buying real estate is “an escalator to wealth.”

Bach went on to explain:

“If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.”

In his bestselling book, “The Automatic Millionaire,” Bach does the math:

“As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!”

Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers. His book, “The Automatic Millionaire,” spent 31 weeks on the New York Times bestseller list. He is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.

Bottom Line

Simple advice – if you don’t own your own home, it might be smart to start looking. With a strong real estate market in South East Michigan, it's a great time to be a homebuyer, start your search here and see if your dream home is on the market now! From Ann Arbor to Birmingham, The Wickland Group is here to help with all of your Metro Detroit Real Estate Needs!

Oct. 9, 2017

Which Homes Have Increased in Value?

Which Homes Have Increased in Value the Most?

Which Homes Have Increased in Value the Most? | MyKCM

Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.

CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.

The chart below shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available).

Which Homes Have Increased in Value the Most? | MyKCM

Lower priced homes have appreciated at greater rates than homes at the upper ends of the spectrum, due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning on listing your home for sale in today’s market, let’s get together to go over exactly what’s going on in SE Michigan and your price range.

Posted in Real Estate News