All posts by Tomie Raines Housing News

Why Burglars Target Certain Homes

About the house...

With improved law enforcement tools, residential burglaries are on the decline, but they still occur at homes that look like easy pickings.

Burglars prefer to target homes that offer easy opportunity, low risk, and potential rewards. From the street, they can quickly gather information just by driving the neighborhood, “jogging by” at different times of the day, checking alleys and garbage for empty boxes of new purchases, and by pretending to be utility workers, evangelists, or solicitors to see when someone’s home. They look for:

  • Easy access: wood doors, open windows, sliding glass doors
  • Places to hide: overgrown bushes, walls, privacy fences
  • Security: cameras, motion-sensor lights, barking dogs
  • Poor lighting: no porch lights on at night, no landscape lighting
  • New purchases: front yard decorations for birthdays, graduations, holidays, etc.
  • Convenience: homes near highways/back alleys, secluded homes

Besides installing doorbell cameras and security systems, you can keep your car’s remote control handy as a panic alarm, stop announcing plans on social media, install steel doors and deadbolt locks, and meet and get to know your neighbors.

Detailing that will help sell your home

About the house..., Seller Information

To sell your home this spring, you should repaint, declutter and deep clean, but details will make the most difference.

  • Before you paint, scuff up the surface with a light sanding or a fine abrasive pad. Clean walls and floors of dust and dirt so painter’s tape will adhere tightly and your paint job looks more professional.
  • Be ruthless when you declutter. Donate items you don’t use or like very much. Closets look bigger with fewer clothes. Organize kitchen and bath cabinets and drawers for more appeal.
  • Deep cleaning should include windows. Vacuum dust and dirt from sills, then apply a generous spray of window cleaner. Use a squeegee to remove wet streaks, which works better than a cloth. Fluff curtains in the dryer and wipe off curtain rods in the meanwhile. Open all window coverings for showings to homebuyers.
  • Pay attention to smells. Wash all bedding, and apply baking soda to the mattresses, then vacuum. Wash or replace pet beds. Put orange peels down stinky disposals to help clean smelly blades.

How Sellers Should Navigate a Slower Housing Market

Seller Information

If you’re contemplating selling your home, call your Berkshire Hathaway HomeServices Tomie Raines real estate professional. They have ample data at their fingertips to inform you of current market conditions, which may have changed in the last few months. They’ll assist you in selecting the right price to list your home and help you get it sold for the highest price possible. Their advice may include the following:

  • Price trends are trackable, so if your market is slowing, you should price your home slightly below the market trend. You want to avoid having to reduce your list price, as the longer your home is on the market, the more likely it is that other agents and their buyers may conclude your home has a problem.
  • The better condition your home is in, regardless of age, the more money you can ask. While it seems counterintuitive to spend money to make money, such as paying for remodeling or other professional services, your job is to make your home competitive to other similar homes with upgrades that buyers prefer.

Don’t Be Afraid to Buy a Smaller Home

Buyer Information

As of November 2024, there were 132,000,000 households in the U.S., a net increase of 782,000 from the previous year. Family households grew by 351,000; married couples grew by 122,000; and non-family homes (single-person occupancy) grew by 432,000.

Meanwhile, researchers found average household sizes declined from 2.58 members in 2010 to 2.53 members in 2024. According to the U.S. Census, 64% of households are family homes, down from 79% in 1974. In 2024, there were 38.5 million one-person households, or 29% of all U.S. households—a huge increase from 19% 50 years ago. 

The trend of smaller households is yet another factor influencing the appetite and need for smaller homes. Bigger homes used to be more desirable to homebuyers, but between lack of affordability and rising eco-awareness, smaller homes are becoming the new standard. And the icing on the cake? Small homes appreciate faster than larger homes. Realtor.com notes that homes of 1,200 square feet or less appreciated at 7.5% over the last five years, while homes 2,400 feet or larger appreciated at only 3.8%.

Cleaner Fireplace, Better Showings

About the house..., Seller Information

Your fireplace and chimney should be top of your spring-cleaning list, especially if you’re selling your home. Not only will your fireplace look (and smell) better, but it will be much safer to operate next winter.

Wood-burning fireplaces build up creosote which is highly flammable; one spark can turn into a chimney fire, damage the lining of the chimney, limit ventilation, and pollute the air quality of your home. Creosote, dirt, and other debris can accelerate carbon monoxide buildup and inhibit the release of toxins and smoke. Dirty chimneys can also keep oxygen from the fire and prevent the fire from burning in the right direction, filling the room with smoke. 

When you sell your home, the homebuyer will arrange an inspection of all operating systems—a clean chimney is not only easier to inspect, but it will send the right kind of message to the buyer. Remove all the fireplace equipment and instead put a decorative screen or urn with flowers to take your fireplace into spring and summer.

How to Manage Capital Gains Taxes on Your Home Sale

Seller Information

If you sold your home in 2024 you could claim the maximum capital gains exclusions that were set in 1997. However, since these exclusions aren’t adjusted for inflation, so many long-time homeowners may still face capital gains taxes on their federal tax return

The maximum exclusion on homestead capital gains is $250,000 for single filers, and $500,000 for married couples. Sellers must have lived in and owned the home for at least two out of the past five years.

Subtracting the purchase price of the home from the sales price gives you the cost basis but you can minimize capital gains by including the cost of any capital improvements you made.  Capital Improvements are permanent structural changes and restorations that enhance the property’s overall value, its useful life, or adaptation to new uses.

What are Deed Restrictions?

Buyer Information

Before you buy a home, ask your as your Realtor to look into any potential deed restrictions that limit how you can build upon or use your property.

Deed restrictions are regulations imposed either by the local community or a homeowners association. These regulations can be found in the county clerk’s property records, the builder or planned community developer’s plans, and through homeowner associations’ Covenants, Conditions and Restrictions (CC&Rs).

Restrictions are required for cities to effectively operate services and to protect the rights and property values for all owners. This explains why adding a second story, a fence, or operating a business out of your home requires a permit.

Homeowner association CC&Rs are designed to protect property values, foster public safety, and prevent disputes. HOAs typically want owner occupants only, and don’t allow rentals. Homes are built to conform to specific sizes, materials, colors and housing styles to make the community more attractive. Regular lawn care, exterior maintenance, and common area maintenance keep home values higher and make the community more desirable.

Final 2024 Sales Stats

Market Update

End of year fourth quarter 2024 sales statistics showed that the average sales price of Lansing area homes increased 15.2% from $223,968 at the end of 2023 to $257,888. This represents an average home value improvement of $33,920.

The fact that there were 148 fewer sales in 2024 (-2.6%) represents the lowest number of annual homes sales since the 1990’s but does not indicate a problem with the health of the real estate market.

The 15.2% increase in home value indicates strong buyer enthusiasm by those purchasing a home in the Lansing area. However, higher prices coupled with higher mortgage rates has made it difficult for first time home buyers to pursue the dream of home ownership.

Fourth Quarter 2024 Sales Statistics

Snapshot of current Lansing area sales entering into February 2025:
 632 – currently listed homes for sale in the five county greater Lansing area.
 198 – homes with accepted offers. (Awaiting inspections and/or appraisal.)
 203 – homes listed as Pending. (Have completed inspections and will soon close.)
261 – homes that have closed since January 1, 2025. 

Possible Lower Mortgage Interest Rates for Spring Homebuying

Finance and Taxes, Market Update

Once the outcome of the presidential election was known, 30-year mortgage interest rates slowly decreased through the end of 2024 from the high 6% range, into the mid-to-low 6% range. Forecasters predicted that they’ll continue to soften in time for the spring 2025 homebuying season.

  • Wells Fargo agrees that rates will dip below 6% in Q2 2025.
  • Fannie Mae predicts that mortgage rates will average 5.7% in 2025.
  • The Mortgage Bankers Association says rates between 2024 and 2025 will drift between 6.3% by Q4 2024 and 5.9% by Q3 2025.
  • The National Association of Home Builders predicts that rates will average 5.94% in 2025, with “sustained, sub-6% mortgage interest rates” beginning in Q2 2025.

Federal Reserve leaders say that forecasting interest rates is highly uncertain. While there are trends that suggest that the interest rate forecast for spring 2025 will be lower, it all depends on developing economic conditions. For that reason, don’t try to time the market. You can always refinance if interest rates drop.

Why Timing the Market Rarely Works

Finance and Taxes, Market Update

Mortgage interest rates are slowly drifting lower, giving a much-needed boost to both homebuyers and home sellers. Yet, home prices continue to rise, even as more sellers put their homes on the market. Why? The U.S. is still several million homes short of a balanced market. So, do you want to wait for cheaper rates or go ahead a buy a home before home prices rise further?

To time the housing market perfectly, you need to:
1. Find the right home.
2. Buy at the right price.
3. Obtain the right mortgage interest rate.

You may get lucky and get one out of three or even two out of three, but it’s nearly impossible to get all three at the same time unless the market is in a recession or depression. Only then will there be plenty of homes to choose from, low prices, and low mortgage interest rates.

    Start with finding the right home—one that best meets your household’s needs for space and features, your finances, and a reasonable interest rate.