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Rent vs. Buy // Chelsea, Michigan

Hey, everyone. It's Jonathon Mykala with Mykala Mortgage Planning at Dart Bank, with another segment of Born and Raised, Small Town Michigan. Are you moving to Chelsea, Michigan, and don't know whether to rent or buy a home? Well, hopefully with this segment, it'll answer some of those questions.

Let's just say you are leaning toward buying a home in Chelsea. We're going to break down the purchase market for you right here. Currently, the average home price on the market is $302,000. The housing market is still pretty limited here in Chelsea. There are about a hundred listings on the market as of today, but the good news is, depending on what you're looking for, there's still plenty of options. There's homes for sale in town, on the lakes. There's condominiums for sale. There's homes out in the country for sale, and still plenty of vacant land, if you're looking to build your dream home.

So there are some downsides to having a limited housing market. As I mentioned earlier, the average listing price right now in Chelsea is $302,000, but that's not all. At Mykala Mortgage Planning, what we are seeing is that people could possibly face bidding wars when they do put an offer on a home, because of other competing offers. The good news is, is that we are expecting inventory levels to increase, especially with the summer months ahead. Usually typically in the summer months, we do see that inventory increase, but especially this year, because of COVID-19, a lot of people that were going to list their homes in the spring weren't able to, so we're going to start seeing those homes come on the market this summer. But the one thing is, is that demand's still going to be there, so those homes won't last long.

So now that we have an idea of what it's like to purchase a home in Chelsea, let's look at what the rental market looks like. Right now, the average price for a rental in Chelsea is about $1,400. Now, we are still limited with our options right now, because three of those complexes, which typically are in the 800 to $1,200 range have no units available. If apartment complex living isn't your thing, there are single family homes, duplexes, triplexes, or even studio apartments, which you can find above the shops in Downtown Chelsea, that do come on the market. The one thing with those is you can see them usually above the $1,400 average price that we are experiencing right now in this market.

Not too long ago, I was right there in your shoes. I didn't know if I wanted to rent or buy in Chelsea, but the one main question I had, did they allow my fur baby to be there with me? Now, it seems to be all across the board with what answers I got. One is is that for single-family homes, condos, duplexes, triplexes, anything like that, talk to that individual owner and see if they allow that. In most cases, they do have restrictions. Places like the Bushnell Apartments, they allow small dogs and cats, whereas the Village Apartments do not allow pets at all.

So just like the pet restrictions, the amenities seem to vary across the board. One thing that's typically not included in the lease agreement is that the tenants have to pay the electric and heat. Sometimes the water is included, but sometimes it's not. It just differs from place to place. Other amenities that you can expect are either shared laundry rooms or individual laundry rooms that you get in your own unit. The other thing is garages. I know that some of the apartment complexes have garages and some don't. So amenities differ from place to place.

So that wraps up this segment of Born and Raised Small Town Michigan. If you enjoy our videos, please subscribe to our YouTube channel, follow us on Facebook and Instagram. If you are moving to the Chelsea area and weren't sure about renting or buying a house in Chelsea, I hope this video answers some of the questions you may have had. If you're still on the fence, feel free to reach out to our team. John and Spencer would love to help you out with any additional questions that you may have. Again, my name's Jonathon Mykala, with Mykala Mortgage Planning. Thanks for watching, and stay tuned for the next episode of Born and Raised, Small Town Michigan.

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