Spring brings the urge to buy a new home or a bigger home. Lots of internet searches for the perfect

home are being done at midnight in the robe & slippers, here in Grand Rapids Michigan, as elsewhere

around the country.  The mortgage rates are low, the apartment idea was great but now some

may have decided they want a piece of the American Dream. They want their own garage,

their own deck and decorate with flamingos if they want.

Let's take a peek at that midnight computer search & see what the average consumer is searching for.   

I like to call this the "Dream Home Wish List."  It seems we are ever optimistic and consistently

put these parameters in for top home search requirements, year after year, here in Grand Rapids.

Anyone would buy this house in a nano-second, if it existed,.......... but it doesn't.

A 4000 sq ft ranch house in Forest Hills Schools with acreage alone would have you in the higher price

brackets [300K-500K] immediately. A 4000 sq ft ranch house on Lake Michigan is probably in the multi-

million category.  So much for the Dream home for most of us.....let's go back to reality.

So just what did the average home buyer purchase last year and this year in the Grand Rapids area?

 Last Year in 2007:

• 3159 households bought a house for $99,999 or under
• 3278 households bought a house for $100,000 - 149,999
• 1846 households bought a house for $150,000 - 199,999

First Quarter 2008:

• 1409 households bought a house for $99,999 or under
• 754 households bought a house for $ $100,000 - 149,999
• 420 households bought a house for $ 150,000 - 199,999 

It looks like prices have dropped dramatically and more people are buying in the lowest price bracket

of under $99,999.  But these statistics are not comparable. About half of the homes selling for under

$100,000 in 2008 are bank foreclosures. The homes' value and price sold are not the same.

Please refer to my other posts on bank foreclosures for the reasons:

Foreclosures are NOT fun - Be prepared to earn your bargain

Are Foreclosures are Selling Faster than Traditional Homes? 

Stripped and Violated: This House could be Next Door to You 

The average foreclosure price is $78,400 compared to the overall average home sale price of $119,600.

When the short sales are taken out of the total, the average home sale price is now $160,900.

Bank foreclosure houses are typically not priced to compare to the homes in the neighborhood in good

condition. The foreclosure homes  are usually abused and need lots of work to be similar in value to other

houses in the neighborhood. Some need literally everything to be habitable!!

Most households ended up spending more than they thought they would. To get the home of their

dreams, they spent between $100,00 and $200,00, on average. 

If a first home or larger home is in the plans for you, we would be honored to assist you in the

process of purchasing the "home of your dreams".

  Copyright by Terry Westbrook 2008

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