Everyone keeps saying when will we hit the bottom of the housing market? Will home prices go lower? Should we wait and see what happens? Here is some sage advice that you can count on. First, nobody knows where or when the bottom of a market is going to hit. Second, if you do know it has already gone! That means it passed you while you were watching. I know, how can that be true? Simple, if you can find the exact point a market changes it has already changed! That is the only way you know it happened, is tracking change.
Today right now is one of the best times to buy a home. The why is simple. You have more choices than ever before and you have fewer buyers and lower prices. Interest rates are still very low, so tell me why it is not one of the best times to buy in history! It may or may not be rock bottom but we already know we don't know when rock bottom hits until it is to late. Therefore, if you have more choices, fewer buyers to compete with your offer and exceptionally low interest rates compared to a few years ago, why is this not the time to buy if you quality?
The local market is seeing a brisk pace of new listings coming to the normally peak spring market listing cycle. This adds to the home buyers choices. So is it a good time to buy, yes. Will it be better later? Who knows, could you miss the home of your dreams while you are waiting to see, YES!
On the other hand if you are a seller who wants to upgrade to a nicer, larger more convenient home you will have more competition for the same buyer everyone else is trying to attract. What does this mean....simple, price your home correctly, which most likely will be a bit lower than you anticipated. Buy your dream home....you'll be able to purchase it lower too! Marketing is the key to finding buyers in conjunction with correctly pricing your home. Do this and you will be enjoying that dream home by fall!
The metropolitan Grand Rapids market is not unique, the lower prices and fewer buyers is happening across the country. Some areas are experiencing larger declines in home prices while other have actually increased or stayed the same in price. We have to deal with the market we have today.
I hope I have helped you evaluate your buying and selling opportunities and how the market will affect your purchase or sale.
If you have any questions or comments, drop me an email.
Sincerely
Gary White
Associate Broker
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