A very eye-opening article was published in The Grand Rapids Press on Sunday by local reporter Cami Reister.  Why and how much home prices and values  have decreased in Kent County and also neighboring Ottawa and Allegan Counties.  As Real Estate Agents, we've been talking about this for the last two years.  Home values have significantly decreased in the last two to three years and depending on how many foreclosures and short sales come on the market this year, might continue to drop your home value further. 

     Real Estate prices in my Grandville community have taken the third lowest hit - at 15% - for the fourteen local areas that are featured in the article.  In 2005 the average price of sold homes was $154,123 compared to $131,229 for 2008.    Kentwood, MI real estate prices have dropped 22%, Wyoming at 33% and Grand Rapids as much as 60%!  That really is shocking when you see it in print. 

     It's a tough pill to swallow when you've put so much time and energy into making your house a home, putting money into beautiful landscaping or any needed maintenance and updates only to find out, when you're ready to sell your home, you might not recoup all of these expenses, if any.  On the plus side, you have had the opportunity to live in and enjoy your home, the neighborhood, the schools and the community for however long you've been there.  The value of new friendships is priceless. 

     Homes are definitely still selling, so that's the good news.  Please feel free to contact me:  Ed Vogt, Audu Real Estate, if you'd like any information in helping you determine your home price or any other Real Estate needs.  Thanks!