Grand Rapids Forest Hills Home Inventory Climbs
This graph shows the housing inventory available in the Forest Hills
School District for the last 14 months. Forest Hills Area has been one of the
strongest markets here in the Grand Rapids region. As you can see, sales
remained strong during the late 2009 and into spring of 2010, with sales
failing to keep up with home inventory in July, supply starts to climb steeply.
The Reasons:
1.) The tax credit that expired at the end of April was a bonus for buyers
that were already searching for housing. But it doesn’t appear to have
convinced fence sitters to enter into home ownership, regardless of interest
rates that are lower than anything we have seen in over our 37 year career
in real estate.
2.) Traditionally, home ownership in the U.S. has stayed around 62%
of households for many, many years. When we hit the 2005 height of the
housing bubble, we were at 64%, an all-time high in home ownership.
Unless something changes drastically in our whole system, the same
38% prefer not to own or are unable to purchase a home for various
reasons.
3.) All the people that were holding back during the last 2 years have
decided to enter the market at the same time. When things start looking
up, or at least not like the end of the world, sellers figure now is the time.
When lots of bodies jump into the pool, it gets crowded.
Mano a Mano Real Estate Advice:
Now is the time to sell your home IF you are ready to price it at or below
the competition AND your home looks as good or better than the
your competition. Houses are selling, people are moving on with their
lives. But as illustrated by the chart above, unless you are serious
about marketing your home in this buyer’s market, buyers have lots of
homes to choose from.
The market can change quickly. Contact us for the latest sales information
in your neighborhood so you can make a wise decision about your real estate
investment, whether buying or selling.
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