Here is the Grand Rapids Real Estate Market Report - March 2019. If you're not sure its a good time to buy or sell a home? Read this report then contact Doug Hansen to get the advice on what you need to do next.
A Look At The Housing Stats
Here’s a look at the Grand Rapids Real Estate Market for March 2019. According to a report released by the Greater Regional Alliance of REALTORS® (GRAR). Grand Rapids continues to favor sellers in today’s real estate market.
The total number of homes still available this month is 1339. The current inventory is down 6.6% compared to the previous month. February property sales were 576, 4.8% lower than 605 from the previous month. There was an increase of 1.5% in the pended properties in February, with 767 properties versus 756 the previous month. The Average For Sale Price of Homes in the Greater Grand Rapids Area for February is $349,000 up 5.1% from $332,000 last month. The Median Sold Price in February was $193,000, up 4.3% from last month of $185,000. The Months of Inventory based on Closed Sales of 2.3 was down 4.2% compared to last month.
March is a Sellers Market! Currently, sellers are receiving 97% of their listing price. Grand Rapids continues to favor sellers in today’s real estate market.
What Does This Mean?
Finally, Spring Has Sprung!
This female duck will indicate that warmer weather is not far off. She always shows up when there is still snow on the ground so she can claim her spot for nesting and raising her ducklings. So when she shows up, I know spring is not far off. Take that Punxsutawney Phil!
Home Sales (sold) are down 4.8%. The Property Under Contract (pending) is up 1.5%. The total number of For Sale Listings is 1339 down 6.6%. The Average For Sale Price of Homes is up 0.3%. The Median Sold Price in February was $193,000 up 4.3% compared to the previous month of $185,000.
Now back to my prediction for the Grand Rapids Real Estate Market. Say goodbye to the Winter Blues and Hello to the Spring Market.
My conclusion is ??? Home Sales are down 4.8% compared to 34.6% to the previous month (slowing down). Pending sales are up slightly 1.5% compared to 22.7% the previous month (up 24.2% in two months). The total number of for sale homes is down 6.6% compared to 8.3% the previous month.
Here's where it gets interesting, median sold prices are up 4.3%, the average homes for sale prices are also up, 5.1%. Home sellers are listing their properties for more money and getting more money for their property.
Here is what's going to happen:
All the numbers will begin to rise, more properties will hit the market which in turn will bring out more buyers thus more Pending and Sold Properties and higher For Sale Prices and higher Sold Prices. The reason is simple as to why the real estate market will heat up "THERE IS NO INVENTORY!"
Momma Duck is here and we've hit the Spring Market. The Grand Rapids Real Estate Market will begin to show why we are the second hottest housing market in America.
Does this mean that you can’t sell in the late winter, early spring months? Absolutely not, it’s just the opposite, there is less competition because there are fewer homes on the market and buyers are going to be SERIOUS about your home. If you are still thinking of selling your house you are in luck because it’s still a Sellers Market in the Greater Grand Rapids Area.
What Does This Mean If You Are Buying A House In Grand Rapids?
If you are a buyer in the Grand Rapids Real Estate Market and you're waiting for prices to depreciate...even slightly, you could be in for a long wait. Don't believe me, check out this report. Grand Rapids is the second hottest real estate market in the United States and we are still in a seller's market 2.6 months of inventory.
A seller’s market is 0-3 months of inventory. A neutral market is 3-6 months and a buyers market is 6 months of inventory or more. With the Months of Inventory a seller’s market and the Average Homes For Sale Price appreciating, this means its still a seller’s market.
Sorry to be the bearer of not so good news but if you've waited to buy a home, thinking, hoping there would be an influx of properties for sale, you are right. You've waited until spring and there will be more houses to choose from but the number of buyers will go up also thus multiple offer situations.
No one knows where interest rates will go but if you're a betting man or woman, you would want to double down on them going up. Currently, interest rates are 4.5% - 5% depending on a number of factors. A lot will depend if the Federal Reserve continues to look at inflation. If the economy is cooking, The Fed will cool it down by increasing the discount rate. A big factor in getting a lower interest rate is a high credit score. 780-800 plus on your credit score should get you a lower interest rate.
What Does This Mean If You Are Selling A House In Grand Rapids?
Selling your home in today’s Greater Grand Rapids Real Estate Market? We're almost to the spring market. There are a few patches of snow left on the ground and the high temps are in the upper 40's. I predict that the Seller’s Market will continue into the foreseeable future. My reasoning is simple there is still a lack of inventory in the Greater Grand Rapids Real Estate Market and that will continue to push house prices higher.
Remember, even in this hot and crazy real estate market you still need 3 things to sell a house, 1.Location 2.Price 3.Condition. If one of those three is off you may be sitting or making multiple price adjustments. If that is the case, there is a good chance you’ll sell lower than if you priced it correctly in the beginning.
Make use of the home valuation calculator and give me a call to discuss how to make sure you’re setting the right asking price. Unsure an automated home valuation calculator is correct? Contact me and I’ll give you a free market analysis and there's no obligation.
Contact information is firstname.lastname@example.org, call or text 616-485-8955.
Find Out Your Home's Value Instantly! Wondering what your home might be worth?
Find out instantly with our 15-second home value calculator. See Additional Reports on the Grand Rapids Real Estate Market Here are the most recent home listings just added to the database in the average price range for Grand Rapids.