Here is the April Edition of the Grand Rapids Real Estate Market Report - April 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 April 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 1370. The current inventory is up 2.3% compared to the previous month. March property sales were 767, 22.7% higher than the 625 sales from the previous month. There was an increase of 38.8% in the pended properties in March, with 1041 properties versus 750 the previous month.
The Average For Sale Price of Homes in the Greater Grand Rapids Area for March is $367,000 up 5.2% from $349,000 last month. The Median Sold Price in March was $195,000, up 1% from last month of $193,000. The Months of Inventory based on Closed Sales of 1.8 was down 14% compared to last month.
April 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?
Home Sales (sold) are up 22.7%. Property Under Contract (pending) is up 38.7%. The total number of For Sale Listings is up 2.3%. The Average For Sale Price of Homes is up 5.2%. The Median Sold Price in March is up 1% compared to the previous month.
The Spring Market has Sprung!
Here is my prediction for the Grand Rapids Real Estate Market. Simply by looking at the numbers below everything is turning up green. Home Sales are up 22.7% compared to the previous month (heating up). Pending sales are up 38.7% compared to the previous month (heating up). The total number of for sale listings is up 2.3% compared to 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:
Remember the news article that came out last month that said The Grand Rapids Real Estate Market is the second hottest market in America? As we get further into spring, you'll see more and more properties coming on the market but unfortunately, the inventory will not support the number of buyers that are looking to purchase a home. The reason is as simple as to why the real estate market will heat up "LOW INVENTORY!"
Looking to sell your home and purchase another home? Maybe you're an empty nester and looking at condos? It's not a market where you can write a contingent offer and then ask the sellers to take their home off the market while you try and sell your home. You'll need to check into special financing to purchase another property. Not sure if you qualify, give me a call and we can discuss your options.
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 1.8 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.
Maybe you've waited for more houses of come on the market and thus prices would stabilize or you just wanted to wait for your income tax refund to come before you got serious about buying a home. Unfortunately, the first reason will backfire on you because the demand outstrips the housing inventory thus causing higher home prices. The second reason, I can help you on your down payment. For qualified buyers, MSHDA has a down payment assistance program that is a $ 7500-second mortgage but there is no payment or interest on this second mortgage.Contact me and I can explain more about this program.
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. The last report from the FED was they were going to leave interest rates alone, for now.
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. Where is your credit score? Don't get flustered if you don't have a 780+ credit score. There are plenty of home loan programs that will help you buy a home. Contact me and we can discuss your options.
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? The spring market is here, all I have to do is just looked out my window and everything is starting to green up. 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 sold price range for The Grand Rapids Real Estate Market. All homes here are priced at $367,000 or less.