No matter where I go, I am asked, "How is the Market?" I usually ask "Why do you ask?" If they are trying to sell a home they know that prices are coming down and the time to sell a home is taking longer. U.S. Home & Realty does a monthly Grand Rapids Area Total Market Overview and by our calculations we are showing that there is currently an eleven month supply of home on the market.
If they are a buyer, now is a great time to become a first time home buyer or even better time to be a move up buyer. Interest rates are still at near historical lows, the inventory of homes is high (which means that prices are coming down {more about this later}) and for seller's who homes are on the market they are motivated.
The summary of all of this is...if you are buying a home NOW is a great time! If you are selling a home you will have to be realistic in your pricing and on how long it will be on the market.
Rate A Home - Saugatuck, MI
Grand Rapids has been an interesting market, usually we don't get caught up in the real-estate shuffle but this time the entire nation is enjoying this great economy. Agreed, it's still a good time to buy in Grand Rapids though.
Oct 14, 2007 05:20 AM
Cornerstone Home Loans - Okemos, MI
The Cashflow Coach
Grand Rapids and I-96 corridor continue to be good areas to invest in real eatate...especially for SELLERS! I know the thought of taking a loss on your home may conjure up feelings of anxiety, fear and resistance, after all we've all been taught that it's better to buy low and sell high. But let's quantify the results, if you're going to lose 10% on the sale of your $150,000 home but gain 20% on your $200,000 home, you're coming out ahead. This is the time to be rational and look at the numbers...but it's not for everybody.
Oct 26, 2007 02:28 PM
U.S. Home & Realty - Grand Rapids, MI
Evan & Duane~
Grand Rapids has always been a better market than the rest of the State. I agree with your analysis Evan. The last thing Seller's want to is that "It's a Great Time to Buy!" It creates a negative view in their minds, and sours them on the whole process, including buying their replacement home.
Oct 27, 2007 03:23 AM
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Jay Spencer's thoughts and musing about the Grand Rapids, MI real estate market, business in general and life.
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