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A Look At The Housing Stats

Woman looking through a magnifying glass looking at housing statsHere’s a look at the Grand Rapids Real Estate Market for August 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 for sale this month is 1992. The current inventory for the Greater Grand Rapids Metropolitan area increased by 6.5% compared to the previous month. August property sales were 1205, 8.6% lower than the 1318 sales from the previous month. There was a decrease of 2.6% in the pended properties in August, with 1272 properties versus 1306 the previous month.

The Average For Sale Price of Homes in the Greater Grand Rapids Area for August is $360,000 the same as the previous month. The Average Sold Price in August was $251,000, up 2.9% from last month of $244,000. The Months of Inventory based on Closed Sales is neutral versus last month.

September 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.

See All The Latest Greater Grand Rapids Homes for Sale Under $360,000

What Does This Mean?

Woman looking at a question mark

Home Sales (sold) were down 8.6%. Property Under Contract (pending) is down 2.6%. The total number of For Sale Listings is up 6.5%. The Median For Sale Price of Homes is up >1%. The Average Sold Price in June is down 3% compared to the previous month.

The weather is starting to cool and so goes the Grand Rapids Real Estate Market and school will start soon.

Here is what’s going to happen and has happened:

Here’s my prediction: With the end of summer almost here so will close another super hot Grand Rapids Real Estate Market. Check out the graph below and you’ll notice we are on the downside of the summer market. Now having said that there still is a good amount of houses selling. The number of homes for sale is up, the number of homes sold is down, the number of pended homes is down. That’s all the indicators I need to see to tell me that the market is cooling off.

The Graphs show how the Grand Rapids Real Estate Market fluctuates month over month and year over year. The graphs go back 5 years and notice how the market peaks in June and July.

Below is an interactive graph. Just click inside the graph and it will display the # of Closed Sales and Average Sales Price. Notice the Average Sales Price in January 2014 was $132,134 and June 2019 the Average Sales Price was $223,232. Almost $90,000 in appreciation in 5 1/2 years. Can you save roughly $16,000 a year?

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?

Woman upset with smoke coming out of her earsIf you are a buyer in the Grand Rapids Real Estate Market DO NOT WAIT! Mortgage interest rates have fallen into the upper 3% to low 4% range. This means that you can afford more house than when interest rates were at 4.75%.  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 1.3 months of inventory.

With the lack of inventory of existing properties, the prices will continue to appreciate. If you wait you will pay substantially more in the next year than now. And here is the worst part of that equation, you’ll miss out on that year’s appreciation which could be 5-10%. You do the math, a $200k home, next year it’s worth $220k. You lose $20k, not a great feeling.

A seller’s market is 0-3 months of inventory. Currently, we are at 1.5 months of inventory and its been that way for the last couple of years. It doesn’t look like it will become a neutral market for the next 6 to 12 months if not longer. 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.

Seems like there is a lot of money in the market place and some buyers are making cash offers without doing inspections. Why do I bring this up? As a buyer, you might encounter this more than once so don’t get disgruntled. Keep your eye on the prize and that’s owning your own home.

What Does This Mean If You Are Selling A House In Grand Rapids?

Image of celebrating with champagneSelling your home in today’s Greater Grand Rapids Real Estate Market? Simmering Summer is here. The market isn’t as hot as the weather temperatures have been in the last couple of days/weeks. Looking out my office window, car tires are starting to melt…just kidding. I wanted to see if you were still paying attention.

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.

You still need a really good marketing plan. This is not a good marketing plan. 1. Put a sign in the yard.  2. Put it on the MLS. 3. Pray that it sells. Want a great marketing strategy?

Call or text Doug Hansen at 616-485-8955 or email doughansen@grar.com.

Get the value of your home instantly! CLICK HERE  home valuation calculator. Give me a call to discuss how you can make your home more valuable with little to no money and make sure you’re setting the right asking price. Did you know Zillow Zestimates have been known to be off by 10%-30%? So do you want to try and use that method to sell your largest investment?

Don’t like or don’t want to use an instant home valuation calculator? Contact me and I’ll give you a free market analysis and there’s no obligation. Contact information is doughansen@grar.com, 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.

See All the latest homes that have been listed here are priced at $349,000 or less.

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