Here’s a look at the Grand Rapids Real Estate Market for June 2018. According to a report released by the Grand Rapids Association of REALTORS® (GRAR), Grand Rapids continues to favor sellers in today’s real estate market. Currently, sellers are receiving 99 percent of their listing price.
A Look At The Housing Stats
May ended with a total of 1082 properties sold. That is a 7.7 percent increase from the number sold in April. The average for sale price of homes in the Grand Rapids area was $358,000 in May. That’s an increase of 1.1 percent from the $354,000 of last month. It’s worth noting that the median sold price showed an increase for May at the rate of 8.9 percent, with this month coming in at $207,000 compared to the $190,000 last month.
What Does This Data Mean?
At the end of May, there were 1383 homes listed with no offer. That’s an increase of 19.3% compared to the previous month. There were 1325 pending sales at the end of May. This number shows an increase of 15.1% over the previous month. It continues to be a Sellers Market in Grand Rapids.
What Does This Mean If You’re Buying A House In Grand Rapids?
At the end of May, Grand Rapids saw a tiny increase in inventory numbers. Months Of Inventory Based on Closed Sales went from 1.2 months supply in April to 1.3 months supply in May. For the market to be considered balanced, there has to be a 6-months supply of properties on the market. As you can see the Grand Rapids real estate market is far below a balanced market. The limited inventory makes it challenging for buyers, but there are ways to improve your odds when it comes to finding a house that fits your needs. As a buyer, you must position yourself above the rest of the buyers currently in the market. So you’re probably asking yourself “Ok how do I position myself in today’s market?” Have your ducks in a row. Make sure you are pre-approved with a lender and I don’t mean you’ve called a lender gave them your income and then they ran a credit report on you. What I mean is go and bring all your financial records to the lender so you won’t be surprised by something in your past that you didn’t know about. If you have a house and you have equity in your home, apply for a bridge or a HELOC so you can make a noncontingent offer on your next home. Consider making your best offer upfront if there are multiple offers on the house you want to call home. Call or text me @ 616-485-8955 if you have questions or about setting up home searches that will alert you via e-mail as soon as a new home hits the market. These alerts may be the edge you need to get ahead of other home buyers.
What Does This Mean If You Are Selling a House in Grand Rapids?
Sellers continue to enjoy the fact that there is limited inventory in the Grand Rapids Housing Market. With fewer houses available that is the biggest driving force for the increase in the price of houses. More times than not the sellers, if they properly priced their home, it’s in good condition and in a nice location will have the ability to choose from multiple offers. Buyers can become disillusioned when getting beat out on houses time after time. That too can be part of the problem. Buyers are tired of looking at houses and want/need to buy a home and thus they submit a ridiculously high offer that the seller is happy to accept. I digress. The Days On Market for May was 26, down 3.7% from 27 days in April. How can you help make sure you’re receiving the best return on your investment? 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.
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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. All homes here are priced at $358,000 or less.
Grand Rapids Homes and Condos For Sale