Enjoy this Edition of the Grand Rapids Real Estate Market Report – September 2019. You can also do a home search and save your favorite properties and set up a search. You’ll be alerted as soon as a matching property hits our database. It’s Exclusive.
Grand Rapids Is The 15th Best Places To Buy A House In America
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Dip In Existing-Home Sales Signals “Unbalanced” Market
“Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.” Lawrence Yun, Chief Economist National Assoc of Realtors
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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 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.
What Does This Mean?
September property sales were 1016, 22% lower than the 1302 sales last month. The Property Under Contract (pending) is down 8.9%, with 1114 properties this month versus 1223 last month. The total number of For Sale Listings available this month is 2070. The current inventory is up 3.9% compared to the previous month. The Average For Sale Price of Homes in September was $351,000, down 2.5% from $360,000. The Average Sold Price in September was $242,000, down 3.2% from $250,000 last month.
Fall (Autumn) is here and that’s what’s happening to the Grand Rapids Real Estate Market.
Here is what’s going to happen and has happened:
As I look out my office window there are still leaves of some trees but have turned beautiful hues of orange, red, purple and more. This morning it was actually trying to snow. There were large wet snowflakes but as soon as they hit the ground they disappeared.
Of the above 5 categories, four of them are going in a negative direction and the one category that is positive is one we really don’t want to see going up. The Grand Rapids Real Estate Market will continue to slow over the next 4-5 months. So get out there and start building snowmen and snowwomen!
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 Selling A House In Grand Rapids?
Summer is becoming a small dot in the rearview mirror of the summer season. Halloween is later this week and Thanksgiving and Christmas is right around the corner. If you here to see a rosy prediction…well I’m sorry to burst your bubble because its going to be 5-6 months before that hits the press.
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.
A key reason existing home sales have remained lackluster despite record low unemployment and spectacularly low interest rates is homeowners now stay in their homes for about 13 years, up from eight years as recently as 2010. Thus, the inventory of for sale homes has plummeted from 3/100 households as recently as 12/07 to just 1.25 in 9/19, a decline of 58% and the lowest level since at least 1985. Elliot Eisenberg, the Bowtie Economist
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.
