It's a HOT! HOT! HOT! Real Estate Market
Despite all the negative publicity and crummy stats getting thrown at us – the real world real estate market in Grand Rapids is HOT!
Last week we put three sales together (condo in the 150’s; home in the 200’s; executive home in the plus 1,000,000’s) and are working non-stop this week with buyers. We wonder what is causing this resurgence in buyer activity and attribute it to one of five reasons:
It’s summer and we’re finally feeling warm and fuzzy – which brings out the positive attitudes needed to step up and make the move to buy a home.
Once again – It’s summer – and in Michigan we’re on the far Western side of the Eastern Time Zone – so it stays light until 10pm – which gives us much more daylight to look at homes in the evenings.
3. CONSUMER CONFIDENCE
Here in Michigan our housing market took a dive earlier than any other area of the USA and we are digging back out earlier than other areas too – the folks we are working with looking at homes have a very positive attitude, can qualify for loans (and are getting phenomenal rates beside) and are making the move.
4. GREAT PRICES
It’s taken the sellers a few years to realize the market isn’t like it was in 2007 – so sellers are actually pricing their homes TO SELL! Buyers are having to adjust a bit because their idea of “screaming deals” are the relationship between list price and sale price – now that the list prices are becoming more reasonable, sellers are often getting “their price” – even though it happens to be at 2000 levels.
5. HOMES PRICED RIGHT AND SHOWING GREAT ARE SELLING FAST – SOME URGENCY!
As more buyers enter the marketplace – the inventory is going down. Two of the offers we wrote last week were multiple offers (our buyers got the houses!!). Many sellers are listening to their agents and staging their homes so they are showing well, that coupled with a price to sell has some homes selling in a matter of days or weeks. Hopefully gone are the days when it takes years to sell a home!