Is it Spring yet??? Three signs of a great “Spring” Real Estate Market
I always get questions from clients, customers, friends and relatives – when does the “spring market” start? Our Spring Real Estate Market is more a state of mind than a specific date on the calendar. It usually starts after a few weeks of snow and low temperatures – and then a thaw with blue skies hits – and Voila! a Spring Market begins.
This year is going to be a GREAT Spring Real Estate Market – here are three signs:
1. Interest Rates are at historic lows.
30 year fixed rate mortgages are between 3 – 3.5% with some 15 year mortgages under 3% – I have a list of preferred lenders who will treat you right, get your loans closed and give you low rates – contact me for a copy of our list.
2. Inventory in Grand Rapids is low, low, low.
The Grand Rapids Association of Realtors ended the year with 6.8% fewer listings than last year. Depending on the price range of the home – the average time it is taking for a sale has dropped to 3.1 months (down from an all time high in 2008 of 13 months). Contact me for an inventory check on your neighborhood and an average time on market specific to your area.
3. New and Better Mortgage Rules.
This past year great strides have been made in loosening some of the tight capital policies which have kept many qualified buyers from getting a loan. The FHA has cut their mortgage insurance premium (MIP) by 50 basis points. What this means is the pent up demand for housing is getting stronger and with these new policies in place, there will be more buyers than ever in the marketplace.