As we head into the last half of the year, it’s helpful to take a look at the overall condition of the real estate market here in Grand Rapids. Although, we have continued to struggle through a crippling excess of inventory, some important trends within the past 4 months have remained stable.
For starters, we have never returned to the December 2007 levels of foreclosure sales in which literally 1 out of every 2 homes Sold in Grand Rapids, Michigan (50%) was a foreclosure or short sale. April, May and Jun of 2008 have seen the percentage of homes which were sold under duress fluctuate between 40% ~ 45%.
Summer sales volume for 2008 has remainded somewhat tepid for the general Grand Rapids, Michigan market. The tally numbers are yet to cross the 1,200 home Sold in one month mark during a period which is traditionally the most active selling season of the year. This is also reflected in the overall Dollar Volume of Sales which is down by almost 15 ~ 20% from the same period last year for the past several months.
We’ve found that buyers are venturing out. But, they’re being extremely cautious. Homes are being shown several times before many potential buyers feel confident to make offers. And when they make offers, they often low ball them. Serious sellers are advised to nurture patience.
If you’re a home owner selling your home, it’s important to understand that the competition is fierce. However, homes are still selling. You have a chance to be one of the 1,000+ home owners who will SELL this month if you are realistic in your pricing for the current market and if your home shows well and is marketed appropriately. Someone’s going to sell this month…Make sure you do what it takes to make that Sale yours!