2008 Mid Year Grand Rapids, Michigan Real Estate Market Update

Audu Real Estate, Grand Rapids, MichiganAs 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!

3 thoughts on “2008 Mid Year Grand Rapids, Michigan Real Estate Market Update

  1. With over 13,000 homes for sale in the Grand Rapids area through the local MLS, the challenges of selling a home have never been so great.

    All over the country, home owners are dealing with a declining market and declining pool of buyers. Buyers for homes are increasingly concerned about loosing huge amounts of money when a home is purchased improperly. Think not about 3%…instead consider the reality of a 10% ~ 15% loss in ONE year.

    When it comes to selling a home…the loss is even greater. Think 25% ~30%. When home owners receive tremendous service, they are willing to pay for it. Our last closing netted the seller over $10,000 more than he anticipated.

    It is these harsh realities which have given tremendous Value to professionals who do the research and intense marketing and online exposure to assist clients in the sale and purchase of homes today.

  2. The real estate market in West Michigan is troubled to say the least. Property values have declined considerably.
    We have developed a website (HutHound.com) to help sellers collect more of their equity, while saving buyers money. Using HutHound.com is absolutely free. When a seller posts their property without using a realtor, the seller can list their property for 3% less than the market’s value. With the average realtor commission at 6%, the seller actually ends up with 3% more than had they used a realtor, while the buyer spent 3% less. This win-win situation is being called the “HutHound Way”.
    When a seller offers their property for 3% less, more buyers become interested. And after an offer, the seller retains more of their hard earned equity.
    HutHound.com is funded by vendors that are associated with real estate transactions. The use of the vendors is not required, but the links to the vendors can help a seller and buyer with the real estate transaction.

  3. Pingback: How to Hire A Competent Short Sale Agent in Grand Rapids, Michigan « Grand Rapids Real Estate Musings…

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