Grand Rapids Real Estate Market Mid-Summer Update

Grand Rapids, MI Summer on the patio deck

Grand Rapids, MI Summer on the patio deck

Well, it looks like 2008 is so far shaping up to be a better year for Sold Homes Statistics than 2007 was.  This is significant given the news that has inundated the national news about the decrease in units sold.  For the past 7 months in Grand Rapids, Michigan, every single 30 day period with the exception of 2 months saw an increase in the number of units sold from the previous year.

Inventory levels still remain historically high with an average of 12-13 months of inventory in most areas.  The home prices are still significantly lower due to the foreclosure and short sales that continue to comprise a large segment of home sale transfers.  For the past 60 days, the percentage of home sales which were short sales have hovered around the 44% mark.  The continuing drop from a high of almost 50% at the end of last year may herald a bottoming out of the market.

For agents at Audu Real Estate , it has been a busy summer.  We are working with a number of qualified home buyers who are actively searching for properties.  Several of our listings are receiving numerous showings, although we do note that buyers are looking at far more home before arriving at a purchasing decision.

My advise for homeowners is to make sure that this is a market that you’re really ready to do battle in.  It’s still quite a challenge out there.  This is not the time to put your home on the market to ‘test the waters’ or to simply see just how much you can get.  Serious contenders for the rapidly diminishing pool of buyers will be prepared to do what it takes to market a home successfully.

This will involve a well developed Internet Strategy that places your home on the google search index results on page 1 and a pricing strategy that hits the bulls eye on the first try or first price reduction.  The research to determine the correct price is far more intensive than what was necessary in the past.  If you’d like a comprehensive review of your specific home or neighborhood situation, please contact us at:  616-791-0511.

Copyright  2008 Audu Real Estate  All Rights Reserved

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