Grand Rapids, MI January 2009 Real Estate Market Update

Winter 2009 Market Update

Winter 2009 Market Update

It seems that 2009 is whizzing by even faster than 2008!  It’s amazing to think that Valentines Day Celebrations will soon be around the corner as the world pauses to give a ‘little love.’

A little love would certainly be welcomed by home owners in the Grand Rapids, MI area who need to sell their homes.   2008 was not a kind year for many who lost their homes as foreclosure and short sale rates as a percentage of homes sold climbed upwards of 70% at the end of year and the average home price for a home in Grand Rapids, MI dipped below $100,000.

January of 2009 reflects the ongoing economic malaise which has plagued the nation.  Foreclosure/short sales rates as a percentage of home sales stayed pretty even…just upwards of 71% but the good news was that more homes were sold.  Although, this is to be expected as we shift towards a traditional spring market…tradition is not something which has been descriptive of real estate activity within the past couple of years. 

While home sale numbers are still low, we continue to note a levelling off of homes on the market.  Observers should still keep an eye on the number of foreclosures as recent indicators from sources who track industry numbers like Real Trac indicate that up to 70% of the nation’s inventory of foreclosures is yet to be listed.

A hopeful sign on the horizon is the proposed stimulus of up to $15,000 for home buyers which is winding it’s way through the chamber of commerce.  This along with lower interest rates may spur some buyers who remain on the sidelines into action.  It remains to be seen…

Related Articles:

Foreclosures Drag Down Listing Stock in Grand Rapids, MI

Watch CBS video about unlisted foreclosures

2 thoughts on “Grand Rapids, MI January 2009 Real Estate Market Update

  1. I stopped by to read the comments on your blog. It is very sad to see what is happening to so many American home owners. Over the last several years, we have seen a significant increase of people who are having to sell their homes through short sales and foreclosures.

    Our company has successfully negotiated a number of short sale agreements on behalf of our clients and has also been able to stop the foreclosure process for others. It takes a tremendous amount of work to process these types of transactions and our hearts go out to our clients who are struggling in this way.

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