Have we turned the corner yet?

This summer has been busy.  It seems as though cooler than normal temperatures may have spurred a welcome increase in real estate activity. 

 According to data provided by the Grand Rapids Association of Realtors ®, real estate activity has showed signs of stabilizing over the summer months and last month the Multiple Listing Service actually posted the first gain in home prices in 16 months!

A recent Grand Rapids Press article highlights the challenges and the glimmers of hope emerging in the Grand Rapids real estate market.  

At Audu Real Estate, we have witnessed a remarkable increase in purchasing activity.  A recent inquiry by one potential home buyer on a hot property indicated that the home in question had received 11 offers!  This multiple offer scenario is increasingly common as buyers and investors compete for the best deals.

Right now, the $8,000 First Time Homebuyer Tax credit is set to expire on December 1,2009.  This means that homes must be purchased and closed prior to November 30,2009 to qualify for this incentive.  What does this mean to home buyers wanting to use this credit?

Well, for starters…you should definitely be out there looking!  Good inventory is moving quickly.  On the other hand,  lending standards have tightened significantly, thus increasing the average loan process to approximately 45 days to closing.  If you do the ‘math’ backwards, that means that to be safe, it would be wise to purchase your home before October 15th so your closing can occur before the deadline.

If you’d like to see what’s currently on the market, visit our website www.auduhomes.com.  You can also set up a private profile to update you whenever homes that match your criteria are listed or updated.

2 thoughts on “Have we turned the corner yet?

  1. We are definitely seeing inventory move more quickly over here in the metro Detroit area. In fact, one of my neighbors was moving across town and had 3 homes they went to put offers in on and they all had just accepted other offers in the 24-hours previous. Hopefully, the tax credit will be extended. We still need to work through this excess inventory.

  2. I think we are seeing a seasonal uptrend. Many people have been frightened to jump inot the market. I think the overall market will remain less than robust unit the coountry begins creating new jobs. When that happens is anyone’s guess.

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