For many of you reading this blog, your first instinct to this bold title might be…Really? C’mon, Lola…are you serious?
Yes, I am. Absolutely. I’m going to share with you 3 Solid Reason for why Selling Your West Michigan in the 4th Quarter of 2011 could be a smart move. You may actually look back and say…Why didn’t I do this earlier.
Now, this post is for those of you who have been considering putting your homes on the market, but have hesitated because there has been so much negative press about the housing market. You may have outgrown your current residence or had a life-change such as a marriage or new baby. Perhaps, you NEED to move because you’ve been transferred or you have lost a job and can no longer afford your current payments. Whatever, the reason…read on.
1. The Real Estate Market in Grand Rapids, MI is steadily improving…
Statistics available from the Grand Rapids Association of REALTORS, the industry trade association that monitors housing sales and prices indicate that over the last year, home sales and prices have stabilized and are now beginning to show modest gains. Area REALTORS are posting increased Sales numbers and it is anticipated that Sales will rise above the levels in 2010, the year in which the Home Buyers’ Tax Credit boosted an artificial increase. What’s noteworthy is that this activity has occurred despite double digit unemployment in Michigan and continued challenges in the financing sector. If you have owned your home for at least 10 years, consider obtaining a Market Analysis of your area to determine your current equity position.
2. Mostly Serious Buyers Remain…
Getting a mortgage to purchase a home today is an event worthy of celebration! Although interest rates have fallen dramatically, guidelines for lending and regulation associated with loans have increased dramatically. This has resulted in much higher qualifying standards for home buyers today. Approved Buyers have been vetted through stringent standards. They are also better educated with access to the Internet and the ability to compare the value of their real estate investments.
Buyers today understand the economics of a Housing Sale; they know that many homes are priced 30% BELOW the market value. Subsequently, many area REALTORS report the rise of multiple offers as competition for homes which are priced to Sell increases.
If you own your home without any obligation/mortgage OR have lived in your home for 10+ years, you may be well positioned to enter the market place right now. As Inventory levels have declined in recent months, the available supply has diminished at just the time when Buyers are focused on getting into their new homes before serious snow begins to fly in West Michigan.
3. Almost 14,000 Homes Sold Just Yesterday!
Yep! You read that right. Even with all the dire statistics, home sales continue to average just over 5 Million per year nationwide. If you average that to a daily rate, that means that on the average, 14,000 homes sold within the past 24 HOURS around the nation. One of those homes could have been yours!
Here in West Michigan, we are selling approximately 1,000 homes per month. That means that EVERY DAY, 30-35 homes are Selling right here in your community. While some of those homes are being bought by investors or are homes Sold due to distress situations such as Foreclosure and Short Sales, many are not. In fact…the majority of homes Sold are not. Over the past year on average approximately 43% of homes Sold each month have been due to a hardship situation. But, that means that 57% of home Sold – the majority – have NOT been distress sales.
If you would like a detailed analysis of the housing market in your West Michigan neighborhood or if you’d simply like to talk about your options, please contact us. 616-791-0511