How to Quickly Find Grand Rapids MI Price Reduced Homes for Sale!

1-Price Reduced dollar days house huntingOne of the best kept secrets in real estate is the ability to get ‘instant’ notification when homes for sale around Grand Rapids MI have a price reduction.  Obtaining real time updates on homes that you have your eye on can save you thousands of dollars!  Price reductions for homes can occur for a number of reasons, including but not limited to…

1.  Increased urgency to sell the home due to changing circumstances

2.  The threat of default on mortgage note

3.  Over-pricing – reduction to bring the home price into conformity with current market conditions

4.  Feedback from agent showings about the fact that a home is over-priced

When a price reduction for a home for sale in Grand Rapids, Mi occurs, it is important to act quickly if this is a home you have some interest in.  When a price reduction occurs for a home, it increases the likelihood that the home will sell.  Home sale price reductions occur everyday!   In fact, 19 homes in the greater Grand Rapids MI area had a price reduction within the past 24 hours.  Of these homes, two were priced above $500,000 and eight were priced below $100,000.  The point being, home price reductions occur in EVERY price range, so being an informed buyer can sometimes make you a lucky buyer!

If you’d like to be e-mailed a list of homes which fit your particular criteria on a daily basis AND be notified when a home selling in the Grand Rapids MI area has a price reduction, contact us or call:  616-791-0511.  There is no obligation for this service.  You will not be contacted unless you specifically request additional assistance or help.  Enjoy the ability to keep informed and updated right from the comfort and privacy of your own home computer.  Contact us for a FREE list of homes reduced for sale today!

Anatomy of a Smart City – Featuring the city of Grand Rapids, MI!

PROMO for Smart Cities CaptureI am looking forward to speaking the Grand Rapids Area Professionals for Excellence on Wednesday, January 22nd at the Grand Rapids Community Foundation (185 Oakes St. SW, Grand Rapids MI 49503) on the topic of ‘Anatomy of a Smart City – Moving from ‘Cool’ to ‘Cohesive Collaboration.’

Many still remember 2004 when then Governor Jennifer Granholm named Grand Rapids, MI one of Michigans’ ‘cool cities.’  Indeed, the 21st century is likely to emerge as the era of city states as the impact of migration, technology and demographic shifts make cities everywhere major intersections  for life and commerce.  By 2050, it is anticipated that 70% of the world’s population will live in and around cities.

We will be discussing the implications of 10 areas of core attraction and logistics which are vital to creating spaces that attract and sustain people.  As a real estate broker involved in the daily movement of people in West Michigan, this topic is vitally important to our industry and to our city, region and nation.  You’re invited to join in the conversation!  More information and registration details can be accessed here:  https://www.eventbrite.com/e/lola-audu-on-anatomy-of-a-smart-city-the-art-of-moving-from-cool-to-cohesive-competence-tickets-9719753043

About Lola…

Lola is a former President of the Women’s Council of Realtors-West Michigan Chapter, a District Director for the Michigan Association of Realtors, former President of the Grand Rapids Association of Realtors, and Owner of Audu Real Estate. She currently serves on the Board of Real Estate Brokers & Salesperson for the State of Michigan. She is also a highly prolific blogger and a professional speaker.

2014 Spring Residential Real Estate Market Update – Grand Rapids, MI

2014 arrow CaptureThe term Polar Vortex has become a national buzzword as harshly cold winter conditions have blanketed much of the nation.  However, as 2013 ended, real estate in the West Michigan area was heading in the opposite direction with a flurry of heated market activity.  Listing inventory remained low (3.3 months supply in November) with less than four months of housing supply in stock which pushed up average sales price to $153, 000, the highest numbers the local market had witnessed prior to the market crash.

The total number of housing units for sale in the Grand Rapids was down 18% in December 2013 to 2,989 units vs 3,640 in December of 2012.  Homeowners who chose to sell during the end of year were often surprised by an increase in showing requests!  Some additional significant data points include:

1.  New listings coming on the market in December were approximately 25% less in 2013 than in 2012. This trend has not showed signs of significant increase yet, although things are anticipated to pick up in the latter part of the month and February.

2.  Sold inventory dropped slightly from 757 units in December of 2012 to 707 units in 2013.

3.  The Absorption Rate based on Closed Sales remained at approximately 24% similar to the rate of absorption throughout much of the last  quarter of 2012.    Peak absorption rates last year occurred during the month of May in which the rate of market activity was 39.5%.  What this means is that approximately 1 in 4 homes listed for sale is being sold in any given month on average.

These indicators have served to increase the average sold price and keep the differential between average list price and sales price at approximately 94% which translates to higher net equity for home sellers at the closing table.  Due to unusually low inventory levels, days on the market currently stands at approximately two months.  Homes which are staying on the market for more than 90 days are over-priced.  The market remains unforgiving in that regard.

The median home price is $126,000 which is approximately $10,000 higher than the median housing price at the end of the previous year.  It should be noted that each neighborhood in the Grand Rapids area will reflect its own unique variant of this data, therefore pricing strategy must be adjusted accordingly.

Data for this report obtained from the Grand Rapids Association of REALTORS monthly trends report and SWMRIC trendsgrahpix.

To obtain additional information on this report:  lola@audurealestate.com or 616-791-0511

7 Tips for Prepping for a Home Sale during Frigid Winter Weather!

winter-by-audreyjm529Dreadfully cold weather tends to keep most of us in West Michigan inside as much as possible.  Looking outside my window today, this is definitely the case.   With the exception of the snow plow guys, there are few cars on the street.  Even regular dog walkers seem to be sitting in on this one.  If you’ve been thinking about putting your home on the spring market, the prospect of you or someone looking at your home getting stuck in a snow drift in your driveway is a little depressing.  However, there are a number of things that can be done indoors on days like today to keep you on track with regards to being in your new home as soon as possible.

Clear Out Closet Space!

Winter is a great time to reassess the contents of your closet.  If you haven’t worn something once during the year, perhaps it’s time to give it away, donate it or throw it out.  Consider it a small step in the ‘letting go’ process…letting go of smaller items as you prepare to let go of your home so you can make room for new things and new beginnings.

Touch-up Paint

After the holiday decorations are taken down, a home often looks starkly plain.  This is a great time to examine the state of your walls and woodwork.  Is there grime or dirt that needs to be washed or painted?  If you’re stuck indoors, consider picking up a sponge or paintbrush amd doing some touch-up painting.  This is one of the cheapest ways to enhance the appearance of your home.

Organize Garage

Yes, the garage will be cold, but at least it is protected from the elements.  If possible, it is better to clear out your garage when putting a home on the market.  The next best option is to organize it. Neatly staked/arranged boxes or shelves will make even a cluttered garage look as though there is some space for someone else to put their stuff.

Involve Your Kids

On a days like today, most schools have been cancelled.  So kids are home.  And they can be useful, particularly if they have an incentive to help or if an activity is fun.  You know your kids better than anyone else, so think about how to motivate them to help you with getting your home ready for sale.

Collect Documentation for Mortgage Application

If you will require a mortgage to purchase your next home, this is a good time to begin to gather the necessary documentation for your lender.  They are likely to ask for financial records such as a month’s worth of pay stubs, bank statements, last year’s tax returns etc.  Taking the time to put these items in one spot now will save you time in the future.

Update Multiple Listing (MLS) Search Profile

Housing inventory remains tight in the West Michigan area and across much of the country.  Hopefully,  you have created a customized online search profile and are receiving real time updates of available home listings.   If you haven’t done so, that is definitely step 1!  Assuming you have a search profile in place, take the time to review it.  Are there some areas or types of homes which might work which are not included in your current specifications?  The number 1 reason that many people fail to have the best results when searching online is that they make their computer specifications for a home too narrow.  Sometimes, just a little tweak will yield a new set of results for you.

Always feel free to contact us for assistance with your real estate needs.  We’re here to help!