Grand Rapids Real Estate February 2016 Market Report
Grand Rapids Housing Market is HOT
The Grand Rapids housing market is hot right now. It is a seller’s market as home prices are on the rise and inventory is low. It is not surprising to have to enter into a bidding war if you find a house that you really like and there could be several offers on the table with the prices going over list price. One of the concerns we always have in these situations where the sale price is higher than list price is whether or not the home will appraise. So far we haven’t seen too many homes not appraising but it’s something to think about.
Grand Rapids Inventory
According to the Grand Rapids Association of Realtors, we are at a 15-year low housing inventory. That is only a one to two month supply, which means that it would only take a couple months to sell every home currently available on the market. So with inventory that low but demand still constant, home prices naturally go up. Numbers-wise, the median home price is at $175,000, a 20 year high which hurts a first time home buyer.
If you are Thinking of Selling, Now May be the Time
Curious as to what your home is valued at? Find out here in a few minutes or contact me today for a detailed report of what your home will sell for.
Grand Rapids Real Estate Market Report
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