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Grand Rapids Real Estate February 2016 Market Report

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Grand Rapids Real Estate

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

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 Home Values

Grand Rapids Real Estate Market Report


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52 Places to Visit in 2016

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52 Places to Go in 2016

NYT has complied an interesting list of places to visit in 2016 and our own Grand Rapids, Michigan shows up at #20!

“The early 20th-century furniture companies Herman Miller and Steelcase established a creative community in central Michigan’s Grand Rapids, one now flourishing thanks to a confluence of urban revival and arts funding. The 138,000-square-foot food hall Grand Rapids Downtown Market, built using repurposed materials from the dilapidated buildings it replaced, earned LEED-gold certification in 2014, and enticed a branch of Detroit-famed Slows Bar-B-Q to open last summer alongside bakers and other food-focused start-ups. For three weeks each fall, the city’s contemporary art competition ArtPrize attracts more than 1,500 works and awards $500,000 in prizes. Artists from Auguste Rodin to Ai Weiwei stake the 158-acre Frederik Meijer Gardens & Sculpture Park, which recently added a Japanese garden with works by Anish Kapoor and Jenny Holzer. Don’t leave thirsty; over 40 craft breweries line the city’s ale trail.”

Grand Rapids also enjoys a short commute to the pristine beaches and State Parks of Lake Michigan. A variety of social activities that take place year ’round for the entire family. If you are thinking of making Grand Rapids a permanent destination, we have award-winning schools and vibrant communities.

Grand Rapids Real Estate Quick Home Search

While the Grand Rapids housing market is extremely strong, it is a seller’s market and inventory is low. Interest rates are still relatively low however and homes are selling quickly. Let us help you stay on top of a quickly moving market.

Grand Rapids Real Estate

Thinking of buying a home? Check out our easy-to-use search tool. Unlimited access to every home, condo or vacant lot in South West Michigan. Save your searches, save your favorites. Sign up for Email Alerts and schedule showings online.

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Change in Home Sales by Price Range

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Grand Rapids Real Estate

Courtesy of KeepingCurrentMatters.

Important Points

  • In the top 4 price ranges, home sales are up over last year’s numbers.
  • Sales under $100,000 have slowed due to a lack of distressed property (short sales and foreclosures).
  • Home prices are expected to continue to rise throughout 2016 so there will be less homes available in the lower price ranges.

Grand Rapids Real Estate Quick Search

Grand Rapids Real Estate Listings

Thinking of buying a home? Check out our easy-to-use search tool. Unlimited access to every home, condo or vacant lot in South West Michigan. Save your searches, save your favorites. Sign up for Email Alerts and schedule showings online.

What is Your Home Worth?

Find out your home’s value in minutes.

Grand Rapids Home Values

 

Tax Deduction for Mortgage Insurance Extended through 2016

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Tax Deduction for Mortgage Insurance Extended through 2016

Great news! Congress has voted to extend the tax deduction for mortgage insurance in Michigan through 2016.

That means that you can deduct your Michigan premiums on your federal income taxes this year and next year.

Who qualifies for the tax deduction?

  • Borrowers with adjusted gross incomes up to $100,000 can deduct 100% of their borrower-paid MI premiums. Deductions are reduced by 10% for each additional $1,000 of adjusted gross income, phasing out after $109,000.
  • The threshold for married borrowers filing separately is $50,000 of adjusted gross income per person. Deductions are reduced by 5% for each additional $500 of adjusted gross income, phasing out after $54,500.

Grand Rapids Real Estate Quick Search

Grand Rapids Real Estate

Thinking of buying a home? Check out our easy-to-use search tool. Unlimited access to every home, condo or vacant lot in South West Michigan. Save your searches, save your favorites. Sign up for Email Alerts and schedule showings online.

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NAR: Two Reasons to Sell This Winter

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Grand Rapids Market Analysis

NAR: Two Reasons to Sell This Winter

It has been quite a seller’s market over the last year as current home inventory is still low. If more homes don’t come on the market, prices will continue to rise going forward. Buyers are definitely out there looking to make a purchase and we are seeing very strong activity throughout the market. This includes our luxury home market and our downtown condo market but really, demand for homes and condos have extended to the entire Grand Rapids housing market.

NAR’s Pending Home Sales Report

Homes that are under contract (on their way to close) are up over 3.9% over last year. This has increased for 14 consecutive months.

We can safely project that demand for housing will continue throughout the coming months and the seasonal slowdown hasn’t yet started and will probably be minimal.

 NAR’s Existing Home Sales Report

The most important data point revealed in the report was not sales but instead the inventory of homes on the market (supply). The report explained:

  • Total housing inventory decreased 2.3% to 2.14 million homes available for sale
  • That represents a 4.8-month supply at the current sales pace
  • Unsold inventory is 4.5% lower than a year ago

Here is a good rule of thumb in real estate. When there is less than 6 months inventory available, we are in a sellers’ market and we will see appreciation. Between 6-7 months is a neutral market where prices will increase at the rate of inflation. More than 7 months inventory means we are in a buyers’ market and should expect depreciation in home values.

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 Home Values

 

Grand Rapids ranks # 1 Residential Market to Watch in Nation

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Grand Rapids Real Estate

Grand Rapids is the Number 1 Residential Market to Watch in the Nation

Another day another accolade for our fair city with a river running through it.

The Grand Rapids real estate market is still rolling right along. According to a report by Trulia and reported by the Grand Rapids Business Journal, the Grand Rapids – Wyoming market is the hottest market to watch in 2016.

Based on a survey of more than 2,000 Americans, Grand Rapids is on top due to our relatively affordable housing and the job opportunities the city provides.

Top Ten Cities

Grand Rapids Real Estate

1.   Grand Rapids-Wyoming
2.   Charleston, S.C.
3.   Austin, Texas
4.   Baton Rouge, La.
5.   San Antonio, Texas
6.   Colorado Springs, Colo.
7.   Columbia, S.C.
8.   Riverside-San Bernardino, Calif.
9.   Las Vegas
10. Tacoma, Wash.

Residential Real Estate Market

This latest report also claims that the American Dream of owning a home continues to be strong.

Those who hope to own a home is up 1% from last year with 80% of buyer in the age demographic of 18 – 34, wanting to own a home.

Interest Rates are expected to rise over the next year and while the housing market should remain strong, Americans do believe that securing a mortgage will be harder.

Grand Rapids Real Estate Quick Search

Grand Rapids Real Estate Search

Thinking of buying a home? Check out our easy-to-use search tool. Unlimited access to every home, condo or vacant lot in South West Michigan. Save your searches, save your favorites. Sign up for Email Alerts and schedule showings online.

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Existing Home Sales UP 3.9%

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Existing Home Sales up 3.9%

Existing Home Sales up 3.9%

Prices on Average are Up 5.8%

Inventory is Down 4.5% Over Last Year

Courtesy of KeepingCurrentMatters

Thinking of Selling Your Home?

Grand Rapids Home Values

Find out your Home’s value in minutes online.  For a more accurate Price Trend Analysis, call or text us at 616-570-1871. We will provide you a complete breakdown of the value of your home and its projected sale price.

Thinking of Buying a Home?

Grand Rapids Real Estate

Try our quick home search tool. It’s mobile friendly and you can conveniently save your searches, your favorite listings for review later, get email updates and schedule showings online.

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