Grand Rapids Real Estate: Market Update

Our market has seen a lot of ups and downs over the last few years. Here are the numbers you need to know for future reference. 

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I’ve been waiting for some market data to come in lately and it’s finally here. My nerds and I over here crunched some numbers and put together a snapshot of the current market, as well as a forecast on where the market is headed.

Let’s begin by showing you how the market has been the last few years. In June 2015, we saw a peak average sale price of $178,000, then a bottoming to $156,496 in January 2016. By June 2016, our average price peaked again at $185,000. In February 2017, it bottomed out again at $163,000.

Our latest peak was in June 2017. This was the first time in history that our average sale price rose above $200,000 ($201,0000). The average sale price right now is $183,000. Based on what we’ve seen in the past few years, I’m fairly certain that we are going to see an average sale price between $203,000 and $209,000 this summer.

Our market is set for another peak this summer.

If you take a look at a graph of the market over the last few years (like the one in the video above), you’ll see that instead of sharp peaks and valleys, we’re seeing more of a fluid parabola with a lot of ups and downs. The good news is that by following recent trends, you can get ahead of the market.

If you’re interested in getting involved in this record market, feel free to reach out and give us a call. Your sale price will mostly depend on what other homes in your area are selling for. If you’re curious about what homes are selling for in your market or you have any other questions, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

How to Sell With Confidence in This Market

If you need to list your current home before you purchase your next, you're not alone. There are many ways to tackle this situation, and my team and I can help. 

Call me at (616) 942-2449 for a FREE home buying or selling consultation

2017 has been a year with a very interesting market. As we move into the fall and winter, we’re seeing a lot of interesting changes in real estate. A lot of these changes are generating questions from sellers.

For now, I have a question for you: Are you, like the hundreds of people we’ve talked to this year, feeling stuck in your existing home? If you want to list but you have to sell your home to buy your next one, this does create a challenge. Nevertheless, this is a challenge that can be overcome.

Perhaps you have been stalled by low inventory in your home search and have felt unable to find your next home. But something I want you to think about is this: How can the home you’re supposed to find be there if you haven’t listed your current one yet? 
Your perfect home could be out there now as an off-market listing.
The universe cannot deliver you the right home if you aren’t in a position to buy your next one. When you’re ready, willing, and able, the home you need will present itself because you are going to be devoting your time and energy to making it so. 

There are a few strategies my team and I have to help people like you who need to sell before they can buy. Did you know that you have up to 75 days from the time you get an offer until you get under contract? My team and I have tracked the typical time it takes for people in your situation to find their next home, and we’ve found that it takes an average of just 16 days. 

October and November are also great times to be on the market because of low inventory and high demand. If you’re worried about finding your next home, you might also want to think about off-market listings. These listings receive less traffic. Your perfect home could be out there now as an off-market listing. 

We can also help you get from one home to the next by placing a contingency on your contract. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Should You Hire a Friend or Relative as Your Real Estate Agent?

When it comes to hiring a real estate agent, whether they’re a friend or relative shouldn’t be a part of your search criteria.

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I recently read an article by Dave Ramsey titled “Real Estate and Relatives Don’t Mix,” and it talked about whether you should hire a friend or family member to help you with real estate.

I thought this article was interesting because it was written from the perspective of a well-known financial guru. Dave has hundreds of thousands of followers and has been on the radio for over two decades. He’s a person to listen to when it comes to both finance and real estate, and there were a few takeaway from this article I want to share with you.

First, hiring an agent is not a matter of right or wrong—it’s a matter of due diligence. For the folks that used a relative to represent them, that wasn’t their only method of choosing an agent. They actually did their homework and checked to see if that relative also had credentials 

Dave also mentioned in the article that when you’re thinking about listing a home, there are a list of things you should look for in a real estate professional if you want them to represent you:
  • Do they have a track record of success? This is made evident by the number of homes they sell annually, the number of reviews they have on real estate review sites, how many third-party referrals they have, what their list-to-sale price ratio is, and what their average days on market is compared to the board average.
  • How long have they been selling real estate? By and large, more experienced agents get sellers more money. 
  • What is their marketing strategy? In other words, what are they doing to sell homes? What are the tools, methods, strategies, and systems they have in place to get the home the most exposure? Every agent has a different version of this process. Some do a lot, and some do very little aside from posting the home online, and it’s important to find out if your agent is the former or the latter.
Nowhere on the list was “Are they a friend or family member?”

So, what’s the takeaway here? When you’re looking to hire an agent, talk to a couple of them and compare their results and marketing strategies side by side so you can make a decision based on sound information. Past history is an indicator of future results, so what an agent is doing or has done should give you a pretty good idea of what you’ll experience as far as listing with an inexperienced agent versus listing with an experienced agent. 

If you have any questions or would like to know more about getting the most money out of your home sale, don’t hesitate to give us a call or send us an email. We’d be happy to help you.