The Grand Rapids housing market is still booming, and the demand for homes is still on the rise. According to Forbes, Grand Rapids is the fastest-growing city in Michigan and one of the fastest-growing in the Midwest. Whether you are a buyer, seller, or spectator, these real estate insights will help you along your real estate journey.
Homes Aren’t on the Market for Long
Going, Going, Gone! If you need a visual of how long the average home is on the market in Grand Rapids, picture an auction. In other words, they’re going fast! According to Redfin, compared to last year, the Median Days on the Market have increased 7%, with homes spending approximately seven days on the market. It’s still a seller’s market in most areas, and Grand Rapids is no exception. If you are planning to downsize, upsize, or relocate from one area to another, now is the time to do it while interest rates remain low and the market is potentially flooded with foreclosures.
If you are currently looking for a home, obtaining pre-approval is a crucial part of the home-buying process. It can make or break a contract. Homes aren’t on the market very long, so having all your ducks in a row will ensure that when you find the home of your dreams, it’s within reach and you’re ready. Getting a pre-approval will help get you in a strong position to make a competitive and qualified offer.
Homes Are Selling for a High Price
It’s no surprise while the demand for homes is high, the supply dwindles. Therefore, sellers have an advantage when listing their homes. According to Redfin, in August 2021, Grand Rapids home prices were up 26.2% compared to last year, selling for a median price of $255K. The price of your home is one of the most crucial aspects of a sale, leading to a successful sale. If you are curious about listing your home, our team is happy to help provide you with comparables for your neighborhood.
Record Low Mortgage Rates Remain
Although sellers have the advantage to price high, buyers can still reap the benefits of record-low mortgage rates. According to a Realtor.com report, mortgage rates in Michigan are at about 2.94% for 30-year fixed-rate and 2.26% for 15-year fixed-rate. Locking in today’s rates can save buyers hundreds, even thousands of dollars over the lifetime of their mortgage.
Reach Out to Moayyer Real Estate
No matter if you are buying, selling, or somewhere in between, our real estate team is happy to help provide you with the information you need. Having a dedicated real estate team by your side can help ensure you get the best offer possible. Or, bring you one step closer to the home of your dreams.
Reach out to our team today to get started!