The Truth is Very Powerful! It's more powerful than Spin. The Truth about the Grand Rapids, Michigan housing market is the primary means by which home owners can escape being held captive to the whims and negative judgements of dooms day predictors and naysayers.
In the housing market in Grand Rapids, Mi this year, the Truth has sometimes seemed obscured by all the negative news. Well, it's about the end of year and time to take a look at the TRUE numbers for sales in and around the Grand Rapids area.
Here's a Summary of the Housing Market in Grand Rapids, Michigan. Just over 10,116+ homes have Sold so far this year. This was against a backdrop of approximately 34,000 Listings for the year. Over half of the sales for the entire Grand Rapids, Michigan real estate board were priced below $150,000.
On the average it took 253 days to get to the Closing Table. But those who did at the beginning of year on the average got approximately 96% of their Asking Price. The average list price in the Greater Grand Rapids area was in the low $140,000's and the average Sold Price $137,000.
Some homeowners took a risky gamble this year and priced their homes above what the current housing market could support. You may want to refer to my earlier post entitled: "What's It Gonna Cost to Sell My Grand Rapids, Michigan Home?" to understand what happened to those who made this mistake.
As the year progressed, home owners became much more realistic about adjustments that were necessary to Sell a Home Successfully. Subsequently, reductions were made in pricing and the average days on the market until close dropped along with the average list price. Most area sales ranged between 10% -15% less than what a similar home would have sold for last year. Hardest hit were those who had purchased their homes in 2004 or later.
Short Sales were a big deal this year. At the beginning of the year, the number of Short Sales in the Grand Rapids, Michigan area ranged between 14% ~ 20%. By the end of the year 30% ~ 40% of our Market Share was dominated by homes in Foreclosure or Short Sale. At Audu Real Estate we succesfully negotiated a number of Short Sales which allowed home owners to release a tremendous amount of debt and/or renegotiate the terms of their loan agreements.
So, the TRUTH about the Grand Rapids, Michigan housing market is that homes are Selling. To date, the total number of transactions successfully processed in 2007 is about 92% of what was successfully processed in 2006. Given the issues that have plagued the market with reference to the substantial credit crunch, this is remarkable. Realistic, Motivated home owners can expect to sell their homes in 2008. To Successfully Sell Your Home these are some things you can do:
1. Pricing Your Home Correctly the First Time!
The market is not forgiving of error. Adjust quickly when it tells you that you've missed the mark.
2. Stage Your Home to Sell!
Your home is in compeition with the largest number of listings in the history of the Grand Rapids real estate board. Everything you can do to make your home stand out will help. Showing well starts with Cleaning to the Max. I've heard it referred to as Q-Tip Clean. Clean, Attractive homes sell faster and for money.
3. Try to Make it Work!
An offer may come in which feels like an insult. Don't take it personally. It's better to have a bird in hand than two in the field...as the saying goes. Be creative with a counter. Add incentives which make it hard for the buyer to walk away completely like giving a little on your price for a faster closing date or throwing in appliances and a Home Warranty for acceptance on your counter-offer.
In Summary...
There were some interesting variations in the report. For instance, East Grand Rapids home prices held steady. Although this area has traditionally had good appreciation, home owners were probably thankful not to have the double digit losses in home equity that other areas experienced. In addition, an area closer to the downtown Grand Rapids area actually had a 6% increase.
It's important to understand that average numbers will not provide the complete detail for any specific area. If you would like detailed information about your specific neighborhood or community, please contact us. e-mail: info@auduhomes.com.
Copyright 2007 Audu Real Estate All Rights Reserved
Click Here to Read More about Grand Rapids, Michigan
 |
|
|
Grand Rapids, Michigan Real Estate including information on local real estate market conditions and insights from Lola Audu ~l Grand Rapids, MI Real Estate Broker.
Today My Winter Coat Became a Tired Old Habit...
How To Show & Sell Vacant Land
Heritage Hill Neighborhood...Living History Comes Alive in Grand Rapids, Michigan
Grand Rapids Architecture...Frames of The Cityscape; Yesterday, Today & Tommorow
"Lola, I tell you...the guy looked like Mr. Santa Claus!"
Record Sales Increases Recorded for Homes in Grand Rapids, MI ~ January 2008
Discovering The Next New Cool Dwelling Places...The Suburbs Vs. Urban Digs
Why Chasing Down the Market May Be A Bitter Pill to Swallow...
Please Join Us! We're Offering Lunch ~ 5108 Canal SW, Grandville ~ OPEN 1-3:30 PM
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
What is the expected market turnaround in Michigan? I hear late 2008 or early 2009 in Southern California.
Why are people selling in your market? I'm finding people are deciding to sell for the wrong reason in California. There is no distinction between actual loss and market loss.
There is a significant difference. If you sell for no other reason that a market lost, you will incur a real lost and be a renter instead of an owner and have no opportunity to recapture the market loss that may have occurred.
If you realize that you need a roof over your head, you just ignore the pundits of despair and ride the storm or market loss and not create a real loss, just wait until the market move in a favorable direction before making a short-term decision that will have long-term consequences.I tell all my sellers to NOT take it personally. We will get an offer and It will be low. Relax we got an offer, now we'll make it work.
Lola, I'm with Missy. I tell my sellers let's get something in writing and then we can work it out. I know they can't help but take it personally...sometimes even I take it personally!
Hi Nitske, We are anticipating a stabilization in the next 12-18 months. There has been a significant investment in the commercial sector and the people who will be taking those jobs will be moving into the Grand Rapids area soon. Michigan has gone through a sustained period of economic drain...it can't be over soon enough in my opinion.
Missy, it's important to prepare home owners for this reality. If they have not sold a home within the past 24 months, this can be a real shock. Having the right mind set can make all the difference.
It's very hard Linda...Sometimes, you just have to step back and take a deep breath.
IMHO the heat will turn up in this Market. New marketing ideas will make this market move in the direction we need it to move. I predict a better 2008.. Let the sales begin.
Robert, I love your positive attitude! I choose to more forward with positive momentum. There are many New Emerging opportunities and those who take advantage of them will prosper! Blessing to you for a Wonderful Christmas and Great New Year!