West Michigan market update as we head into summer

As we head into summer, the West Michigan real estate market is showing no signs of slowing down. With low inventory and high demand, both buyers and sellers need to be aware of the current state of the market.

Market Update:

In West Michigan, we are experiencing a seller's market, meaning there are more buyers than available homes for sale. This has resulted in low inventory levels, which has pushed housing prices up. According to the Grand Rapids Association of Realtors, the average sale price for a single-family home in the Greater Grand Rapids area in May 2021 was $311,620, up 22.4% from May 2020.

Sellers:

For sellers, now is an excellent time to list their home. With the current state of the market, homes are selling quickly and often for above asking price. However, it is important to note that even in a seller's market, pricing a home correctly is crucial for a successful sale. Overpricing a home can lead to it sitting on the market for an extended period, resulting in a lower final sale price.

Buyers:

For buyers, the current market can be challenging, but not impossible. Due to low inventory levels, it is crucial to act quickly when a home becomes available. Buyers also need to be prepared to make competitive offers. In some cases, homes are selling for well above asking price, so it is essential to work with a real estate agent who can help navigate the market and negotiate on the buyer's behalf.

It is also important for buyers to get pre-approved for a mortgage before beginning their home search. With the current market conditions, sellers are often receiving multiple offers, and a pre-approval letter can help a buyer stand out from the competition.

In addition to working with a real estate agent and getting pre-approved for a mortgage, buyers should also be prepared for a potentially longer home search. With low inventory levels, finding the right home may take longer than expected.

In conclusion, as we head into summer, the West Michigan real estate market is experiencing a seller's market, with low inventory and high demand leading to increased housing prices. For sellers, now is an excellent time to list their home, but it is essential to price it correctly. For buyers, working with a real estate agent and getting pre-approved for a mortgage can help navigate the competitive market. It is also important to be prepared for a potentially longer home search.

#callcrystal 231-955-SELL