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Bob & Lisa Novosad

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Displaying blog entries 1-10 of 52

Want to Get Settled Before Christmas?

by Bob & Lisa Novosad

Wondering what is going on with the market these days? Find out what is happening in Grand Rapids Real Estate by checking out our latest Newsletter. 

Life begins to accelerate in the 4th quarter, doesn't it? School is underway again and before you know it, the holidays are right around the corner. Soon it will be time to tuck away the landscaping, plan for family gatherings and start Christmas shopping.

Buyers and sellers, if you want to move before Christmas, aim to be under contract on a home by mid-November. Lenders need 25-40 days to process, and possession always isn't at closing.

Baseball, Summer Vacations & Best River Town

by Bob & Lisa Novosad

Check out our latest Newsletter to see what is happening this summer in Grand Rapids.

 

First-Time Home Buyers Finding Frantic Market Activity Under $250K

by Bob & Lisa Novosad

Wondering what is going on with the market these days? Find out what is happening in Grand Rapids Real Estate by checking out our latest Newsletter

West Michigan's real estate market is unprecedented at this moment, unlike anything we've seen in 25 years. First-time buyers especially are feeling the crunch, battling 10-15-20 offers on homes priced $175,000 and under. These rampant bidding wars are being won with offers 8% to 10% to 12% over list price, with buyers waiving inspections and offering to make up pricing shortfall on appraisal discrepancies. Buyers with FHA or 5% down conventional loans are finding it very difficult to secure a contract on a home. Listen to Bob's interview with WGVU just this past week

Consider these numbers so far on activity in Jan-Feb 2017:

* Sold prices are up 7.3% from this time last year.

* Listing inventory is down -8.5% over the first two months of this year vs. 2016.

* There is only a 1.3 month overall supply of inventory now on the market -- even less for homes under $250K.

* Homes sold over $500,000 (33 so far) account for only 3% of the 1,136 homes sold YTD on our MLS.

School Districts Values Show Wide Range of Appreciation

by Bob & Lisa Novosad

Check out our February Newsletter here! 

Property values on our Multiple Listing Service (MLS) in 2016 were up an average 8.0%, but not each and every school district in Kent County enjoyed that same rate of appreciation.

See the chart below. Lowell Schools was the front-runner with the average sales price up 20.6% last year to $230,138. East Grand Rapids showed the smallest rate of appreciation with a tepid 0.2% increase but an average sales price of $391,212. Three other districts logged double-digit increases: Grandville at 12.1%, and Byron Center and Kentwood at 10.3% each.

Planning on selling this year and taking advantage of what still is mainly a seller's market? Call us at 575-0140 or 437-0209 to book a pre-listing consultation. We'll help you get your home ready for market, project your closing costs and net proceeds, and put a strategic marketing plan into place.

Real Estate Market Strong Right to the End

by Bob & Lisa Novosad

Check out our December Newsletter

The end of the year is nearly upon us and West Michigan's real estate market is set for a strong finish. Average home values are up 8.1% through the end of November, which bodes well for a seller's market again in 2017. Planning to sell next year? Call us at 575-0140 or 437-0209 to book a pre-listing consultation.

* The average home sold is now at $184,992.
Closed sales are up 4.9% over last year, while current listings are down 4.4% compared to 2015.
Homes sold over $500,000 (282 of them) account for just 2.5% of the 11,317 homes sold YTD on our MLS.

Have a blessed Christmas and wonderful holiday season!

Real Estate Market Still Churning With Frosty Nights Coming Soon

by Bob & Lisa Novosad
Check out our November Newsletter
 
West Michigan's real estate market is tapering off a bit as the holiday season approaches. Time-on-market is growing a little longer for sellers, and buyers are having more choices as inventory starts to increase. Overall, it's still a solid seller's market under $450,000 and a buyer's market above that price-point. Consider these year-to-date numbers:

* Sold prices are up 8.0% to an average of $184,518.
* Closed sales are up 3.5% over last year, while current listings are down -4.5% compared to 2015.
* Overall inventory still is at a record low of just a 1.6 month supply.
* Homes sold over $500,000 (231 of them) account for just 2.5% of the 9,253 homes sold YTD on our MLS.

Planning on selling? Call us at 575-0140 or 437-0209 to book a pre-listing consultation. We'll help you get your home ready for market and project your closing costs and net proceeds.

Market Shifting as School Gets Underway

by Bob & Lisa Novosad

Check out our September Newsletter

West Michigan's real estate market is cooling off a bit as school gets underway. Multiple offers are becoming less common, and buyers have more choices as inventory starts to increase. Overall, it's still a solid seller's market under $450,000 and a buyer's market above that price-point. Consider these year-to-date numbers:


* Sold prices are up 7.7% to an average of $183,679.
* Closed sales are up 4.3% over last year, while current listings are down 4.8% compared to 2015.
* Homes sold over $500,000 (207 of them) account for just 2.6% of the 8,100 homes sold YTD on our MLS.

Planning to sell? Call us at 575-0140 or 437-0209 to book a pre-listing consultation. We'll help you get your home ready for market and project your closing costs and net proceeds.

Summer Market Still Sizzling

by Bob & Lisa Novosad
Check out our July Newsletter
 
West Michigan's real estate market continues to stay on fire. Officially, we are the 18th hottest housing market in the country according to the National Association of Realtors. Our supply of listings is down -6.1% vs. 2015, while closed sales year-to-date are up 11.0% Both factors have combined to push average home sale values up by 7.5% to $184,203 so far in 2016. Check out this story for full details on why many homes in Grand Rapids are selling faster than in the rest of the U.S.
 
Planning to sell?  Call us at 575-0140 or 437-0209 to book a pre-listing consultation. We'll help you get your home ready for market and project your closing costs and net proceeds.

Spring Market Trend Rolls into Summer

by Bob & Lisa Novosad
Check out our June Newsletter
 
Greetings! Summer is almost here and West Michigan's real estate market is showing no sign of slowing down. Here is a snap-shot on activity year-to-date:
  • Buyers continue to scramble to find a home to purchase, often facing multiple-offer scenarios on well-priced homes in good condition.
  • For homes $450K and above, inventory is not so thin with a 4-6 month back-log, requiring sellers to be strategic and priced aggressively upon entering the market.
  • Short sales and foreclosures are just 3.2% of the market by units sold or pending.
  • Closed sales are running 15.5% ahead of last year (wow!), while current listings are down 1.5% compared to 2015.
  • Sales prices are up 11.8% so far in 2016 to an average of $187,018 - continuing the trend for another solid year.
  • With the onset of good weather, inventory levels have risen slightly. However, contracts are being written faster than new listings, keeping the 1.6 month inventory supply at an all-time record low.
Planning to sell?  Call us at 575-0140 or 437-0209 to book a pre-listing consultation. We'll help you get your home ready for market and project your closing costs and net proceeds.

Grand Rapids Market Off to Another Fast Start

by Bob & Lisa Novosad
Grand Rapids Market
Off to Another Fast Start
 
 
2016 is starting off right where 2015 ended with strong buyer demand, rising prices, short inventory and some multiple-offer contract scenarios. Will the trend continue for the next 10 months? Only time will tell as we now head into the peak months for the spring and summer market. Here are some numbers for buyers and sellers to keep in mind as we move forward:
This is the first time the average sale price has climbed past the pre-recession high of $163,924 in 2006!
Planning to sell later this year? Call us to book a pre-listing consultation. We'll project your closing costs and net proceeds and help get your home ready so it shines in the market. 

Displaying blog entries 1-10 of 52

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Contact Information

Photo of Bob & Lisa Novosad Real Estate
Bob & Lisa Novosad
The Novosad Team, LLC, Keller Williams Realty
630 Kenmoor SE, Suite 101
Grand Rapids MI 49546
(616) 575-0140
616-437-0209
Fax: 866-801-1086