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.