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.
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.