Even though the Grand Rapids real estate market has slowed down in recent months, there are still plenty of home buyers eager to make a purchase. Knowing how to prepare your home to be sold, when to allow access for showings, and how you can offer buyer incentives will help you find the right buyer, even in a declining market.
Before you even put your home for sale in Grand Rapids, make sure that all basic repairs are completed. Nothing can turn off a prospective buyer quicker than loose railings, torn screens or missing hardware on cupboard doors. These easy repairs do not cost a lot of money. If a home buyer sees that the little things are not attended to, they are likely to assume that the larger things are neglected as well. Let buyers know that you have pride in your home by making sure that all of the small repairs are taken care of.
Keep your home clean throughout the time it is on the market. In a slow real estate market, it is important to have your home available to show at a moment’s notice. The more often your home is shown, the likelier it is that your home will sell. Keep your home available to your Realtor and they will be able to show your home quickly to any buyer that shows interest.
Have your home staged by a professional. Home staging has become a booming business and a professional home stager will help you remove clutter and depersonalize your space. Prospective home buyers want to picture their family in the home, not yours and a home full of personal clutter will not show off the potential of your home.
Keep pets contained during a real estate showing and make sure that your cat litter box is always clean. Pet owners tend to get used to the odors caused by litter boxes and it is important that you remember to clean it every day. Nothing will turn off a prospective home buyer like a home that smells. Many people are fearful of dogs, especially ones that they do not know. Make sure that you either take your dog with you for a showing or put them on a leash outside.
Be realistic in your expectations of the price you will be able to get for your home. Forget about what could have been if you had sold it last year and focus on what your home is worth now. In a buyer’s market, buyers don’t have to negotiate much. Buyers know that you want to sell your home and a home that is priced too high is likely to be looked over. Ask a fair price for your home to avoid the need for too much negotiation.
In a slow market, hiring a real estate agent is crucial to get your home sold in a reasonable amount of time. Yes, there are ways you can list your home for sale by owner using the internet, but nothing beats the experience that comes from a real estate agent who is able to take care of everything in order to sell your home.
Putting your home on the market can be a stressful time, but you can be successful in selling your home if you remain patient, reasonable and flexible. There are buyers out there and the key is to find them and get them to fall in love with your home.

Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 4.85 percent with an average 0.7 point for the week ending March 26, 2009, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971 for the 30-year FRM.
Potential homebuyers are taking notice of these historically low mortgage rates. Both new and existing home sales rose 5 percent in February. First-time homebuyers accounted for half of all existing home sales, according to the National Association of Realtors®. In addition, mortgage applications for home purchases consecutively rose over the first three weeks in March, based on figures published by the Mortgage Bankers Association.
What the federal government is doing seems to be working, so it is time to get out there and buy some real estate. There has never been a better time to buy a home. Money has never been cheaper to borrow, prices of homes are at record lows and banks are now equipped to lend money again. Also, first-time home buyers will have until December to take advantage of the $8,000.00 tax CREDIT for 2009.
Now, for all you sellers out there that are worried about what they will end up getting for their home, remember that you will make as much or more when you buy that next one. So, get out there and find your dream house!! Trust me, real estate is the best investment for 2009 and beyond.

Contrary to headlines announcing falling home values, foreclosures and other consumer blues, there is now news that many homeowners are happy with their current homes and think this is a great time for buyers to enter the market.

According to a recent Pew Research Center Social & Demographic Trends survey, 90% of participating homeowners view their home as a comfort in life instead of a burden, even as market values drift downward.

These happy homeowners also tend to give high marks to their community for cost of living and available cultural activities, and though 79% say it’s a bad time to sell a home in their area, 65% feel it’s a good time to buy.

This trend squares with the current news that February home sales were up 5.1%, the biggest surge since 2003. As for the folks who regard themselves as burdened homeowners, nearly half (45%) say they’re likely to move in the next five years but expect to have a rough time doing so.

Nine in ten of these burdened owners say it’s a bad time to sell a home in their area, and are staying put for the present in communities they gave fair-to-poor marks for cost of living and cultural aspects. So, it’s still mostly “home sweet home” for many owners around the country, and those looking to join their ranks can find great opportunities in their home searches around the country.

Five reasons to buy a home this year:

People are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you’re brave enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime.
If you’re qualified to buy a home now,and the purchase makes sense for your situation and you’re prepared to live in that home for at least five years, there are five reasons why you may be headed for a great deal:
1. Affordability is better than ever.
According to the National Association of Realtors housing affordability index, homes were more affordable in December 2008 than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income. A recent report from Moody’s Economy.com predicted that house prices will stabilize by the end of 2009. By the end of the real-estate downturn, prices will have fallen by double digits, from peak to trough, in almost 62% of the nation’s 381 metro areas, according to the report. In 10% of the areas declines will be more than 30%. However, not all markets have experienced huge drops, so it’s wise to take a look at how far prices have fallen in your area.

2. You have a large inventory to choose from.
In many places it is taking months to sell a home, creating loads of inventory — from new homes to existing homes to foreclosures. There was a 9.6-month supply of unsold existing homes in January given that month’s sales pace, according to NAR. For new homes, the inventory hit a 13.3-month supply at the end of January, giving buyers a larger selection to choose from, while driving prices down. It is fair to say that home sellers have become increasingly desperate. People who have had “for-sale” signs in the yard for six months are becoming in tune with the reality of the situation. But if you put off a purchase until inventory shrinks substantially, you might not get as good a price. It’s nearly impossible to predict the exact bottom of the housing market and even if you do, there is no guarantee you will make a killing.

3. Builders are offering big discounts.
Home builders are getting even more aggressive with their pricing. I recommend looking at completed new homes first because builders are offering such deep discounts. In working with builders, often buyers try to buy without a agent– Big mistake! There are many reasons why you still need a Realtor, just as you would if buying an existing home listed on the market. There are many things to negotiate like; price, inspections, warranty… Furthermore, if it is a “spec” home, then possibly even repairs.

4. Mortgage rates are historically low.
It’s not just the price of the home that will affect affordability; mortgage terms will also affect your monthly payments. These days, rates are very attractive for conforming loans, those that can be purchased by mortgage agencies Fannie Mae and Freddie Mac.
Earlier this year, rates on the popular 30-year fixed-rate mortgage hit a level not seen in decades. Rates have stayed relatively near that low for weeks. This week, the 30-year fixed-rate mortgage is 5.2%. Keep in mind that low rates don’t mean lenders are handing out mortgages easily. You’ll need good credit, a substantial down payment and a willingness to document your income in order to qualify for those great rates, if you can qualify at all.

5. You can get a federal tax credit.
There is now a federal credit of up to $8,000 for first time home buyers. Unlike the previous credit, this is money that doesn’t have to be paid back. That extra cash will come in handy. The average first-time home buyer spends about $6,000 in the first six months of owning a home. Waiting for further federal developments, however, might sap a buyer’s negotiating power, as more people get back into the market and competition returns.

First Time Home Buyer Tips
Being a first time home buyer is intimidating and a big life experience. First time home buyers often don’t know where to begin. We can help. From mortgages, to home searches in your best places to live and schools information we can give you the tools you need to move forward. One of the first steps to being a first time home buyer is to get your financial house in order and make sure your credit is great. Once pre-approved for a mortgage, the home search process (the fun part) begins.

There are lots of styles of homes and neighborhoods research you’ll want to explore as a first time home buyer before settling for a place and looking for homes. Search homes online and get help from a buyer’s agent to help you secure a great first time home at a fair price. The mortgage types for first time home buyers may be more difficult to get these days and the process intimidating. Once your offer is accepted be sure to check out moving resources to get quotes on movers and other tools for first time home buyers moving into a new area.

As a first time home buyer be sure to keep some things in mind before you settle down. Is the neighborhood great? Is the area appreciating? Does your home have the room you need for family growth? How is the job market in the area and how close are your favorite hot spots? Once you find the right place, unpack and enjoy! Your first time home buyer experience is now complete.
Now, that’s what makes Grand rapids the right choice for a first time home buyer. Prices have never been lower. The interest rates are at all time lows and Grand Rapids is a great mid-sized city with continued growth and much to do. Also, we have a up and coming downtown area as well as a incoming Medical school that will change this cities standing in health care across the country. This city is going to be hiring many people in both the health care industry as well as other jobs associated with it to bring this cities economy back on the upswing. Grand rapids is and always will be one of the bright lights in Michigan and I invite you to come and check out our city.

Great for Parties and holidays!

March 2009
February 2009 Homes Sales Increase

Grand Rapids Association of Realtors hails February’s increase in home sales
by Cami Reister | The Grand Rapids Press
Tuesday March 10, 2009, 7:29 AM

GRAND RAPIDS — One month of good statistics does not make a trend, but it sure can make people smile.

The number of homes sold in the Grand Rapids area last month was 1 percent higher than February 2008, ending a yearlong run of sales lagging the same period the year before.

Sales of single-family homes alone were up more than 5 percent.

“That’s not a trend,” said Greg Carlson, president of the Grand Rapids Association of Realtors, “but you have to say that’s good news no matter how you slice it.”

What did not change was the 22-month slide of the average sale price. At $95,309, it is 20 percent lower than a year ago.

Julie Rietberg, chief executive of the association, said no can say if the market is near the bottom, but the numbers do spark hope.

“Many of the economists I’ve been listening to say the return of the market, the way we knew it, starts with an increasing number of actual sales, even though the prices might still drop,” she said.

A continued drop in inventory also is a positive. There were 8,942 residential listings last month, marking the seventh consecutive month of declines.

Jamie Starner, of Starner Realty, said that news is as good as the uptick in sales.

“That may change as we hit the full spring market,” he said. “But we need better balance between supply and demand.”

Keller Williams agent Hope Kolker said the numbers reflect what she is seeing and hearing in the market.

“I’m getting buyers,” she said. “I thought I would have a million listings and not many buyers, but it’s absolutely the opposite for me.”

Homes that are in good shape and do not need a lot of work are in demand, too, she said.

“If they are priced right and staged right, you get people flocking,” she said.

More of the sales continue to be foreclosure properties or short sales. The tally last month was 72 percent.

More than half the homes sold last month had prices below $80,000. The highest selling property fell between $500,000 and $600,000.

These are tough times for home sellers. If you’re one of them, it can be tempting to launch into a series of home renovations to make your home more desirable. But be discerning about your choices — certain renovations can actually decrease the value of your home. Money magazine suggests avoiding these four renovations at all costs:

A swimming pool.
If you don’t know this already, a swimming pool is a liability, not an asset. Unless you live in a hot climate; in the Southwest, a pool can increase a home’s value by 11 percent.

Home addition.
Sure, an addition to your home will add inside space. But how will it look from the outside? Many home additions can look boxy or unnatural with the rest of the house.

Trendy finishes.
Don’t fall for the latest style or trend when it comes to renovating. As soon as it’s out of style, it will stick out — and look bad.

A Jacuzzi.
Nothing beats a good soak after a long day. But not everyone loves a giant tub with multiple jets. Instead, try a rain shower head if you want to add some luxury to a bathroom.

How to sell quickly:
With the spring home-buying season fast approaching, panic is setting in among sellers in slowing markets nationwide forced to consider price cuts to unload their properties. The U.S. inventory of unsold homes hit a record 1,066,000 units in January and over 8,800 units in the Grand Rapids metropolitan area currently. In some of last year’s hottest regional markets, inventories are five times higher than a year ago. Buyers are taking a wait-and-see attitude. It’s the nature of buyers to seek a bargain, and if they think prices are going to go lower, they will wait as long as it takes. So, it is time to get aggressive and lower your price to be the best buy in your neighborhood, because, remember, you are going to get the same or better deal when you buy…so don’t wait any longer…it’s time to get aggressive!!!