Well, it’s been a long time since we could say this, but the Grand Rapids real estate market is hot!!!

The listing inventory for single family homes and Condominiums  is the lowest for the Grand Rapids real estate board since 2006.  We have a total of 4024 properties for sale. that is down 8% from last year and 11% from 2010.

In East Grand Rapids real estate, there are 83 current active listings, both single family and Condominiums and that number is down from a high of 157 back in 2008.

In the Forest Hills school district, which is Grand Rapids Township, Ada Township and Cascade Township, there are currently 261 properties for sale, that is down from a high of over 372 back in 2008.

In the Rockford school district, there are 270 properties currently listed, that is down from over 390 back in 2008.

In the Caledonia school district, there are 156 properties currently listed, down from over 284 in 2008.

What this all means is this:  With less inventory on the Grand Rapids real estate market, and interest rates at all time record lows of between 3-4% for a 30 year fixed rate mortgage,  homes are selling and buyers are buying.  So, if you are thinking about jumping into the Grand Rapids real estate  market whether it is buying or selling or both, now is the time. Make sure you choose a Grand Rapids real estate agent that has knowledge of the market and has lived in the area for a good portion of his or her life, because knowledge of the area is as important as knowledge of the real estate market.  Prices are still very attractive, but starting to come up a few percentage points every month and locking into a mortgage at today’s rates is something that we may never see again in the next 50 years.

If you are looking to sell your home in the East Grand Rapids real estate market, now is the time!!! As of today, this is lowest lowest inventory of listed properties in East Grand rapids schools district since 2004, 70 listings.  The average amount of listed homes in the East Grand Rapids school district is usually 85-95 houses.  In the past 5-6 years, we have been as high as 132 homes listed at one point in 2008. What that means is with the lower inventory of homes for sale in East Grand Rapids school district, that will drive home prices up, as the choices are fewer for home buyers. With interest rates still at historic lows and spring time around the corner, if you are thinking about selling your home, what a time to put it on the Grand Rapids real estate market.  Contact The Sprich Group….www.homes4saleingr.com

There is a very good article in today’s Grand Rapids press that explains how to sell your Grand Rapids real estate market home. Cami Reister explains along with a few Grand Rapids real estate agents, that there is a process that Grand Rapids home sellers most go through to get there home sold.

As I have stated before, we are at the lowest home inventories in Grand Rapids since 2005. Grand Rapids home values have started to creep up. But to sell your home, you have to come to the realization of a few things:

1. Your home has to be ready to show at all times.

2. Have your home in move -in condition….your competition does.

3. Lower the price to sell. Yes, you will loose some hard earned equity….but you will more than make up that deficit when you buy your new and more expensive home.

4. Good offers still have to get through financing and appraisal.

5. Above all, “listen to your Grand Rapids real estate agent.”

Click here to see the entire article.

Tom,

Thank you so much for all of your help in finding the right house in Rockford for me.  It took a lot longer than both of us would liked, but I am glad it did, because we found the perfect one.  I really appreciate all of your hard work and dedication, it shows you are a true real estate professional.  It did not matter if it was Saturday afternoon or a Wednesday night; you were there to show me the next house.  Every step in the real estate buying process went very smoothly– inspections and mortgage and closing were a non - hassle with your help and direction.  Thanks again for all of your help!  I will pass your name around to whom ever need a real estate agent in Grand Rapids.

Andrew –

Here is some great information put together by a local lender here in Grand Rapids that I recommend for my buyers and sellers. Kip Doezema, Asst. Vice President and Mortgage loan originator for Chemical Bank in Grand Rapids, has laid out some numbers that will get buyers out there buying a new home. This information will show you that, with rates going up, as they are now, that a rise in interest rates of 1% is the same as a 10% sale price increase. Please see below for further explanation:
Mortgage Numbers for a home in East Grand Rapids:

$250,000 home with 20% down:

Taxes = $5500/yr Insurance = $600/yr

$200,000 @ 5.0% (30 yr fixed) = $1073/mo + 458 + 50 = $1581/mo
$200,000 @ 6.0% (30 yr fixed) = $1199/mo + 458 + 50 = $1707/mo

$275,000 home with 20% down:
Taxes = $6000/yr Insurance = $660/yr

$220,000 @ 5.0% (30 yr fixed) = $1181/mo + 500 + 55 = $1736/mo

Kip Doezema AVP – Mortgage Lender
Chemical Bank – East Paris Branch
kip.doezema@chemicalbankmi.com
4024 Park East Ct. Suite A
Grand Rapids, MI 49546
T: 616.588.7516 / F: 616.588.6361/C: 616.889.0684

Check out this article in the Grand Rapids Press as well as Mlive.com. It speaks about the outlook for Grand Rapids and all of Western Michigan in regard to the real estate outlook for 2011. This article addresses interest rates and the fact that they are still very attractive, open houses, why you should buy a home now, why sell your home now, and how the Grand Rapids real estate market is reacting to the economy.  The article was written by Cami Reister.  Click here to view the article:

Make sure that you take the time to shop for your home owners insurance the next time it comes up for renewal.

Don’t miss this great new listing in a highly desirable area just west of Breton Village. This home has been updated with paint, new kitchen, new bathrooms and gleaming hardwood floors everywhere. Just click anywhere, and take a peek!

Home prices rose for the third straight month in August, data Tuesday showed, a key sign for a broad and sustained housing recovery.

The Standard & Poor’s/Case-Shiller home price index of 20 major cities climbed 1 percent from July to a seasonally adjusted reading of 144.5. While prices are down 11.4 percent from August a year ago, the annual declines have slowed since February.

Prices are at levels not seen since August 2003 and have fallen almost 30 percent from the peak in May 2006.

The latest index shows a widespread turnaround with prices rising month-over-month in 15 metro areas since June.

“If the increases are consistent across the markets, this is key,” said Wharton School real estate professor Susan Wachter before the index was released. “Then we’re seeing the formation of a bottom.”

However, Wachter along with other industry experts still worry that rising unemployment and more foreclosures could stifle the rebound. Another unknown is whether a temporary federal tax credit for first-time buyers will be extended to help boost sales.

First-time homebuyers can receive a credit of 10 percent of the sales price, up to $8,000. The real estate industry is lobbying Congress to extend the credit past the Nov. 30 deadline. Top Democrats in the Senate are pressing a plan that would prolong the credit but gradually phase it out over the next year.

Not all metros posted gains in August, though. Prices in Las Vegas, Seattle and Charlotte, N.C., all fell to their lowest levels in August. Prices in Las Vegas have plunged by 56 percent since peaking in April 2006, the largest peak-to-trough decline of all 20 cities.

Just a quick reminder to turn your clocks back on November 1st for Daylight Savings Time!!!!