The Sprich Group has just listed a home in Grand Rapids real estate at 2318 College Ave. in the very desirable Alger Heights neighborhood. This  Great 4 Bedroom, 2 bath home on the SE side of Grand Rapids is Ready For A Family To Move In. There Is An Expansive Living Room With Fireplace, Kitchen With Eating Area, 2 Bedrooms And A Bath. There Is A Very Nice 3 Season Porch Off The Back As Well As A Cobblestone Patio And Nice Fenced Back Yard With Storage Shed And Garden Area. There Are 2 Bedrooms Up With Another Full Bath, And Down Is A Rec Room, Storage And Utilities. There Are Arches, Nooks, Built -ins, Hardwood Floors And A 2 Stall Garage. Mostly Brick Exterior And Character Everywhere. Come See This One!!!! Priced at a very attractive $89,900.

Here is a recent testimonial from a happy Grand Rapids real estate buyer working with The Sprich Group!!!

Tom,

Thank you so much for all of your help with purchasing our first home.  Coming into my office at 10:00 pm, so we could get the offer finished,  showed how much you cared about getting us and getting the house for us.  The process went much quicker than we expected,  but you were there to make everything hassle free and easy.  Thanks again for all of the help and we will be sure to pass your name along to others who are looking for a great Grand Rapids real estate agent.

Lance and Jenna

Here is another testimonial from a happy Grand Rapids real estate seller.

Tom,

Thank you so much for all of your hard work and perseverance in selling my condominium for me. The way you communicated with me after every showing and open house was really helpful. Also, your weekly updates gave me a great perspective on the weekly market trends.  I truly appreciate everything you did and am so happy that I can now move on.

Your gift was so nice and appreciated, but totally unnecessary.  If anyone I know is looking for a great Grand Rapids real estate agent, The Sprich Group will be the first one I say.

Thanks again,

Mary Ann

Here is what any Grand Rapids real estate first time home buyer needs to do to be ready to buy their first home in Grand Rapids!

1. GET YOUR CREDIT IN ORDER

The first step toward buying your first home takes place months before walking into your lender’s office. It’s crucial to check your credit score at least three to six months ahead of your mortgage application.  You can request a free copy of the report from each of the three credit bureaus (Experian, TransUnion and Equifax) at many different web sites.

2. SET UP A MEETING WITH AT LEAST ONE LENDER

The next step is to set up at least one or two meetings with a local lender and get yourself pre-approved for a certain dollar amount. There are also other costs involved with buying a home, so also get a good-faith estimate from each lender you speak to, because there is more to a lender than his or her interest rate.

3.  BE PREPARED FOR THE DOWN PAYMENT

Now starts the money talk. You have to be ready for the costs of the down payment and closing costs.  It used to be the norm to put 20 percent down, but with the market in its current state of flux, many first-time homebuyers are finding ways to pay just 3 to 5 percent of the total cost upfront. Federal Housing Act (FHA) loans increasingly have become a popular option for first-time buyers. These competitively low-interest loans are ideal for buyers with less than perfect credit, and because the Department of Housing and Urban Development (HUD) minimizes the risk of default for lenders on these loans, borrowers are only required to put down 3.5 percent of the cost–a far cry from the traditional 20 percent down payment.  Still, there are advantages to paying more at the start. A larger down payment ultimately means smaller monthly bills down the line. Also, if you purchase a conventional loan, paying 20 percent or more upfront will eliminate the need to pay Private Mortgage Insurance (PMI) charges. PMI is insurance for your lender that can be paid upfront or in monthly installments, and is designed to offset your lender’s risk in the case that you’ve paid less than 20 percent on your home. It can cost around $55 a month per $100,000 financed. While it’s important to note that FHA loans also carry mortgage insurance with a down payment of under 20 percent, their low barriers to own still make them a good choice for first-time buyers.

4. FINDING A KNOWLEDGABLE REAL ESTATE AGENT

Finding the perfect home can have a lot to do with finding a compatible real estate agent, especially in today’s evolving mortgage landscape. “The person you choose will quarterback the whole process for you,” he explains. It’s crucial to be in contact with an agent before starting the home search, “because you might be looking at x when all you can afford is y.” First-time home buyers should make it clear what features they’re looking for and how much they’re willing to spend.

There are, however, certain questions that Fair Housing laws prohibit agents from answering, such as where to find religious centers in the area, the quality of the school systems, and crime rates. Be proactive in speaking with members of the community and inquire about the issues that matter most to you. For parents, search public sex offender registries, which can be found online, to see if there are high-risk areas in the neighborhood. In most states, agents must disclose whether violent crimes occurred on a property within a set number of years, but not so with suicides — find your comfort level and do your research.

When making an offer, make sure your agent pulls comps that have sold in the last year for that particular area. That will help you decide what the home should sell for and where to write your offer.

At signing, the buyer should demand that the contract be contingent on an objective appraisal of the house. Look into the history of the home and make sure there aren’t any liens against the property. You should be able to negotiate with the seller to make any necessary repairs to the house before closing on the deal.

Contingencies vary by state, but you should certainly inspect the home for possible lead paint, radon, and structural issues. Depending on which contingencies your state recognizes, these flaws can provide grounds to cancel the contract without penalty, and get back the earnest money deposit you put down at the start of negotiations.

5. CLOSING THE DEAL

The whole process, from start to finish should take you about 2-4 months. Once a contract has been written, the closing process should take about 30-45 days.

Now it’s time to move and enjoy your first home.

The Sprich Group has just listed a condominium in Cross Creek at 2353 Edington Court. This Grand Rapids real estate condominium has 2 bedrooms, 2 full baths, living room with fireplace, kitchen with snack bar, dining area, sliders to a deck all on the main level. The lower level has a large family room, full bath, a small kitchenette, great storage and sliders to a patio. This ranch style condo has over 1850 square feet and is in move in condition.  This condo is priced to sell at $144,900.

The Grand Rapids real estate market sales are still behind last years sales according to the Grand Rapids real estate Board, but there is one good reason why….the “home buyers tax credit”.  For a more in depth look at this article by Cami Reister of The Grand Rapids Press, click here.

East Grand Rapids real estate values are one of three communities in the Kent and Ottawa Counties that saw their property values rise. The other two communities were Cannon Township and Courtland Township. According to Brian Donovan, East Grand Rapids city manager, East Grand Rapids home values are up 1.75%. As I have said in many of my blogs, real estate values are driven by the strength of the school system and East Grand Rapids has one of the strongest public school systems in the State of Michigan. For a more in depth look at this article by Rick Wilson of the Grand Rapids Press, click here.

Grand Rapids real estate just listed!! The Sprich Group just listed a Grand Rapids condominium  at 1765 Sanderling in Knapp Valley Condominiums off of Knapp road in Grand Rapids. This condo has 3 bedrooms, 2 1/2 baths, is a walkout and has wonderful views of the woods behind the condo. For more information, click here.

East Grand Rapids real estate always has been and continues to be a good investment. As real estate values across the country have dropped double digit figures, we here in Michigan have felt some of those same figures. The east side of Michigan has been hit hard with the auto industry issues and their real estate values are down 18 to 30% from the Detroit area north to the Tri-cities,(Flint, Saginaw and Bay City).

Here in western Michigan, we have also had a few down years in real estate values, but not as hard hit as the East side of the state. The greater Grand Rapids area is down about 13 to 19% across the board….but then there is East Grand Rapids.

The East Grand Rapids real estate market has seemed to continue to hold most of it’s value. Yes, there have been some declines in value, but not nearly as significant. Here are some numbers to look at for homes sold in East Grand Rapids in 2008-2010:

2008 average sale price – $254,000

2009 average sale price – $257,000

2010 average sale price – $275,000

So, when you are looking to buy a home in the Grand Rapids real estate market, remember to think long term, as your home is not just what you live in, but it is also a very large investment in your future. What makes East Grand Rapids real estate values so strong over the years? The East Grand Rapids schools, some of the best in the state, Reeds Lake and Fisk Lake,  the parks, Gaslight Village, sidewalks and above all, the community and it’s people.

An East Grand Rapids home has proven over the years to be a great investment and as you can see, continues to be a very good investment in your future.

Grand Rapids real estate —Cross Creek West condominium just lowered to $199,900. . This is one of only a few 2 unit condos in Cross Creek. This Grand Rapids condo has 3 bedrooms and 3 baths and about 2,000 square feet. Wonderful views out of the back sun room overlooking the woods with deer, turkey and so on. For more info, click here.