Is It the Right Time to Buy?
Michael Weitzman • November 14, 2014
One of the questions any Grand Rapids real estate agent hears pretty regularly is “Is it the right time to buy?” The last thing a buyer wants to do is to second guess whether they should have held off on something as important as a new home purchase.
Lately West Michigan in particular has been a hot housing market, as job growth and quality of life attract more and more people to the area. From a market standpoint, the combination of market forces in West Michigan make it a very appealing time to buy a home in the Grand Rapids area. You can look at the question based on a number of factors:
- Inventory. You may have heard that the home inventory in the Grand Rapids area, or the number of homes on the market, has been very low this year – in fact lower than it’s been in over 10 years. As of the last report, we have about 3.6 months of home inventory based on pending sales. What does that mean if you’re thinking of buying a home? It means that homes are selling more quickly than normal. Don’t let the low inventory deter you, of course, because there are still thousands of listings in the Grand Rapids market, and new homes coming to market all the time. For a buyer who is seriously looking, it makes sense to keep in close contact with your Grand Rapids real estate agent, and when a great home that fits your criteria is available, you’ll probably want to check it out as soon as you can.
- Prices. Average home prices are slowly rising, especially when compared with last year. That’s partly due to a much lower inventory of foreclosed and short sale homes. However, prices for all homes are on the rebound, although still not that far from the lows during the housing market crash.
- Mortgage interest rates. Interest rates remain favorable and much lower than analysts expected at this point, although they are slowly rising. If you consider the expected lifetime of a mortgage and the fact that rates continue to be historically low, buyers should realize a substantial savings in mortgage interest over time.
So is it the right time to buy? The best time to buy a home is when you’re ready! If your personal circumstances are favorable (considering job, finances, family situation, and any other factors you need to consider), the market certainly is! Search through local real estate listings today, and then contact The Sprich Group when you’re ready to work with a Grand Rapids real estate agent familiar with the changes in the market over time.
Photo: Sebastiaan ter Burg
When sellers put up a home, there are a lot of factors to consider. However, pricing is very important. Sellers understand that buyers can now research information, and they are now smarter than ever. So, they need to set a reasonable price for their homes. Besides, the initial price differentiates between a painless sale and months of frustration. Here are five common house pricing strategies sellers use.
Buying a home is a significant investment, and it can be an exciting process. You have read about how important it is to get pre-approved and pre-qualified to stand out from the competition. However, when the home appraises for less than the agreed-upon price during the home appraisal, you risk losing your home or your money. Here is a guide on appraisal gaps and how to deal with the difference.
Are you looking to settle in Grand Rapids? Grand Rapids offers a growing economy, low cost of living, excellent health care, diverse cultural options, and award-winning schools. Thus, it was ranked among the top places to live. Given the high demand for homes in Grand Rapids, the real estate market is hot, and sometimes, sellers have multiple offers to consider. So, how do you deal with multiple offer situations as a buyer?
If you are trying to buy a home, you are probably keeping tabs on the real estate market trend. The real estate market is constantly shifting, impacting buyers' purchasing decisions. Thus, buyers are always on the lookout for the perfect time when the prices are low to make a purchase. This guide will help you understand the two markets under real estate and how to tell when the market is shifting.
Are you planning on buying or selling a home? While the forces of housing demand and supply affect the market, so do seasons. The seasonality of the real estate market will vary according to location since each region has its nuance. Read on to understand how spring impacts the real estate market and why spring is the best time to invest in your dream home.
As the spring season approaches, it is time to get your home in order if you intend on selling. The real estate market goes up every spring, making it the best time to take advantage of the market and list your property. Preparing your home for listing could seem like a lengthy process for a first-time seller. If you would like your home to stand out among beautiful listed homes for sale in Grand Rapids, follow these tips.
As the market begins to shift and the interest rates start going up, the best time to make your investment in real estate is now. But where should you invest? - In Grand Rapids. Grand Rapids has become a favorite location for many real estate investors due to the competitive housing market and low cost of living.
You plan on selling your home and moving to a new location, but you can’t seem to decide the best town to move to yet. How about Grand Rapids? If you have been waiting for the best time to make an investment in real estate, it's time to make your move. The housing market has begun to shift, and the interest rates are expected to go up soon. So, if you would like your home to sell faster, list your property now for the best deals.
Are you on the lookout for real estate investment opportunities? Have you considered investing in Grand Rapids real estate? With an average population of 200,000 people, Grand Rapids is the second-largest city in Michigan State. The city shows more promise than other cities in the state, making it a prime area for investment. It has the following.
Buying a house is a dream many people would like to accomplish. However, government policies change with the ever-changing real-estate sector and the dynamics of homeowners. Besides finding a suitable mortgage lender, the next considered factor is the interest rate. After the pandemic, the real-estate sector has been significantly affected, and most finance corporations like banks and commercial lenders have lowered their interest to encourage investments. However, a low-interest rate is like stealing money, and a rate between 6 and 8 is a healthy interest rate. Read more about interest rates below.