It’s A Home Seller’s Market In West Michigan
If you're looking to sell your home, great news! It's a seller's market. If you're looking to buy a home in West Michigan, it won't be so easy.
In some places, home prices have more than doubled. Homes are getting multiple offers and selling in one day. Local real estate agents say they have never seen anything like it. If you want to purchase a house in West Michigan, you'll need money and be ready to act quickly.
Realtor Mike Smallegan told WOOD TV,
"I think the market is stronger than last year because people have spent enough time in their homes to realize they want something different."
Low home inventory, low interest rates and savings from the past pandemic year all contribute to the boom. Smallegan gave advice on how to get a jump on home ownership,
"a good lender can be just as good. It’s all about the dollar amount not dollars in hand. Another tip: Think about an appraisal guarantee."
Another tip to consider when trying to purchase a home during this house shortage is to zero in on your key requirements and be flexible with the rest.
Home list prices in Grand Rapids are up 16%. In Muskegon County they are up by 32%. In Ottawa County they have risen by 78%. In Allegan County home list prices have gained 91%.
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