Ever since the middle of 2015, the West Michigan real estate market and Grand Rapids real estate market have been so hot that buyers have found themselves frustrated. Viewing a home and making an offer on the same day it is listed has become an all too common practice, one which is leading to buyer frustration and stress. Sellers on the other hand, have been seeing a boom wherein they are no longer expected to pay for closing costs. Indeed, many are seeing their homes sell quickly, with minimal marketing and few, if any, open houses needed to spread the word about their property.
The early summer of 2016 has seen a slight redistribution of power in the local real estate market, as buyers, tired of the competitive market and increased asking prices, have decided to sit back and wait. Of course, quite a few properties are still selling with days of listing, often at or even over the asking price, but others, which may be in excellent condition, well-priced, and in desirable neighborhoods, are taking a bit longer to move. Sellers are eager to get their homes on the market, hoping to make the most of the upturn in home values across the region and the nation. Buyers are also feeling increasingly confident in the economy and the housing market, which is leading to more interest in home ownership and even real estate investing.
For potential buyers, this minor slow-down is a positive thing. Slightly increased local real estate inventory combined with uncertainty about Federal rate changes have led to lower listing prices on some properties. Of course, the improved home values being seen on the current market are still motivating those who haven't considered selling their homes in years to weight the possibilities of listing their home. As more of these high-value homes come into the market, buyers are seeing opportunities in areas where there have been few since the 2008 economic downturn.
Given the continued low prime rate and the minor uptick in available properties, right now is actually a great time to be a buyer in the real estate market, provided that you can be patient during the home search process. Not only will you have a chance to view and possibly make an offer on homes that haven't been on the market in nearly a decade due to value decreases that have since corrected, it's also a great time to get moved and established before the beginning of another school year.
If you are considering buying a home, whether it's your first property or a cabin or investment home, or if you are thinking about listing your home and purchasing a new one, right now is a great time to begin that process! The dedicated, educated team of West Michigan Realtors at Pyxis Realty is ready to take your call, text, or email and help get you into the real estate market with expert guidance to help alleviate the stresses involved with the selling or buying process.