This fall has been a great time to buy a home or sell one on the West Michigan market, and that observation has been backed up by the sales report released by the Grand Rapids Area Realtors. The statistics from the month of October are in, and there's little question that the Grand Rapids real estate market and West Michigan real estate market remain hot as ever, despite the changing of the seasons. Additionally, analysis of financing averages also indicates that consumers were receiving better deals while closing on homes this year as opposed to the same time last year.
At the end of October, the number of houses sold in the greater Grand Rapids area was up by 12.3% when compared to the same period in 2014, which is a substantial increase. Volume of transactions is also up by a staggering 21.5%, leaving some with the strong impression that 2015 will very likely set some records as far as the West Michigan real estate market and Grand Rapids real estate market are concerned.
The value of the average home sold in the area is up by over $10,000 per unit. Last year at this time, the average home sale value was $165,051, but this year that average stands at $178,460. That's an increase in the average price of sold homes in the area of a whopping $13,409. That means that for those selling their homes, they are likely to make a decent profit on the transaction, while prices in the area are still below the national average for similarly sized and located homes, meaning that buyers are also getting a great deal and value for their purchase!
From the purchaser standpoint, mortgage rates in general are slightly lower than they were this time last year, and much more of the loans being written are fixed-rate mortgages, meaning they won't be subject to massive fluctuations in cost when the Federal Reserve adjusts the prime interest rate. Foreclosures, which plagued local communities a few years ago, are down to only 2.1%, which is quite low. Additionally, while demand remains strong, there is currently less than three months worth of inventory available for sale in the region, meaning the market will likely stay competitive for the foreseeable future.
Here at Pyxis Realty, our professional staff of experienced realtors takes great pride on an ongoing, up-to-date awareness of the local real estate market, national trends, and shifts in community and culture. All of these aspects play greatly into the ability to predict how a neighborhood will evolve in the upcoming years and thus, the long-term value and viability of a home purchase. Don't gamble when it comes to the one of the biggest investments you will make in your life! Head to the table prepared with the assistance of some of the best local real estate professionals, here to help you through every step of the home buying process. Whether you're looking for your first home, an investment property, or intend to sell your current home to move somewhere larger or smaller, call the team at Pyxis Realty today for confidence when you're closing!