In June 2015, the Michigan Board of Realtors confirmed what many local experts and professionals had been saying for some time: West Michigan's real estate market is improving rapidly. Compared with figures from 2014, this last quarter's home sales were up by roughly 35%, a massive increase.
As of March of this year, according to the Michigan Board of Realtors, 996 homes in West Michigan sold, which is substantially more than the 737 homes that sold during the same period last year. And the good news doesn't end there; home are also selling for higher prices than they were at this time last year. The average home sale price in 2014 increased 17%, from $140,335 to $162,394. Thankfully, because West Michigan was never fully absorbed by the real estate bubble, prices have remain, if low, still relatively stable on this side of the state.
Professionals are cautiously optimistic that this uptick in sales and prices is natural and sustainable, not the effect of a real estate bubble. They point to the fact that the majority of sales are currently to first time homeowners, those looking to upgrade or downgrade their home size, and those who have recently moved to the West Michigan area for employment.
According to The Associated Press, a 20-city home price index maintained by Standard & Poor's/Case-Shiller indicates that in those 20 markets, prices were up roughly 5% in February and 4.5% in January. This is good news for those looking to sell their home. Currently, many homes are selling in a day or two, often with multiple offers at or above asking price.
At Pyxis Realty, our staff of devoted, experienced realtors are standing by, ready to list your home and help you maximize your profit from its sale. Contact our office today via email or the phone (616)247-7801 or check out our online -home )value estimator, which can give you an idea of the price your home could fetch in the current market.
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Having an experienced realtor on your side is one sure way to avoid the biggest pitfall made by sellers hoping to cash in on an improved market: overpricing the home to take advantage of the competitive market. Of course everyone wants to make a reasonable profit on the sale of a structure or property, but it's important to note that many of the homes that are not selling within a few days currently are those whose price does not seems competitive when compared to similar properties nearby. A realtor can help you make minor improvements and ensure that the home is staged in a manner that maximizes its appeal to buyers on the current market and thus the price you can command for it.
Whether you're looking to upsize, downsize, or switch neighborhoods, right now is a great time to put your home on the market, especially if it is move-in ready or close to it. Our expert, hard-working team here at Pyxis Realty is ready to work with you to get you the best price possible and to help you locate a new home that fits all of your needs.