What You Can Expect from the Spring Grand Rapids Real Estate Market
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Today I wanted to give you an update for the Grand Rapids real estate market. Before I begin, I wanted to point out some links on our blog that could be very useful to you. There is a free home seller value report along with a free MLS home search. If you have a few minutes, take a look at them! I hope you find a lot of value in them.
The market is Grand Rapids is weighed more towards the favor of the sellers. We can tell the status of the market by looking at the absorption rate. If the absorption rate is anything higher than 20%, we are definitely in a seller’s market. Anything under 20% would be a buyer’s market. How we find the absorption rate is done by calculating how many homes are sold in a particular amount of time and divide that by the number of homes that are for sale at the end of the particular amount of time. The absorption rate gives us a great baseline of where we are in the market.
Current inventory levels in Grand Rapids are at about four months.Interestingly enough, this same time last year we saw the same levels of inventory. What we saw heading into the year was a very early spring market. Inventory levels dropped into the three month range combined with favorable interest rates made for a strong spring market.
With everything available to real estate agents today in terms of tracking and trending, we expect to have another strong spring market as well. If interest rates remain favorable, this will allow inventory to drop and give us a strong start to spring 2014. This is very exciting!
If you or anyone you know is looking to buy or sell a home in the West Michigan area, give us a call at (616) 942-2449 or send me at email firstname.lastname@example.org. Thanks and have a great day!