3 Trends That Are Good News for Grand Rapids Homebuyers

While higher Grand Rapids mortgage rates are creating affordability challenges for Grand Rapids homebuyers this year, there is some good news for those people still looking to buy a home.

As the Grand Rapids market has cooled this year, some of the intensity Grand Rapids buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today.

1. More Homes To Choose from

During the pandemic, Grand Rapids housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a Grand Rapids home because there just weren’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year.

Even though it’s still a sellers’ market and supply is still lower than more normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult.

2. Grand Rapids Bidding Wars Have Eased

One of the top stories in real estate over the past two years was the intensity and frequency of bidding wars. But today, things are different. With more options, you’ll likely see less competition from other buyers looking for homes in Grand Rapids. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale.

If you tried to buy a house in Grand Rapids  or West Michigan over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching for a home in Grand Rapids with less competition.

3. More Negotiation Power

And when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip important steps in the Grand Rapids homebuying process, like the appraisal or inspection, to try to win a bidding war. But the latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving those contingencies is going down.

As a buyer, this is good news. The appraisal and the inspection give you important information about the value and condition of the home you’re buying. And if something turns up in the inspection, you have more power today to renegotiate with the seller.

survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95% of sellers said buyers requested a home inspection, and 67% negotiated with buyers on repairs as a result of the inspection findings.

Bottom Line

While Grand Rapids buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a home in the past, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.

302 Properties
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$2,650,000
Neighborhood: Elmwood Beach
6
Beds
5
Baths
6,325
Sq.Ft.
2020
Year Built
7
Days on Site
22049533
MLS
Relax and enjoy Life in this custom 6 bedroom/5 bath lakefront home. Located on a cul-de-sac peninsula on Gun Lakes iconic Elmwood Beach Road with 150' of private lake frontage to call your own....
$1,200,000
Neighborhood: Georgetown Shores
5
Beds
3F11/2
Baths
4,676
Sq.Ft.
2013
Year Built
6
Days on Site
22049707
MLS
An absolute classic! This beauty sits with a long lake view of popular Georgetown Shores Lake. Enjoy all sports boating in the summer and hockey and skating in the winter! Gorgeous detail abounds...
3
Beds
2F11/2
Baths
2,672
Sq.Ft.
1963
Year Built
8
Days on Site
22049463
MLS
A rare opportunity: over 5 1/2 acres in the heart of Forest Hills. These three parcels tucked away at the end of a quiet street feature a solidly built, well-maintained brick ranch home, a stable, 3...
$829,900
Neighborhood: Georgetown Shores
5
Beds
3F11/2
Baths
4,106
Sq.Ft.
2014
Year Built
7
Days on Site
22049568
MLS
Opportunity to own a Georgetown Shores home on the west all-sports lake in excellent condition with many upgrades. This home has 102 ft of water frontage, a dock and extra garage in back to hold...
5
Beds
3F11/2
Baths
3,916
Sq.Ft.
1991
Year Built
7
Days on Site
22049587
MLS
The wait is over! This spacious home on 9 acres truly has it all, while completely move in ready! Walk in and experience your cathedral ceilings which boast an abundance of natural light! Throughout...
5
Beds
3F11/2
Baths
4,146
Sq.Ft.
2023
Year Built
6
Days on Site
22049779
MLS
With estimated completion by Feb/Mar, move right into this beautiful brand new Mckinley model by Bosgraaf Homes. No details spared! You'll be wowed by the bright 2-story great room with towering...
$750,000
Neighborhood: Macatawa Legends
6
Beds
3F11/2
Baths
4,034
Sq.Ft.
2017
Year Built
4
Days on Site
22049864
MLS
Welcome to this gorgeous southern style home in Macatawa Legends. A unique find located across from the 11th tee box, this home boasts beautiful bright spaces, a warm living room with dual sided...
$699,900
Neighborhood: Planters Ridge
4
Beds
2F11/2
Baths
2,288
Sq.Ft.
2022
Year Built
7
Days on Site
22049606
MLS
This lovely 2 story home is another beautiful Buffum home. 4 bedrooms, 2.5 bath, 3-stall garage. Open concept floor plan, kitchen wrapped in gorgeous cabinetry, quartz counter tops, hood vent, large...
$699,900
Neighborhood: Planters Ridge No. 3
4
Beds
2F11/2
Baths
2,464
Sq.Ft.
2022
Year Built
7
Days on Site
22049612
MLS
This lovely 2 story home is another beautiful Buffum home. A 4 bedroom 2.5 bath, 3-stall garage. Open concept floor plan, kitchen wrapped in gorgeous cabinetry, quartz counter tops, hood vent, large...
$699,900
Neighborhood: Wildwood Springs
3
Beds
2F11/2
Baths
3,574
Sq.Ft.
2006
Year Built
6
Days on Site
22049785
MLS
Welcome to 17858 Lost Pond Lane! This beautiful home is situated on a wooded cul-de-sac .64 acre lot and features 3,574 sq. ft. with an open floor plan, freshly painted and new carpet, a beautiful...
6
Beds
4
Baths
5,511
Sq.Ft.
2002
Year Built
7
Days on Site
22049553
MLS
Your own private sanctuary nestled on 12+ acres- including a 24x30 Pole Barn/Stable with 3 horse stalls & fenced corral! The interior boasts an open concept chef's kitchen w/stainless steel...
4
Beds
3F11/2
Baths
2,384
Sq.Ft.
2023
Year Built
7
Days on Site
22049586
MLS
Proposed build by Indie Homes. This lot offers over an acre of land and is situated at the end of a cul de sac with beautiful wooded views. Enjoy a quiet and secluded feel while also being just...

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