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.

347 Properties
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Excellent development opportunity in highly desirable Zeeland Township. Approximately 100 acres of rolling hills, ravines and woods create the perfect opportunity for any developer. Seldom does a...
4
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3F21/2
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Welcome to 5905 Whitworth Court, an exquisite retreat nestled in the heart of Cascade, within the Manchester Hills community. This majestic home is impeccably maintained both inside and out....
$1,295,000
Neighborhood: Revado Hills
3
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2021
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23136023
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Prime location just outside of Ada Village. 10 minutes bike ride or 30 minute walk. 18 month custom built home priced below cost! With 2 parcels totaling 2.04 acres (1.85 A w/home Lowell schools and ....
2
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2
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6
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Enjoy your front row seat to everything happening along the waterfront with this spectacular 2, possibly 3 bedroom, 2 bath, professionally decorated condo located along Harbor Dr. The only thing...
5
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1978
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3
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Discover the pinnacle of modern living in the heart of Ada, Mi, located in the highly sought- after Forest Hills school district. Nestled on a serene, wooded nearly 3- acre lot, this meticulously...
4
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3
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2,870
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2004
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3
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Welcome to the epitome of Saugatuck living! Nestled on a spacious nearly double lot just two blocks from the vibrant heart of Saugatuck, this fully rebuilt historic gem embraces old-world charm and...
Pending
1034 Monterey Dr SE Grand Rapids,  MI 49506
4
Beds
3F11/2
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1952
Year Built
4
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23136024
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Quintessential EGR Cape Cod in exceptional condition. Every inch of this 3,091 sq ft home has been beautifully and tastefully updated, including windows and mechanicals! Spectacular primary suite...
5
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2010
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4
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Caledonia custom-built previously featured Parade of Homes 5 bed + office 4 bath home on 2+ acres in the exclusive Lake Ridge Estates. 4 stall attached garage. This property is setup for...
6
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4,210
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2014
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3
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A rare opportunity in Forest Hills schools to enjoy an acre on a private cul de sac without any HOA fees! This executive style home offers an abundance of space and upgrades you will love. A private...
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1984
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6
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23135783
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Private wooded 10.41 estate located on a cul de sac backing up to Peace Park in Ada Township. You will not find another diamond walkout ranch like this in Cascade Township. The custom updates are...
3
Beds
2F11/2
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2,629
Sq.Ft.
1973
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2
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Prepare for the unexpected. This thoughtfully designed, upscale Saugatuck Township home offers relaxing, modern surroundings. The chef's kitchen and great room are ready to impress with an oversized...
4
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3,839
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1997
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This executive home, situated on nearly 3 acres, is directly across the street from Egypt Valley Country Club. As you tour the home, you will notice the quality custom materials, meticulous...

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