What Matters When Selling Your House
You may be wondering if it’s time to sell your house, and the Grand Rapids housing market is giving you some doubts. But don't worry! A real estate professional can tell that this might not actually be a buyer's or seller's market.
The Grand Rapids housing market is still salvageable, but it needs your support. This year's increased inventory of homes for sale has not yet reached what’s considered a balanced condition by most standards (see graph below).
When you look at the big picture, it's clear that we are still significantly below where housing supply should be. With 2020 levels of inventory surpassing this year by 30%, and considering how low 2019 was relative to real estate standards in previous years--we're really talking about 40%.
The Grand Rapids housing market is healing; but it may be taking longer than we anticipated. The number of homes for sale has increased in recent months, and inventory levels remain low which means that buyers have more competition when looking at houses or condos to buy! The graph below uses data from the Realtors’ Confidence Index by National Association Of Real Estate Agents (NAR)to illustrate this trend:
The graph above shows that, as before the pandemic started and then again afterwards when it was over with quickly (blue), homes were on sale for a shorter amount time than normal compared to what we have seen recently in orange due both cooling offs from buyers but also an increase of new listings coming onto market which has increased competition among sellers.
If you have questions about your home, let's talk! If you are curious as to what your home is worth in today's market go to www.GRHomeValues.net to find your instant online home value.
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