It's a seller's market (Grand Rapids: for sale, real estate, crime rate)

[actinic]

At least that's what the local realtor association says, unsurprisingly. Considering how bad the market was last year it would have been a big surprise if the stats DIDN'T show improvement.

Calling it a seller's market is a bit self serving. There's a ton of homes still well below what they were 4 - 5 years ago.

Time to list your home? We're in a seller's market, says Grand Rapids Association of Realtors report | MLive.com

[magellan]

Originally Posted by actinic

At least that's what the local realtor association says, unsurprisingly. Considering how bad the market was last year it would have been a big surprise if the stats DIDN'T show improvement.

Calling it a seller's market is a bit self serving. There's a ton of homes still well below what they were 4 - 5 years ago.

Time to list your home? We're in a seller's market, says Grand Rapids Association of Realtors report | MLive.com

I'd buy that. I'm hearing about bidding wars, which I've never ever heard of in my lifetime in this area. I assume it's because there are so few homes for sale compared to people looking??

[zorro623]

I'd believe that. Seems like just as I get excited about looking at a home around GR, it's gone! I really need to get a buyer's realtor to get the lowdown on homes going on the market long before they hit all the websites.

[suydam]

We sold our house this winter. Had competing bids, a third couple that walked away because they didn't want to enter a bidding war and sold our house within 72 hours of putting it on the market.

I think the trick is separating prices from 5 years ago, from whether or not it's a seller's market.

The price argument has more to do with historical averages.
The speed and aggressiveness with which properties are selling has more to do with demand, which is clearly higher right now than it has been in the last few years.

Since we sold this winter, I have seen at least 10 houses within walking distance of mine sell.... most within 60 days (I'd estimate). So yes, I would say it's a sellers' market right now.

[actinic]

Let me preface my comments as the OP to say my experience actually has been similar to others who have posted ... I purchased Sept 1 and no less than 5 homes that had been for sale at that time in my immediate neighborhood have now sold within the past 60 days. As suydam mentions, this is a *conditional* seller's market for sellers who have owned for 5 - 10 years and are willing to take their lumps. Looks like some of the hold outs are starting to throw in the towel, perhaps out of financial necessity, perhaps fearful that another real estate implosion might rob them of the opportunity to bail once and for all ... or to purchase something else at historically low interest rates.

[beachmouse]

School district also still matters a lot. My parents live in a low density residential part of GR that's got a lower crime rate than most of the suburbs. Typical family in the neighborhood is white collar professional with a high education level- a decent number of college professors and such. There's a house the next street over from them- walkout ranch built in the 70s with 3200 sf that's been updated acceptably over the years. Comes with a detached barn and almost three acres from the time when previous owners kept horses there. And they're asking only $225K for the whole thing.

[magellan]

Originally Posted by zorro623

I'd believe that. Seems like just as I get excited about looking at a home around GR, it's gone! I really need to get a buyer's realtor to get the lowdown on homes going on the market long before they hit all the websites.

Steve Volkers and Diane Griffin are both good realtors. You'll have to google search them. Don't want to break forum rules as the moderator.

[actinic]

Originally Posted by magellan

Steve Volkers and Diane Griffin are both good realtors. You'll have to google search them. Don't want to break forum rules as the moderator.

I haven't heard the same about either.

[canewbie]

I had a great experience with Pat Peterson of Coldwell Banker as my agent when I was looking to buy. I wouldn't hesitate to recommend him.

[magellan]

Originally Posted by actinic

I haven't heard the same about either.

Ha, maybe they're going through growing pains. They both seem like good people.