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Old 05-28-2016, 04:19 AM
 
1,082 posts, read 1,059,881 times
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Been keeping my eye on things and it looks as if many places are starting to cool down.

About a third of the homes in the metropolitan area have been on the market now for over 90 days.

Inventory is still low, but doesn't appear to be as low as it has been. I remember seeing about 2100 homes for sale in January. The market is now sitting on over 2400. I understand there are seasonal changes, but that's quite a jump.

Also, I'm noticing more houses getting "price cuts".

I'm sure there's pockets of hot housing(Rockford seems to be on a forever-rising climb), but some areas like EGR have tons of houses on the market right now. Last check it was over 60, and there are a surprising amount in the 200k-400k range.

I remember buying in EGR back in 2012, and there were only a handful on the market. 60 would have been a godsend.

I'm noticing most of the houses for sale were purchased in the 2010-2012 time frame.

Are investors finally unloading?
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Old 05-28-2016, 08:02 AM
 
Location: Grand Rapids Metro
8,885 posts, read 18,184,637 times
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Quote:
Originally Posted by Lockdev View Post
Been keeping my eye on things and it looks as if many places are starting to cool down.

About a third of the homes in the metropolitan area have been on the market now for over 90 days.

Inventory is still low, but doesn't appear to be as low as it has been. I remember seeing about 2100 homes for sale in January. The market is now sitting on over 2400. I understand there are seasonal changes, but that's quite a jump.

Also, I'm noticing more houses getting "price cuts".

I'm sure there's pockets of hot housing(Rockford seems to be on a forever-rising climb), but some areas like EGR have tons of houses on the market right now. Last check it was over 60, and there are a surprising amount in the 200k-400k range.

I remember buying in EGR back in 2012, and there were only a handful on the market. 60 would have been a godsend.

I'm noticing most of the houses for sale were purchased in the 2010-2012 time frame.

Are investors finally unloading?
I hope so. The last report I saw from April, there was only a 1.6 month supply of homes listed on the market. That's too low. The savvy investors/flippers are pushing out actual homebuyers.

Although I still maintain that GR is not a good flipping market, not anymore anyway. At the base of the trough 6 or 7 years ago you could buy low enough to get a good return on a flip, but I think those days are pretty much gone. Too many sharks fighting over any good deal that hits the market. The world here is nothing like HGTV.

New construction is on fire, which is finally good to see. I've also heard rumblings of some good sized developments in the works that we haven't seen in a while, 100 or 200+ homesites (that's big for this market).
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Old 05-28-2016, 06:09 PM
 
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Quote:
Originally Posted by magellan View Post
I hope so. The last report I saw from April, there was only a 1.6 month supply of homes listed on the market. That's too low. The savvy investors/flippers are pushing out actual homebuyers.

Although I still maintain that GR is not a good flipping market, not anymore anyway. At the base of the trough 6 or 7 years ago you could buy low enough to get a good return on a flip, but I think those days are pretty much gone. Too many sharks fighting over any good deal that hits the market. The world here is nothing like HGTV.

New construction is on fire, which is finally good to see. I've also heard rumblings of some good sized developments in the works that we haven't seen in a while, 100 or 200+ homesites (that's big for this market).
That's great news, especially that last part.

Do you happen to know where those 200+ neighborhoods are going up?

I always thought that the area just north of Caledonia near the airport was ripe for something like that.
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Old 05-28-2016, 08:53 PM
 
Location: Grand Rapids Metro
8,885 posts, read 18,184,637 times
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Quote:
Originally Posted by Lockdev View Post
That's great news, especially that last part.

Do you happen to know where those 200+ neighborhoods are going up?

I always thought that the area just north of Caledonia near the airport was ripe for something like that.
They're in the works. Sometimes these things take a few years. I know of one in Caledonia but not where you're talking. Eastbrook is reviving one they have in Rockford. Byron Center, Hudsonville and Spring Lake are the others I've heard about.
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Old 06-02-2016, 12:11 AM
 
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Inventory seems to be picking up.

Almost 100 homes were put on the market in the past 24 hours in the GR metro.

I can't remember the last time that happened.

Some of it probably has to do with the holiday weekend, but even 100 over a weekend is a good sign for the area.

I was reading over some reports, and it seems like March and April had crazy sales, and inventory was tanking. It was actually looking like there was going to be <1 month worth of inventory if things continued into April, which is insane.

In the last 30 days it seems like someone has shut off the spigot. Inventory is starting to increase and purchases are slowing down.

Hopefully some sanity is being restored to GR real estate.
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Old 06-08-2016, 12:41 AM
 
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Inventory back up to over 2500 homes.

This is a huge(about 20%) increase over the inventory at the end of March(2000 homes).

Looks like things are finally starting to level off, and maybe even slow down.
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Old 06-23-2016, 04:19 PM
 
Location: Grand Rapids Metro
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Grand Rapids in the top 20 hottest housing markets, according to realtor.com (the official website of the NAR):

Grand Rapids ranks among 20 'hottest' housing markets in US | 2016-06-23 | Grand Rapids Business Journal

And this:

Booming again: West Michigan's economy is on a roll | MLive.com

Which has actually garnered some backlash on some of the local social media people I follow.
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Old 06-26-2016, 01:36 AM
 
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Funny it's mentioned as a hot market, yet inventory continues to grow. It just reached 2700 homes for sale in the metropolitan area. That's up nearly 30% from January.

It also seems that the majority of the homes being sold are extremely low-price homes(<$100k) in the south-east/high crime section of Grand Rapids. Looks like people are trying to gentrify, which I'm not sure is a good or a bad thing.

It's good that they're pumping money into those sections, but if it is by investors and not people actually living there, that can put more pressure on those who are already struggling.
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Old 03-27-2017, 09:25 AM
 
Location: Louisville
4,400 posts, read 4,203,838 times
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GR housing inventory plummets | 2017-03-24 | Grand Rapids Business Journal


Inventory "plummets". Is that a sign that more people are moving to the area? Or are people just not listing anything because they don't have anywhere to go? What can be done to alleviate this?
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Old 03-27-2017, 10:21 AM
 
Location: Niceville, FL
9,278 posts, read 17,917,021 times
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Had a look at 49504 on Realtor.com, and there are a total of 49 properties for sale including residential vacant land. I can understand homes in the Richmond Park area cracking $100K because it's always been a pretty safe, if a bit scruffy, blue collar working class area, but paying that much for the SWAN area?
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