What’s new in Michigan real estate

School started, pumpkin lattes are at the coffee shops, and there are even some stray leaves changing colors and littering the ground, so it must be fall, right? Things are not only changing with our environment but also in the housing market; they are cooling off. 

Is it still a seller’s market? 

It is still a seller’s market, but the complete craziness of the last 6-8 months is being tamed. Many home buyers have taken a hiatus rather than trying to find a home in a market with low inventory and high housing prices. With that said, there are still plenty of people looking. Inventory has gone up in the last quarter which is helping home buyers with choices and affordability. But, it is still down 36% from the previous year, so patience is a necessary virtue. 

August 2021 Stats

According to August stats from GRAR, houses in Grand Rapids sat on the market for an average of 11 days. That’s pretty speedy! The average home price is around $300,000. Many home buyers are reporting a three-month or more search for the right home. Some are looking to expand their list of locations while others are taking a break until the prices cool off even more. Some real estate experts are calling it “buyer burnout.” 

Still a good market

This cooling-off period will still be lucrative in the future months. The home buyers that took a hiatus will likely start looking once they know that they have a fighting chance rather than trying to beat out 10-20 competitors for one home. Likewise, they will want to get in on the still-low interest rates. And homeowners are still looking to make changes while the market simmering.

616 Realty agent advice for buyers

There were many buyers waiving inspections and bidding beyond their comfort zone in order to get a home, any home! This felt like a necessary risk to secure a home, but agents at 616 Realty want to remind homebuyers that if you can be patient, you will find a home that not only fits your needs but fits your wallet, not to mention isn’t filled with mystery problems.

616 Realty agent advice for sellers

Make sure you have a place to go because your home will still likely sell. It may not be as speedy as 11 days, but you do need to have an idea of what you will do once it sells. Likewise, keep your price reasonable, so that it doesn’t end up sitting on the market too long which makes buyers worry about “why.”

Many involved in Michigan real estate are still perplexed regarding what will happen to the market in the upcoming months. If you are considering jumping into the buying or selling markets, 616 Realty would love to help you get all the facts and help you make the best decision for you and your family.