Grand Rapids Real Estate Myths

Your home is your castle. When you start to search Grand Rapids real estate , you may find that the buying and selling of castles can be
shrouded in myth. That’s because most people are involved in only a few real
estate transactions in their lifetime, and it’s natural to subconsciously
develop expectations about how real estate works. Expectations can come from
personal experience, like previous home sales and purchases, or from entertaining
TV shows like House Hunters or My First Place , or even from the advice
of others, both solicited and unsolicited. The truth is that the Grand Rapids real estate market is the ever-changing, and East Grand Rapids real estate differs
from Rockford real estate, which in turn differs from other places around the
country. Sometimes, it can be tricky to separate fact from myth.

A recent article
on Fox Business uncovered a few real estate “myths” that are currently
common nationwide. This is just a small sampling of myths we have heard over the
years as well.

1. Buyers should start with a low offer. Just as many people will happily share that
   they would never pay “sticker price” for a car, many will also recommend that a
   buyer should not meet the asking price for a home. However, purchasing a home
   is definitely different than purchasing a car or anything else, and depending
   on the real estate market, a potential home buyer who felt it was improper to
   meet the seller’s asking price could end up very frustrated. It’s important to
   work with a Realtor who knows the neighborhoods in your target area and understands
   both your needs and current market expectations in the Grand Rapids area.
2. A cash offer is always king. A pretty good proportion of real estate transactions
   these days involve cash rather than a traditional mortgage. Many people assume
   that a cash offer automatically will be accepted over a competing offer that
   involves some sort of financing arrangement, but that is not always the case.
   Other mitigating factors are often at play, such as whether either offer meets
   the asking price, and whether the buyer’s real estate agent can offer
   assurances about the solidity of the financing arrangement.
3. Spring is the best time to sell your home. The theory is that families with
   children often start looking for a home in the spring so they can complete a
   move before school starts in the fall. As with most myths, there is definitely
   some logic behind it, and the Grand Rapids area generally sees a seasonal bump
   in home buying and selling once the weather starts to warm up. Surprisingly,
   though, school schedules aren’t as critical to the market as they once were,
   given that roughly half of home buyers today aren’t married. Some say that
   November, December, and January can actually be some of the best months to sell a home , because many buyers are looking and sellers tend to wait until spring
   to list their homes. In the end, the best time to sell your home is both
   personal and market based, and with the current low housing inventory in the
   Grand Rapids area and other market conditions, this spring could be an ideal time
   to put your home on the market.

Although real estate myths like the “best time to sell a home ” aren’t entirely false, the important thing for buyers and sellers to know
is that the potential market and competition for your home may not be what you
would expect. That may be the biggest reason it requires the expertise of a
seasoned Realtor familiar with Grand Rapids real estate in your target area to
guide you through the process of buying or selling your castle.

Have you heard some real estate “wisdom” that sounds like a
myth to you? Please share in the comments below. And when you are thinking of
buying or selling a home in Grand Rapids, contact The Sprich Group at
616-485-0952.

Photo courtesy of jooliargh .