Is It the Right Time to Buy?
Michael Weitzman • November 14, 2014
One of the questions any Grand Rapids real estate agent hears pretty regularly is “Is it the right time to buy?” The last thing a buyer wants to do is to second guess whether they should have held off on something as important as a new home purchase.
Lately West Michigan in particular has been a hot housing market, as job growth and quality of life attract more and more people to the area. From a market standpoint, the combination of market forces in West Michigan make it a very appealing time to buy a home in the Grand Rapids area. You can look at the question based on a number of factors:
- Inventory. You may have heard that the home inventory in the Grand Rapids area, or the number of homes on the market, has been very low this year – in fact lower than it’s been in over 10 years. As of the last report, we have about 3.6 months of home inventory based on pending sales. What does that mean if you’re thinking of buying a home? It means that homes are selling more quickly than normal. Don’t let the low inventory deter you, of course, because there are still thousands of listings in the Grand Rapids market, and new homes coming to market all the time. For a buyer who is seriously looking, it makes sense to keep in close contact with your Grand Rapids real estate agent, and when a great home that fits your criteria is available, you’ll probably want to check it out as soon as you can.
- Prices. Average home prices are slowly rising, especially when compared with last year. That’s partly due to a much lower inventory of foreclosed and short sale homes. However, prices for all homes are on the rebound, although still not that far from the lows during the housing market crash.
- Mortgage interest rates. Interest rates remain favorable and much lower than analysts expected at this point, although they are slowly rising. If you consider the expected lifetime of a mortgage and the fact that rates continue to be historically low, buyers should realize a substantial savings in mortgage interest over time.
So is it the right time to buy? The best time to buy a home is when you’re ready! If your personal circumstances are favorable (considering job, finances, family situation, and any other factors you need to consider), the market certainly is! Search through local real estate listings today, and then contact The Sprich Group when you’re ready to work with a Grand Rapids real estate agent familiar with the changes in the market over time.
Photo: Sebastiaan ter Burg
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