Timing the Grand Rapids Real Estate Market
Spring has finally hit in Grand Rapids, and whether you’re a Grand
Rapids real estate agent, a home buyer, or home seller, the beautiful
weather is a welcome relief! Traditionally, spring is a time when many
people think of buying or selling a home. Given the upheavals in the
real estate market since 2008, though, a lot of people are asking us
whether now is a good time to either buy or sell a Grand Rapids home.
Of course no one has a crystal ball for these things, but all signs
point to the fact that now is an optimal time to buy. Even if you
haven’t taken out or refinanced a mortgage in the last few years, you
probably know that interest rates have been remarkably low, which makes a
huge difference not only in monthly payment, but in the amount you’ll
pay over the lifetime of the loan. All that may soon change. With
interest rates forecasted to go up to 6% or more by the end of the
summer, financing will become a bigger part of the home buying equation.
Along with the current interest rates, there are notable changes
going on with Grand Rapids home prices. They are going through the roof!
With the lack of inventory, we’ve seen bidding wars on many listings,
with some of the most desirable homes going for 10 – 20% over list price
in many instances.
What you should take from the status of the market is two things:
- Now is an excellent time to buy a
home, and to sell one too. With this unique real estate climate, anyone who is
in the market should be motivated to buy now while interest rates are still
under 5% and home prices haven’t gone up too much yet. And what a time to sell!
When is the last time you heard about bidding wars? - Whether you’re buying or selling a
home, it’s even more important right now to have an experienced Grand Rapids
real estate agent on your team. A competitive market demands both experience
and skill. Picking the right agent can make the whole process much more
seamless for you.
If you are ready to see what the market offers, or if you’re
considering listing your home, contact The Sprich Group today. There
truly is no time like the present.
Photo: Aldoron
