In reviewing the stats for the last 30 days the numbers reflect a market that remains in-demand. Median sales price climbed 11.11% September 2023 vs Sept 2022. The buyer demand for West Michigan remains high and the reduced inventory BOTH play into the continued rise in purchase price/appreciation. Where much of the nation has seen their overall numbers begin to grow at a slower pace (not decline) – West Michigan has continue to see price APPRECIATION.
You can review the full stats here:
As we look at national and local trends – where do we see the market headed?
#1 – the MONEY is available. Lenders are lending and buyers WANT to buy!
How? While each buyer and seller bring their own needs to the table there are some overall broad landscape pieces we can look at to better understand why and how the market is moving.
First – Home Equity: Here is an interest chart on national home equity levels:
Interestingly, 26% of Americans state that interest rates do not have an impact on their decision to move forward with a real estate transaction (a Credit Karma Report.)
Of that roughly 1 in 4 polled, roughly 43% stated they would NOT need a mortgage to purchase a home. Generationally speaking, how does that break down on a national level as to who is looking to buy right now? By age range, here is one way to look at the numbers…what we see here is a large number of each generation NOT impacted by interest rates….:
What that translated to is that there are a LOT of people still ready willing an ABLE to purchase a home!
Bottomline: the market has room to add more inventory and the demand CONTINUES to be there from buyers for quality housing. Especially in West Michigan!
“I’ve been to Manila, Hong Kong, Las Vegas, Washington DC, Detroit, and Grand Rapids in just the last month. And if you’re wondering, my favorite of all those places? Not even close – Grand Rapids. I love Grand Rapids! Why doesn’t everyone live in Grand Rapids?” Malcolm Gladwell
Will EVERY home sell fast like it did 3 years ago? NO. We have found this is VERY MUCH a market for planning, prepping and MARKETING – and with those in alignment – we can work together to help you achieve your real estate goals.
Our free on-site walk through has become VERY popular in order to really help our client WIN in today’s market.
How does all of this impact your next move? Let’s talk! Together we can talk through the BEST way for you to achieve your goals!