Fall 2022 Real Estate Update brought to you by John Rice REALTOR with Berkshire Hathaway HomeServices
How does 2022 compare to 2021 or even 2020/2019? The latest Market Trends report shows this market by the numbers. One such chart to highlight is the average sales price chart through August (the latest 30 day numbers.) The trend continues to have sales prices increase in value over past years. As we talked about in previous post we are seeing a trend of deceleration vs depreciation. The west Michigan market continues to be a sellers’ market and continues to show good appreciation.
Sellers’ Market, Buyers’ Market, Neutral Market…How are these things defined? If we look at the average time it takes to sell a home – that is the basis for establishing which market we are in.
Buyers’ Market = 7 months or longer on average to sell a home
Neutral Market = 6-7 Months on average to sell a home
Sellers’ Market – Less than 6 months to sell a home
So with that in mind let’s look at why it’s still a Sellers’ Market [INFOGRAPHIC]
- While buyer demand has moderated and housing supply has grown in recent months, it’s still a sellers’ market because inventory is low.
- The latest data shows sellers continue to benefit from serious buyers and competitive offers. In July, the average home received 2.8 offers and 39% sold over the asking price.
- You haven’t missed your opportunity to sell. Let’s connect to start the process today.
Source: Michigan Real Estate Updates
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What’s Actually Happening with Home Prices Today?
One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture.
Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today.
- Appreciation is when home prices increase.
- Depreciation is when home prices decrease.
- Deceleration is when home prices continue to appreciate, but at a slower or more moderate pace.
Experts agree that, nationally, what we’re seeing today is deceleration. That means home prices are appreciating, just not at the same pace they have over the past year. In 2021, data from CoreLogic tells us home prices appreciated by an average of 15% nationwide. And earlier this year, that appreciation was upward of 20%. This year, experts forecast home prices will appreciate at a decelerated pace of around 10 to 11%, on average.
The graph below uses the latest data from CoreLogic to help tell the story of how home prices are decelerating, but not depreciating so far this year.
As the green bars show, home prices appreciated between 19-20% year-over-year from January to March. But over the last few months, the pace of that appreciation has decelerated to 18%. This means price growth is still climbing compared to last year but at a slower rate.
Basically, this means, while moderating, home prices are still far above the norm, and we’d have to see a lot more deceleration to even fall in line with more typical rates of home price growth. That’s still not home price depreciation.
The big takeaway is home prices haven’t fallen or depreciated nationwide, they’re just decelerating or moderating. While some unique and overheated markets may see declines, nationally, home prices are forecast to appreciate. And when we look at the country as a whole, none of the experts project home prices will net depreciate or fall. They’re all projecting ongoing appreciation.
If you have questions about what’s happening with home prices in our local area, let’s connect.
Source: Michigan Real Estate Updates
20 Tips For Selling Your Home
Consistently when meeting with clients who want to sell their home in Great Grand Rapids Michigan Area and the surrounding West Michigan Area, the number 1 question on their mind is:
“What are the top things I can do to my house right now to get it sold?”
Often this is followed with the thought of “for the most money” or “as fast as possible” or “both….”
Know that it does not need to be hard – or expensive.
Some simple details go a VERY long way in being successful in selling your home. Helping you net more money and helping it sell faster…..
Step 1: Use this handy check list to review your house:
Step 2: Don’t do the wrong stuff:
Countless times sellers have done the wrong improvements thinking there were helping their house and value only to find out it was the wrong idea.
An onsite visit, where we tour your home together can avoid this and help you maximize your sale.
Step 3: Connect to sell:
When listing your house for sale, your top goals will be the focus for right the strategy.
There are many small projects that you can do to ensure this happens!
An onsite visit will help us create specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!
Many of the Greater Grand Rapids and West Michigan areas have unique selling features that can add value. Knowing the special nuances in each community will help maximize the potential impact. What are the features to look for in Forest Hills, Ada, Caledonia, on the Thornapple River, on Murray Lake, in East Grand Rapids, on Reeds Lake, in downtown Grand Rapids, in Byron Center, etc ? As we talk through your property we will also talk about how these community features affect the sale and audience.
Message me now and we can get started on achieving your goals!
About John Rice: Referrals from past clients, passion, and a drive to succeed have placed John Rice as a top ranked REALTOR in the Greater Grand Rapids, MI and West Michigan Areas. John Rice consistently ranks in the top 2% of Berkshire Hathaway HomeServices Real Estate agents nation wide. Using his exclusive HOMESt.A.R. approach, John Rice works with you as the seller to understand your goals and then together craft the best approach to achieving your real estate goals.
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The latest Market Report, with up-to-date real estate data for Greater Grand Rapids MI Area is now in.
The Market Report offers insight into residential real estate sales activity and regional trends.
The market summary below lets you see sales activity for the prior month and year, along with current and past year-to-date statistics. The graphs cover several different aspects of the real estate market. Note how some of the graphs break out trends by price increments. Please contact me if you would like more information on your current market.
The average sales price is up 17.26% over that of last year and the trend continues for offers over list…