Today, I want to talk with you about the current market in Grand Rapids. However, I’d like to do that by comparing today’s market to 2007, right before the real estate market crashed.
Then and Now
In 2007, the Grand Rapids area had approximately 34,000 homes that sold. Today, that number is significantly less.
In the past 12 months, the Grand Rapids area has just had over 15,000 homes that sold. That’s almost 20,000 fewer homes for sale in a one year period of time!
What Does This Mean For You?
Back in 2007, there were about 20,000 people annually who wanted to buy a home. They had many homes to choose from, making it a buyer’s market. In other words, they had their pick of homes and could often name their price.
Today, there are also about 20,000 people annually who look for a home. However, there is no longer a surplus of homes. In fact, there is a deficit. Far more people want to buy than there are homes available. We are now in a seller’s market.
Seller’s Market Means What?
When we have a seller’s market, with more people to buy than homes available, sellers can get top dollar for their homes. Because of supply and demand, prices go up.
Sellers in this kind of market rarely get just one offer. Since several offers come in, buyers are in a kind of feeding frenzy, each one upping their offer over the other. It is not unusual for sellers to get more than their asking price.
If you are selling your home, give me a call. I’ll help you understand how to take advantage of this great market. But don’t worry if you want to buy a home. I know how to build relationships and work my connections to help you get into the home of your dreams. Call me today!