Realtors® servicing many segments of the greater Grand Rapids metropolis are reporting an interesting trend…not enough housing inventory for the buyers they are taking out to purchase homes. In fact, many listing agents are finding that they are entertaining MULTIPLE offers on some homes. Earlier this year, one of our listings in Grand Rapids sold within two weeks and had several offers.
A recent report by Corelogic, one of the nations leading real estate trends and research organizations reveals that at the end of the last quarter of 2011, over 77% of the homes in the United States were in a positive equity position. The report also indicated that 11.1 Million homes (or 22.8 percent of mortgages) in the United States were in negative equity and an additional 2.5 Million borrowers had less than 5% equity in their homes (which is defined as near negative equity) thus bringing the total of mortgages with a deficit equity or near deficit equity position to approximately 27.8 %…a slight increase from the 27.1% in the previous quarter.
This means that the majority of homeowners in the United States have a positive equity in their homes. For home sellers who have been pummeled with a continuous barrage of negative news, there is some hope on the horizon. In West Michigan, we have had almost 12 months of improvement in the average housing price. Inventory levels are currently below 5.2 months supply which is indicative of the beginnings of a Seller Market. (Balanced market is defined as 6 months of inventory) The chart above highlights the trend until the end of 2011.
Folks, the spring real estate market is here! If you’ve been wanting to sell your Grand Rapids, Mi home, but didn’t think you could, it’s time to get a second opinion. If you’re a part of the 30% of homeowners in the United States who don’t have ANY mortgage on their home, that fact alone may equate to some value when buyers are faced with the prospect of long drawn out negotiations with banks through the short sale deficiency process.
To determine if you may be time to Sell Your Grand Rapids, Mi home, consider the following:
1. Do you own your home Free & Clear of any mortgage debt?
2. Have you lived in your home for more than 10 years?
3. Is your home free from any 2nd or 3rd party liens?
4. Would you like to move into another home?
If you answered YES to one or more of these questions and you have been thinking about selling your West Michigan home but didn’t think you could afford to do so, please contact us for a confidential assessment of your home value in the current market. In fact, we may even have buyers who are already working with Audu Real Estate for which YOUR home would be the perfect fit. Don’t delay…Call us at 616-791-0511 today.