After years of depressing news on the real estate front, the figures released earlier today from the Grand Rapids Association of REALTORS ® indicate the market is finally showing some consistent good news. In a report sent to the membership earlier today the following figures were reported: "Inventory is stable; closed home sales up 15% and pending home sales up 9.2% this month; activity surrounding transactions written on residential vacant land (pending) is up 75% over the same period last year!"
The market demand has been greater so far this year then we have seen in some time. I believe that is largely due to the very attractive interest rates that are available as well as some pent up demand. Additionally there were sellers in the market who did not have the "stomach" for the values their homes had fallen to and they finally made a decision to stay where they are for now, taking that inventory away.
It is important to note that while sales are up 15% and pendings are up 9.2%, it is in volume of units sold. Prices have been remaining fairly stable though not increasing to any great degree. Homes that are prepared for marketing (good condition, updated, staged and priced appropriately) are selling. Those that are not will continue to languish on the market until the price drops appropriately or the sellers give up.
Preparation still remains the key in getting your home sold. If you are considering selling give me a call to discuss what you need to do to increase your chance of a sale at the highest possible price.