Why You Should Consider Buying Now Instead of Waiting

Is waiting to buy a home costing you money? I’m afraid so, and there are two big reasons why.

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (616) 447-7025 for a FREE home buying or selling consultation

Is waiting to buy a home costing you money? The answer is yes, and there are two main reasons why. 

The first is price appreciation over time. Property values are rising every day now, and supply and demand is pushing prices upward. The longer you wait, the more you’ll be missing out on a better home price.  

The second reason is interest rates are also rising. A 1% increase in interest rates decreases the average homebuyer's affordability by about 10%. That means if you want your mortgage payment to stay the same, you will have to buy a less expensive home. In other words, your buying power drops 10%. The Fed announced that they would be aggressive with interest rates this year, and they have more planned increases in the future. 

For a more detailed look at how interest rates are expected to impact the market in the coming months, you can click here. For a look at home price expectations for 2017, click here.

Don’t get caught on the sidelines in our market.

With both prices and interest rates moving up, every day you wait is costing you more money. Don’t get caught on the sidelines. 

If you have any questions or are interested in purchasing a property, give us a call or shoot us an email. We’d love to help you out.

Grand Rapids Spring Market Update

Spring has officially sprung in the world of real estate and I wanted to stop by with an update on the Grand Rapids market. Low inventory and high demand make now a great time to be a home seller.

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (616) 447-7025 for a FREE home buying or selling consultation

Spring's officially here, so I wanted to take a minute to update you on the important factors currently trending in our market. 

As of the end of March in Kent County, we have 939 properties for sale, which is extremely low. In our market in the last 12 months, 10,212 properties sold, giving us a rate of roughly 851 homes sales per month. That means we have about 1.1 months of inventory, which is extremely low.

The market currently has 1,240 pending sales as well. When you step back and take a big-picture look at our market, it's an absolutely amazing time to sell your house since buyer demand is high and inventory is low, pushing prices up. 

High demand and low inventory make now a phenomenal time to sell a house.

On the other hand, if you're buying a home, you want to hurry and try to buy one before interest rates keep going up. Prices are going up as well, so the longer you wait, the more difficult it will be to find a home and the more it will cost you.

If you'd like any more detailed information about your specific area or you're ready to buy or sell a home here in the Grand Rapids market, give me a call or send me an email soon. I'd love to help you out!