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What to Expect from the West Michigan Housing Market in 2019?

According to a 2016 study by Zillow executives the best time to sell a home nationally is in the late spring through early summer, with the first two weeks of May being the very best window available. In fact, houses sold during this narrow time frame sell in only 18.5 days (on average) and often for higher than asking price.

There are a variety of reasons for this that we could get into (parents waiting to move until after the school year, buyers’ reluctance to shop or buy in the winter, seasonal impulses for start fresh…) but the important thing is that this selling window is coming fast, and that means home sellers and home buyers should get ready right now.

But what else should we except from the housing market here in West Michigan this year, now that house hunting season is almost here?

According to the 2019® Forecast for Key Housing Indicators:

  • This year home price growth will continue to slow, with a forecasted increase of 2.2%
  • However, home prices in Grand Rapids, MI specifically are forecasted to grow 8.2%, with a total sales growth of up to 4.0% (Indicating a VERY hot market—one of the fastest growing in the nation)
  • Inventory increases will remain moderate with less than a 7% increase
  • High-priced, high-value home markets are expected to offer double-digit inventory gains
  • Millennials will account for 45% of mortgages in 2019 vs. 17% for Boomers
  • Regardless of age first time home buyers will continue to struggle, with competition, limited options, and high home values to discourage them
  • The new tax law isn’t expected to significantly help home buyers
  • Mortgage rates will remain low, expected at 5.5% at year’s end
  • Increasing housing prices in West Michigan may also trigger increased assessments and taxes, especially for new buyers

What does this mean for you?

  • If you’re house hunting, you might be better off getting a home that works for you, but which needs some changes or renovation, rather than waiting or paying inflated prices for the ‘perfect’ home.
  • You’ll also want to keep your eyes peeled and follow the listings in your preferred area, as homes will be going very fast.
  • Get pre-approved, as this will make the process go much faster and give you a competitive advantage when it’s time to pull the trigger.
  • If you’re selling, now is the time to get things ready. That includes any repairs or improvements needed before listing the property.
  • Work with a professional who can guide you through the process and make sure that your home is properly valued and that the sale go through without a hitch.
  • Be prepared to receive multiple offers in a short timeframe, and know what terms or conditions to watch out for or demand before accepting any of them.

Whether you are preparing a home for sale with last minute repairs or improvements, renovating your old home so you don’t have to move, or you need work done on your brand new homestead, Amber Valley Construction can help. Visit our home page to learn more about our home improvement and construction services, including decks, roofing, and interior remodeling, and call (616) 965-1759 today to make an appointment.

We look forward to working with you!

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