Grand Rapids Real Estate Market Update
Is the market recovering? All signs are certainly pointing to that conclusion. According to a new report from the National Association of Realtors, pending homes sales are up by 12.8% in March compared with a year ago!
“The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9. The data reflects contracts but not closings.
The index is now at the highest level since April 2010 when it reached 111.3.”
As far as we are concerned locally, we are seeing the same trends. It is especially noticeable when I call on listings for clients, only to find out they have accepted offers and are pending! I am also noticing busy open houses, several showings booked at the same time and multiple offers on the really exceptional and well-priced homes.
If you are thinking of selling, it is truly a great time to put your home on the market. The Grand Rapids Real Estate Market is hot right now and inventory is down. If you would like to know what your home is worth in today’s market, visit our Market Analysis page to get an accurate breakdown of your home’s value. This report will include your closing costs, current competition in the area and recent comparable solds. This will give you a great idea of what to expect.