06/12/2024
Market Update:
Grand Rapids Metro Area still at less than 1 month of housing inventory! This is a general statistic to show that if no new listing came on the market, how long would it take to sell all the inventory that is out there right now.
CPI Index released today came out for the better for interest rates. Rates are sliding down slowly over time. This is great for affordability for buyers, but increases the pool of buyers able to purchase homes. This is especially true at lower price points.
$100k-$500k are still very competitive to purchase. Multiple offers, escalations, appraisal gaps and guarantees are still the norm.
$500k+ less competitive as the pool of buyers who can afford the higher end luxury market is much smaller.
Buyers - keep your heads up! It is tough but not impossible. Looking at the future, Kent County has seen high single digit up to low double digit appreciation in house prices. Simply buying a home now and holding on to it will almost always put you ahead down the road.
Sellers - House prices increasing means more equity in your home. This means in your next home you have the flexibility of larger down payments, 2-1 Buy-downs, PMI buyouts, etc. to help offset an increase in purchase price and monthly payment.
Remember that interest rates don't stop life from happening.
Growing your family, sending kids to college, splitting up, bringing in a loved one into your home to care for them are all parts of life that don't stop because of rates.
Reach out with any questions about housing trends, tips for creative ways to finance a home with lower payments, or to check in on the cloudy crystal ball of where rates will be in the future.
