12/13/2022
I feel like I'm doing a disservice without sharing this information. You hear the news, read the headlines, but there is so much misinformation out there and I prefer to read the numbers. For 10+ years, anytime I post this chart, everyone says "It's going to crash." They've been wrong every year. It isn't. The good news is that it's leveling into a fair market.
The most recent data (Nov) shows an 11.2% year-over-year increase in the average home sales price in our area (SW MI). With interest rates continuing and expected to climb, now is the time to buy! The average homeowner gained $34,000 equity in the past year (nationally).
I'm not calling this a seller's market or a buyer's market, I'm calling this a FAIR market now. In November, 42% of homes sold went for below asking. If you have the right realtor with knowledge, negotiation skills, and strategy, you can win BIG right now, as a buyer or a seller. Call (616-240-8511) or message me if you are considering buying or selling a home, I'd love to help!
Mitch Ward - real estate agent for Bellabay Realty in Grand Rapids, serving the Southwestern Michiga