We have been tracking the activity on Short Sales and Foreclosures

of our local Grand Rapids market for some time.  They have become

a large share of our housing market here in West Michigan and sellers

must understand the fact that they have to compete with this segment

of the market and will for the next few years.

 

Experts in the financial markets have written extensively about the

increase in foreclosures, last month figures were estimated to be 3

million or more homes that are facing foreclosure in U.S. in the next

6-12 months.



1) What are buyers looking for when they search for a home?

Selection search Criteria Grand Rapids MI

As you can see from the graph above, this is the order of importance buyers

put in their home searches:

  1. Square Footage
  2. Bedrooms
  3. Baths
  4. Price

Price is number 4 behind Square Footage, Bedrooms, and Baths. So, will a

buyer always go for the distressed sale home over the traditional sale?

Apparently not.  We hear from our buyer clients  over and over that they

DO NOT WANT TO DO REPAIRS or UPDATING.  They want to purchase a

home and get on with their life – not devote 6 months to 12 months of their

spare time and money on painting, repairs and updating.

 

BUT Price is the ultimate point of competition.


Price is the only thing left when you have 30 similar homes on the market

competing for the same buyers. Supply and Demand will continue to rule

the real estate housing market in the foreseeable future.

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The authors of the this blog write about Grand Rapids Real Estate, the Greater Grand Rapids MI area, and what it is like to live in West Michigan. Grand Rapids Michigan is a vibrant, growing metropolitan area with a diverse business community, great medical research & services, numerous universities, plus lively arts and entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

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Westbrook Realty Grand Rapids MI Real Estate

                          Contact Terry   616-292-7263