Market Updates – Entering the 2019

If my personal activity as REALTOR® during December 2018 and January 2019 can offer any indication, then my prediction for the Grand Rapids real estate market is that of another positive spring.

Work has been incessant on both sides: buyers and sellers.

On the buyers’ end, starter homes and properties priced in the high $100,000’s or below  are quickly moving under contract – quickly in the Grand Rapids area refers to days, or hours – and in a few cases presented with multiple offers. Properties in the $300,000 to $500,000 range are also receiving immediate interest, but taking a few more weeks to go under contract.

At the same time, given the low inventory, I have been scouting for additional properties not yet or not at all on the market for my clients. And I have found property owners generally amenable to open their doors.

On the sellers’ side, inventory is now at a historic low per GRAR statistics – lowest number of listings submitted to the MLS since 1997 – yet owners are actively preparing their properties for the upcoming market: I will list one house this week that has been thoroughly renovated with gusto. When buyers have more choices, sellers tend to offer partially or fully remodeled or updated homes.

Commercial properties are also being sought after. One of my commercial listings is pending, another is attracting many showings, while at the same time I am helping a few clients who are looking to expand, or acquire new holdings.

The recently passed referendum approving Proposal 1 is bringing new business to Grand Rapids. Commercial- or industrial-zoned properties in designated areas are now being targeted by investors, some of whom I am representing: a unique opportunity to learn about a new business and possibly becoming an expert in a real estate sector with enormous potential.

The rental business is also abuzz. These past weeks I experienced a spike in calls from people seeking help in securing a place for rent. Alongside, as market rents increase and options seem to dwindle for tenants, landlords appear to be investing in improvements: fresh paint, new floors, higher-end appliances, renovated bathrooms.

In the end, whether you are planning to sell, buy, or both, always seek the help of a REALTOR®.

I am always contactable if need be. Happy 2019 property hunting everyone!

GL

 

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